TB Alternative Assets Ltd.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 14, 2025), TB Alternative Assets Ltd. reported 44 stock positions worth $430.4 million. Its top holding was Zillow Class C (Z) at 9.1% of the portfolio, followed by Constellation Energy (CEG, 9.0%) and Meta Platforms Class A (META, 8.1%). Compared with Q4 2024, it opened 21 new positions, sold out of 20, added to 12 and reduced 5. The biggest buy was a new position in Meta Platforms Class A (META) and the biggest sale Boeing (BA, shares −53%).
- Most Recent 13F
- Q2 2026
- Location
- HONG KONG, K3
- CIK
- 0001483503
- Portfolio Value
- $430.4M (Q1 2025)
- SEC Filing
- 0000950123-25-003471 ↗ filed Apr 14, 2025
Holdings Value
Holdings 44 stocks · $430.4M
| Z Zillow Group Inc. Class C | 9.09% | 570,913 | $39.1M | Add +49.0% |
| CEG Constellation Energy | 9.00% | 192,097 | $38.7M | Add +297.5% |
| META Meta Platforms Inc. Class A | 8.11% | 60,563 | $34.9M | New |
| GOOG Alphabet Inc. Class C | 7.11% | 195,965 | $30.6M | Add +103.3% |
| BA The Boeing Co. | 7.11% | 179,439 | $30.6M | Reduce -53.3% |
| ASML ASML Holding NV-NY Reg SHS | 6.47% | 42,009 | $27.8M | Add +94.1% |
| TQQQ Proshares Ultrapro QQQ | 6.16% | 462,387 | $26.5M | New |
| PDD PDD Holdings Inc. | 5.50% | 199,887 | $23.7M | Add +15.4% |
| GBTC Grayscale Bitcoin Trust ETF | 4.39% | 290,203 | $18.9M | Add +942.4% |
| MRNA Moderna Inc. | 4.30% | 652,373 | $18.5M | New |
| AMZN Amazon.com Inc. | 2.87% | 64,885 | $12.3M | Add +231.6% |
| LEU Centrus Energy Corp. Class A | 2.09% | 144,874 | $9.0M | Add +22.1% |
| SNAP Snap Inc. Class A | 2.07% | 1,023,649 | $8.9M | Reduce -75.7% |
| SMCI Super Micro Computer Inc. | 2.03% | 254,862 | $8.7M | New |
| NVDA Nvidia Corp. | 1.95% | 77,381 | $8.4M | New |
| MU Micron Technology Inc. | 1.61% | 79,788 | $6.9M | Add +331.3% |
| YMM Full Truck Alliance -SPN ADR | 1.57% | 530,454 | $6.8M | Add +31.4% |
| YINN Direxion DLY Ftse CH BL3X-Ui | 1.55% | 160,418 | $6.7M | Reduce -76.6% |
| TSM Taiwan Semiconductor-SP ADR | 1.51% | 39,098 | $6.5M | New |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 1.44% | 62,728 | $6.2M | Reduce -38.9% |
| SMR Nuscale Power Corp. | 1.38% | 419,363 | $5.9M | New |
| BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC | 1.24% | 265,711 | $5.3M | Reduce -47.6% |
| SNOW Snowflake Inc. | 1.21% | 35,659 | $5.2M | Add +1188.7% |
| TTD Trade Desk Inc./the Class A filed as THE TRADE DESK INC | 1.16% | 91,203 | $5.0M | New |
| EBAY eBay Inc. | 1.00% | 63,703 | $4.3M | New |
