13F
中
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CloudAlpha Capital Management Limited/Hong Kong

13F equity value
$910M
Positions
37
Top 10 concentration
73.6%
Quarters / total new picks
20 / 203
13F equity value over time
$0M$557M$1B2020202120222023202420252026

"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.

Not significant Verdict

13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.

We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 20 quarters, returned +3.7% per quarter — versus +1.8% per quarter from simply owning every 13F stock. It beat that baseline in only 50.0% of quarters (excess t = 0.51, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
+3.5%
t-stat
0.51
Quarterly win rate
50%
Annualized excess
-2.9%
$1 → follow vs universe
$1.17 vs $1.34
Cumulative return: $1 invested in new picks vs universe
1.00 20210331: universe 1.00920210630: universe 1.09020210930: universe 0.97820211231: universe 0.83220220331: universe 0.89420220630: universe 0.82820220930: universe 0.88920221231: universe 0.82620230331: universe 0.87020230630: universe 0.83920230930: universe 0.95220231231: universe 0.99520240331: universe 1.01720240630: universe 1.11020240930: universe 1.10020241231: universe 1.02720250331: universe 1.11920250630: universe 1.15520250930: universe 1.29820251231: universe 1.343 20210331: follow 0.79620210630: follow 0.84920210930: follow 0.59620211231: follow 0.33420220331: follow 0.37820220630: follow 0.24620220930: follow 0.26520221231: follow 0.23820230331: follow 0.24120230630: follow 0.26020230930: follow 0.34020231231: follow 0.31220240331: follow 0.30820240630: follow 0.40720240930: follow 0.48020241231: follow 0.44420250331: follow 0.48720250630: follow 0.56720250930: follow 0.81820251231: follow 1.171 0.22 0.83 1.45 20212022202320242025 Follow Universe

Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)

Listed as facts. See the verdict above before treating this as signal.

Top 20 holdings of 37 · 2026 Q1

Ticker Value Weight QoQ
LITE $139M
15.3%
HOLD
CRCL $115M
12.7%
ADD
MOD $93M
10.2%
NEW
COHR $67M
7.4%
NEW
MSFT $65M
7.2%
NEW
GOOGL $50M
5.5%
TRIM
SNDK $45M
4.9%
TRIM
CIEN $34M
3.8%
TRIM
TSLA $30M
3.3%
TRIM
META $30M
3.3%
ADD
PWR $26M
2.9%
NEW
RKLB $24M
2.6%
ADD
TER $20M
2.2%
NEW
AXTI $19M
2.1%
TRIM
MTZ $18M
2.0%
NEW
MTSI $17M
1.9%
NEW
AAOI $15M
1.7%
NEW
MRVL $14M
1.5%
NEW
EQIX $13M
1.4%
NEW
OKTA $10M
1.1%
NEW

QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.

Listed as facts. See the verdict above before treating this as signal.

New positions in 2026 Q1

AAOIAEISALABBFLYCOHRDASHEQIXGLWMODMRVLMSFTMTSIMTZOKTAPWRSATLTER

Method & Limitations

Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.