Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (28 quarters reported)
$109M in Q4 2016 → $50.4M now. Hover for any quarter.
As reported for the quarter ended September 30, 2023. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| Yum China Holdings Inc | 23.0% | Added 9.7% | 207,841 | $11.6M |
| TG Trip.com Group Ltd-adr | 15.1% | Unchanged | 218,170 | $7.63M |
| HW H World Group Ltd-adr | 13.5% | Added 19% | 172,232 | $6.79M |
| Pdd Holdings Inc | 11.3% | New | 58,300 | $5.72M |
| SL Sea Ltd-adr | 11.2% | Trimmed 1.5% | 128,565 | $5.65M |
| B- Baidu Inc - Spon ADR | 8.9% | Unchanged | 33,388 | $4.49M |
| MG Miniso Group Holding Ltd-adr | 6.3% | Trimmed 11% | 123,194 | $3.19M |
| AG Alibaba Group Holding-sp ADR | 6.2% | Unchanged | 36,100 | $3.13M |
| DN Dada Nexus Ltd-adr | 4.4% | Added 43% | 498,700 | $2.22M |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended September 30, 2023 · filed November 09, 2023
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| ZE Zto Express Cayman Inc-adr | Exited | −233,131 | −$5.85M | — |
| Pdd Holdings Inc | New | +58,300 | +$5.72M | 11.3% |
| HW H World Group Ltd-adr | Added | +27,500 | +$1.08M | 13.5% |
| Yum China Holdings Inc | Added | +18,300 | +$1.02M | 23.0% |
| DN Dada Nexus Ltd-adr | Added | +150,700 | +$671K | 4.4% |
| MG Miniso Group Holding Ltd-adr | Trimmed | −15,700 | −$407K | 6.3% |
| SL Sea Ltd-adr | Trimmed | −1,900 | −$83.5K | 11.2% |
quarter ended June 30, 2023 · filed August 04, 2023
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| DN Dada Nexus Ltd-adr | New | +348,000 | +$1.85M | 3.8% |
| ZE Zto Express Cayman Inc-adr | Added | +57,700 | +$1.45M | 11.9% |
| Yum China Holdings Inc | Trimmed | −23,800 | −$1.34M | 21.8% |
| MG Miniso Group Holding Ltd-adr | Added | +45,847 | +$779K | 4.8% |
| B- Baidu Inc - Spon ADR | Added | +3,900 | +$534K | 9.3% |
| TG Trip.com Group Ltd-adr | Added | +9,800 | +$343K | 15.5% |
quarter ended March 31, 2023 · filed May 04, 2023
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SL Sea Ltd-adr | Trimmed | −97,845 | −$8.47M | 20.7% |
| HB Hdfc Bank Ltd-adr | Exited | −101,600 | −$6.95M | — |
| MG Miniso Group Holding Ltd-adr | Trimmed | −333,900 | −$5.92M | 3.0% |
| TS Taiwan Semiconductor-sp ADR | Exited | −42,900 | −$3.2M | — |
| PI Pinduoduo Inc-adr | Exited | −31,088 | −$2.54M | — |
| AG Alibaba Group Holding-sp ADR | Added | +19,900 | +$2.03M | 6.8% |
| WC Weibo Corp-spon ADR | Exited | −97,900 | −$1.87M | — |
| Yum China Holdings Inc | Added | +23,300 | +$1.48M | 24.8% |
| Tdcx Inc | Exited | −99,401 | −$1.23M | — |
| NI Netease Inc-adr | Exited | −12,579 | −$914K | — |
Showing the 10 largest of 14 changes.
quarter ended December 31, 2022 · filed February 07, 2023
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Tdcx Inc | Trimmed | −577,777 | −$7.15M | 1.8% |
| TS Taiwan Semiconductor-sp ADR | Trimmed | −82,400 | −$6.14M | 4.8% |
| ZE Zto Express Cayman Inc-adr | Added | +145,164 | +$3.9M | 6.5% |
| DN Daqo New Energy Corp-adr | Exited | −66,600 | −$3.54M | — |
| TM Tencent Music Entertainm-adr | Exited | −775,721 | −$3.15M | — |
| BI Baozun Inc-spn ADR | Exited | −487,074 | −$3.06M | — |
| HB Hdfc Bank Ltd-adr | Trimmed | −41,300 | −$2.83M | 10.4% |
| HW H World Group Ltd-adr | Added | +35,508 | +$1.51M | 10.1% |
| TG Trip.com Group Ltd-adr | Added | +41,900 | +$1.44M | 10.9% |
| MG Miniso Group Holding Ltd-adr | Added | +54,147 | +$581K | 6.9% |
Showing the 10 largest of 13 changes.
