Nan Fung Group Holdings Ltd

The portfolio remains highly concentrated, consisting of only 16 holdings. The turnover rate was exceptionally high this quarter, characterized by a "clean sweep" strategy where the fund exited 8 positions (accounting for approximately $30.9M in value from the previous quarter) and initiated 4 new positions. Despite the high activity, the majority of the portfolio (11 positions) remained unchanged in share count, suggesting a "hold and rotate" approach around a stable core of long-term convictions.

2. Key Holdings