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True Light Capital Portfolio holdings

AUM $152M
This Fund
S&P 500
This Quarter Est. Return
-2.79%
1 Year Est. Return
–
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$222M
AUM Growth
–
Cap. Flow
+$227M
Cap. Flow %
102.46%
Top 10 Hldgs %
100%
Holding
8
New
8
Increased
–
Reduced
–
Closed
–

Top Buys

Rank Stock Value
1
PDD icon
Pinduoduo
PDD
+$74.8M
2
BABA icon
Alibaba
BABA
+$43.5M
3
HTHT icon
Huazhu Hotels Group
HTHT
+$34.5M
4
YUMC icon
Yum China
YUMC
+$31.3M
5
TCOM icon
Trip.com Group
TCOM
+$26.7M

Top Sells

No sells this quarter

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 97.83%
2 Communication Services 1.69%
3 Healthcare 0.48%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
PDD icon
1
Pinduoduo
PDD
$123B
$68.3M 30.82%
+602,262
New +$74.8M
BABA icon
2
Alibaba
BABA
$287B
$39.2M 17.68%
+267,275
New +$43.5M
HTHT icon
3
Huazhu Hotels Group
HTHT
$15.1B
$37.6M 16.97%
+799,189
New +$34.5M
YUMC icon
4
Yum China
YUMC
$16.1B
$32.6M 14.73%
+683,881
New +$31.3M
TCOM icon
5
Trip.com Group
TCOM
$28.4B
$26.9M 12.13%
+373,751
New +$26.7M
AS icon
6
Amer Sports
AS
$18.1B
$12.2M 5.51%
+327,000
New +$11.2M
NTES icon
7
NetEase
NTES
$79B
$3.74M 1.69%
+27,202
New +$3.86M
ONC
8
BeOne Medicines Ltd
ONC
$42.5B
$1.06M 0.48%
+3,480
New +$1.14M

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PF
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LAIC
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WCM
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HFAS
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True Light Capital's Q4 2025 Portfolio in Review

Q4 2025 is the first quarter with a 13F filing on record for True Light Capital, which disclosed 8 positions worth $222M. Its ten largest holdings account for 100% of the portfolio.

Its largest position is Pinduoduo: 602,262 shares worth $68.3M.

By sector, the portfolio is most concentrated in Consumer Discretionary at 98% of assets, followed by Communication Services and Healthcare.

  • True Light Capital's largest Q4 2025 buy was Pinduoduo: 602,262 shares worth $68.3M.
  • True Light Capital's ten largest holdings make up 100% of its $222M portfolio in Q4 2025.
  • True Light Capital disclosed 8 positions in Q4 2025, its first 13F filing on record.

Based on True Light Capital's 13F filing for Q4 2025, filed 6 Feb 2026.