13F
中
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Perseverance Asset Management International

13F equity value
$909M
Positions
21
Top 10 concentration
89.5%
Quarters / total new picks
22 / 49
13F equity value over time
$0M$455M$909M20192020202120222023202420252026

"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 22 quarters, returned +6.8% per quarter — versus +3.9% per quarter from simply owning every 13F stock. It beat that baseline in only 50.0% of quarters (excess t = 1.06, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
+18.1%
t-stat
1.06
Quarterly win rate
50%
Annualized excess
+2.2%
$1 → follow vs universe
$2.36 vs $2.13
Cumulative return: $1 invested in new picks vs universe
1.00 20200331: universe 1.20620200630: universe 1.33220200930: universe 1.63320210331: universe 1.64820210630: universe 1.78020210930: universe 1.59720211231: universe 1.35920220331: universe 1.46020220630: universe 1.35220220930: universe 1.45320221231: universe 1.34920230331: universe 1.42120230630: universe 1.37020230930: universe 1.55620231231: universe 1.62520240331: universe 1.66220240630: universe 1.81320240930: universe 1.79720241231: universe 1.67720250331: universe 1.82920250930: universe 2.05620251231: universe 2.127 20200331: follow 1.32720200630: follow 2.52120200930: follow 3.38420210331: follow 3.24420210630: follow 2.92420210930: follow 2.29020211231: follow 1.43120220331: follow 1.63820220630: follow 1.32020220930: follow 1.54320221231: follow 1.40920230331: follow 1.41720230630: follow 1.47820230930: follow 1.63220231231: follow 2.02620240331: follow 2.40920240630: follow 2.05420240930: follow 2.42020241231: follow 2.40920250331: follow 2.63220250930: follow 2.90520251231: follow 2.359 0.92 2.29 3.65 202020212022202320242025 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 21 · 2026 Q1

Ticker Value Weight QoQ
PDD $221M
24.3%
ADD
HTHT $195M
21.5%
TRIM
TSM $151M
16.6%
ADD
BZ $57M
6.3%
ADD
NVDA $51M
5.6%
NEW
YUMC $35M
3.8%
HOLD
TCOM $34M
3.7%
NEW
GOOG $29M
3.2%
TRIM
BEKE $21M
2.3%
ADD
FUTU $21M
2.3%
NEW
NTES $19M
2.1%
ADD
LITE $18M
1.9%
NEW
RLX $16M
1.8%
TRIM
XPEV $14M
1.5%
NEW
MOS $8M
0.8%
NEW
IQ $6M
0.7%
TRIM
AMD $6M
0.7%
NEW
SNDK $3M
0.4%
NEW
MU $3M
0.3%
NEW
YSG $2M
0.2%
HOLD

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

AMDFUTULITEMOSMUNIONVDASNDKTCOMXPEV

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.