AI-Squared Management Ltd
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 12, 2026), AI-Squared Management Ltd reported 18 stock positions worth $86.1 million. Its top holding was Baidu Inc. - Spon ADR (BIDU) at 14.7% of the portfolio, followed by Taiwan Semiconductor-SP ADR (TSM, 10.4%) and Advanced Micro Devices (AMD, 9.3%). Compared with Q3 2025, it opened 7 new positions, sold out of 9, added to 7 and reduced 4. The biggest buy was a new position in Taiwan Semiconductor-SP ADR (TSM) and the biggest sale PDD (PDD, shares −85%).
- Most Recent 13F
- Q2 2026
- Location
- HONG KONG, K3
- CIK
- 0001933952
- Portfolio Value
- $86.1M (Q4 2025)
- SEC Filing
- 0001933952-26-000002 ↗ filed Feb 12, 2026
Holdings Value
Holdings 18 stocks · $86.1M
| BIDU Baidu Inc. - Spon ADR | 14.74% | 97,150 | $12.7M | Add +10.7% |
| TSM Taiwan Semiconductor-SP ADR | 10.43% | 29,560 | $9.0M | New |
| AMD Advanced Micro Devices | 9.25% | 37,200 | $8.0M | Add +232.1% |
| CSIQ Canadian Solar Inc. | 8.22% | 297,800 | $7.1M | New |
| NVDA Nvidia Corp. | 7.12% | 32,900 | $6.1M | New |
| GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD | 6.76% | 166,740 | $5.8M | Add +69.7% |
| ATAT Atour Lifestyle Holdings-ADR | 6.54% | 143,000 | $5.6M | Reduce -11.3% |
| SEI Solaris Energy Infrastructur | 4.56% | 85,500 | $3.9M | New |
| AMKR Amkor Technology Inc. | 4.50% | 98,200 | $3.9M | Add +51.5% |
| VNET Vnet Group Inc.-ADR | 4.34% | 441,571 | $3.7M | Add +17.0% |
| INTC Intel Corp. | 4.25% | 99,300 | $3.7M | Reduce -12.4% |
| FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD | 4.08% | 21,400 | $3.5M | Add +1088.9% |
| PDD PDD Holdings Inc. | 3.57% | 27,143 | $3.1M | Reduce -85.0% |
| AVGO Broadcom Inc. | 3.57% | 8,880 | $3.1M | New |
| OLED Universal Display Corp. | 2.21% | 16,281 | $1.9M | Reduce -57.6% |
| CRDO Credo Technology Group Holdi | 2.21% | 13,200 | $1.9M | New |
| MU Micron Technology Inc. | 1.86% | 5,600 | $1.6M | New |
| IQ Iqiyi Inc.-ADR | 1.79% | 802,400 | $1.5M | Add +467.5% |
Portfolio Sells Q3 2025 → Q4 2025
| PDD PDD Holdings Inc. | Reduce -85.0% | 3.57% | −21.27 |
| ONTO Onto Innovation Inc. | Sold out | 0.00% | −8.11 |
| HTZ Hertz Global Hldgs Inc. | Sold out | 0.00% | −6.22 |
| AAOI Applied Optoelectronics Inc. | Sold out | 0.00% | −5.25 |
| BABA Alibaba Group Holding-SP ADR | Sold out | 0.00% | −4.21 |
| YMM Full Truck Alliance -SPN ADR | Sold out | 0.00% | −3.76 |
| OLED Universal Display Corp. | Reduce -57.6% | 2.21% | −3.54 |
| LITE Lumentum Holdings Inc. | Sold out | 0.00% | −2.03 |
| CLS Celestica Inc. | Sold out | 0.00% | −1.95 |
| JBL Jabil Inc. | Sold out | 0.00% | −1.83 |
| HTHT H World Group Ltd.-ADR | Sold out | 0.00% | −1.21 |
| ATAT Atour Lifestyle Holdings-ADR | Reduce -11.3% | 6.54% | +0.23 |
| INTC Intel Corp. | Reduce -12.4% | 4.25% | +0.29 |
Portfolio Buys Q3 2025 → Q4 2025
| TSM Taiwan Semiconductor-SP ADR | New | 10.43% | +10.43 |
| CSIQ Canadian Solar Inc. | New | 8.22% | +8.22 |
| AMD Advanced Micro Devices | Add +232.1% | 9.25% | +7.36 |
| NVDA Nvidia Corp. | New | 7.12% | +7.12 |
| SEI Solaris Energy Infrastructur | New | 4.56% | +4.56 |
| FUTU Futu Holdings Ltd.-ADR | Add +1088.9% | 4.08% | +3.75 |
| AVGO Broadcom Inc. | New | 3.57% | +3.57 |
| GDS GDS Holdings Ltd. - ADR | Add +69.7% | 6.76% | +2.80 |
| BIDU Baidu Inc. - Spon ADR | Add +10.7% | 14.74% | +2.70 |
| AMKR Amkor Technology Inc. | Add +51.5% | 4.50% | +2.59 |
| CRDO Credo Technology Group Holdi | New | 2.21% | +2.21 |
| MU Micron Technology Inc. | New | 1.86% | +1.86 |
| IQ Iqiyi Inc.-ADR | Add +467.5% | 1.79% | +1.41 |
| VNET Vnet Group Inc.-ADR | Add +17.0% | 4.34% | +0.28 |
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 |