Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 -13.4%
S&P 500 total return (same window) +37.0%
Excess return -50.4%

Annualized: -10.8% · 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: 98.3% · Options excluded: 0.0%

Sector breakdown

04
Healthcare 45.8%
Financials 20.2%
Retail 12.4%
Technology 8.9%
Real Estate 3.9%
Consumer products 1.9%
Industrials 1.1%
Communication Services 0.9%
Other/Unmapped 5.1%

Full portfolio 35 positions

05
Type Streak 8Q trend
LEGN Legend Biotech Corporation - American Depositary Shares $172,833,804 20.77% 5,984,550 $64,573,294
FUTU Futu Holdings Limited - American Depositary Shares $165,758,848 19.92% 1,768,283 $-28,369,647 Up ×1
AVBP ArriVent BioPharma, Inc. - Common Stock $136,497,525 16.40% 3,929,117 $45,852,796
MRVL Marvell Technology, Inc. - Common Stock $48,536,111 5.83% 162,933 $31,595,292 Down ×1
VIPS Vipshop Holdings Limited American Depositary Shares, each representing two ordinary shares $46,017,504 5.53% 3,470,400 $44,057,220 Up ×1
PDD PDD Holdings Inc. - American Depositary Shares $38,140,000 4.58% 500,000 $-387,442,663 Down ×2
BEKE KE Holdings Inc American Depositary Shares (each representing three Class A Ordinary Shares) $32,233,018 3.87% 2,218,377 $-31,184,064 Down ×1
CTKB Cytek Biosciences, Inc. - Common Stock $29,490,643 3.54% 6,657,030 $399,422
Unknown issuer (CUSIP: 010911105) $25,910,556 3.11% 956,462 Up ×1
BABA Alibaba Group Holding Limited American Depositary Shares each representing eight Ordinary share $17,653,985 2.12% 183,934 $-290,181,822 Down ×2
Unknown issuer (CUSIP: 67613T104) $15,560,284 1.87% 831,656 Up ×1
YSG Yatsen Holding Limited American Depositary Shares, each representing twenty (20) Class A Ordinary Shares $15,488,217 1.86% 4,885,873 $439,728
NBP NovaBridge Biosciences - American Depositary Shares $11,662,108 1.40% 5,980,568 $-3,050,089
CTNM Contineum Therapeutics, Inc. - Common stock $10,970,433 1.32% 669,337 $2,228,892
MAZE Maze Therapeutics, Inc. - Common Stock $10,922,276 1.31% 366,028 $-3,660
API Agora, Inc. - ADS $8,373,226 1.01% 2,098,553 $944,348
TSM Taiwan Semiconductor Manufacturing Company Ltd. $7,407,111 0.89% 15,510 $2,162,127 Down ×1
SGMT Sagimet Biosciences Inc. - Series A Common Stock $5,602,704 0.67% 724,800 $1,815,624
NTES NetEase, Inc. - American Depositary Shares, each representing 5 ordinary shares $4,484,772 0.54% 34,999
GE GE Aerospace Common Stock $3,753,370 0.45% 10,043 $903,468
LITE Lumentum Holdings Inc. - Common Stock $2,831,598 0.34% 3,300 $1,777,458 Up ×1
NVDA NVIDIA Corporation - Common Stock $2,812,065 0.34% 14,054 $1,659,281 Up ×1
TUYA Tuya Inc. American Depositary Shares, each representing one Class A Ordinary Share $2,753,344 0.33% 1,564,400 $-860,420
GLW Corning Incorporated Common Stock $2,622,244 0.32% 10,266 $1,575,275 Up ×1
COHR Coherent Corp. Common Stock $2,531,314 0.30% 6,417 $1,512,966 Up ×1
BULL Webull Corporation - Class A Ordinary Shares $2,020,268 0.24% 309,857 $-5,179,732 Down ×3
INTC Intel Corporation - Common Stock $1,996,709 0.24% 14,300 $718,263 Down ×1
PACB Pacific Biosciences of California, Inc. - Common Stock $1,543,739 0.19% 918,892 $330,802
TXN Texas Instruments Incorporated - Common Stock $1,430,736 0.17% 4,800 Up ×1
MOGU MOGU Inc. American Depositary Shares (each representing 25 Class A Ordinary Shares) $1,415,342 0.17% 847,510 $-474,605
GOSS Gossamer Bio, Inc. - Common Stock $818,727 0.10% 4,974,041 $-815,245
EQX CUSIP: 29446Y502 $782,460 0.09% 80,500 $-381,570
ZM Zoom Communications, Inc. - Class A Common Stock $777,653 0.09% 9,010 Up ×1
ALGS Aligos Therapeutics, Inc. - Common stock $439,945 0.05% 76,247 $-126,570
Unknown issuer (CUSIP: G2124G203) $204 0.00% 136 Up ×1

