CIK 2014039
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 | 47.42% | 3 |
| Software & IT Services | 24.95% | 2 |
| Banks | 8.18% | 1 |
| Hotels, Restaurants & Leisure | 5.93% | 2 |
| Software | 3.97% | 2 |
| Real Estate Management & Development | 3.74% | 1 |
| Pharmaceuticals & Biotechnology | 2.07% | 1 |
| Media & Entertainment | 1.97% | 1 |
| Diversified Consumer Services | 1.77% | 1 |
| # | Ticker | Name | Sector | Weight |
|---|---|---|---|---|
| 1 | PDD | PDD Holdings Inc. | Industrials | 38.56% |
| 2 | VNET | VNET Group, Inc. | Information Technology | 17.01% |
| 3 | QFIN | Qfin Holdings, Inc. | Financials | 8.18% |
| 4 | GDS | Gds Holdings Ltd | Information Technology | 7.94% |
| 5 | BABA | Alibaba Group Holding Ltd | Industrials | 5.35% |
| 6 | ATAT | Atour Lifestyle Holdings Ltd | Consumer Discretionary | 3.77% |
| 7 | BEKE | Ke Holdings Inc. | Real Estate | 3.74% |
| 8 | TCOM | Trip.Com Group Ltd | Industrials | 3.51% |
| 9 | YMM | Full Truck Alliance Co. Ltd. | Information Technology | 3.49% |
| 10 | HTHT | H World Group Ltd | Consumer Discretionary | 2.16% |
14/14 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 (0/14 names) · unclassified 100.0%: PDD, VNET, QFIN, GDS, BABA, ATAT, BEKE, TCOM, YMM, HTHT +4 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 | 2,082,327 | $213M | 38.6% | TRIM −19% |
| 2 | VNETVNET GROUP INC | 11,187,682 | $94M | 17.0% | TRIM −10% |
| 3 | QFINQFIN HOLDINGS INC | 3,496,428 | $45M | 8.2% | ADD 12% |
| 4 | GDSGDS HLDGS LTD | 1,087,902 | $44M | 7.9% | TRIM −63% |
| 5 | BABAALIBABA GROUP HLDG LTD | 235,429 | $30M | 5.4% | ADD 111% |
| 6 | ATATATOUR LIFESTYLE HLDGS LTD | 565,169 | $21M | 3.8% | TRIM −15% |
| 7 | BEKEKE HLDGS INC | 1,379,707 | $21M | 3.7% | TRIM −32% |
| 8 | TCOMTRIP COM GROUP LTD | 388,593 | $19M | 3.5% | ADD 13% |
| 9 | YMMFULL TRUCK ALLIANCE CO LTD | 2,317,919 | $19M | 3.5% | ADD 16% |
| 10 | HTHTH WORLD GROUP LTD | 237,435 | $12M | 2.2% | TRIM −31% |
| 11 | LEGNLEGEND BIOTECH CORP | 629,914 | $11M | 2.1% | ADD 149% |
| 12 | IQIQIYI INC | 8,065,100 | $11M | 2.0% | TRIM −32% |
| 13 | EDUNEW ORIENTAL ED & TECHNOLOGY | 172,299 | $10M | 1.8% | TRIM −57% |
| 14 | TUYATUYA INC | 1,145,371 | $3M | 0.5% | HOLD |
| Security | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| PDDPDD HOLDINGS INC | 669K | 1.8M | 1.6M | 2.5M | 2.6M | 2.1M | $213M |
| VNETVNET GROUP INC | 10.0M | 4.5M | 12.2M | 11.9M | 12.5M | 11.2M | $94M |
| QFINQFIN HOLDINGS INC | 62K | 106K | 106K | 1.1M | 3.1M | 3.5M | $45M |
| GDSGDS HLDGS LTD | 1.7M | 296K | 1.8M | 2.4M | 3.0M | 1.1M | $44M |
| BABAALIBABA GROUP HLDG LTD | 5K | 88K | 68K | 162K | 112K | 235K | $30M |
| ATATATOUR LIFESTYLE HLDGS LTD | 387K | 428K | 428K | 665K | 665K | 565K | $21M |
| BEKEKE HLDGS INC | 1.6M | 1.8M | 1.9M | 2.0M | 2.0M | 1.4M | $21M |
| TCOMTRIP COM GROUP LTD | — | — | 146K | 268K | 344K | 389K | $19M |
| YMMFULL TRUCK ALLIANCE CO LTD | 70K | 400K | 486K | 1.0M | 2.0M | 2.3M | $19M |
| HTHTH WORLD GROUP LTD | 209K | 290K | 290K | 344K | 344K | 237K | $12M |
| LEGNLEGEND BIOTECH CORP | — | — | 108K | 162K | 253K | 630K | $11M |
| IQIQIYI INC | — | — | 8.3M | 11.8M | 11.8M | 8.1M | $11M |
| EDUNEW ORIENTAL ED & TECHNOLOGY | — | 294K | 353K | 367K | 397K | 172K | $10M |
| TUYATUYA INC | — | — | — | 130K | 1.1M | 1.1M | $3M |
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.
