IvyRock Asset Management (HK) Ltd

2. Key Holdings

The portfolio is dominated by three distinct "core" positions, each representing a different high-beta or thematic play:

• Legend Biotech Corp (LEGN): This is the largest holding, comprising 29.74% of the portfolio ($27.94M). Despite a minor reduction of 1.5% in shares, it remains the firm's primary equity conviction, indicating a strong belief in the cell therapy and oncology sectors.
• iShares Bitcoin Trust (IBIT): Representing 28.05% of the portfolio ($26.36M), this is a massive allocation to digital assets. IvyRock reduced this position by 33.5% during the quarter, realizing approximately $11M. While the position was trimmed, its sheer size underscores a significant tactical tilt toward cryptocurrency as an asset class.
• Alibaba Group (BABA): Accounting for 21.09% ($19.82M), this is the third pillar of the portfolio. The firm reduced the stake by 39.7%, yet it remains a major bet on Chinese technology and consumer sectors.