Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +172.0%
S&P 500 total return (same window) +37.0%
Excess return +135.0%

Annualized: +122.8% · S&P 500: +28.7%

Approximates a buy-and-hold portfolio built from quarterly SEC 13F snapshots. Excludes cash, short positions, options/derivatives, and non-13(f) securities — reflects the disclosed long-equity book only, not total fund AUM. SEC filing lag is up to 45 days; this is not a real-time-copyable timing.

Priceable coverage: 99.2% · Options excluded: 28.6%

Sector breakdown

04
Technology 41.8%
Retail 27.0%
Communication Services 12.5%
Health Care 8.3%
Consumer Discretionary 7.3%
Other/Unmapped 3.2%

Full portfolio 19 positions

05
Type Streak 8Q trend
PDD PDD Holdings Inc. - American Depositary Shares $24,996,956 13.33% 327,700
BIDU Baidu, Inc. - American Depositary Shares, each representing 8 ordinary share $17,864,441 9.53% 156,308 $10,671,389 Up ×1
SNDK Sandisk Corporation - Common Stock $16,825,602 8.97% 7,400 $3,394,514 Down ×1
STAA STAAR Surgical Company - Common Stock $15,562,030 8.30% 542,420 $10,548,859 Up ×1
JD JD.com, Inc. - American Depositary Shares $12,992,252 6.93% 509,900
BABA Alibaba Group Holding Limited American Depositary Shares each representing eight Ordinary share $12,692,011 6.77% 132,236 $11,976,889 Up ×1
QCOM QUALCOMM Incorporated - Common Stock $10,715,972 5.72% 57,990 Up ×1
ATAT Atour Lifestyle Holdings Limited - American Depositary Shares $9,603,091 5.12% 301,984 $-1,281,037 Up ×2
NBIS Nebius Group N.V. - Class A Ordinary Shares $9,213,584 4.91% 33,362 Up ×1
TSM Taiwan Semiconductor Manufacturing Company Ltd. $8,500,746 4.53% 17,800 $3,970,526 Up ×1
VNET VNET Group, Inc. - American Depositary Shares $8,253,060 4.40% 1,026,500 $3,098,244 Up ×3
CRWV CoreWeave, Inc. - Class A Common Stock $6,934,056 3.70% 69,661 Up ×1
NVDA NVIDIA Corporation - Common Stock $6,843,078 3.65% 34,200 $-84,962 Down ×1
MU Micron Technology, Inc. - Common Stock $6,117,737 3.26% 5,300 $-6,512,074 Down ×1
Unknown issuer (CUSIP: 15675D103) $5,944,900 3.17% 26,900 Up ×1
NOK Nokia Corporation Sponsored American Depositary Shares $5,491,280 2.93% 413,500 Up ×1
AMD Advanced Micro Devices, Inc. - Common Stock $4,414,916 2.35% 7,600 $-6,956,821 Down ×1
TCOM Trip.com Group Limited - American Depositary Shares $4,055,712 2.16% 101,800 $-663,882 Up ×1
CRCL Circle Internet Group, Inc. Class A Common Stock $463,462 0.25% 7,400 Up ×1

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

Share counts are as reported in 13F filings (not split-adjusted)

SecurityValue% of portfolioStreak
VNET $8,253,060 4.40% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
PDD $24,996,956 327,700 13.33%
JD $12,992,252 509,900 6.93%
QCOM $10,715,972 57,990 5.72%
NBIS $9,213,584 33,362 4.91%
CRWV $6,934,056 69,661 3.70%
Unknown issuer (CUSIP: 15675D103) $5,944,900 26,900 3.17%
NOK $5,491,280 413,500 2.93%
CRCL $463,462 7,400 0.25%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
BIDU Bought more +92K +$10.7M
STAA Bought more +274K +$10.5M
AMD Trimmed -48K -$7.0M
MU Trimmed -32K -$6.5M
TSM Bought more +4K +$4.0M
SNDK Trimmed -14K +$3.4M
VNET Bought more +412K +$3.1M
ATAT Bought more +6K -$1.3M
TCOM Bought more +7K -$664K
NVDA Trimmed -6K -$85K

1 position hidden — reported move looks larger than the position itself (data completeness check)

Exited positions

11

Includes corporate events (mergers, delistings) — not all exits are sells

Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.

SecurityQuarterShares beforeValue beforePrice since exit
QQQ Sept. 30, 2025 174,500 $96,261,180 24.0%
LITE June 30, 2026 36,321 $25,524,946 26.5%
NVDA Sept. 30, 2025 93,000 $14,693,070 25.4%
MU June 30, 2025 156,408 $13,590,291 772.1%
PLTR Sept. 30, 2025 86,700 $11,818,944 3.5%
TAL June 30, 2025 694,976 $9,180,633 18.0%
TSLA Sept. 30, 2025 26,900 $8,545,054 -16.7%
JOYY June 30, 2025 187,700 $7,879,646 55.5%
ONTO Dec. 31, 2025 60,300 $7,791,966 107.6%
CSIQ March 31, 2026 297,800 $7,078,706 -19.2%
DOCN June 30, 2026 81,500 $6,991,070 -10.8%
WDC June 30, 2025 165,653 $6,697,351 549.0%
HTZ Dec. 31, 2025 878,900 $5,976,520 -65.8%
TSM Sept. 30, 2025 22,495 $5,094,893 69.3%
META Sept. 30, 2025 6,900 $5,092,821 -0.9%
AAOI Dec. 31, 2025 194,500 $5,043,385 231.6%
FUTU June 30, 2026 33,767 $4,617,975 9.0%
TER June 30, 2026 15,500 $4,595,130 -7.2%
GDS June 30, 2026 106,200 $4,278,798 -8.2%
FUTU June 30, 2025 41,700 $4,267,995 -17.3%
RMBS June 30, 2026 49,578 $4,265,195 -15.6%
BABA Dec. 31, 2025 22,626 $4,043,945 -27.8%
SEI March 31, 2026 85,500 $3,930,435 32.6%
AMKR March 31, 2026 98,200 $3,876,936 24.4%
ORCL June 30, 2025 26,900 $3,760,889 -34.9%
INTC March 31, 2026 99,300 $3,664,170 170.4%
YMM Dec. 31, 2025 278,700 $3,614,739 -23.9%
UVXY (filed as UVXYXXXX) June 30, 2025 141,800 $3,322,374 -81.9%
PDD March 31, 2026 27,143 $3,077,745 -26.2%
AVGO March 31, 2026 8,880 $3,073,368 14.7%
META June 30, 2026 4,020 $2,299,963 29.3%
JD Sept. 30, 2025 70,437 $2,299,064 -26.3%
SNPS June 30, 2026 5,728 $2,271,037 9.8%
LITE Dec. 31, 2025 12,000 $1,952,520 194.5%
MNSO June 30, 2025 103,945 $1,921,943 -51.5%
OLED March 31, 2026 16,281 $1,901,295 -12.3%
CRDO March 31, 2026 13,200 $1,899,348 132.9%
CLS Dec. 31, 2025 7,600 $1,872,488 31.0%
JBL Dec. 31, 2025 8,100 $1,759,077 33.5%
LITE June 30, 2025 25,100 $1,564,734 1041.8%
IQ March 31, 2026 802,400 $1,540,608 -26.5%
HTHT Dec. 31, 2025 29,600 $1,157,656 -11.2%
BZ June 30, 2025 27,700 $531,009 -16.9%
IQ June 30, 2025 219,500 $496,070 -43.9%