Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (53 quarters reported)
$104M in Q2 2013 → $526M 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 |
|---|---|---|---|---|
| Veon Ltd | 46.3% | Trimmed 4.6% | 4,667,578 | $244M |
| Novavax Inc | 25.4% | Trimmed 4.6% | 14,165,577 | $133M |
| CY China Yuchai Intl Ltd | 12.1% | Trimmed 17% | 1,341,057 | $63.6M |
| VS Vanguard Scottsdale Fds | 4.2% | Added 11% | 382,324 | $22.3M |
| Tronox Holdings PLC | 3.1% | Trimmed 14% | 2,570,814 | $16.2M |
| Canadian Solar Inc | 2.8% | Trimmed 4.2% | 923,716 | $14.8M |
| NO New Oriental Ed & Technology | 2.6% | Trimmed 3.0% | 294,866 | $13.5M |
| Antero Midstream Corp | 2.4% | Trimmed 5.0% | 556,830 | $12.7M |
| Dole PLC | 1.1% | Trimmed 3.9% | 440,826 | $6.05M |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 14, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| CY China Yuchai Intl Ltd | Trimmed | −277,384 | −$13.2M | 12.1% |
| Veon Ltd | Trimmed | −222,919 | −$11.6M | 46.3% |
| Wolfspeed Inc | Exited | −508,948 | −$8.31M | — |
| Novavax Inc | Trimmed | −679,520 | −$6.4M | 25.4% |
| Usa Today Co Inc | Exited | −500,000 | −$3.53M | — |
| Tronox Holdings PLC | Trimmed | −423,340 | −$2.67M | 3.1% |
| VS Vanguard Scottsdale Fds | Added | +39,334 | +$2.29M | 4.2% |
| Antero Midstream Corp | Trimmed | −29,170 | −$664K | 2.4% |
| Canadian Solar Inc | Trimmed | −40,841 | −$654K | 2.8% |
| NO New Oriental Ed & Technology | Trimmed | −9,087 | −$417K | 2.6% |
Showing the 10 largest of 11 changes.
quarter ended March 31, 2026 · filed April 24, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Usa Today Co Inc | Trimmed | −1,300,000 | −$9.17M | 0.7% |
| Wolfspeed Inc | Added | +475,454 | +$7.76M | 1.6% |
| Baidu Inc | Exited | −33,935 | −$4.43M | — |
| Novavax Inc | Added | +286,317 | +$2.33M | 23.2% |
| CY China Yuchai Intl Ltd | Trimmed | −27,956 | −$1.08M | 12.0% |
| VS Vanguard Scottsdale Fds | Trimmed | −13,188 | −$772K | 3.9% |
| Veon Ltd | Trimmed | −4,755 | −$220K | 43.4% |
| Canadian Solar Inc | Trimmed | −5,443 | −$75.4K | 2.6% |
| Tronox Holdings PLC | Trimmed | −5,846 | −$57.1K | 5.6% |
| NO New Oriental Ed & Technology | Trimmed | −791 | −$44.8K | 3.3% |
Showing the 10 largest of 11 changes.
quarter ended December 31, 2025 · filed January 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Emeren Group Ltd | Exited | −18,818,236 | −$35.6M | — |
| Novavax Inc | Added | +2,747,000 | +$18.5M | 18.9% |
| Canadian Solar Inc | Trimmed | −716,285 | −$17M | 4.4% |
| Tronox Holdings PLC | Added | +2,600,000 | +$10.8M | 2.4% |
| Veon Ltd | Added | +70,831 | +$3.72M | 49.6% |
| Dole PLC | Added | +186,124 | +$2.79M | 1.3% |
| CH Cheer Hldg Inc | Exited | −2,157,500 | −$1.46M | — |
| CY China Yuchai Intl Ltd | Trimmed | −26,300 | −$934K | 11.3% |
| Wolfspeed Inc | New | +33,494 | +$583K | 0.1% |
| VS Vanguard Scottsdale Fds | Trimmed | −350 | −$20.6K | 4.0% |
quarter ended September 30, 2025 · filed November 12, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| CY China Yuchai Intl Ltd | Trimmed | −1,582,488 | −$65.5M | 12.4% |
| PG Paramount Global | Exited | −790,173 | −$10.2M | — |
| Veon Ltd | Trimmed | −94,336 | −$5.13M | 47.0% |
| Valaris Ltd | Exited | −120,506 | −$5.07M | — |
| Novavax Inc | Added | +300,000 | +$2.6M | 18.3% |
| Canadian Solar Inc | Trimmed | −194,600 | −$2.54M | 3.9% |
| Tronox Holdings PLC | New | +400,000 | +$1.61M | 0.3% |
| VS Vanguard Scottsdale Fds | Trimmed | −17,460 | −$1.03M | 3.8% |
| Dole PLC | Added | +4,165 | +$56K | 0.7% |
| CH Cheer Hldg Inc | Added | +47,500 | +$32.2K | 0.3% |
Showing the 10 largest of 11 changes.
