TB Alternative Assets
HONG KONG, K3files as TB Alternative Assets Ltd.
$623m in 34 US stocks at the end of 30 June 2026. The top 10 are 80.0% of the money. It changed about 66.4% of the portfolio this quarter.
Value
$623m
Stocks
34
Top 10 share
80.0%
Turnover
66.4%
What changed this quarter
New
Bought for the first time this quarter.
- Marvell TechnologyMRVL12.3% of the fund
- SandiskSNDK10.4% of the fund
- Western DigitalWDC6.6% of the fund
- Seagate Technology HoldingsSTX2.3% of the fund
- CorningGLW1.9% of the fund
- Nu HoldingsNU1.9% of the fund
- CoherentCOHR1.8% of the fund
- Zoom CommunicationsZM1.7% of the fund
- Micron TechnologyMU1.0% of the fund
- GE VernovaGEV1.0% of the fund
- OkloOKLO0.3% of the fund
- ModernaMRNA<0.1% of the fund
- Astera LabsALAB<0.1% of the fund
- RobloxRBLX<0.1% of the fund
- BroadcomAVGO<0.1% of the fund
Added
Bought more of a stock they already held.
- IntelINTC13.2% of the fund+106%
- Taiwan Semiconductor ManufacturingTSM12.1% of the fund+487%
- AlphabetGOOG9.0% of the fund+90%
- Paramount SkydancePSKY1.5% of the fund+24%
- Proshares TR IIAGQ0.6% of the fund+112%
Cut
Sold some of their stake.
- Meta PlatformsMETA9.2% of the fund-24%
- PDD HoldingsPDD2.8% of the fund-32%
- Centrus EnergyLEU2.1% of the fund-30%
- Proshares TR IIUGL2.0% of the fund-59%
- Trip COM GroupTCOM1.8% of the fund-12%
- UnitedHealth GroupUNH1.0% of the fund-67%
- Rocket LabRKLB0.9% of the fund-85%
- Full Truck AllianceYMM0.5% of the fund-12%
- NokiaNOK0.5% of the fund-83%
- Tencent Music Entmt GroupTME0.1% of the fund-12%
Sold out
Sold their entire stake.
- Figure Technology SolutionsFIGR-100%
- Occidental PetroleumOXY-100%
- Agnico Eagle MinesAEM-100%
- Proshares TRSQQQ-100%
- LemonadeLMND-100%
- ExxonMobil HoldingsXOM-100%
- Cheniere EnergyLNG-100%
- MP MaterialsMP-100%
- EQTEQT-100%
- Energy Transfer L PET-100%
- Constellation EnergyCEG-100%
- Enterprise Products Partners L.P.EPD-100%
- Direxion Shares ETF TrustKORU-100%
- Lumentum HoldingsLITE-100%
- ChewyCHWY-100%
- CF Industries HoldingsCF-100%
- AXTAXTI-100%
Holdings
- PDD HoldingsPDD
- Share
- 2.8%
- Value
- $18m
- Shares
- 230,128
-32%
- Proshares TR IIUGL
- Share
- 2.0%
- Value
- $12m
- Shares
- 284,736
-59%
- Trip COM GroupTCOM
- Share
- 1.8%
- Value
- $11m
- Shares
- 287,220
-12%
- Proshares TR IIAGQ
- Share
- 0.6%
- Value
- $4m
- Shares
- 58,920
+112%
- Full Truck AllianceYMM
- Share
- 0.5%
- Value
- $3m
- Shares
- 412,834
-12%
- NokiaNOK
- Share
- 0.5%
- Value
- $3m
- Shares
- 242,550
-83%
- MoguMOGU
- Share
- 0.2%
- Value
- $1m
- Shares
- 684,136
Held
- Tencent Music Entmt GroupTME
- Share
- 0.1%
- Value
- $695,973
- Shares
- 83,350
-12%
- Youlife GroupYOUL
- Share
- <0.1%
- Value
- $562,000
- Shares
- 1,000,000
Held
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| IntelINTC | 13.2% | $82m | 586,946 | +106% |
| Marvell TechnologyMRVL | 12.3% | $77m | 258,070 | New |
| Taiwan Semiconductor ManufacturingTSM | 12.1% | $76m | 158,390 | +487% |
| SandiskSNDK | 10.4% | $65m | 28,484 | New |
| Meta PlatformsMETA | 9.2% | $57m | 102,040 | -24% |
| AlphabetGOOG | 9.0% | $56m | 159,334 | +90% |
| Western DigitalWDC | 6.6% | $41m | 64,052 | New |
| PDD HoldingsPDD | 2.8% | $18m | 230,128 | -32% |
| Seagate Technology HoldingsSTX | 2.3% | $14m | 14,652 | New |
| Centrus EnergyLEU | 2.1% | $13m | 76,946 | -30% |
| Proshares TR IIUGL | 2.0% | $12m | 284,736 | -59% |
| CorningGLW | 1.9% | $12m | 46,800 | New |
| Nu HoldingsNU | 1.9% | $12m | 889,639 | New |
| Trip COM GroupTCOM | 1.8% | $11m | 287,220 | -12% |
| CoherentCOHR | 1.8% | $11m | 28,939 | New |
| Zoom CommunicationsZM | 1.7% | $10m | 120,224 | New |
| Paramount SkydancePSKY | 1.5% | $9m | 939,682 | +24% |
| UnitedHealth GroupUNH | 1.0% | $7m | 15,675 | -67% |
| Micron TechnologyMU | 1.0% | $6m | 5,280 | New |
| GE VernovaGEV | 1.0% | $6m | 5,085 | New |
| Rocket LabRKLB | 0.9% | $5m | 52,703 | -85% |
| So-Young InternationalSY | 0.7% | $5m | 3,067,873 | Held |
| Proshares TR IIAGQ | 0.6% | $4m | 58,920 | +112% |
| Full Truck AllianceYMM | 0.5% | $3m | 412,834 | -12% |
| NokiaNOK | 0.5% | $3m | 242,550 | -83% |
| OkloOKLO | 0.3% | $2m | 38,021 | New |
| MoguMOGU | 0.2% | $1m | 684,136 | Held |
| Tencent Music Entmt GroupTME | 0.1% | $695,973 | 83,350 | -12% |
| ModernaMRNA | <0.1% | $609,261 | 8,700 | New |
| Astera LabsALAB | <0.1% | $586,869 | 1,215 | New |
| Youlife GroupYOUL | <0.1% | $562,000 | 1,000,000 | Held |
| RobloxRBLX | <0.1% | $555,274 | 10,211 | New |
| BroadcomAVGO | <0.1% | $435,168 | 1,152 | New |
| YunjiYJ | <0.1% | $45,636 | 32,138 | Held |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 15.4% since 30 June 2025.
Where the money is
Technology64.2%
Media & telecom19.7%
Materials2.1%
Financial services1.9%
Industrials1.8%
Health care1.1%
Utilities0.3%
Retail & consumer0.0%
Other8.7%
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.