Perseverance Asset Management (Gaoyi) 13F: Q2 2026 Portfolio — $979.01M Across 19 Positions

Q2 2026 was defined by heavier concentration in the fund’s top names, with the top 10 representing 95.4% of the portfolio. The largest add was to Taiwan Semiconductor Manufac, taking weight to 24.32% after an 11.6% share increase. That move was reinforced by H World Group at 17.2% weight (share count up 3.9%) and Pdd Holdings largely steady (share count up 0.1%) at 16.86%.

The most notable pivot came through outsized share builds in several China/HK consumer-and-internet and memory-related exposures: Kanzhun Limited at 15.51% weight with share count up 175.2%, alongside Trip Com Group at 4.21% (up 53.2%), Micron Technology at 4.06% (up 283.5%), and Sandisk at 3.72% (up 192.0%). Smaller additions to Yum China Hldgs (weight 3.49%, up 17.2%) and Ke Hldgs (weight 2.45%, up 18.8%) further support a broadened risk-on tilt inside the concentrated sleeve.

This was partially offset by de-risking at the margin. Nvidia was trimmed with share count down 72.4% to a 1.64% weight, and Rlx Technology saw a small reduction (weight 1.43%, share count down 1.8%). The fund also exited multiple positions—most prominently Futu Hldgs—while simultaneously adding four new holdings, including Weride and Visa ([V])—leaving intent consistent with a rotation toward the names that saw the biggest share increases during the quarter.

A Form 13F is a quarterly snapshot institutional managers with over $100M in US-listed assets must file within 45 days of quarter end. It shows long equity positions only: no short book, no cash, no non-US listings, no timing inside the quarter. Treat it as a delayed map of where the manager's conviction sat on the reporting date — not a live portfolio, and not a buy list.