Triata Capital Ltd

2. Key Holdings

The portfolio is dominated by Chinese technology and internet companies, with a specific focus on data centers and semiconductor manufacturing equipment.

• VNET Group Inc (VNET): Remaining the largest holding despite a reduction in stake, VNET comprises 26.67% of the portfolio ($123.42M). Triata reduced this position by approximately $39.07M (a 2.3% reduction in share count or value context, though mathematically the reduction appears significant in absolute dollars relative to the total portfolio shrinkage). This suggests a strategy of taking profits or managing risk while maintaining a dominant core position.
• GDS Holdings Ltd (GDS): As the second-largest holding at 20.14% ($93.19M), this position was significantly increased by 35.5% (an injection of $38.85M). This substantial increase indicates strong conviction in the data center infrastructure sector.
• ACM Research Inc (ACMR): The third-largest position, representing 16.94% ($78.39M), was increased by 26.0% ($37.20M). This aligns with a thematic bet on the semiconductor supply chain, specifically wafer cleaning equipment.