KEYWISE CAPITAL MANAGEMENT (HK) Ltd

Keywise Capital Management's Q1 2026 filing captures a $630M, 12-position Asia-focused long-only equity fund executing a sharp rotation — exiting its two largest Q4 2025 names (Palantir -$315.0M, -84.3% shares; Alphabet -$274.6M, -63.3%) and redeploying into Taiwan Semiconductor ($213.4M, +$211.3M, +9,104% shares — a Q4 data-quality artifact, real increase ~$1.5M) and Circle Internet Group ($126.7M, +$27.6M, +6.2%), while also adding Seagate Technology ($40.3M) and a tiny ASML ($1.5M) position. The $315.0M Palantir reduction is the single largest trade in the filing and represents a massive de-risking from a name that had been the fund's largest holding at $361.8M (27.8% of AUM in Q4 2025) — Palantir fell to $46.8M (7.4%), a position that is small enough to be a residual rather than a conviction bet. The Alphabet reduction is similarly dramatic: $414.4M in Q4 became $139.8M in Q1, a $274.6M cut that reduces the position from 31.8% to 22.2% of AUM. Both reductions are consistent with a manager taking profits on the US-large-cap-and-software-thesis names that drove Q4 2025 returns and rotating into semiconductor equipment (TSM, ASML) and financial-technology infrastructure (Circle). The offset includes the complete liquidation of nine names: Estee Lauder ($146.7M), Atour Lifestyle ($58.4M), Oracle ($48.2M), Miniso Group ($42.9M), PDD ($1.9M), Howmet ($1.6M), Full Truck Alliance ($1.5M), Analog Devices ($1.1M), and Intel ($462K) — a broad clearing of the consumer, software, and EV/industrial names that had populated the Q4 book. The fund's Q1 12-position structure — TSM 33.9%, Circle 20.1%, CRCL combined with TSM at 54.0% — is a dramatically more concentrated book than Q4's 16 names with no position above 32%. At a 78.75 whaleScore on $630M AUM, this is a high-conviction, high-turnover Asia-tech fund whose Q1 activity reads as a deliberate reallocation from a dispersed 2024-2025 US-and-global-consumer book toward a core holding of Taiwan semiconductor and global payments infrastructure.