| TNA Dir Dai SML Ca Bul 3X Et-Usd | 0.88% | 129,106 | $3.8M | Add +80.6% |
| BNTX Biontech SE-ADR | 0.82% | 38,996 | $3.6M | New |
| NBIS Nebius Group NV | 0.69% | 140,090 | $3.0M | New |
| SY So-Young International-ADR | 0.59% | 3,067,873 | $2.5M | No change |
| ALNY Alnylam Pharmaceuticals Inc. | 0.58% | 9,168 | $2.5M | New |
| TSLL Dirx DLY Tsla Bul 2X ETF-Aui | 0.51% | 230,762 | $2.2M | New |
| NTES Netease Inc.-ADR | 0.49% | 20,595 | $2.1M | No change |
| REGN Regeneron Pharmaceuticals | 0.47% | 3,158 | $2.0M | New |
| BILI Bilibili Inc.-Sponsored ADR | 0.42% | 95,683 | $1.8M | No change |
| APP AppLovin Corp. Class A | 0.40% | 6,418 | $1.7M | New |
| ZTO Zto Express Cayman Inc.-ADR | 0.38% | 82,648 | $1.6M | New |
| TME Tencent Music Entertainm-ADR | 0.36% | 107,500 | $1.5M | No change |
| MOGU Mogu Inc.-ADR | 0.35% | 689,100 | $1.5M | No change |
| CLS Celestica Inc. | 0.33% | 17,808 | $1.4M | New |
| DE Deere & Co. | 0.30% | 2,768 | $1.3M | New |
| CNH CNH Industrial NV | 0.30% | 103,798 | $1.3M | New |
| LLY Eli Lilly & Co. | 0.11% | 590 | $487K | New |
| SPOT Spotify Technology SA | 0.10% | 800 | $440K | New |
| YJ Yunji Inc.-ADR | 0.01% | 32,250 | $55K | No change |
Portfolio Sells Q4 2024 → Q1 2025
| BA The Boeing Co. | Reduce -53.3% | 7.11% | −10.40 |
| SNAP Snap Inc. Class A | Reduce -75.7% | 2.07% | −9.62 |
| AEM Agnico Eagle Mines Ltd. | Sold out | 0.00% | −4.92 |
| SOXL Direx Dail Semi Bu 3X Et-Usd | Sold out | 0.00% | −4.38 |
| OXY Occidental Petroleum Corp. | Sold out | 0.00% | −4.19 |
| AMD Advanced Micro Devices | Sold out | 0.00% | −3.65 |
| YINN Direxion DLY Ftse CH BL3X-Ui | Reduce -76.6% | 1.55% | −3.39 |
| PYPL PayPal Holdings Inc. | Sold out | 0.00% | −2.06 |
| ABNB Airbnb Inc. Class A | Sold out | 0.00% | −1.79 |
| DELL Dell Technologies -C | Sold out | 0.00% | −1.58 |
| DIS The Walt Disney Co. | Reduce -38.9% | 1.44% | −1.51 |
| BEKE Ke Holdings Inc.-ADR | Reduce -47.6% | 1.24% | −1.16 |
| TAL Tal Education Group- ADR | Sold out | 0.00% | −1.09 |
| AAPL Apple Inc. | Sold out | 0.00% | −1.07 |
| MSTR Strategy Inc. | Sold out | 0.00% | −1.05 |
| XYZ Block Inc. | Sold out | 0.00% | −0.91 |
| MA Mastercard Inc. Class A | Sold out | 0.00% | −0.51 |
| VFC VF Corp. | Sold out | 0.00% | −0.48 |
| COST Costco Wholesale Corp. | Sold out | 0.00% | −0.48 |
| ISRG Intuitive Surgical Inc. | Sold out | 0.00% | −0.35 |
| YANG Dir DLY FT Chi Be 3X ETF-Usd | Sold out | 0.00% | −0.19 |
| SLV iShares Silver Trust | Sold out | 0.00% | −0.18 |
| AXP American Express Co. | Sold out | 0.00% | −0.15 |
