DOSSIER · 13F-HR · Q2 2026

AI-Squared Management Ltd

$187M in tracked AUM across 19 positions as of Q2 2026.

AM
CIK 0001933952 · last filed Jun 30, 2026
Total AUM
$187M
as of Q2 2026
Holdings
19
positions
Whale Score
66
66
tracked
Activity
no data
changes this Q
AI Analysis · Q2 2026
Portfolio Overview

AI-Squared Management reported a materially smaller, much more concentrated portfolio as of 2025-09-30: total 13F value $43.61M, down 72.5% from $158.58M on 2025-06-30. The firm now holds 13 positions. The distribution of weights is highly concentrated — the top 4 positions (ATAT, HTZ, OLED, AAOI) account for 51.8% of the portfolio (combined ~ $22.6M). The median holding is small (~$0.34M for IQ), and the portfolio contains many small-cap and ADR names that are typically hig...

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.

Analysis generated by 13F Insight from SEC Form 13F filing data · Q2 2026. Methodology

Quarter at a glance — Q2 2026

Position-change comparison pending.

No quarter-over-quarter changes available.

Top 10 holdings

By portfolio weight as of Q2 2026.

#HoldingValueSharesWeight
01
PDD
PDD HOLDINGS INC
$25M328K13.3%
02
BIDU
BAIDU INC
$18M156K9.5%
03
SNDK
SANDISK CORP
$17M7K9.0%
04
STAA
STAAR SURGICAL CO
$16M542K8.3%
05
JD
JD.COM INC
$13M510K6.9%
06
BABA
ALIBABA GROUP HLDG LTD
$13M132K6.8%
07
QCOM
QUALCOMM INC
$11M58K5.7%
08
ATAT
ATOUR LIFESTYLE HLDGS LTD
$10M302K5.1%
09
N97284108
NEBIUS GROUP N.V.
$9M33K4.9%
10
TSM
TAIWAN SEMICONDUCTOR MANUFAC
$9M18K4.5%

Filing history

2026Q2Jun 30
$187M 36.4%
19 positionsView →
2026Q1Mar 31
$137M 59.6%
19 positionsView →
2025Q4Dec 31
$86M 97.5%
18 positionsView →
2025Q3Sep 30
$44M 72.5%
13 positionsView →
2025Q2Jun 30
$159M 324.9%
11 positionsLocked
2025Q1Mar 31
$37M 62.0%
11 positionsLocked
2024Q4Dec 31
$98M 50.3%
20 positionsLocked
2024Q3Sep 30
$197M 11.1%
26 positionsLocked
2024Q2Jun 30
$178M 33.6%
25 positionsLocked
2024Q1Mar 31
$133M 69.6%
18 positionsLocked
2023Q4Dec 31
$78M
16 positionsLocked