2025-Q1 portfolio update
Pivot to Asia
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The portfolio gained 6.6% in Q1 2025 and is up 35.2% since inception (January 17, 2024), measured in HKD.
(This was the calm before the storm, ahead of the tariff war. April update: Using April 25th as the end point, YTD performance stands at +11.4%, with return since inception of 41.3%. The portfolio has recovered ATH.)
Positions and weights
Here’s how the portfolio looked as of the end of Q1. New positions initiated during the quarter are highlighted in green.