| LITB Lightinthebox Holding-ADR | Sold out | 0.00% | −0.07 |
| RDDT Reddit Inc. Class A | Sold out | 0.00% | −0.06 |
Portfolio Buys Q4 2024 → Q1 2025
| META Meta Platforms Inc. Class A | New | 8.11% | +8.11 |
| CEG Constellation Energy | Add +297.5% | 9.00% | +6.21 |
| TQQQ Proshares Ultrapro QQQ | New | 6.16% | +6.16 |
| MRNA Moderna Inc. | New | 4.30% | +4.30 |
| GBTC Grayscale Bitcoin Trust ETF | Add +942.4% | 4.39% | +3.86 |
| ASML ASML Holding NV-NY Reg SHS | Add +94.1% | 6.47% | +2.60 |
| GOOG Alphabet Inc. Class C | Add +103.3% | 7.11% | +2.39 |
| SMCI Super Micro Computer Inc. | New | 2.03% | +2.03 |
| NVDA Nvidia Corp. | New | 1.95% | +1.95 |
| Z Zillow Group Inc. Class C | Add +49.0% | 9.09% | +1.79 |
| AMZN Amazon.com Inc. | Add +231.6% | 2.87% | +1.76 |
| TSM Taiwan Semiconductor-SP ADR | New | 1.51% | +1.51 |
| SMR Nuscale Power Corp. | New | 1.38% | +1.38 |
| MU Micron Technology Inc. | Add +331.3% | 1.61% | +1.21 |
| PDD PDD Holdings Inc. | Add +15.4% | 5.50% | +1.17 |
| TTD Trade Desk Inc./the Class A | New | 1.16% | +1.16 |
| SNOW Snowflake Inc. | Add +1188.7% | 1.21% | +1.10 |
| EBAY eBay Inc. | New | 1.00% | +1.00 |
| BNTX Biontech SE-ADR | New | 0.82% | +0.82 |
| NBIS Nebius Group NV | New | 0.69% | +0.69 |
| ALNY Alnylam Pharmaceuticals Inc. | New | 0.58% | +0.58 |
| TSLL Dirx DLY Tsla Bul 2X ETF-Aui | New | 0.51% | +0.51 |
| REGN Regeneron Pharmaceuticals | New | 0.47% | +0.47 |
| YMM Full Truck Alliance -SPN ADR | Add +31.4% | 1.57% | +0.45 |
| APP AppLovin Corp. Class A | New | 0.40% | +0.40 |
| ZTO Zto Express Cayman Inc.-ADR | New | 0.38% | +0.38 |
| CLS Celestica Inc. | New | 0.33% | +0.33 |
| DE Deere & Co. | New | 0.30% | +0.30 |
| CNH CNH Industrial NV | New | 0.30% | +0.30 |
| LLY Eli Lilly & Co. | New | 0.11% | +0.11 |
| TNA Dir Dai SML Ca Bul 3X Et-Usd | Add +80.6% | 0.88% | +0.11 |
| SPOT Spotify Technology SA | New | 0.10% | +0.10 |
| LEU Centrus Energy Corp. Class A | Add +22.1% | 2.09% | +0.06 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 34 | $623.1M | INTC, MRVL, TSM, SNDK, META |
| Q1 2026 | 36 | $481.1M | META, UGL, PDD, FIGR, OXY |
| Q4 2025 | 50 | $610.8M | META, GOOG, INTC, AEM, PDD |
| Q3 2025 | 48 | $668.4M | META, GOOG, INTC, PDD, MSTR |
| Q2 2025 | 41 | $540.0M | GOOG, CEG, Z, INTC, COIN |
| Q1 2025 | 44 | $430.4M | Z, CEG, META, GOOG, BA |
| Q4 2024 | 43 | $388.4M | BA, SNAP, Z, YINN, AEM |
| Q3 2024 | 40 | $421.4M | SNAP, Z, META, DIS, ABNB |
| Q2 2024 | 37 | $429.5M | SNAP, ABNB, Z, META, DIS |
| Q1 2024 | 40 | $399.4M | SNAP, ABNB, Z, DIS, HOOD |