CIK 2107386
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 | 58.70% | 3 |
| Hotels, Restaurants & Leisure | 30.41% | 2 |
| Textiles, Apparel & Luxury Goods | 7.61% | 1 |
| Software | 2.76% | 1 |
| Pharmaceuticals & Biotechnology | 0.52% | 1 |
| # | Ticker | Name | Sector | Weight |
|---|---|---|---|---|
| 1 | PDD | PDD Holdings Inc. | Industrials | 32.34% |
| 2 | HTHT | H World Group Ltd | Consumer Discretionary | 17.14% |
| 3 | BABA | Alibaba Group Holding Ltd | Industrials | 16.95% |
| 4 | YUMC | Yum China Holdings, Inc. | Consumer Discretionary | 13.28% |
| 5 | TCOM | Trip.Com Group Ltd | Industrials | 9.41% |
| 6 | AS | Amer Sports, Inc. | Consumer Discretionary | 7.61% |
| 7 | NTES | Netease, Inc. | Information Technology | 2.76% |
| 8 | ONC | BeOne Medicines Ltd. | Health Care | 0.52% |
8/8 names classified · sector 100.0% of weight · industry 100.0% · mkt cap 21.4%; 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: 100.0% of the book is sector-classified (unclassified names shown, never dropped).
Only 14% of book weight classified — the grid is NOT representative of the whole book.
Classified: 13.8% of book weight (2/8 names) · unclassified 86.2%: PDD, HTHT, BABA, TCOM, AS, NTES. 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 | 626,300 | $64M | 32.3% | ADD 4% |
| 2 | HTHTH WORLD GROUP LTD | 674,189 | $34M | 17.1% | TRIM −16% |
| 3 | BABAALIBABA GROUP HLDG LTD | 267,275 | $34M | 16.9% | HOLD |
| 4 | YUMCYUM CHINA HLDGS INC | 538,572 | $26M | 13.3% | TRIM −21% |
| 5 | TCOMTRIP COM GROUP LTD | 373,751 | $19M | 9.4% | HOLD |
| 6 | ASAMER SPORTS INC | 457,150 | $15M | 7.6% | ADD 40% |
| 7 | NTESNETEASE COM INC | 48,754 | $5M | 2.8% | ADD 79% |
| 8 | ONCBEONE MEDICINES LTD | 3,480 | $1M | 0.5% | HOLD |
| Security | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| PDDPDD HOLDINGS INC | — | — | — | — | 602K | 626K | $64M |
| HTHTH WORLD GROUP LTD | — | — | — | — | 799K | 674K | $34M |
| BABAALIBABA GROUP HLDG LTD | — | — | — | — | 267K | 267K | $34M |
| YUMCYUM CHINA HLDGS INC | — | — | — | — | 684K | 539K | $26M |
| TCOMTRIP COM GROUP LTD | — | — | — | — | 374K | 374K | $19M |
| ASAMER SPORTS INC | — | — | — | — | 327K | 457K | $15M |
| NTESNETEASE COM INC | — | — | — | — | 27K | 49K | $5M |
| ONCBEONE MEDICINES LTD | — | — | — | — | 3K | 3K | $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.
Where this firm's principals came from and which firms its alumni went on to found.
