Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +10.1%
S&P 500 total return (same window) +37.0%
Excess return -26.9%

Annualized: +8.0% · 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: 100.0% · Options excluded: 53.7%

Sector breakdown

04
Industrials 34.0%
Retail 30.8%
Communication Services 18.6%
Financials 6.7%
Technology 5.3%
Other/Unmapped 4.6%

Full portfolio 9 positions

05
Type Streak 8Q trend
YMM Full Truck Alliance Co. Ltd. American Depositary Shares (each representing 20 Class A Ordinary Shares) $139,748,351 33.99% 17,210,388 $48,033,351 Up ×3
PDD PDD Holdings Inc. - American Depositary Shares $126,746,848 30.82% 1,661,600 $117,107,596 Up ×1
LITE Lumentum Holdings Inc. - Common Stock $41,826,135 10.17% 48,745 $41,158,513 Up ×1
NVDA NVIDIA Corporation - Common Stock $21,929,864 5.33% 109,600 $18,354,664 Up ×1
TME Tencent Music Entertainment Group American Depositary Shares, each representing two Class A Ordinary Shares $20,191,953 4.91% 2,418,198 Up ×1
Unknown issuer (CUSIP: 722304902) $19,070,000 4.64% 2,500 Up ×1
LU Lufax Holding Ltd American Depositary Shares, each representing two (2) Ordinary Shares $18,400,780 4.47% 13,939,985 $-4,794,700 Up ×3
MOMO Hello Group Inc. - American Depositary Shares $14,306,860 3.48% 2,466,700 $12,963,432 Up ×1
QFIN Qfin Holdings, Inc. - American Depositary Shares $8,976,618 2.18% 567,781 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
YMM $139,748,351 33.99% up ×3
LU $18,400,780 4.47% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
TME $20,191,953 2,418,198 4.91%
Unknown issuer (CUSIP: 722304902) $19,070,000 2,500 4.64%
QFIN $8,976,618 567,781 2.18%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
YMM Bought more +6.2M +$48.0M
LU Bought more +1.5M -$4.8M

4 positions 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
PDD Sept. 30, 2025 900,000 $94,194,000 -40.2%
BABA June 30, 2026 523,270 $65,649,454 3.8%
TSM June 30, 2025 275,000 $45,650,000 84.8%
AGX Dec. 31, 2025 60,000 $16,203,000 5.7%
MOMO June 30, 2025 1,551,200 $9,788,072 -46.7%
ZGN Sept. 30, 2025 850,000 $7,267,500 42.6%
DECK Sept. 30, 2025 65,000 $6,699,550 -20.0%
WB March 31, 2026 386,000 $3,944,920 -29.1%
JOYY June 30, 2026 65,547 $3,827,289 26.3%
META June 30, 2026 6,420 $3,673,075 14.1%
MU June 30, 2026 7,700 $2,601,368 -24.0%
WB June 30, 2025 2,675 $25,332 -34.9%