Institutional Manager · CIK 0001110646

NetEase, Inc.

Hangzhou, F4 · File #028-22646

Latest AUM

$432.4M

Positions

Top-10 Concentration

100.0%

Filings

Portfolio Value Over Time

2024-03

2024-06

2024-09

2024-12

2025-03

2025-06

2025-09

2025-12

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
REDUCE	YOUDAO INC	DAO	0	$0	+$405,761
REDUCE	PDD HOLDINGS INC	PDD	0	$0	-$66.8M

Sector Allocation

Consumer Discretionary

93.2%$403.2M

Consumer Staples

6.8%$29.2M

Filing History

Feb 12, 202613F HOLDINGS REPORTQ/E Dec 20252 pos · $432.4M
Nov 13, 202513F HOLDINGS REPORTQ/E Sep 20252 pos · $498.7M
Aug 14, 202513F HOLDINGS REPORTQ/E Jun 20252 pos · $397.0M
May 8, 202513F HOLDINGS REPORTQ/E Mar 20251 pos · $22.1M
Feb 7, 202513F HOLDINGS REPORTQ/E Dec 20241 pos · $21.4M
Nov 7, 202413F HOLDINGS REPORTQ/E Sep 20242 pos · $77.3M
Aug 8, 202413F HOLDINGS REPORTQ/E Jun 20242 pos · $173.1M
May 9, 202413F HOLDINGS REPORTQ/E Mar 20242 pos · $244.0M
Nov 13, 202313F HOLDINGS REPORTQ/E Dec 20232 pos · $152.0M

Top 2 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	PDD HOLDINGS INC	PDD	3,555,488	$403.2M	93.24%
2	YOUDAO INC	DAO	2,898,293	$29.2M	6.76%