AI-Squared Management Ltd In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 13, 2024), AI-Squared Management Ltd reported 23 stock positions worth $86.9 million . Its top holding was Tal Education Group- ADR (TAL) at 9.8% of the portfolio, followed by New Oriental Educatio-SP ADR (EDU, 8.1% ) and Futu Holdings Ltd.-ADR (FUTU, 8.0% ). Compared with Q2 2024, it opened 12 new positions, sold out of 12, added to 6 and reduced 5. The biggest buy was a new position in Jd.com Inc.-ADR (JD) and the biggest sale PDD (PDD, shares −90% ).
Location HONG KONG, K3
CIK 0001933952
Portfolio Value $86.9M (Q3 2024) Holdings 23 stocks · $86.9M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q2 2024 TAL Tal Education Group- ADR 719,200 $8.5M Reduce -5.2% EDU New Oriental Educatio-SP ADR 93,264 $7.1M Add +67.1% FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD 72,500 $6.9M Add +144.1% JD Jd.com Inc.-ADR 150,000 $6.0M New AMD Advanced Micro Devices 32,500 $5.3M Add +76.6% NVDA Nvidia Corp. 43,000 $5.2M Add +264.4% TCOM Trip.com Group Ltd.-ADR 83,900 $5.0M Add +26.2% PDD PDD Holdings Inc. 36,200 $4.9M Reduce -89.6% NTES Netease Inc.-ADR 45,548 $4.3M Reduce -20.9% TSM Taiwan Semiconductor-SP ADR 23,400 $4.1M New CNH CNH Industrial NV 366,000 $4.1M New BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC 175,000 $3.5M New ATAT Atour Lifestyle Holdings-ADR 133,536 $3.5M Add +40.4% OXY Occidental Petroleum Corp. 56,300 $2.9M New LULU Lululemon Athletica Inc. 10,400 $2.8M New BZ Kanzhun Ltd. - ADR 132,000 $2.3M New CAMT Camtek Ltd. 28,200 $2.3M New NKE Nike Inc. Class B 24,400 $2.2M New DIREXION DAILY SEMI BEAR 3X 97,600 $2.0M New ENPH Enphase Energy Inc. 13,500 $1.5M Reduce -27.0% STM Stmicroelectronics NV-NY SHS 37,900 $1.1M New GOTU Gaotu Techedu Inc. 280,060 $1.1M New VLN Valens Semiconductor Ltd. 221,925 $488K Reduce -33.2%
Options reported separately and not counted above: SPY puts ($68.6M), QQQ puts ($27.3M), BABA puts ($14.6M).
Portfolio Sells Q2 2024 → Q3 2024 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2024 % Of Portfolio Change To Portfolio ▲ PDD PDD Holdings Inc. Reduce -89.6% 5.61% −36.50 AMZN Amazon.com Inc. Sold out 0.00% −7.00 DELL Dell Technologies -C Sold out 0.00% −5.32 WDC Western Digital Corp. Sold out 0.00% −4.74 QFIN Qfin Holdings Inc.-ADR Sold out 0.00% −1.99 MGM MGM Resorts International Sold out 0.00% −1.49 SNOW Snowflake Inc. Sold out 0.00% −1.45 ABNB Airbnb Inc. Class A Sold out 0.00% −1.38 BABA Alibaba Group Holding-SP ADR Sold out 0.00% −1.35 ONTO Onto Innovation Inc. Sold out 0.00% −1.32 NIO Nio Inc. - ADR Sold out 0.00% −1.27 DIREXION SHS ETF TR Sold out 0.00% −1.27 VLN Valens Semiconductor Ltd. Reduce -33.2% 0.56% −0.41 NTES Netease Inc.-ADR Reduce -20.9% 4.90% −0.12 VNET Vnet Group Inc.-ADR Sold out 0.00% −0.00 ENPH Enphase Energy Inc. Reduce -27.0% 1.76% +0.07 TAL Tal Education Group- ADR Reduce -5.2% 9.80% +2.41
Portfolio Buys Q2 2024 → Q3 2024 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2024 % Of Portfolio Change To Portfolio ▼ JD Jd.com Inc.-ADR New 6.90% +6.90 FUTU Futu Holdings Ltd.-ADR Add +144.1% 7.98% +6.20 NVDA Nvidia Corp. Add +264.4% 6.01% +4.68 TSM Taiwan Semiconductor-SP ADR New 4.68% +4.68 CNH CNH Industrial NV New 4.67% +4.67 EDU New Oriental Educatio-SP ADR Add +67.1% 8.14% +4.18 BEKE Ke Holdings Inc.-ADR New 4.01% +4.01 AMD Advanced Micro Devices Add +76.6% 6.14% +3.41 OXY Occidental Petroleum Corp. New 3.34% +3.34 LULU Lululemon Athletica Inc. New 3.25% +3.25 TCOM Trip.com Group Ltd.-ADR Add +26.2% 5.74% +2.88 BZ Kanzhun Ltd. - ADR New 2.64% +2.64 CAMT Camtek Ltd. New 2.59% +2.59 NKE Nike Inc. Class B New 2.48% +2.48 ATAT Atour Lifestyle Holdings-ADR Add +40.4% 3.99% +2.39 DIREXION DAILY SEMI BEAR 3X New 2.27% +2.27 STM Stmicroelectronics NV-NY SHS New 1.30% +1.30 GOTU Gaotu Techedu Inc. New 1.26% +1.26
Options Activity Q2 2024 → Q3 2024 Security Type Change vs Q2 2024 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Add +74.5% 119,500 $68.6M QQQ Invesco QQQ Trust Series 1 put Reduce -13.2% 56,000 $27.3M BABA Alibaba Group Holding-SP ADR put New 138,000 $14.6M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 19 $187.5M PDD, BIDU, SNDK, STAA, JD Q1 2026 19 $137.4M LITE, SNDK, MU, AMD, ATAT Q4 2025 18 $86.1M BIDU, TSM, AMD, CSIQ, NVDA Q3 2025 20 $96.0M PDD, BIDU, ONTO, ATAT, HTZ Q2 2025 6 $22.2M BABA, TSM, ATAT, PDD, JD Q1 2025 15 $76.4M MU, TSM, TAL, JOYY, WDC Q4 2024 20 $98.1M PDD, JOYY, ATAT, BABA, JD Q3 2024 23 $86.9M TAL, EDU, FUTU, JD, AMD Q2 2024 23 $109.6M PDD, TAL, AMZN, DELL, NTES Q1 2024 17 $108.6M PDD, TSM, BEKE, TCOM, BABA