Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +28.2%
S&P 500 total return (same window) +37.0%
Excess return -8.8%

Annualized: +22.0% · 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: 0.0%

Sector breakdown

04
Communication Services 33.5%
Technology 22.3%
Retail 17.7%
Industrials 14.7%
Financials 6.9%
Consumer Discretionary 4.9%

Full portfolio 21 positions

05
Type Streak 8Q trend
GOOGL Alphabet Inc. - Class A Common Stock $646,967,281 29.60% 1,810,357 $-193,177,792 Down ×1
INTC Intel Corporation - Common Stock $384,149,079 17.58% 2,751,193 $78,626,674 Down ×1
PDD PDD Holdings Inc. - American Depositary Shares $365,050,602 16.70% 4,785,666 $-156,456,091 Down ×1
YMM Full Truck Alliance Co. Ltd. American Depositary Shares (each representing 20 Class A Ordinary Shares) $320,353,642 14.66% 39,452,419 $-19,593,766 Down ×1
FUTU Futu Holdings Limited - American Depositary Shares $102,517,251 4.69% 1,093,634 $-33,743,301 Up ×1
NTES NetEase, Inc. - American Depositary Shares, each representing 5 ordinary shares $76,964,856 3.52% 600,631 $-280,123,744 Down ×2
ATAT Atour Lifestyle Holdings Limited - American Depositary Shares $56,871,120 2.60% 1,788,400 $-38,508,596 Down ×1
QFIN Qfin Holdings, Inc. - American Depositary Shares $47,927,035 2.19% 3,031,438 $5,382,931 Down ×1
AAPL Apple Inc. - Common Stock $42,439,852 1.94% 146,668 $-20,593,463 Down ×1
TSM Taiwan Semiconductor Manufacturing Company Ltd. $39,663,144 1.81% 83,052 $11,595,721
SE Sea Limited American Depositary Shares, each representing one Class A Ordinary Share $20,793,002 0.95% 216,978 $-19,622,253 Down ×1
MMYT MakeMyTrip Limited - Ordinary Shares $20,706,203 0.95% 388,557 $6,216,912
ASML ASML Holding N.V. - New York Registry Shares $14,065,341 0.64% 7,070 Up ×1
HTHT H World Group Limited - American Depositary Shares $13,415,984 0.61% 321,572 $-40,051,389 Down ×1
WRD WeRide Inc. - American Depositary Shares $12,814,476 0.59% 2,201,800 $-4,998,086
AAOI Applied Optoelectronics, Inc. - Common Stock $7,929,523 0.36% 53,520 Up ×1
VNET VNET Group, Inc. - American Depositary Shares $5,213,940 0.24% 648,500 Up ×1
HDL SUPER HI INTERNATIONAL HOLDING LTD. - American Depositary Shares $3,327,428 0.15% 268,341 $-579,617
RERE ATRenew Inc. American Depositary Shares (every three of which representing two Class A ordinary shares) $2,031,750 0.09% 525,000 $-430,500
AMAT Applied Materials, Inc. - Common Stock $1,821,960 0.08% 2,520 Up ×1
TCOM Trip.com Group Limited - American Depositary Shares $478,080 0.02% 12,000 $-129,189,071 Down ×1

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
ASML $14,065,341 7,070 0.64%
AAOI $7,929,523 53,520 0.36%
VNET $5,213,940 648,500 0.24%
AMAT $1,821,960 2,520 0.08%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
NTES Trimmed -2.6M -$280.1M
GOOGL Trimmed -1.1M -$193.2M
PDD Trimmed -318K -$156.5M
INTC Trimmed -4.2M +$78.6M
HTHT Trimmed -742K -$40.1M
ATAT Trimmed -803K -$38.5M
FUTU Bought more +97K -$33.7M
AAPL Trimmed -102K -$20.6M
SE Trimmed -271K -$19.6M
YMM Trimmed -1.5M -$19.6M

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
META June 30, 2026 541,689 $309,916,528 8.7%
AMZN June 30, 2026 1,004,700 $209,248,869 6.8%
AAPL June 30, 2025 782,255 $173,762,303 67.6%
NVDA June 30, 2026 762,748 $133,023,251 7.6%
ZTO June 30, 2025 6,557,350 $130,097,824 11.3%
BABA June 30, 2026 703,009 $88,199,509 5.2%
AVGO March 31, 2026 245,800 $85,071,380 13.7%
SNPS March 31, 2026 163,661 $76,874,845 21.5%
EDU June 30, 2026 1,328,218 $75,216,985 10.5%
NBIS March 31, 2026 638,103 $53,412,412 75.7%
DQ Sept. 30, 2025 2,672,161 $40,536,682 -61.2%
UNH June 30, 2026 130,310 $35,260,583 -2.1%
BEKE March 31, 2026 1,793,195 $28,260,753 15.9%
TAL June 30, 2026 2,448,817 $27,843,049 5.1%
UBER Dec. 31, 2025 244,670 $23,970,320 -20.1%
TCOM Sept. 30, 2025 377,500 $22,136,600 -48.7%
JKS March 31, 2026 780,933 $20,155,881 -67.5%
MSFT Sept. 30, 2025 28,650 $14,250,797 2.5%
SPOT Dec. 31, 2025 13,226 $9,231,748 -7.3%
XBI March 31, 2026 68,265 $8,323,551 23.3%
LITE June 30, 2026 10,822 $7,605,269 6.5%
ONC Sept. 30, 2025 15,502 $3,752,569 9.6%
CSIQ Sept. 30, 2025 335,183 $3,700,420 -26.5%
LEGN June 30, 2025 90,109 $3,057,398 -36.5%
REGN June 30, 2025 4,750 $3,012,593 54.9%
UNH June 30, 2025 4,338 $2,272,028 30.5%
PFE June 30, 2025 74,200 $1,880,228 21.5%
FWONK Sept. 30, 2025 9,680 $1,011,560 -13.0%
HSAI Sept. 30, 2025 40,291 $884,387 -50.8%
GOOG Dec. 31, 2025 3,596 $875,806 2.6%