Perseverance Asset Management International Diversified Active

CIK: 0001802695 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 12, 2026

Total Value ($000): $682,547 (100.0% shares, 0.0% debt)

Holdings (13)

New Positions (2)

API AGORA INC 0.4%

Value ($000) $2,849 Shares 700,000 Est. Cost $4.07 Unrealized —

YSG YATSEN HLDG LTD 0.3%

Value ($000) $2,062 Shares 529,993 Est. Cost $3.89 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
API	AGORA INC	700,000	$2,849	0.4%	$4.07	—	ADS	00851L103
YSG	YATSEN HLDG LTD	529,993	$2,062	0.3%	$3.89	—	SPONSORED ADS	985194208

Increased Positions (5)

PDD PDD HOLDINGS INC 32.6%

Value ($000) $222,482 (+26.3%) Shares 1,962,092 (+47.2%) Est. Cost $108.00 Unrealized —

TSM TAIWAN SEMICONDUCTOR MFG LTD 1.3%

Value ($000) $8,732 (+895.4%) Shares 28,734 (+814.8%) Est. Cost $301.20 Unrealized —

BEKE KE HLDGS INC 2.7%

Value ($000) $18,210 (+45.2%) Shares 1,155,439 (+75.1%) Est. Cost $17.61 Unrealized —

RLX RLX TECHNOLOGY INC 2.7%

Value ($000) $18,153 (-7.5%) Shares 7,790,928 (+4.4%) Est. Cost $2.29 Unrealized —

IQ IQIYI INC 1.9%

Value ($000) $13,056 (-5.4%) Shares 6,800,000 (+26.2%) Est. Cost $2.91 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PDD	PDD HOLDINGS INC	1,962,092 (+47.2%)	$222,482 (+26.3%)	32.6%	$108.00	—	SPONSORED ADS	722304102
TSM	TAIWAN SEMICONDUCTOR MFG LTD	28,734 (+814.8%)	$8,732 (+895.4%)	1.3%	$301.20	—	SPONSORED ADS	874039100
BEKE	KE HLDGS INC	1,155,439 (+75.1%)	$18,210 (+45.2%)	2.7%	$17.61	—	SPONSORED ADS	482497104
RLX	RLX TECHNOLOGY INC	7,790,928 (+4.4%)	$18,153 (-7.5%)	2.7%	$2.29	—	SPONSORED ADS	74969N103
IQ	IQIYI INC	6,800,000 (+26.2%)	$13,056 (-5.4%)	1.9%	$2.91	—	SPONSORED ADS	46267X108

Exited Positions (4)

AS AMER SPORTS INC 2.8%

Value ($000) $18,883 Shares 543,404 Est. Cost $30.58 Unrealized +12.2%

GOOS CANADA GOOSE HLDGS INC 0.4%

Value ($000) $3,034 Shares 220,000 Est. Cost $12.97 Unrealized +2.6%

SMMT SUMMIT THERAPEUTICS INC 0.2%

Value ($000) $1,234 Shares 59,745 Est. Cost $21.01 Unrealized -10.5%

RERE ATRENEW INC 0.1%

Value ($000) $450 Shares 97,850 Est. Cost $4.60 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AS	AMER SPORTS INC	543,404	$18,883	2.8%	$30.58	+12.2%	—	G0260P102
GOOS	CANADA GOOSE HLDGS INC	220,000	$3,034	0.4%	$12.97	+2.6%	—	135086106
SMMT	SUMMIT THERAPEUTICS INC	59,745	$1,234	0.2%	$21.01	-10.5%	—	86627T108
RERE	ATRENEW INC	97,850	$450	0.1%	$4.60	—	—	00138L108

Decreased Positions (1)

NTES NETEASE INC 2.2%

Value ($000) $15,138 (-11.1%) Shares 110,000 (-1.8%) Est. Cost $151.99 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NTES	NETEASE INC	110,000 (-1.8%)	$15,138 (-11.1%)	2.2%	$151.99	—	SPONSORED ADS	64110W102

Unchanged Positions (5)

HTHT H WORLD GROUP LTD 35.7%

Value ($000) $243,360 Shares 5,172,370 Est. Cost $36.48 Unrealized —

GOOG ALPHABET INC 13.8%

Value ($000) $94,140 Shares 300,000 Est. Cost $207.36 Unrealized +38.1%

YUMC YUM CHINA HLDGS INC 5.0%

Value ($000) $34,086 Shares 713,999 Est. Cost $37.56 Unrealized +22.0%

BZ KANZHUN LIMITED 0.8%

Value ($000) $5,128 Shares 251,642 Est. Cost $18.24 Unrealized —

TLT ISHARES TR 0.8%

Value ($000) $5,151 Shares 59,100 Est. Cost $89.37 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
HTHT	H WORLD GROUP LTD	5,172,370	$243,360	35.7%	$36.48	—	SPONSORED ADS	44332N106
GOOG	ALPHABET INC	300,000	$94,140	13.8%	$207.36	+38.1%	CAP STK CL C	02079K107
YUMC	YUM CHINA HLDGS INC	713,999	$34,086	5.0%	$37.56	+22.0%	COM	98850P109
BZ	KANZHUN LIMITED	251,642	$5,128	0.8%	$18.24	—	SPONSORED ADS	48553T106
TLT	ISHARES TR	59,100	$5,151	0.8%	$89.37	—	20 YR TR BD ETF	464287432