Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (23 quarters reported)
$267M in Q1 2017 → $167M now. Hover for any quarter.
As reported for the quarter ended March 31, 2025. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| Zto Express Cayman Inc | 60.0% | New | 5,056,987 | $100M |
| Kanzhun Limited | 13.8% | New | 1,200,199 | $23M |
| QT Qifu Technology Inc | 9.2% | New | 340,849 | $15.3M |
| NO New Oriental Ed & Technology | 7.0% | New | 245,498 | $11.7M |
| MG Miniso Group Hldg Ltd | 5.1% | New | 463,450 | $8.57M |
| AL Atour Lifestyle Hldgs Ltd | 4.7% | New | 275,000 | $7.8M |
| Tal Education Group | 0.2% | New | 28,955 | $382K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Zto Express Cayman Inc | New | +5,056,987 | +$100M | 60.0% |
| Kanzhun Limited | New | +1,200,199 | +$23M | 13.8% |
| QT Qifu Technology Inc | New | +340,849 | +$15.3M | 9.2% |
| NO New Oriental Ed & Technology | New | +245,498 | +$11.7M | 7.0% |
| MG Miniso Group Hldg Ltd | New | +463,450 | +$8.57M | 5.1% |
| AL Atour Lifestyle Hldgs Ltd | New | +275,000 | +$7.8M | 4.7% |
| Tal Education Group | New | +28,955 | +$382K | 0.2% |
| N N/a | Exited | +0 | — | — |
quarter ended June 30, 2022 · filed July 13, 2022
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Zto Express Cayman Inc | Exited | −7,463,535 | −$187M | — |
| HG Huazhu Group Ltd | Exited | −869,426 | −$28.7M | — |
| BS Bright Scholar Ed Hldgs Ltd | Exited | −1,774,238 | −$1.07M | — |
| N N/a | New | +0 | — | — |
quarter ended March 31, 2022 · filed May 16, 2022
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| HG Huazhu Group Ltd | New | +869,426 | +$28.7M | 13.3% |
| BS Bright Scholar Ed Hldgs Ltd | Trimmed | −90,984 | −$54.6K | 0.5% |
quarter ended December 31, 2021 · filed February 14, 2022
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| P Puxin Ltd | Exited | −680,000 | −$394K | — |
| BS Bright Scholar Ed Hldgs Ltd | Trimmed | −329,853 | −$383K | 1.0% |
quarter ended September 30, 2021 · filed November 15, 2021
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Zto Express Cayman Inc | Added | +1,502,185 | +$46.1M | 97.2% |
| KH Ke Hldgs Inc | Exited | −25,000 | −$1.19M | — |
quarter ended June 30, 2021 · filed August 16, 2021
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| NO New Oriental Ed & Technology | Exited | −12,487,929 | −$175M | — |
| Tal Education Group | Exited | −2,993,874 | −$161M | — |
| Zto Express Cayman Inc | Added | +3,832,928 | +$116M | 93.9% |
quarter ended March 31, 2021 · filed May 17, 2021
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| AG Alibaba Group Hldg Ltd | Exited | −820,061 | −$191M | — |
| NO New Oriental Ed & Technology | Added | +11,506,360 | +$161M | 42.1% |
| Zto Express Cayman Inc | New | +2,128,422 | +$62M | 15.0% |
| Viomi Technology Co Ltd | Exited | −2,809,063 | −$14.5M | — |
| Tal Education Group | Trimmed | −227,898 | −$12.3M | 38.9% |
quarter ended December 31, 2020 · filed February 16, 2021
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| NO New Oriental Ed & Technology | Added | +410,196 | +$76.2M | 28.7% |
| Tal Education Group | Added | +863,036 | +$61.7M | 36.2% |
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