13F

Position

NetEase, Inc. 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 −$39.9M$113.39$102.18

QuarterSharesValueImplied pxEst. markFlowWeight
Q4 20253.56M$403.2M93.2%
Q1 20268.87M$906M$102.18−$39.9M$542.7M97.0%