Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (15 quarters reported)
$214M in Q4 2022 → $332M 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 |
|---|---|---|---|---|
| Zto Express Cayman Inc | 34.1% | Unchanged | 5,056,987 | $113M |
| TE Tal Ed Group | 13.7% | Unchanged | 4,730,377 | $45.3M |
| NO New Oriental Ed & Technology | 10.6% | Added 17% | 767,324 | $35.2M |
| Full Truck Alliance Co Ltd | 9.0% | Unchanged | 3,687,779 | $29.9M |
| Pdd Holdings Inc | 8.3% | Unchanged | 360,000 | $27.5M |
| MG Miniso Group Hldg Ltd | 7.8% | Unchanged | 2,141,535 | $25.8M |
| CY China Yuchai Intl Ltd | 5.0% | New | 347,134 | $16.5M |
| Mattel Inc | 4.2% | Trimmed 50% | 1,000,000 | $13.9M |
| H World Group Ltd | 3.3% | Trimmed 73% | 258,668 | $10.8M |
| AL Atour Lifestyle Hldgs Ltd | 2.1% | Unchanged | 215,000 | $6.84M |
| AG Alibaba Group Hldg Ltd | 2.0% | Unchanged | 70,000 | $6.72M |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 10, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| H World Group Ltd | Trimmed | −700,289 | −$29.2M | 3.3% |
| CY China Yuchai Intl Ltd | New | +347,134 | +$16.5M | 5.0% |
| Mattel Inc | Trimmed | −1,002,032 | −$13.9M | 4.2% |
| NO New Oriental Ed & Technology | Added | +110,446 | +$5.07M | 10.6% |
quarter ended March 31, 2026 · filed May 12, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Pdd Holdings Inc | New | +360,000 | +$36.8M | 8.9% |
| H World Group Ltd | Trimmed | −315,434 | −$15.9M | 11.6% |
| Full Truck Alliance Co Ltd | Added | +1,880,010 | +$15.6M | 7.4% |
| Mattel Inc | Trimmed | −383,611 | −$5.57M | 7.0% |
| MG Miniso Group Hldg Ltd | Added | +117,080 | +$1.9M | 8.4% |
quarter ended December 31, 2025 · filed February 17, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Kanzhun Limited | Exited | −5,035,348 | −$118M | — |
| Mattel Inc | New | +2,385,643 | +$47.3M | 12.6% |
| Full Truck Alliance Co Ltd | New | +1,807,769 | +$19.4M | 5.1% |
| MG Miniso Group Hldg Ltd | Added | +866,793 | +$16.3M | 10.1% |
| AG Alibaba Group Hldg Ltd | New | +70,000 | +$10.3M | 2.7% |
| Qfin Holdings Inc | Exited | −260,849 | −$7.51M | — |
quarter ended September 30, 2025 · filed November 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Tal Education Group | Added | +4,701,422 | +$52.7M | 13.4% |
| H World Group Ltd | Added | +710,431 | +$27.8M | 12.6% |
| Kanzhun Limited | Added | +1,000,000 | +$23.4M | 29.9% |
| NO New Oriental Ed & Technology | Added | +411,380 | +$21.8M | 8.8% |
| AL Atour Lifestyle Hldgs Ltd | Trimmed | −60,000 | −$2.26M | 2.1% |
quarter ended June 30, 2025 · filed August 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Kanzhun Limited | Added | +2,835,149 | +$50.6M | 30.5% |
| H World Group Ltd | New | +563,960 | +$19.1M | 8.1% |
| MG Miniso Group Hldg Ltd | Added | +694,212 | +$12.6M | 8.9% |
| QT Qifu Technology Inc | Trimmed | −80,000 | −$3.47M | 4.8% |
quarter ended March 31, 2025 · filed May 16, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| QT Qifu Technology Inc | Trimmed | −710,148 | −$31.9M | 9.2% |
| Kanzhun Limited | New | +1,200,199 | +$23M | 13.8% |
| NO New Oriental Ed & Technology | Added | +212,116 | +$10.1M | 7.0% |
| MG Miniso Group Hldg Ltd | New | +463,450 | +$8.57M | 5.1% |
quarter ended December 31, 2024 · filed February 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| QT Qifu Technology Inc | Trimmed | −1,085,815 | −$41.7M | 27.1% |
| NO New Oriental Ed & Technology | New | +33,382 | +$2.14M | 1.4% |
quarter ended September 30, 2024 · filed October 17, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| QT Qifu Technology Inc | Trimmed | −465,504 | −$13.9M | 32.4% |
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