CIK 1934957
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 |
|---|---|---|
| Road & Rail | 30.72% | 1 |
| Diversified Consumer Services | 21.96% | 2 |
| Hotels, Restaurants & Leisure | 13.55% | 2 |
| Commercial Services & Supplies | 11.00% | 2 |
| Specialty Retail | 8.37% | 1 |
| Software | 7.39% | 1 |
| Leisure Products | 7.02% | 1 |
| # | Ticker | Name | Sector | Weight |
|---|---|---|---|---|
| 1 | ZTO | ZTO EXPRESS (CAYMAN) INC | Industrials | 30.72% |
| 2 | TAL | TAL Education Group | Consumer Discretionary | 12.98% |
| 3 | HTHT | H World Group Ltd | Consumer Discretionary | 11.64% |
| 4 | EDU | New Oriental Education & Technology Group Inc. | Consumer Discretionary | 8.98% |
| 5 | PDD | PDD Holdings Inc. | Industrials | 8.88% |
| 6 | MNSO | Miniso Group Holding Ltd | Consumer Discretionary | 8.37% |
| 7 | YMM | Full Truck Alliance Co. Ltd. | Information Technology | 7.39% |
| 8 | MAT | MATTEL INC /DE/ | Consumer Discretionary | 7.02% |
| 9 | BABA | Alibaba Group Holding Ltd | Industrials | 2.12% |
| 10 | ATAT | Atour Lifestyle Holdings Ltd | Consumer Discretionary | 1.91% |
10/10 names classified · sector 100.0% of weight · industry 100.0% · mkt cap 7.0%; 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 7% of book weight classified — the grid is NOT representative of the whole book.
Classified: 7.0% of book weight (1/10 names) · unclassified 93.0%: ZTO, TAL, HTHT, EDU, PDD, MNSO, YMM, BABA, ATAT. 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 | ZTOZTO EXPRESS CAYMAN INC | 5,056,987 | $127M | 30.7% | HOLD |
| 2 | TALTAL EDUCATION GROUP | 4,730,377 | $54M | 13.0% | HOLD |
| 3 | HTHTH WORLD GROUP LTD | 958,957 | $48M | 11.6% | TRIM −25% |
| 4 | EDUNEW ORIENTAL ED & TECHNOLOGY | 656,878 | $37M | 9.0% | HOLD |
| 5 | PDDPDD HOLDINGS INC | 360,000 | $37M | 8.9% | NEW |
| 6 | MNSOMINISO GROUP HLDG LTD | 2,141,535 | $35M | 8.4% | ADD 6% |
| 7 | YMMFULL TRUCK ALLIANCE CO LTD | 3,687,779 | $31M | 7.4% | ADD 104% |
| 8 | MATMATTEL INC | 2,002,032 | $29M | 7.0% | TRIM −16% |
| 9 | BABAALIBABA GROUP HLDG LTD | 70,000 | $9M | 2.1% | HOLD |
| 10 | ATATATOUR LIFESTYLE HLDGS LTD | 215,000 | $8M | 1.9% | HOLD |
| Security | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| ZTOZTO EXPRESS CAYMAN INC | 5.1M | 5.1M | 5.1M | 5.1M | 5.1M | 5.1M | $127M |
| TALTAL EDUCATION GROUP | 29K | 29K | 29K | 4.7M | 4.7M | 4.7M | $54M |
| HTHTH WORLD GROUP LTD | — | — | 564K | 1.3M | 1.3M | 959K | $48M |
| EDUNEW ORIENTAL ED & TECHNOLOGY | 33K | 245K | 245K | 657K | 657K | 657K | $37M |
| PDDPDD HOLDINGS INC | — | — | — | — | — | 360K | $37M |
| MNSOMINISO GROUP HLDG LTD | — | 463K | 1.2M | 1.2M | 2.0M | 2.1M | $35M |
| YMMFULL TRUCK ALLIANCE CO LTD | — | — | — | — | 1.8M | 3.7M | $31M |
| MATMATTEL INC | — | — | — | — | 2.4M | 2.0M | $29M |
| BABAALIBABA GROUP HLDG LTD | — | — | — | — | 70K | 70K | $9M |
| ATATATOUR LIFESTYLE HLDGS LTD | 275K | 275K | 275K | 215K | 215K | 215K | $8M |
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.
