Q3 2018
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| BEDU | Sell | BRIGHT SCHOLAR ED HLDGS LTDbright scholar ed hldgs ltd | $2,811,000 | -51.5% | 226,879 | -37.6% | 77.01% | +38.6% |
| TAL | New | TAL ED GROUPsponsored ads | $257,000 | – | 10,000 | – | 7.04% | – |
| GHG | New | GREENTREE HOSPITALTY GROUP Lsponsored ads | $254,000 | – | 20,000 | – | 6.96% | – |
| SOGO | Sell | SOGOU INCsogou inc | $141,000 | -59.9% | 19,000 | -38.7% | 3.86% | +14.4% |
| NEW | Exit | PUXIN LTDads | $0 | – | -10,000 | – | -2.03% | – |
| BTAI | Exit | BIOXCEL THERAPEUTICS INC | $0 | – | -30,000 | – | -2.61% | – |
| BABA | Exit | ALIBABA GROUP HLDG LTDsponsored ads | $0 | – | -2,000 | – | -3.62% | – |
| Exit | CTRIP COM INTL LTDnote 1.250% 9/1 | $0 | – | -3,000,000 | – | -29.69% | – |
Q2 2018
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| BEDU | New | BRIGHT SCHOLAR ED HLDGS LTDsponsored ads | $5,792,000 | – | 363,356 | – | 55.56% | – |
| New | CTRIP COM INTL LTDnote 1.250% 9/1 | $3,095,000 | – | 3,000,000 | – | 29.69% | – | |
| BABA | New | ALIBABA GROUP HLDG LTDsponsored ads | $377,000 | – | 2,000 | – | 3.62% | – |
| SOGO | New | SOGOU INCadr repstg a | $352,000 | – | 31,000 | – | 3.38% | – |
| VIPS | New | VIPSHOP HLDGS LTDsponsored adr | $325,000 | – | 30,000 | – | 3.12% | – |
| BTAI | New | BIOXCEL THERAPEUTICS INC | $272,000 | – | 30,000 | – | 2.61% | – |
| NEW | New | PUXIN LTDads | $212,000 | – | 10,000 | – | 2.03% | – |
Q4 2017
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| VIPS | Exit | VIPSHOP HLDGS LTDsponsored adr | $0 | – | -10,000 | – | -0.35% | – |
| ZLAB | Exit | ZAI LAB LTDadr | $0 | – | -10,000 | – | -1.08% | – |
| RYB | Exit | RYB ED INCadr | $0 | – | -10,000 | – | -1.14% | – |
| EDU | Exit | NEW ORIENTAL ED & TECH GRP Ispon adr | $0 | – | -21,260 | – | -7.53% | – |
| MU | Exit | MICRON TECHNOLOGY INC | $0 | – | -51,000 | – | -8.06% | – |
| HTHT | Exit | CHINA LODGING GROUP LTDsponsored ads | $0 | – | -22,510 | – | -10.74% | – |
| NTES | Exit | NETEASE INCsponsored adr | $0 | – | -10,500 | – | -11.12% | – |
| BEDU | Exit | BRIGHT SCHOLAR ED HLDGS LTDsponsored ads | $0 | – | -126,318 | – | -11.78% | – |
| BABA | Exit | ALIBABA GROUP HLDG LTDsponsored ads | $0 | – | -18,000 | – | -12.48% | – |
| Exit | VIPSHOP HLDGS LTDnote 1.500% 3/1 | $0 | – | -9,000,000 | – | -35.70% | – |
Q3 2017
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| Buy | VIPSHOP HLDGS LTDnote 1.500% 3/1 | $8,891,000 | +49.5% | 9,000,000 | +50.0% | 35.70% | +70.9% | |
| BABA | Buy | ALIBABA GROUP HLDG LTDsponsored ads | $3,109,000 | +145.2% | 18,000 | +100.0% | 12.48% | +180.4% |
