AI-Squared Management Ltd

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 12, 2025), AI-Squared Management Ltd reported 6 stock positions worth $22.2 million. Its top holding was Alibaba Group Holding-SP ADR (BABA) at 26.8% of the portfolio, followed by Taiwan Semiconductor-SP ADR (TSM, 23.0%) and Atour Lifestyle Holdings-ADR (ATAT, 20.9%). Compared with Q1 2025, it opened 3 new positions, sold out of 12, added to 1 and reduced 2. The biggest buy was Alibaba Group Holding-SP ADR (BABA, shares +44%) and the biggest sale an exit from Micron Technology (MU).

Most Recent 13F
Q2 2026
Location
HONG KONG, K3
CIK
0001933952
Portfolio Value
$22.2M (Q2 2025)
SEC Filing
0001933952-25-000006 ↗ filed Aug 12, 2025

Holdings Value

0$50.0M$100.0M$150.0M$200.0M Q1 2024: $108.6M Q1 2024 Q2 2024: $109.6M Q2 2024 Q3 2024: $86.9M Q3 2024 Q4 2024: $98.1M Q4 2024 Q1 2025: $76.4M Q1 2025 Q2 2025: $22.2M $22.2M Q2 2025 Q3 2025: $96.0M Q3 2025 Q4 2025: $86.1M Q4 2025 Q1 2026: $137.4M Q1 2026 Q2 2026: $187.5M Q2 2026

Holdings 6 stocks · $22.2M
BABA Alibaba Group Holding-SP ADR 26.81% 52,400 $5.9M Add +44.4%
TSM Taiwan Semiconductor-SP ADR 22.99% 22,495 $5.1M Reduce -61.1%
ATAT Atour Lifestyle Holdings-ADR 20.89% 142,394 $4.6M Reduce -28.1%
PDD PDD Holdings Inc. 17.42% 36,900 $3.9M New
JD Jd.com Inc.-ADR 10.37% 70,437 $2.3M New
GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD 1.52% 11,000 $336K New

Options reported separately and not counted above: QQQ puts ($96.3M), NVDA puts ($14.7M), PLTR puts ($11.8M), TSLA puts ($8.5M), META puts ($5.1M).

Portfolio Sells Q1 2025 → Q2 2025
MU Micron Technology Inc. Sold out 0.00% −17.79
TAL Tal Education Group- ADR Sold out 0.00% −12.02
JOYY Joyy Inc.-ADR Sold out 0.00% −10.31
WDC Western Digital Corp. Sold out 0.00% −8.77
FUTU Futu Holdings Ltd.-ADR Sold out 0.00% −5.59
ORCL Oracle Corp. Sold out 0.00% −4.92
PROSHARES TR II Sold out 0.00% −4.35
NVDA Nvidia Corp. Sold out 0.00% −4.14
MNSO Miniso Group Holding Ltd.-ADR Sold out 0.00% −2.52
LITE Lumentum Holdings Inc. Sold out 0.00% −2.05
BZ Kanzhun Ltd. - ADR Sold out 0.00% −0.70
IQ Iqiyi Inc.-ADR Sold out 0.00% −0.65
TSM Taiwan Semiconductor-SP ADR Reduce -61.1% 22.99% +10.41
ATAT Atour Lifestyle Holdings-ADR Reduce -28.1% 20.89% +13.54

Portfolio Buys Q1 2025 → Q2 2025
BABA Alibaba Group Holding-SP ADR Add +44.4% 26.81% +20.53
PDD PDD Holdings Inc. New 17.42% +17.42
JD Jd.com Inc.-ADR New 10.37% +10.37
GDS GDS Holdings Ltd. - ADR New 1.52% +1.52

Options Activity Q1 2025 → Q2 2025
QQQ Invesco QQQ Trust Series 1 put Add +165.2% 174,500 $96.3M
NVDA Nvidia Corp. put New 93,000 $14.7M
PLTR Palantir Technologies Inc. Class A put New 86,700 $11.8M
TSLA Tesla Inc. put New 26,900 $8.5M
META Meta Platforms Inc. Class A put New 6,900 $5.1M

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 19$187.5MPDD, BIDU, SNDK, STAA, JD
Q1 2026 19$137.4MLITE, SNDK, MU, AMD, ATAT
Q4 2025 18$86.1MBIDU, TSM, AMD, CSIQ, NVDA
Q3 2025 20$96.0MPDD, BIDU, ONTO, ATAT, HTZ
Q2 2025 6$22.2MBABA, TSM, ATAT, PDD, JD
Q1 2025 15$76.4MMU, TSM, TAL, JOYY, WDC
Q4 2024 20$98.1MPDD, JOYY, ATAT, BABA, JD
Q3 2024 23$86.9MTAL, EDU, FUTU, JD, AMD
Q2 2024 23$109.6MPDD, TAL, AMZN, DELL, NTES
Q1 2024 17$108.6MPDD, TSM, BEKE, TCOM, BABA