CIK 2111095
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 |
|---|---|---|
| Unclassified | 78.24% | 2 |
| Hotels, Restaurants & Leisure | 19.64% | 1 |
| Software & IT Services | 1.31% | 1 |
| Media & Entertainment | 0.41% | 1 |
| Commercial Services & Supplies | 0.40% | 2 |
| # | Ticker | Name | Sector | Weight |
|---|---|---|---|---|
| 1 | SHY | ISHARES TR | Unclassified | 78.12% |
| 2 | YUMC | Yum China Holdings, Inc. | Consumer Discretionary | 19.64% |
| 3 | VNET | VNET Group, Inc. | Information Technology | 1.31% |
| 4 | TME | Tencent Music Entertainment Group | Communication Services | 0.41% |
| 5 | PDD | PDD Holdings Inc. | Industrials | 0.25% |
| 6 | SE | Sea Ltd | Industrials | 0.14% |
| 7 | EWY | ISHARES INC MSCI STH KOR ETF | Unclassified | 0.12% |
5/7 names classified · sector 21.8% of weight · industry 21.8% · mkt cap 19.6%; 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: 21.8% of the book is sector-classified (unclassified names shown, never dropped).
Only 20% of book weight classified — the grid is NOT representative of the whole book.
Classified: 19.6% of book weight (1/7 names) · unclassified 80.4%: SHY, VNET, TME, PDD, SE, EWY. 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 | SHYISHARES TR | 2,737,000 | $226M | 78.1% | TRIM −16% |
| 2 | YUMCYUM CHINA HLDGS INC | 147,400 | $57M | 19.6% | HOLD |
| 3 | VNETVNET GROUP INC | 451,078 | $4M | 1.3% | TRIM −14% |
| 4 | TMETENCENT MUSIC ENTMT GROUP | 128,614 | $1M | 0.4% | TRIM −77% |
| 5 | PDDPDD HOLDINGS INC | 7,200 | $735,696 | 0.3% | TRIM −18% |
| 6 | SESEA LTD | 5,017 | $415,458 | 0.1% | ADD 15% |
| 7 | EWYISHARES INC MSCI STH KOR ETF | 2,806 | $345,166 | 0.1% | NEW |
| Security | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| SHYISHARES TR | — | — | — | — | 3.3M | 2.7M | $226M |
| YUMCYUM CHINA HLDGS INC | — | — | — | — | 149K | 147K | $57M |
| VNETVNET GROUP INC | — | — | — | — | 522K | 451K | $4M |
| TMETENCENT MUSIC ENTMT GROUP | — | — | — | — | 556K | 129K | $1M |
| PDDPDD HOLDINGS INC | — | — | — | — | 9K | 7K | $735,696 |
| SESEA LTD | — | — | — | — | 4K | 5K | $415,458 |
| EWYISHARES INC MSCI STH KOR ETF | — | — | — | — | — | 3K | $345,166 |
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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