quarter ended September 30, 2022 · filed November 07, 2022
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| TM Tencent Music Entertainm-adr | Trimmed | −1,136,700 | −$4.61M | 4.2% |
| Yum China Holdings Inc | Trimmed | −73,012 | −$3.46M | 12.3% |
| PI Pinduoduo Inc-adr | New | +31,088 | +$1.95M | 2.6% |
| B- Baidu Inc - Spon ADR | Added | +16,200 | +$1.9M | 4.8% |
| ZE Zto Express Cayman Inc-adr | Trimmed | −77,733 | −$1.87M | 0.5% |
| DN Daqo New Energy Corp-adr | Added | +32,800 | +$1.74M | 4.7% |
| BI Baozun Inc-spn ADR | Added | +246,474 | +$1.55M | 4.1% |
| AG Alibaba Group Holding-sp ADR | New | +16,200 | +$1.3M | 1.7% |
| SL Sea Ltd-adr | Trimmed | −22,400 | −$1.26M | 17.1% |
| WC Weibo Corp-spon ADR | New | +67,800 | +$1.16M | 1.5% |
Showing the 10 largest of 16 changes.
quarter ended June 30, 2022 · filed August 10, 2022
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| B- Baidu Inc - Spon ADR | Trimmed | −31,000 | −$4.61M | 2.5% |
| NI Netease Inc-adr | Exited | −46,500 | −$4.17M | — |
| ZE Zto Express Cayman Inc-adr | New | +93,000 | +$2.55M | 3.0% |
| TM Tencent Music Entertainm-adr | Added | +498,500 | +$2.5M | 11.3% |
| DN Daqo New Energy Corp-adr | New | +33,800 | +$2.41M | 2.8% |
| AG Alibaba Group Holding-sp ADR | Exited | −17,400 | −$1.89M | — |
| TG Trip.com Group Ltd-adr | Trimmed | −65,400 | −$1.8M | 5.8% |
| Yum China Holdings Inc | Trimmed | −34,800 | −$1.69M | 15.3% |
| JI Jd.com Inc-adr | Exited | −14,600 | −$845K | — |
| BL Beigene Ltd-adr | Exited | −3,400 | −$641K | — |
Showing the 10 largest of 13 changes.
quarter ended March 31, 2022 · filed May 16, 2022
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| TS Taiwan Semiconductor-sp ADR | New | +132,300 | +$13.8M | 12.9% |
| MG Miniso Group Holding Ltd-adr | Trimmed | −755,576 | −$5.89M | 2.2% |
| Hdfc Bank Ltd | Trimmed | −88,700 | −$5.44M | 8.2% |
| Sea Ltd | Added | +39,161 | +$4.69M | 28.2% |
| Tdcx Inc | Added | +288,235 | +$3.5M | 5.9% |
| Tencent Music Entertainment Group | Trimmed | −483,224 | −$2.35M | 6.5% |
| HG Huazhu Group Ltd-adr | Trimmed | −45,800 | −$1.51M | 4.1% |
| AG Alibaba Group Holding-sp ADR | Added | +9,000 | +$979K | 1.8% |
| JI Jd.com Inc-adr | New | +14,600 | +$845K | 0.8% |
| NI Netease Inc-adr | Added | +8,600 | +$771K | 3.9% |
Showing the 10 largest of 14 changes.
quarter ended December 31, 2021 · filed February 14, 2022
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Sea Ltd | Added | +24,311 | +$5.44M | 35.2% |
| Tdcx Inc | New | +229,083 | +$4.39M | 3.3% |
| Hdfc Bank Ltd | Trimmed | −33,900 | −$2.21M | 11.2% |
| Miniso Group Holding Ltd | Added | +191,961 | +$1.98M | 8.1% |
| Tencent Music Entertainment Group | Trimmed | −179,264 | −$1.23M | 9.6% |
| AG Alibaba Group Holding-sp ADR | New | +8,400 | +$998K | 0.7% |
| HG Huazhu Group Ltd-adr | Added | +23,300 | +$870K | 4.9% |
| TG Trip.com Group Ltd-adr | Added | +31,700 | +$780K | 4.1% |
| B- Baidu Inc - Spon ADR | Added | +5,000 | +$744K | 5.0% |
| NI Netease Inc-adr | Trimmed | −6,300 | −$641K | 2.9% |
Showing the 10 largest of 12 changes.
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