AI-Squared Management Ltd In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), AI-Squared Management Ltd reported 20 stock positions worth $96.0 million . Its top holding was PDD (PDD) at 24.8% of the portfolio, followed by Baidu Inc. - Spon ADR (BIDU, 12.0% ) and Onto Innovation (ONTO, 8.1% ). Compared with Q2 2025, it opened 16 new positions, sold out of 2, added to 3 and reduced 1. The biggest buy was a new position in Baidu Inc. - Spon ADR (BIDU) and the biggest sale an exit from Taiwan Semiconductor-SP ADR (TSM).
Location HONG KONG, K3
CIK 0001933952
Portfolio Value $96.0M (Q3 2025) Holdings 20 stocks · $96.0M 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 2025 PDD PDD Holdings Inc. 180,508 $23.9M Add +389.2% BIDU Baidu Inc. - Spon ADR 87,750 $11.6M New ONTO Onto Innovation Inc. 60,300 $7.8M New ATAT Atour Lifestyle Holdings-ADR 161,158 $6.1M Add +13.2% HTZ Hertz Global Hldgs Inc. 878,900 $6.0M New OLED Universal Display Corp. 38,400 $5.5M New AAOI Applied Optoelectronics Inc. 194,500 $5.0M New BABA Alibaba Group Holding-SP ADR 22,626 $4.0M Reduce -56.8% VNET Vnet Group Inc.-ADR 377,280 $3.9M New INTC Intel Corp. 113,400 $3.8M New GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD 98,280 $3.8M Add +793.5% YMM Full Truck Alliance -SPN ADR 278,700 $3.6M New LITE Lumentum Holdings Inc. 12,000 $2.0M New CLS Celestica Inc. 7,600 $1.9M New AMKR Amkor Technology Inc. 64,800 $1.8M New AMD Advanced Micro Devices 11,200 $1.8M New JBL Jabil Inc. 8,100 $1.8M New HTHT H World Group Ltd.-ADR 29,600 $1.2M New IQ Iqiyi Inc.-ADR 141,400 $362K New FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD 1,800 $313K New
Portfolio Sells Q2 2025 → Q3 2025 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 2025 % Of Portfolio Change To Portfolio ▲ TSM Taiwan Semiconductor-SP ADR Sold out 0.00% −22.99 BABA Alibaba Group Holding-SP ADR Reduce -56.8% 4.21% −22.60 JD Jd.com Inc.-ADR Sold out 0.00% −10.37
Portfolio Buys Q2 2025 → Q3 2025 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 2025 % Of Portfolio Change To Portfolio ▼ BIDU Baidu Inc. - Spon ADR New 12.04% +12.04 ONTO Onto Innovation Inc. New 8.11% +8.11 PDD PDD Holdings Inc. Add +389.2% 24.84% +7.42 HTZ Hertz Global Hldgs Inc. New 6.22% +6.22 OLED Universal Display Corp. New 5.74% +5.74 AAOI Applied Optoelectronics Inc. New 5.25% +5.25 VNET Vnet Group Inc.-ADR New 4.06% +4.06 INTC Intel Corp. New 3.96% +3.96 YMM Full Truck Alliance -SPN ADR New 3.76% +3.76 GDS GDS Holdings Ltd. - ADR Add +793.5% 3.96% +2.44 LITE Lumentum Holdings Inc. New 2.03% +2.03 CLS Celestica Inc. New 1.95% +1.95 AMKR Amkor Technology Inc. New 1.92% +1.92 AMD Advanced Micro Devices New 1.89% +1.89 JBL Jabil Inc. New 1.83% +1.83 HTHT H World Group Ltd.-ADR New 1.21% +1.21 IQ Iqiyi Inc.-ADR New 0.38% +0.38 FUTU Futu Holdings Ltd.-ADR New 0.33% +0.33 ATAT Atour Lifestyle Holdings-ADR Add +13.2% 6.31% −14.58
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ QQQ Invesco QQQ Trust Series 1 put Sold out 174,500 $96.3Mbefore exit NVDA Nvidia Corp. put Sold out 93,000 $14.7Mbefore exit PLTR Palantir Technologies Inc. Class A put Sold out 86,700 $11.8Mbefore exit TSLA Tesla Inc. put Sold out 26,900 $8.5Mbefore exit META Meta Platforms Inc. Class A put Sold out 6,900 $5.1Mbefore 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