CIK 1701717
Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2025-Q4. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.
As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).
Computing…
Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.
| Industry group | Weight | Names |
|---|---|---|
| Commercial Services & Supplies | 38.12% | 4 |
| Software | 32.22% | 2 |
| Diversified Consumer Services | 21.97% | 1 |
| Tobacco | 5.71% | 1 |
| Pharmaceuticals & Biotechnology | 1.79% | 1 |
| Specialty Retail | 0.14% | 2 |
| Capital Markets | 0.06% | 1 |
| # | Ticker | Name | Sector | Weight |
|---|---|---|---|---|
| 1 | PDD | PDD Holdings Inc. | Industrials | 35.91% |
| 2 | YMM | Full Truck Alliance Co. Ltd. | Information Technology | 32.22% |
| 3 | EDU | New Oriental Education & Technology Group Inc. | Consumer Discretionary | 21.97% |
| 4 | RLX | RLX Technology Inc. | Consumer Staples | 5.71% |
| 5 | LEGN | Legend Biotech Corp | Health Care | 1.79% |
| 6 | KSPI | Joint Stock Co Kaspi.kz | Industrials | 1.39% |
| 7 | SE | Sea Ltd | Industrials | 0.75% |
| 8 | DDL | Dingdong (Cayman) Ltd | Consumer Discretionary | 0.09% |
| 9 | ZH | Zhihu Inc. | Industrials | 0.07% |
| 10 | NOAH | NOAH HOLDINGS LTD | Financials | 0.06% |
12/12 names classified · sector 100.0% of weight · industry 100.0% · mkt cap 0.0%; unclassified names shown, never dropped.
Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 100.0% of the book is sector-classified (unclassified names shown, never dropped).
Only 0% of book weight classified — the grid is NOT representative of the whole book.
Classified: 0.0% of book weight (0/12 names) · unclassified 100.0%: PDD, YMM, EDU, RLX, LEGN, KSPI, SE, DDL, ZH, NOAH +2 more. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.
No contribution data for this period.
| # | Security | Shares | Value | Weight | Δ QoQ |
|---|---|---|---|---|---|
| 1 | PDDPDD HOLDINGS INC | 8,149,162 | $833M | 35.9% | ADD 20% |
| 2 | YMMFULL TRUCK ALLIANCE CO LTD | 90,000,895 | $747M | 32.2% | ADD 17% |
| 3 | EDUNEW ORIENTAL ED & TECHNOLOGY | 8,995,258 | $509M | 22.0% | TRIM −11% |
| 4 | RLXRLX TECHNOLOGY INC | 60,129,671 | $132M | 5.7% | TRIM −4% |
| 5 | LEGNLEGEND BIOTECH CORP | 2,296,335 | $42M | 1.8% | NEW |
| 6 | KSPIKASPI KZ JSC | 434,350 | $32M | 1.4% | ADD 286% |
| 7 | SESEA LTD | 208,963 | $17M | 0.7% | NEW |
| 8 | DDLDINGDONG CAYMAN LTD | 845,952 | $2M | 0.1% | NEW |
| 9 | ZHZHIHU INC | 551,048 | $2M | 0.1% | NEW |
| 10 | NOAHNOAH HLDGS LTD | 135,988 | $1M | 0.1% | TRIM −65% |
| 11 | BZUNBAOZUN INC | 444,328 | $1M | 0.0% | NEW |
| 12 | APIAGORA INC | 7,700 | $27,258 | 0.0% | TRIM −22% |
| Security | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| PDDPDD HOLDINGS INC | 3.8M | 3.9M | 5.6M | 6.2M | 6.8M | 8.1M | $833M |
| YMMFULL TRUCK ALLIANCE CO LTD | 31.2M | 29.7M | 39.5M | 68.6M | 76.6M | 90.0M | $747M |
| EDUNEW ORIENTAL ED & TECHNOLOGY | 260K | 5.5M | 7.1M | 9.3M | 10.1M | 9.0M | $509M |
| RLXRLX TECHNOLOGY INC | 23.4M | 41.0M | 62.9M | 62.9M | 62.9M | 60.1M | $132M |
| LEGNLEGEND BIOTECH CORP | — | — | — | — | — | 2.3M | $42M |
| KSPIKASPI KZ JSC | — | — | — | — | 112K | 434K | $32M |
| SESEA LTD | 2.6M | 958K | — | — | — | 209K | $17M |
| DDLDINGDONG CAYMAN LTD | — | — | — | — | — | 846K | $2M |
| ZHZHIHU INC | — | — | — | — | — | 551K | $2M |
| NOAHNOAH HLDGS LTD | 137K | 163K | 175K | 175K | 393K | 136K | $1M |
| BZUNBAOZUN INC | — | — | — | — | — | 444K | $1M |
| APIAGORA INC | — | — | 10K | 10K | 10K | 8K | $27,258 |
Shares reported each quarter by the largest current holdings. Green = added vs the prior filing of that name, red = trimmed, grey = roughly held; a dash is a quarter with no 13F on file (a gap is skipped, not read as an exit). 13F is filed up to 45 days after quarter-end. Up to 40 quarters (10 years) available — use the selector above.
Where this firm's principals came from and which firms its alumni went on to found.