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
Unknown issuer (CUSIP: 010911105) $25,910,556 956,462 3.11%
Unknown issuer (CUSIP: 67613T104) $15,560,284 831,656 1.87%
NTES $4,484,772 34,999 0.54%
TXN $1,430,736 4,800 0.17%
ZM $777,653 9,010 0.09%
Unknown issuer (CUSIP: G2124G203) $204 136 0.00%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
LEGN Price move only +0 +$64.6M
AVBP Price move only +0 +$45.9M
MRVL Trimmed -8K +$31.6M
BEKE Trimmed -2.0M -$31.2M
FUTU Bought more +349K -$28.4M
BULL Trimmed -1.2M -$5.2M
NBP Price move only +0 -$3.1M
CTNM Price move only +0 +$2.2M
TSM Trimmed -10 +$2.2M
SGMT Price move only +0 +$1.8M

3 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
ONC June 30, 2026 1,034,306 $307,157,853 26.9%
BIDU Dec. 31, 2025 1,641,000 $216,234,570 -33.4%
NTES Dec. 31, 2025 790,807 $120,194,756 -13.3%
WNS Sept. 30, 2025 1,531,466 $96,849,910 No longer tracked
JD Sept. 30, 2025 2,275,500 $74,272,320 -24.6%
TCOM June 30, 2025 938,842 $59,691,574 -33.9%
ENFN June 30, 2025 4,975,183 $55,473,290 No longer tracked
YMM Dec. 31, 2025 4,066,553 $52,743,192 -21.6%
CWAN June 30, 2026 1,365,971 $32,305,214 No longer tracked
SE Dec. 31, 2025 180,050 $32,180,337 -24.1%
VIPS Sept. 30, 2025 1,131,788 $17,033,409 -35.3%
LI Sept. 30, 2025 620,000 $16,808,200 -57.2%
BIDU June 30, 2025 170,000 $15,645,100 1.4%
YUMC June 30, 2025 292,122 $15,207,871 -10.0%
ZTO Sept. 30, 2025 671,387 $11,917,119 2.6%
BZ Sept. 30, 2025 576,339 $10,281,888 -35.4%
HTHT June 30, 2025 237,332 $8,783,657 23.1%
ATAT June 30, 2025 242,342 $6,870,396 -1.2%
TSM June 30, 2025 33,000 $5,478,000 114.5%
EM Dec. 31, 2025 3,949,700 $5,332,095 No longer tracked
SOHU June 30, 2025 201,432 $2,652,859 -5.7%
GOOGL March 31, 2026 7,300 $2,284,900 20.5%
BEDU Dec. 31, 2025 988,143 $1,926,879 No longer tracked
IBIT March 31, 2026 35,300 $1,752,645
DHR June 30, 2025 8,026 $1,645,330 12.0%
MCO March 31, 2026 2,888 $1,475,335 2.7%
JOYY June 30, 2025 34,000 $1,427,320 58.1%
CYD June 30, 2025 70,000 $1,189,300 33.3%
MSCI Sept. 30, 2025 2,008 $1,158,094 -2.7%
B June 30, 2026 25,400 $1,036,066 8.9%
WB June 30, 2025 100,000 $947,000 -32.0%
DDL June 30, 2026 354,500 $911,065 8.8%
XYF June 30, 2025 50,000 $719,500 -71.6%
AXIA June 30, 2026 63,100 $711,768 No longer tracked
EWW June 30, 2026 8,800 $662,024
VNET June 30, 2026 65,100 $546,189 -32.3%
ECX June 30, 2025 400,000 $504,000 -59.4%
AXIAPRC March 31, 2026 25,390 $218,862 No longer tracked
MGX June 30, 2025 150,699 $204,951 -29.7%
LSBCF Sept. 30, 2025 75,179 $76,683 No longer tracked
UXIN June 30, 2026 19,156 $58,809 -18.4%
RDGT June 30, 2026 20,167 $657 -40.9%