AI-Squared Management
HONG KONG, K3files as AI-Squared Management Ltd
$187m in 19 US stocks at the end of 30 June 2026. The top 10 are 74.1% of the money. It changed about 58.0% of the portfolio this quarter.
Value
$187m
Stocks
19
Top 10 share
74.1%
Turnover
58.0%
What changed this quarter
New
Bought for the first time this quarter.
- PDD HoldingsPDD13.3% of the fund
- Jd.comJD6.9% of the fund
- QualcommQCOM5.7% of the fund
- Nebius GroupNBIS4.9% of the fund
- CoreWeaveCRWV3.7% of the fund
- Cerebras SystemsCBRS3.2% of the fund
- NokiaNOK2.9% of the fund
- Circle Internet GroupCRCL0.2% of the fund
Added
Bought more of a stock they already held.
- BaiduBIDU9.5% of the fund+142%
- Staar SurgicalSTAA8.3% of the fund+102%
- Alibaba Group HldgBABA6.8% of the fund+2220%
- Atour Lifestyle HldgsATAT5.1% of the fund+2%
- Taiwan Semiconductor ManufacturingTSM4.5% of the fund+33%
- Vnet GroupVNET4.4% of the fund+67%
- Trip COM GroupTCOM2.2% of the fund+7%
Cut
Sold some of their stake.
- SandiskSNDK9.0% of the fund-65%
- NvidiaNVDA3.6% of the fund-14%
- Micron TechnologyMU3.3% of the fund-86%
- Advanced Micro DevicesAMD2.4% of the fund-86%
Sold out
Sold their entire stake.
- Lumentum HoldingsLITE-100%
- DigitalOcean HoldingsDOCN-100%
- Futu HldgsFUTU-100%
- TeradyneTER-100%
- GDS HldgsGDS-100%
- RambusRMBS-100%
- Meta PlatformsMETA-100%
- SynopsysSNPS-100%
Holdings
- PDD HoldingsPDD
- Share
- 13.3%
- Value
- $25m
- Shares
- 327,700
New
- BaiduBIDU
- Share
- 9.5%
- Value
- $18m
- Shares
- 156,308
+142%
- Jd.comJD
- Share
- 6.9%
- Value
- $13m
- Shares
- 509,900
New
- Alibaba Group HldgBABA
- Share
- 6.8%
- Value
- $13m
- Shares
- 132,236
+2220%
- Atour Lifestyle HldgsATAT
- Share
- 5.1%
- Value
- $10m
- Shares
- 301,984
+2%
- Vnet GroupVNET
- Share
- 4.4%
- Value
- $8m
- Shares
- 1,026,500
+67%
- Cerebras SystemsCBRS
- Share
- 3.2%
- Value
- $6m
- Shares
- 26,900
New
- NokiaNOK
- Share
- 2.9%
- Value
- $5m
- Shares
- 413,500
New
- Trip COM GroupTCOM
- Share
- 2.2%
- Value
- $4m
- Shares
- 101,800
+7%
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| PDD HoldingsPDD | 13.3% | $25m | 327,700 | New |
| BaiduBIDU | 9.5% | $18m | 156,308 | +142% |
| SandiskSNDK | 9.0% | $17m | 7,400 | -65% |
| Staar SurgicalSTAA | 8.3% | $16m | 542,420 | +102% |
| Jd.comJD | 6.9% | $13m | 509,900 | New |
| Alibaba Group HldgBABA | 6.8% | $13m | 132,236 | +2220% |
| QualcommQCOM | 5.7% | $11m | 57,990 | New |
| Atour Lifestyle HldgsATAT | 5.1% | $10m | 301,984 | +2% |
| Nebius GroupNBIS | 4.9% | $9m | 33,362 | New |
| Taiwan Semiconductor ManufacturingTSM | 4.5% | $9m | 17,800 | +33% |
| Vnet GroupVNET | 4.4% | $8m | 1,026,500 | +67% |
| CoreWeaveCRWV | 3.7% | $7m | 69,661 | New |
| NvidiaNVDA | 3.6% | $7m | 34,200 | -14% |
| Micron TechnologyMU | 3.3% | $6m | 5,300 | -86% |
| Cerebras SystemsCBRS | 3.2% | $6m | 26,900 | New |
| NokiaNOK | 2.9% | $5m | 413,500 | New |
| Advanced Micro DevicesAMD | 2.4% | $4m | 7,600 | -86% |
| Trip COM GroupTCOM | 2.2% | $4m | 101,800 | +7% |
| Circle Internet GroupCRCL | 0.2% | $463,462 | 7,400 | New |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 745.9% since 30 June 2025.
Where the money is
Technology40.3%
Health care8.3%
Financial services0.2%
Other51.2%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.