Recently, leading private fund Gaoyi Asset International (Perseverance Asset Management International) filed its Q3 2026 US stock holdings report (13F) with the US Securities and Exchange Commission (SEC).
The 13F filing shows that as of the end of Q3 2026, Gaoyi Asset held a total US stock portfolio value of approximately US$930 million, down about 7% from US$980 million at the end of Q2. In terms of position adjustments, during Q3 the firm opened 6 new positions, added to 6 holdings, fully exited 4, and trimmed 5, ending the quarter with 20 holdings in total. Overall, the portfolio remained highly concentrated, with the top ten holdings accounting for 96.24%. In terms of direction, Gaoyi clearly reduced its AI computing power and memory hardware chain exposure in Q3, shifting positions back toward China-concept consumer and internet platforms. In terms of quarterly adjustment magnitude, ranked by changes in portfolio weight, the top five buys were Kanzhun Limited, Alibaba, Alphabet Class C, H World Group, and Trip.com; the top five sells were Taiwan Semiconductor Manufacturing, Micron Technology, SanDisk, NVIDIA, and PDD Holdings Inc.
AI Hardware Chain Reduction: NVIDIA, Micron, SanDisk All Cleared
In Q3 2026, Gaoyi significantly reduced its AI computing power and memory hardware holdings, with all four hardware names still held at the end of Q2 exiting the portfolio. Among them, NVIDIA had 80,000 shares at the end of Q2 worth about US$16.01 million, Micron Technology had 34,400 shares worth about US$39.73 million, SanDisk had 16,000 shares worth about US$36.38 million, and Vertiv put options had 5,000 shares worth about US$1.67 million; none of these four names remained in the holdings list by the end of Q3. As a core name in the AI supply chain, Taiwan Semiconductor Manufacturing also saw its position cut by more than half. In addition, it is worth noting that Micron Technology and SanDisk had been significantly added to in Q2 and were fully exited just one quarter later, indicating a relatively rapid adjustment in Gaoyi's short-term view on the memory and computing hardware segment.
Top Five Holdings Reordered: Kanzhun Limited Jumps to First, H World Group and PDD Holdings Inc Follow
At the end of Q3, Gaoyi's top five US stock holdings were Kanzhun Limited, H World Group, PDD Holdings Inc, Taiwan Semiconductor Manufacturing, and Alphabet Class C, with China-concept consumer and internet platforms taking three of the five spots. As of the end of Q3, the largest holding was Kanzhun Limited, with a position value of about US$208 million, accounting for 22.4% of the portfolio; the second-largest holding was H World Group, with a position value of about US$180 million, accounting for 19.3%; the third-largest holding was PDD Holdings Inc, with a position value of about US$148 million, accounting for 15.9%; the fourth-largest holding was Taiwan Semiconductor Manufacturing, with a position value of about US$109 million, accounting for 11.7%; and the fifth-largest holding was Alphabet Class C, with a position value of about US$75 million, accounting for 8.1%. Compared with the end of Q2, Taiwan Semiconductor Manufacturing fell from Gaoyi Asset's largest holding to the fourth-largest.
Focus Returns to China-Concept Consumer Internet, Atour and Bilibili Added, Long-Term Treasury ETF Bought
In addition to hardware, Gaoyi shifted more positions back to China-concept consumer and internet platforms in Q3 and modestly increased allocation to rate assets. Alibaba was significantly rebuilt, with holdings rising from 3,399 shares to 493,400 shares, and the corresponding value climbing from about US$330,000 to about US$53.06 million. In addition, Gaoyi increased its holdings in Trip.com and NetEase. On the new position side, Gaoyi opened a new position in Atour of about US$7.83 million, in Bilibili of about US$3.75 million, and also newly bought about US$5.78 million of the iShares 20+ Year Treasury Bond ETF (TLT). Overall, in Q3 Gaoyi's US stock portfolio showed the characteristics of "reducing hardware, adding platforms and consumer names, and increasing allocation to rate assets," while top ten holdings concentration remained at a high level. It should be noted that the 13F report only discloses long US stock positions at the end of the quarter, does not reflect short positions, options, or assets outside the disclosure scope, and does not represent the fund's current positions; the timing of purchases and sales during the quarter and the related gains or losses also cannot be determined.