Alpine Investment Management Ltd

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Alpine Investment Management Ltd reported 5 stock positions worth $107.6 million. Its top holding was Taiwan Semiconductor-SP ADR (TSM) at 42.4% of the portfolio, followed by Joyy Inc.-ADR (JOYY, 39.0%) and Ermenegildo Zegna (ZGN, 9.5%). Compared with Q4 2024, it opened 2 new positions, sold out of 6, added to 2 and reduced 1. The biggest buy was a new position in Joyy Inc.-ADR (JOYY) and the biggest sale an exit from PDD (PDD).

Most Recent 13F
Q2 2026
Location
HONG KONG, K3
CIK
0001964631
Portfolio Value
$107.6M (Q1 2025)
SEC Filing
0001964631-25-000005 ↗ filed May 14, 2025

Holdings Value

0$100.0M$200.0M$300.0M$400.0M$500.0M Q1 2024: $304.0M Q1 2024 Q2 2024: $260.3M Q2 2024 Q3 2024: $150.7M Q3 2024 Q4 2024: $156.2M Q4 2024 Q1 2025: $107.6M $107.6M Q1 2025 Q2 2025: $209.0M Q2 2025 Q3 2025: $118.9M Q3 2025 Q4 2025: $222.6M Q4 2025 Q1 2026: $205.9M Q1 2026 Q2 2026: $411.2M Q2 2026

Holdings 5 stocks · $107.6M
TSM Taiwan Semiconductor-SP ADR 42.42% 275,000 $45.6M Add +83.3%
JOYY Joyy Inc.-ADR 39.01% 1,000,000 $42.0M New
ZGN Ermenegildo Zegna NV 9.46% 1,375,716 $10.2M Add +60.0%
MOMO Hello Group Inc. -SPN ADR 9.09% 1,551,200 $9.8M Reduce -38.0%
WB Weibo Corp.-Spon ADR 0.02% 2,675 $25K New

Options reported separately and not counted above: TAIWAN SEMICONDUCTOR MANUFAC calls ($157.7M), PDD HOLDINGS INC calls ($130.2M), ALIBABA GROUP HLDG LTD calls ($26.4M), STRATEGY INC puts ($17.3M), TAIWAN SEMICONDUCTOR MANUFAC puts ($16.6M).

Portfolio Sells Q4 2024 → Q1 2025
PDD PDD Holdings Inc. Sold out 0.00% −24.83
MU Micron Technology Inc. Sold out 0.00% −17.51
CIEN Ciena Corp. Sold out 0.00% −8.14
BABA Alibaba Group Holding-SP ADR Sold out 0.00% −6.78
BEKE Ke Holdings Inc.-ADR Sold out 0.00% −6.48
MOMO Hello Group Inc. -SPN ADR Reduce -38.0% 9.09% −3.24
EDU New Oriental Educatio-SP ADR Sold out 0.00% −0.41

Portfolio Buys Q4 2024 → Q1 2025
JOYY Joyy Inc.-ADR New 39.01% +39.01
TSM Taiwan Semiconductor-SP ADR Add +83.3% 42.42% +23.46
ZGN Ermenegildo Zegna NV Add +60.0% 9.46% +4.91
WB Weibo Corp.-Spon ADR New 0.02% +0.02

Options Activity Q4 2024 → Q1 2025
TAIWAN SEMICONDUCTOR MANUFAC call Add +533.3% 9,500 $157.7M
PDD HOLDINGS INC call Add +4.8% 11,000 $130.2M
KE HLDGS INC put Sold out 15,000 $27.6Mbefore exit
ALIBABA GROUP HLDG LTD call Reduce -50.0% 2,000 $26.4M
STRATEGY INC put Add +300.0% 600 $17.3M
TAIWAN SEMICONDUCTOR MANUFAC put New 1,000 $16.6M

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 9$411.2MYMM, PDD, LITE, NVDA, TME
Q1 2026 10$205.9MYMM, BABA, LU, PDD, JOYY
Q4 2025 7$222.6MYMM, PDD, JOYY, NVDA, LU
Q3 2025 4$118.9MYMM, JOYY, LU, AGX
Q2 2025 5$209.0MPDD, YMM, JOYY, ZGN, DECK
Q1 2025 5$107.6MTSM, JOYY, ZGN, MOMO, WB
Q4 2024 9$156.2MPDD, TSM, MU, MOMO, CIEN
Q3 2024 5$150.7MZTO, YMM, NXT, MOMO, MU
Q2 2024 8$260.3MPDD, BABA, EDU, MU, MOMO
Q1 2024 12$304.0MBABA, PDD, TSM, YMM, MOMO