AI-Squared Management Ltd In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 12, 2025), AI-Squared Management Ltd reported 20 stock positions worth $98.1 million . Its top holding was PDD (PDD) at 11.4% of the portfolio, followed by Joyy Inc.-ADR (JOYY, 10.6% ) and Atour Lifestyle Holdings-ADR (ATAT, 10.3% ). Compared with Q3 2024, it opened 13 new positions, sold out of 16, added to 6 and reduced 1. The biggest buy was a new position in Joyy Inc.-ADR (JOYY) and the biggest sale an exit from New Oriental Educatio-SP ADR (EDU).
Location HONG KONG, K3
CIK 0001933952
Portfolio Value $98.1M (Q4 2024) Holdings 20 stocks · $98.1M 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 Q3 2024 PDD PDD Holdings Inc. 115,300 $11.2M Add +218.5% JOYY Joyy Inc.-ADR 247,604 $10.4M New ATAT Atour Lifestyle Holdings-ADR 374,630 $10.1M Add +180.6% BABA Alibaba Group Holding-SP ADR 111,637 $9.5M New JD Jd.com Inc.-ADR 261,513 $9.1M Add +74.3% FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD 87,598 $7.0M Add +20.8% TAL Tal Education Group- ADR 621,076 $6.2M Reduce -13.6% NVDA Nvidia Corp. 46,300 $6.2M Add +7.7% TSM Taiwan Semiconductor-SP ADR 23,595 $4.7M Add +0.8% YMM Full Truck Alliance -SPN ADR 292,000 $3.2M New IPGP Ipg Photonics Corp. 39,500 $2.9M New KOLD Proshares Ultrashort Bloombe 62,400 $2.7M New JKS Jinkosolar Holding Co.-ADR 93,800 $2.3M New NBIS Nebius Group NV 83,000 $2.3M New OLED Universal Display Corp. 15,500 $2.3M New XPEV Xpeng Inc. - ADR 179,904 $2.1M New VSH Vishay Intertechnology Inc. 93,400 $1.6M New MNSO Miniso Group Holding Ltd.-ADR 63,617 $1.5M New DQ Daqo New Energy Corp.-ADR 77,100 $1.5M New NIO Nio Inc. - ADR 342,000 $1.5M New
Portfolio Sells Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▲ EDU New Oriental Educatio-SP ADR Sold out 0.00% −8.14 AMD Advanced Micro Devices Sold out 0.00% −6.14 TCOM Trip.com Group Ltd.-ADR Sold out 0.00% −5.74 NTES Netease Inc.-ADR Sold out 0.00% −4.90 CNH CNH Industrial NV Sold out 0.00% −4.67 BEKE Ke Holdings Inc.-ADR Sold out 0.00% −4.01 TAL Tal Education Group- ADR Reduce -13.6% 6.35% −3.45 OXY Occidental Petroleum Corp. Sold out 0.00% −3.34 LULU Lululemon Athletica Inc. Sold out 0.00% −3.25 BZ Kanzhun Ltd. - ADR Sold out 0.00% −2.64 CAMT Camtek Ltd. Sold out 0.00% −2.59 NKE Nike Inc. Class B Sold out 0.00% −2.48 DIREXION DAILY SEMI BEAR 3X Sold out 0.00% −2.27 ENPH Enphase Energy Inc. Sold out 0.00% −1.76 STM Stmicroelectronics NV-NY SHS Sold out 0.00% −1.30 GOTU Gaotu Techedu Inc. Sold out 0.00% −1.26 VLN Valens Semiconductor Ltd. Sold out 0.00% −0.56
Portfolio Buys Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▼ JOYY Joyy Inc.-ADR New 10.57% +10.57 BABA Alibaba Group Holding-SP ADR New 9.65% +9.65 ATAT Atour Lifestyle Holdings-ADR Add +180.6% 10.27% +6.29 PDD PDD Holdings Inc. Add +218.5% 11.40% +5.79 YMM Full Truck Alliance -SPN ADR New 3.22% +3.22 IPGP Ipg Photonics Corp. New 2.93% +2.93 KOLD Proshares Ultrashort Bloombe New 2.72% +2.72 JKS Jinkosolar Holding Co.-ADR New 2.38% +2.38 NBIS Nebius Group NV New 2.34% +2.34 JD Jd.com Inc.-ADR Add +74.3% 9.24% +2.34 OLED Universal Display Corp. New 2.31% +2.31 XPEV Xpeng Inc. - ADR New 2.17% +2.17 VSH Vishay Intertechnology Inc. New 1.61% +1.61 MNSO Miniso Group Holding Ltd.-ADR New 1.55% +1.55 DQ Daqo New Energy Corp.-ADR New 1.53% +1.53 NIO Nio Inc. - ADR New 1.52% +1.52 NVDA Nvidia Corp. Add +7.7% 6.34% +0.33 TSM Taiwan Semiconductor-SP ADR Add +0.8% 4.75% +0.08 FUTU Futu Holdings Ltd.-ADR Add +20.8% 7.14% −0.83
Options Activity Q3 2024 → Q4 2024 Security Type Change vs Q3 2024 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Sold out 119,500 $68.6Mbefore exit QQQ Invesco QQQ Trust Series 1 put Sold out 56,000 $27.3Mbefore exit BABA Alibaba Group Holding-SP ADR put Sold out 138,000 $14.6Mbefore exit
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