Oasis Management Co Ltd.

Oasis Management's Q1 2026 13F is a $1.72B, 111-position portfolio that is one of the most geographically concentrated China-and-Asia activist books in institutional data -- the portfolio is dominated by US-listed Chinese and Asian names (Alibaba convertible bonds, VNET Group, Core Scientific, GDS Holdings, JD.com, PDD Holdings, RLX, IQIYI, Baidu SOLD, TAL SOLD, SEA SOLD, etc.) with a significant US consumer-and-technology overlay. Total AUM rose from $1.54B in Q4 2025 to $1.72B in Q1 2026 (+$174M or +11.3%), a solid expansion driven by mark-to-market appreciation and new capital deployment. The portfolio's five anchor positions -- Vail Resorts ($371M, 21.6%, +56.0% shares, the portfolio's largest absolute increase, +$124.8M) -- ski-and-mountain-resort operator, a classic post-COVID travel-recovery activist play; Invesco QQQ ($346M, 20.2%, +50.0% shares, new at full size) -- Nasdaq-100 ETF, the portfolio's new US beta anchor; iShares Russell 2000 ($248M, 14.4%, flat) -- small-cap US equity; iShares Japan EWJ ($127M, 7.4%, NEW) -- Japanese equity; Hut 8 ($118M, 6.9%, +8.7% shares) -- Bitcoin-mining -- account for 59.5% of AUM. The Q1 2026 activity was extraordinarily active: 14 new opens, 14 sold, 9 increased, 5 decreased, 22 unchanged (reflecting a large existing tail). Notable new opens: QQQ ($346M at full size, the portfolio's second-largest position), EWJ ($127M, Japanese equity), DocuSign ($24M), VNET convertible bonds ($22M), GDS ($17M), PDD Holdings ($12M), Wendy's ($10.5M), USA Today ($9.4M), Anteris Technologies ($4.8M), Finvolution ($2.4M), plus smaller. Notable sales: SPY ($375M SOLD -- the portfolio's Q4 largest position, complete liquidation), Invesco QQQ's prior position (sold-and-rebought larger), Baidu ($13.2M SOLD), TAL Education ($7.5M SOLD), Kanzhun ($5.6M SOLD), SEA ($4.7M SOLD), Celestica ($2.6M SOLD), Cronos ($2.4M SOLD), Amazon ($1.6M SOLD -- a de minimis position but notable), Beyond Meat bonds ($8M held steady), Teradyne ($1.4M SOLD). Vail Resorts was the standout conviction trade: +56.0% shares (1.85M to 2.89M shares), +$124.8M into strength -- a massive activist add into the ski-resort operator as travel demand persisted. Applied Digital (+64.9% shares, +$18.0M) -- Bitcoin-mining-and-AI-data-center -- was the second-largest increase. VNET Group (+33.9% shares) -- Chinese internet-and-cloud -- increased despite geopolitical headwinds. The sector breakdown -- Unknown $615.1M (35.8%, primarily Alibaba bonds and unclassified Chinese names), Consumer Cyclical $396.0M (23.1%, Vail/Hut 8/Wendy's/JD/H World), ETF $374.7M (21.8%), Technology $171.7M (10.0%, Applied Digital/VNET/GDS/PDD/ACMR/Lumentum), Financial Services $128.3M (7.5%, Hut 8/Futu/QFIN/Lexin), Communication Services $15.3M (0.9%, USA Today/IQIYI/KT). The 76.25 whaleScore on $1.72B reflects AUM. The portfolio's identity reads as a Cayman Islands-domiciled activist fund specializing in mispriced Asia-Pacific equities and special situations, with a notable consumer-discretionary activist sleeve (Vail Resorts as the defining name) overlaid with Bitcoin-mining (Hut 8, Core Scientific) and Chinese internet/cloud (Alibaba, VNET, GDS, JD, PDD). The +11.3% AUM growth in Q1 2026 is solid. The Q1 2026 delta is best read as: Oasis Management executed an extraordinarily active quarter with 64 total changes -- establishing QQQ as a 20.2% Nasdaq-beta anchor (replacing the sold SPY), dramatically increasing Vail Resorts (+56.0%, +$124.8M, the portfolio's defining activist conviction), adding 12 other new opens across Japan, China, US consumer, and Bitcoin-mining, selling 14 positions (SPY, Baidu, TAL, Kanzhun, SEA, Amazon, Teradyne, etc.) and dramatically increasing Applied Digital (+64.9%) and VNET (+33.9%) into strength. The post-Q1 $1.72B book is more ETF-anchored (QQQ 20.2%, IWM 14.4%, EWJ 7.4%) and more Japan-exposed than Q4, while maintaining the Vail Resorts activist anchor and the Chinese internet/cloud special-situations sleeve.