AI-Squared Management Ltd

Key Holdings and Their Significance

• ATAT (ATOUR Lifestyle) — $6.06M, 13.9%: Largest single holding. At ~14% of assets this is a high-conviction position and a material source of idiosyncratic risk for the fund.
• HTZ (Hertz) — $5.98M, 13.7%: A second ~14% position; consumer-cyclical exposure with event- and demand-sensitive risk.
• OLED (Universal Display) — $5.52M, 12.7% and AAOI (Applied Opto-electronics) — $5.04M, 11.6%: Two sizeable technology/semiconductor-related positions that together represent ~24.3% of the portfolio and increase exposure to display/optics supply chains and capex cycles.
• BABA, VNET, GDS, YMM — Combined ~$15.4M (~35% of portfolio): These are China/China-listed technology or internet-related names (Alibaba, VNET, GDS, Full Truck Alliance). Including ATAT and HTHT raises China/HK-linked exposure to roughly $23.3M — about 53% of the portfolio (see Sector/Region section below).
• Small holdings (LITE, CLS, IQ, FUTU) — each <5%: These are marginal positions that likely contribute limited portfolio diversification but may increase idiosyncratic tail risk.

Overall, the top positions are large relative to portfolio size and concentrated in either China-related equities or small/illiquid US-listed tech and cyclical stocks.