13F

Position

INTERCAPITAL, LLC in PDD Holdings Inc.

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Estimated mark uses implied 13F prices (value ÷ shares). Adds are treated as happening at this quarter’s mark; cuts at last quarter’s. Share jumps can be splits, not buys. This is not realized P&L.

Latest estimated mark −$98.6K$113.39$102.18

QuarterSharesValueImplied pxEst. markFlowWeight
Q4 202511.9K$1.35M0.5%
Q1 20268.8K$899.2K$102.18−$98.6K−$351.5K0.3%