Alpine Investment Management Ltd

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Alpine Investment Management Ltd reported 4 stock positions worth $118.9 million. Its top holding was Full Truck Alliance -SPN ADR (YMM) at 43.6% of the portfolio, followed by Joyy Inc.-ADR (JOYY, 28.3%) and Lufax Holding Ltd.-ADR (LU, 14.4%). Compared with Q2 2025, it opened 2 new positions, sold out of 3 and reduced 2. The biggest buy was a new position in Lufax Holding Ltd.-ADR (LU) and the biggest sale an exit from PDD (PDD).

Most Recent 13F
Q2 2026
Location
HONG KONG, K3
CIK
0001964631
Portfolio Value
$118.9M (Q3 2025)
SEC Filing
0001964631-25-000008 ↗ filed Nov 13, 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 Q1 2025 Q2 2025: $209.0M Q2 2025 Q3 2025: $118.9M $118.9M Q3 2025 Q4 2025: $222.6M Q4 2025 Q1 2026: $205.9M Q1 2026 Q2 2026: $411.2M Q2 2026

Holdings 4 stocks · $118.9M
YMM Full Truck Alliance -SPN ADR 43.62% 4,000,000 $51.9M Reduce -13.0%
JOYY Joyy Inc.-ADR 28.33% 575,000 $33.7M Reduce -37.1%
LU Lufax Holding Ltd.-ADR 14.42% 4,225,000 $17.2M New
AGX Argan Inc. 13.62% 60,000 $16.2M New

Options reported separately and not counted above: PDD HOLDINGS INC calls ($176.4M).

Portfolio Sells Q2 2025 → Q3 2025
PDD PDD Holdings Inc. Sold out 0.00% −45.07
ZGN Ermenegildo Zegna NV Sold out 0.00% −3.48
DECK Deckers Outdoor Corp. Sold out 0.00% −3.21
JOYY Joyy Inc.-ADR Reduce -37.1% 28.33% +6.07
YMM Full Truck Alliance -SPN ADR Reduce -13.0% 43.62% +17.64

Portfolio Buys Q2 2025 → Q3 2025
LU Lufax Holding Ltd.-ADR New 14.42% +14.42
AGX Argan Inc. New 13.62% +13.62

Options Activity Q2 2025 → Q3 2025
PDD HOLDINGS INC call Add +298.5% 13,350 $176.4M
MICRON TECHNOLOGY INC call Sold out 5,000 $61.6Mbefore exit
ENPHASE ENERGY INC put Sold out 6,500 $25.8Mbefore exit

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