Tree Line Advisors (Hong Kong) Ltd.

The portfolio strategy is characterized by high conviction and low turnover. With the top three holdings—SEA Ltd, Nebius Group N.V., and Coupang Inc.—accounting for over 72% of the total assets, the manager demonstrates a preference for making large, concentrated bets rather than broad diversification. The lack of sold positions and the maintenance of three existing stakes suggests a "buy and hold" philosophy regarding their core convictions, while capital deployment remains active.

2. Key Holdings

The portfolio is dominated by companies with strong ties to the Asian technology and consumer markets, alongside a specific focus on AI infrastructure.