Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (7 quarters reported)
$241M in Q4 2024 → $588M 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 |
|---|---|---|---|---|
| Pdd Holdings Inc | 41.6% | Added 54% | 3,211,624 | $245M |
| Vnet Group Inc | 16.1% | Added 5.2% | 11,763,935 | $94.6M |
| Qfin Holdings Inc | 13.9% | Added 48% | 5,166,613 | $81.7M |
| GH Gds Hldgs Ltd | 8.7% | Added 57% | 1,705,220 | $51.2M |
| KH Ke Hldgs Inc | 4.1% | Added 21% | 1,663,066 | $24.2M |
| AL Atour Lifestyle Hldgs Ltd | 3.7% | Added 20% | 677,712 | $21.6M |
| Trip Com Group Ltd | 3.4% | Added 30% | 503,346 | $20.1M |
| Legend Biotech Corp | 3.1% | Unchanged | 629,914 | $18.2M |
| AG Alibaba Group Hldg Ltd | 2.9% | Trimmed 26% | 174,843 | $16.8M |
| H World Group Ltd | 2.0% | Added 20% | 285,338 | $11.9M |
| Tuya Inc | 0.3% | Unchanged | 1,145,371 | $2.02M |
| Iqiyi Inc | 0.2% | Trimmed 86% | 1,108,095 | $1.15M |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 6 quarters.
quarter ended June 30, 2026 · filed August 13, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Pdd Holdings Inc | Added | +1,129,297 | +$86.1M | 41.6% |
| Qfin Holdings Inc | Added | +1,670,185 | +$26.4M | 13.9% |
| Full Truck Alliance Co Ltd | Exited | −2,317,919 | −$19.2M | — |
| GH Gds Hldgs Ltd | Added | +617,318 | +$18.5M | 8.7% |
| NO New Oriental Ed & Technology | Exited | −172,299 | −$9.76M | — |
| Iqiyi Inc | Trimmed | −6,957,005 | −$7.24M | 0.2% |
| AG Alibaba Group Hldg Ltd | Trimmed | −60,586 | −$5.82M | 2.9% |
| Vnet Group Inc | Added | +576,253 | +$4.63M | 16.1% |
| Trip Com Group Ltd | Added | +114,753 | +$4.57M | 3.4% |
| KH Ke Hldgs Inc | Added | +283,359 | +$4.12M | 4.1% |
Showing the 10 largest of 12 changes.
quarter ended March 31, 2026 · filed May 14, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| AR Acm Resh Inc | Exited | −1,929,919 | −$76.1M | — |
| GH Gds Hldgs Ltd | Trimmed | −1,886,396 | −$76M | 7.9% |
| Pdd Holdings Inc | Trimmed | −475,373 | −$48.6M | 38.6% |
| AG Alibaba Group Hldg Ltd | Added | +123,729 | +$15.5M | 5.4% |
| NO New Oriental Ed & Technology | Trimmed | −224,487 | −$12.7M | 1.8% |
| Vnet Group Inc | Trimmed | −1,311,128 | −$11M | 17.0% |
| KH Ke Hldgs Inc | Trimmed | −635,600 | −$9.51M | 3.7% |
| Legend Biotech Corp | Added | +377,314 | +$6.83M | 2.1% |
| H World Group Ltd | Trimmed | −106,700 | −$5.37M | 2.2% |
| Iqiyi Inc | Trimmed | −3,737,000 | −$5.04M | 2.0% |
Showing the 10 largest of 14 changes.
quarter ended December 31, 2025 · filed February 17, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Qfin Holdings Inc | Added | +2,041,351 | +$39.3M | 7.3% |
| GH Gds Hldgs Ltd | Added | +566,345 | +$19.8M | 12.6% |
| Full Truck Alliance Co Ltd | Added | +995,500 | +$10.7M | 2.6% |
| AG Alibaba Group Hldg Ltd | Trimmed | −50,541 | −$7.41M | 2.0% |
| Trip Com Group Ltd | Added | +75,793 | +$5.45M | 3.0% |
| Vnet Group Inc | Added | +550,841 | +$4.66M | 12.8% |
| AR Acm Resh Inc | Trimmed | −73,306 | −$2.89M | 9.2% |
| Tuya Inc | Added | +1,015,849 | +$2.14M | 0.3% |
| Legend Biotech Corp | Added | +90,800 | +$1.97M | 0.7% |
| NO New Oriental Ed & Technology | Added | +29,412 | +$1.62M | 2.6% |
Showing the 10 largest of 11 changes.
quarter ended September 30, 2025 · filed November 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Pdd Holdings Inc | Added | +910,150 | +$120M | 39.3% |
| Baidu Inc | Exited | −470,623 | −$40.4M | — |
| QT Qifu Technology Inc | Added | +977,849 | +$28.1M | 3.6% |
| GH Gds Hldgs Ltd | Added | +630,339 | +$24.4M | 10.9% |
| AG Alibaba Group Hldg Ltd | Added | +94,600 | +$16.9M | 3.4% |
| AR Acm Resh Inc | Added | +413,000 | +$16.2M | 9.1% |
| Trip Com Group Ltd | Added | +122,100 | +$9.18M | 2.4% |
| AL Atour Lifestyle Hldgs Ltd | Added | +237,466 | +$8.93M | 2.9% |
| Iqiyi Inc | Added | +3,477,300 | +$8.9M | 3.5% |
| Full Truck Alliance Co Ltd | Added | +522,800 | +$6.78M | 1.5% |
Showing the 10 largest of 16 changes.
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Vnet Group Inc | Added | +7,691,065 | +$53.1M | 16.5% |
| GH Gds Hldgs Ltd | Added | +1,481,595 | +$45.3M | 10.6% |
| Pdd Holdings Inc | Trimmed | −214,035 | −$22.4M | 33.4% |
| Iqiyi Inc | New | +8,324,800 | +$14.7M | 2.9% |
| Trip Com Group Ltd | New | +146,000 | +$8.56M | 1.7% |
| Baidu Inc | Trimmed | −97,809 | −$8.39M | 7.9% |
| AR Acm Resh Inc | Added | +219,100 | +$5.67M | 8.0% |
| Legend Biotech Corp | New | +107,500 | +$3.82M | 0.7% |
| NO New Oriental Ed & Technology | Added | +59,200 | +$3.19M | 3.7% |
| AG Alibaba Group Hldg Ltd | Trimmed | −19,900 | −$2.26M | 1.5% |
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 |
|---|---|---|---|---|
| Pdd Holdings Inc | Added | +1,179,424 | +$140M | 49.5% |
| Vnet Group Inc | Trimmed | −5,460,843 | −$44.8M | 8.4% |
| GH Gds Hldgs Ltd | Trimmed | −1,449,421 | −$36.7M | 1.7% |
| Baidu Inc | Added | +375,007 | +$34.5M | 11.8% |
| NO New Oriental Ed & Technology | New | +293,774 | +$14M | 3.2% |
| AG Alibaba Group Hldg Ltd | Added | +82,700 | +$10.9M | 2.6% |
| AR Acm Resh Inc | Added | +344,158 | +$8.03M | 7.2% |
| Netease Inc | Exited | −54,427 | −$4.86M | — |
| Full Truck Alliance Co Ltd | Added | +329,736 | +$4.21M | 1.2% |
| KH Ke Hldgs Inc | Added | +149,861 | +$3.01M | 8.1% |
Showing the 10 largest of 13 changes.
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