Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 -41.5%
S&P 500 total return (same window) +37.0%
Excess return -78.5%

Annualized: -34.9% · 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: 0.0%

Sector breakdown

04
Retail 57.1%
Consumer Discretionary 42.9%

Full portfolio 3 positions

05
Type Streak 8Q trend
PDD PDD Holdings Inc. - American Depositary Shares $66,795,192 57.10% 875,658 $23,822,576 Up ×1
ATAT Atour Lifestyle Holdings Limited - American Depositary Shares $34,265,041 29.29% 1,077,517 $26,688,439 Up ×1
TCOM Trip.com Group Limited - American Depositary Shares $15,928,072 13.62% 399,801 $-8,744,068 Down ×1

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
ATAT Bought more +872K +$26.7M
PDD Bought more +455K +$23.8M
TCOM Trimmed -96K -$8.7M

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
ZTO June 30, 2025 3,619,480 $71,810,483 11.8%
EDU June 30, 2026 293,420 $16,616,375 27.2%
TME June 30, 2026 1,750,088 $16,240,817 1.9%