quarter ended June 30, 2025 · filed July 23, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| GF Genworth Finl Inc | Exited | −1,090,743 | −$7.73M | — |
| PG Paramount Global | Trimmed | −550,000 | −$7.1M | 2.0% |
| Wolfspeed Inc | Exited | −2,152,225 | −$6.59M | — |
| Antero Midstream Corp | Trimmed | −179,565 | −$3.4M | 2.2% |
| Novavax Inc | Added | +379,934 | +$2.39M | 14.1% |
| Xerox Holdings Corp | Exited | −418,794 | −$2.02M | — |
| Baidu Inc | Added | +20,000 | +$1.72M | 0.6% |
| CY China Yuchai Intl Ltd | Trimmed | −68,837 | −$1.65M | 15.1% |
| Veon Ltd | Trimmed | −24,033 | −$1.11M | 44.1% |
| CH Cheer Hldg Inc | Added | +404,950 | +$591K | 0.6% |
Showing the 10 largest of 12 changes.
quarter ended March 31, 2025 · filed May 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| CY China Yuchai Intl Ltd | Trimmed | −1,021,449 | −$17.4M | 11.5% |
| Baidu Inc | Trimmed | −150,721 | −$13.9M | 0.3% |
| VS Vanguard Scottsdale Fds | Added | +136,236 | +$8M | 4.5% |
| Wolfspeed Inc | New | +2,152,225 | +$6.59M | 1.3% |
| GF Genworth Finl Inc | Trimmed | −796,427 | −$5.65M | 1.6% |
| PG Paramount Global | Added | +219,173 | +$2.62M | 3.3% |
| AG Alibaba Group Hldg Ltd | Exited | −28,279 | −$2.4M | — |
| Xerox Holdings Corp | New | +418,794 | +$2.02M | 0.4% |
| Canadian Solar Inc | Added | +160,739 | +$1.39M | 3.4% |
| Antero Midstream Corp | Trimmed | −23,832 | −$429K | 2.8% |
Showing the 10 largest of 16 changes.
quarter ended December 31, 2024 · filed January 22, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Canadian Solar Inc | Added | +1,556,964 | +$17.3M | 3.9% |
| Novavax Inc | Added | +1,333,305 | +$10.7M | 18.1% |
| GF Genworth Finl Inc | Trimmed | −948,247 | −$6.63M | 2.7% |
| IT Ishares Tr | Exited | −79,651 | −$2.53M | — |
| Wolfspeed Inc | Exited | −200,000 | −$1.94M | — |
| CY China Yuchai Intl Ltd | Added | +128,509 | +$1.22M | 8.4% |
| CH Cheer Hldg Inc | Added | +312,521 | +$778K | 0.8% |
| VS Vanguard Scottsdale Fds | Trimmed | −4,605 | −$268K | 2.8% |
| Veon Ltd | Trimmed | −6,137 | −$246K | 40.0% |
| Emeren Group Ltd | Added | +69,374 | +$141K | 7.7% |
Showing the 10 largest of 17 changes.
quarter ended September 30, 2024 · filed October 15, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| NO New Oriental Ed & Technology | Trimmed | −164,023 | −$12.4M | 4.6% |
| Valaris Ltd | Trimmed | −135,340 | −$7.55M | 1.3% |
| Canadian Solar Inc | New | +188,582 | +$3.16M | 0.6% |
| Wolfspeed Inc | New | +200,000 | +$1.94M | 0.4% |
| Novavax Inc | Added | +153,451 | +$1.94M | 24.2% |
| GF Genworth Finl Inc | Trimmed | −153,169 | −$1.05M | 3.8% |
| Dole PLC | Trimmed | −25,574 | −$417K | 0.9% |
| Emeren Group Ltd | Added | +120,554 | +$325K | 9.9% |
| CY China Yuchai Intl Ltd | Trimmed | −4,190 | −$53.1K | 10.4% |
| Antero Midstream Corp | Trimmed | −900 | −$13.5K | 2.3% |
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