Alpine Investment Management Ltd

Key Holdings

The portfolio is currently dominated by three positions, with the top two accounting for over 83% of the total value.

• FULL TRUCK ALLIANCE CO LTD (YMM): This is the largest holding, valued at $51.88 million, representing 50.50% of the portfolio. With 4.00 million shares, the fund has maintained a "mega-weight" position in this Chinese digital freight platform. Despite a reduction of 475,000 shares (-13.0%) during the quarter, it remains the central anchor of the strategy.
• JOYY INC (JOYY): The second-largest holding is valued at $33.70 million, comprising 32.80% of the portfolio. The firm holds 575,000 shares but reduced this stake significantly by 37.1% (selling $12.84 million worth of shares). This indicates a desire to lock in profits or reduce risk exposure to this specific name while maintaining a substantial position.
• LUFAX HOLDING LTD: This is the smallest of the three positions at $17.15 million (16.70%). It is a new addition to the portfolio, consisting of 4.22 million shares.