Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (13 quarters reported)
$144M in Q4 2020 → $58.1M now. Hover for any quarter.
As reported for the quarter ended December 31, 2023. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| Pdd Holdings Inc | 89.9% | Unchanged | 357,302 | $52.3M |
| Gds Holdings Ltd | 8.8% | Trimmed 25% | 557,685 | $5.09M |
| Kanzhun Ltd | 1.3% | Unchanged | 45,883 | $762K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended December 31, 2023 · filed February 09, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Zto Express (cayman) Inc | Exited | −1,048,572 | −$25.3M | — |
| Gds Holdings Ltd | Trimmed | −183,284 | −$1.67M | 8.8% |
quarter ended September 30, 2023 · filed November 13, 2023
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Zto Express (cayman) Inc | Trimmed | −32,743 | −$791K | 36.6% |
quarter ended June 30, 2023 · filed August 11, 2023
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Zto Express (cayman) Inc | Added | +350,638 | +$8.79M | 44.7% |
| Gds Holdings Ltd | Trimmed | −45,230 | −$497K | 13.4% |
quarter ended March 31, 2023 · filed May 10, 2023
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Zto Express (cayman) Inc | Trimmed | −361,230 | −$10.4M | 32.9% |
quarter ended December 31, 2022 · filed February 13, 2023
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Bright Scholar Education Holdings Ltd | Exited | −79,371 | −$224K | — |
quarter ended September 30, 2022 · filed November 14, 2022
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| P Pinduoduo Inc | Trimmed | −500,000 | −$26.6M | 39.4% |
| Zto Express (cayman) Inc | Trimmed | −802,146 | −$14.5M | 40.8% |
| Gds Holdings Ltd | Trimmed | −228,107 | −$2.54M | 18.2% |
| Bright Scholar Education Holdings Ltd | Exited | −317,489 | −$232K | — |
| Bright Scholar Education Holdings Ltd | New | +79,371 | +$224K | 0.5% |
quarter ended June 30, 2022 · filed August 08, 2022
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Zto Express (cayman) Inc | Trimmed | −200,000 | −$5.49M | 37.1% |
| Gds Holdings Ltd | Trimmed | −131,777 | −$4.4M | 24.1% |
| Kanzhun Ltd | Trimmed | −34,800 | −$915K | 0.9% |
quarter ended March 31, 2022 · filed May 13, 2022
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Gds Holdings Ltd | Added | +295,674 | +$11.6M | 36.3% |
| P Pinduoduo Inc | Added | +150,000 | +$6.02M | 27.7% |
| Tuya Inc | Exited | −884,353 | −$5.53M | — |
| Kanzhun Ltd | Trimmed | −200,000 | −$4.98M | 1.6% |
| Zto Express (cayman) Inc | Added | +200 | +$4.05K | 34.2% |
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