Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (20 quarters reported)
$124M in Q4 2020 → $38.9M now. Hover for any quarter.
As reported for the quarter ended June 30, 2026. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| VG Vnet Group Inc-adr | 100.0% | New | 4,836,149 | $38.9M |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed September 02, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| VG Vnet Group Inc-adr | New | +4,836,149 | +$38.9M | 100.0% |
| N N/a | Exited | +0 | — | — |
quarter ended March 31, 2026 · filed May 13, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Vnet Group Inc | Exited | −1,428,944 | −$12.1M | — |
| CH Chagee Holdings Ads | Exited | −24,000 | −$279K | — |
| N N/a | New | +0 | — | — |
quarter ended December 31, 2025 · filed February 13, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Vnet Group Inc | Trimmed | −7,172,451 | −$60.7M | 97.7% |
| Baidu Inc | Exited | −33,399 | −$4.4M | — |
| Pdd Holdings Inc | Exited | −2,500,000 | −$2.48M | — |
| KC Kingsoft Cloud Hldgs Ltd | Exited | −165,966 | −$2.48M | — |
| Ke Holdings Inc | Exited | −128,040 | −$2.43M | — |
| Gds Holdings Ltd | Exited | −13,100 | −$507K | — |
| Zai Lab Ltd | Exited | −12,480 | −$423K | — |
| Bilibili Inc | Exited | −780 | −$21.9K | — |
| Miniso Group Holding Ltd | Exited | −950 | −$21.4K | — |
| Alibaba Group Holding Ltd | Exited | −18 | −$3.22K | — |
quarter ended September 30, 2025 · filed November 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Alibaba Group Holding Ltd | Trimmed | −303,957 | −$54.3M | — |
| Infosys Ltd | Exited | −926,200 | −$17.2M | — |
| Vnet Group Inc | Trimmed | −1,156,688 | −$11.9M | 87.1% |
| Playtika Holding Corp | Exited | −1,150,890 | −$5.44M | — |
| AS Amer Sports Ord | Exited | −135,000 | −$5.23M | — |
| Ncino Inc | Exited | −131,355 | −$3.67M | — |
| Baidu Inc | Trimmed | −22,762 | −$3M | 4.3% |
| Ke Holdings Inc | Added | +127,967 | +$2.43M | 2.4% |
| Li Auto Inc | Exited | −74,000 | −$2.01M | — |
| Zto Express Cayman Inc | Exited | −2,000,000 | −$1.99M | — |
Showing the 10 largest of 21 changes.
quarter ended June 30, 2025 · filed August 29, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Alibaba Group Holding Ltd | Added | +303,950 | +$34.5M | 22.7% |
| Vnet Group Inc | Added | +2,747,661 | +$19M | 44.4% |
| Infosys Ltd | New | +926,200 | +$17.2M | 11.3% |
| Ncino Inc | Trimmed | −272,566 | −$7.62M | 2.4% |
| AS Amer Sports Ord | New | +135,000 | +$5.23M | 3.5% |
| Ase Technology Holding Co Ltd | Exited | −451,109 | −$3.95M | — |
| Ke Holdings Inc | Trimmed | −175,133 | −$3.11M | — |
| Pdd Holdings Inc | New | +2,500,000 | +$2.45M | 1.6% |
| KC Kingsoft Cloud Hldgs Ltd | New | +180,400 | +$2.26M | 1.5% |
| Baidu Inc | Trimmed | −25,575 | −$2.19M | 3.2% |
Showing the 10 largest of 23 changes.
quarter ended March 31, 2025 · filed April 30, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Baidu Inc | Trimmed | −98,624 | −$9.08M | 7.6% |
| Netease Inc | Exited | −82,000 | −$7.32M | — |
| Ase Technology Holding Co Ltd | New | +451,109 | +$3.95M | 4.0% |
| Ke Holdings Inc | New | +175,206 | +$3.52M | 3.5% |
| Ecarx Holdings Inc. | New | +1,591,044 | +$2M | 2.0% |
| Zto Express Cayman Inc | New | +100,000 | +$1.98M | 2.0% |
| Li Auto Inc | New | +74,000 | +$1.86M | 1.9% |
| Jd.com Inc | New | +38,800 | +$1.6M | 1.6% |
| Gds Holdings Ltd | New | +33,600 | +$851K | 0.9% |
| Miniso Group Holding Ltd | New | +15,650 | +$289K | 0.3% |
Showing the 10 largest of 13 changes.
quarter ended December 31, 2024 · filed February 04, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Jd.com Inc | Exited | −965,844 | −$38.6M | — |
| AG Alibaba Group Hldg Ltd | Exited | −198,050 | −$21M | — |
| Baidu Inc | Added | +169,160 | +$14.3M | 19.2% |
| Netease Inc | New | +82,000 | +$7.32M | 9.2% |
| Trip Com Group Ltd | Exited | −36,900 | −$2.19M | — |
| Canoo Inc | Exited | −727,842 | −$716K | — |
| Canoo Inc | New | +36,392 | +$51.3K | 0.1% |
quarter ended September 30, 2024 · filed November 12, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Jd.com Inc | New | +965,844 | +$38.6M | 33.2% |
| Vnet Group Inc | New | +7,010,422 | +$28.6M | 24.6% |
| AG Alibaba Group Hldg Ltd | New | +198,050 | +$21M | 18.1% |
| PH Playtika Hldg Corp | New | +1,403,315 | +$11.1M | 9.6% |
| Canoo Inc | Exited | −16,740,371 | −$8.2M | — |
| Trip Com Group Ltd | New | +36,900 | +$2.19M | 1.9% |
| Baidu Inc | New | +11,200 | +$1.18M | 1.0% |
| Canoo Inc | New | +727,842 | +$716K | 0.6% |
| Microsoft Corp | Exited | −175 | −$55.3K | — |
| Johnson & Johnson | Exited | −200 | −$31.2K | — |
Showing the 10 largest of 11 changes.
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