CIK 1861244
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 | 21.66% | 2 |
| Software | 21.61% | 1 |
| Hotels, Restaurants & Leisure | 17.79% | 1 |
| Metals & Mining | 13.83% | 2 |
| Machinery | 12.66% | 1 |
| Unclassified | 8.18% | 2 |
| Diversified Consumer Services | 2.22% | 1 |
| Banks | 2.05% | 1 |
| # | Ticker | Name | Sector | Weight |
|---|---|---|---|---|
| 1 | NTES | Netease, Inc. | Information Technology | 21.61% |
| 2 | PDD | PDD Holdings Inc. | Industrials | 21.01% |
| 3 | ATAT | Atour Lifestyle Holdings Ltd | Consumer Discretionary | 17.79% |
| 4 | SVM | SILVERCORP METALS INC | Materials | 12.79% |
| 5 | ACMR | ACM Research, Inc. | Industrials | 12.66% |
| 6 | CYD | CHINA YUCHAI INTL LTD | Unclassified | 6.67% |
| 7 | EDU | New Oriental Education & Technology Group Inc. | Consumer Discretionary | 2.22% |
| 8 | NU | NU HOLDINGS CLASS A | Financials | 2.05% |
| 9 | PBR.A | PETROLEO BRASILEIRO SA PETRO | Unclassified | 1.50% |
| 10 | AU | ANGLOGOLD ASHANTI PLC | Materials | 1.04% |
9/11 names classified · sector 91.8% of weight · industry 91.8% · mkt cap 25.4%; 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: 91.8% of the book is sector-classified (unclassified names shown, never dropped).
Only 13% of book weight classified — the grid is NOT representative of the whole book.
Classified: 12.7% of book weight (1/11 names) · unclassified 87.3%: NTES, PDD, ATAT, SVM, CYD, EDU, NU, PBR.A, AU, SE. 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 | NTESNETEASE COM INC | 359,675 | $40M | 21.6% | TRIM −24% |
| 2 | PDDPDD HOLDINGS INC | 383,100 | $39M | 21.0% | TRIM −49% |
| 3 | ATATATOUR LIFESTYLE HLDGS LTD | 900,600 | $33M | 17.8% | ADD 43% |
| 4 | SVMSILVERCORP METALS INC | 2,219,100 | $24M | 12.8% | NEW |
| 5 | ACMRACM RESH INC | 599,200 | $24M | 12.7% | TRIM −14% |
| 6 | CYDCHINA YUCHAI INTL LTD | 322,913 | $12M | 6.7% | NEW |
| 7 | EDUNEW ORIENTAL ED & TECHNOLOGY | 73,048 | $4M | 2.2% | TRIM −92% |
| 8 | NUNU HLDGS LTD | 266,300 | $4M | 2.1% | TRIM −30% |
| 9 | PBR.APETROLEO BRASILEIRO SA PETRO | 149,400 | $3M | 1.5% | NEW |
| 10 | AUANGLOGOLD ASHANTI PLC | 19,900 | $2M | 1.0% | NEW |
| 11 | SESEA LTD | 14,700 | $1M | 0.7% | TRIM −29% |
| Security | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| NTESNETEASE COM INC | 692K | 645K | 645K | 569K | 473K | 360K | $40M |
| PDDPDD HOLDINGS INC | 568K | 529K | 512K | 756K | 756K | 383K | $39M |
| ATATATOUR LIFESTYLE HLDGS LTD | — | — | — | 631K | 631K | 901K | $33M |
| SVMSILVERCORP METALS INC | — | — | — | — | — | 2.2M | $24M |
| ACMRACM RESH INC | — | — | — | 497K | 694K | 599K | $24M |
| CYDCHINA YUCHAI INTL LTD | — | — | — | — | — | 323K | $12M |
| EDUNEW ORIENTAL ED & TECHNOLOGY | 1.1M | 949K | 929K | 808K | 900K | 73K | $4M |
| NUNU HLDGS LTD | 200K | 351K | 351K | 383K | 383K | 266K | $4M |
| PBR/APETROLEO BRASILEIRO SA PETRO | — | — | — | — | — | 149K | $3M |
| AUANGLOGOLD ASHANTI PLC | — | — | — | — | — | 20K | $2M |
| SESEA LTD | — | 15K | 15K | 18K | 21K | 15K | $1M |
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.
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