Tairen Capital Ltd

The portfolio is now highly concentrated, with the top 10 positions accounting for approximately 63.4% of the total assets. The manager has adopted a more selective approach, moving away from the previous quarter's broader diversification (which included ETFs and crypto exposure) to focus intensely on specific high-conviction equity picks. The reduction in assets under management (AUM) suggests either a large distribution to investors, a shift in risk tolerance, or a strategic move to cash that was subsequently redeployed into a smaller set of core holdings.

2. Key Holdings