| BEDU | Buy | BRIGHT SCHOLAR ED HLDGS LTDsponsored ads | $2,934,000 | +1132.8% | 126,318 | +531.6% | 11.78% | +1309.2% |
| NTES | Buy | NETEASE INCsponsored adr | $2,770,000 | +820.3% | 10,500 | +950.0% | 11.12% | +952.3% |
| HTHT | Buy | CHINA LODGING GROUP LTDsponsored ads | $2,675,000 | +325.3% | 22,510 | +188.6% | 10.74% | +386.2% |
| MU | New | MICRON TECHNOLOGY INC | $2,006,000 | – | 51,000 | – | 8.06% | – |
| EDU | Buy | NEW ORIENTAL ED & TECH GRP Ispon adr | $1,876,000 | +252.0% | 21,260 | +181.2% | 7.53% | +302.4% |
| RYB | New | RYB ED INCadr | $285,000 | – | 10,000 | – | 1.14% | – |
| ZLAB | New | ZAI LAB LTDadr | $270,000 | – | 10,000 | – | 1.08% | – |
| VIPS | New | VIPSHOP HLDGS LTDsponsored adr | $88,000 | – | 10,000 | – | 0.35% | – |
| MOMO | Exit | MOMO INCadr | $0 | – | -50,000 | – | -6.49% | – |
| Exit | BARCLAYS PLCnote 6.625%12/3 | $0 | – | -5,000,000 | – | -17.92% | – | |
| Exit | ROYAL BK SCOTLAND GROUP PLCnote 8.625%12/3 | $0 | – | -5,000,000 | – | -19.14% | – | |
| Exit | ING GROEP N Vdbcv 6.500%12/3 | $0 | – | -6,800,000 | – | -25.13% | – |
Q2 2017
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| New | ING GROEP N Vdbcv 6.500%12/3 | $7,156,000 | – | 6,800,000 | – | 25.13% | – | |
| New | VIPSHOP HLDGS LTDnote 1.500% 3/1 | $5,949,000 | – | 6,000,000 | – | 20.89% | – | |
| New | ROYAL BK SCOTLAND GROUP PLCnote 8.625%12/3 | $5,452,000 | – | 5,000,000 | – | 19.14% | – | |
| New | BARCLAYS PLCnote 6.625%12/3 | $5,105,000 | – | 5,000,000 | – | 17.92% | – | |
| MOMO | New | MOMO INCadr | $1,848,000 | – | 50,000 | – | 6.49% | – |
| BABA | New | ALIBABA GROUP HLDG LTDsponsored ads | $1,268,000 | – | 9,000 | – | 4.45% | – |
| HTHT | New | CHINA LODGING GROUP LTDsponsored adr | $629,000 | – | 7,800 | – | 2.21% | – |
| EDU | New | NEW ORIENTAL ED & TECH GRP Ispon adr | $533,000 | – | 7,560 | – | 1.87% | – |
| NTES | New | NETEASE INCsponsored adr | $301,000 | – | 1,000 | – | 1.06% | – |
| BEDU | New | BRIGHT SCHOLAR ED HLDGS LTDsponsored ads | $238,000 | – | 20,000 | – | 0.84% | – |
Q4 2016
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| LITB | Exit | LIGHTINTHEBOX HLDG CO LTDsponsored adr | $0 | – | -71,550 | – | -0.15% | – |
| BIDU | Exit | BAIDU INCspon adr rep a | $0 | – | -2,000 | – | -0.27% | – |
| HCM | Exit | HUTCHISON CHINA MEDITECH LTDsponsored adr | $0 | – | -37,148 | – | -0.33% | – |
| EDU | Exit | NEW ORIENTAL ED & TECH GRP Ispon adr | $0 | – | -10,000 | – | -0.35% | – |
| BABA | Exit | ALIBABA GROUP HLDG LTDsponsored ads | $0 | – | -16,000 | – | -1.27% | – |
| WUBA | Exit | 58 COM INCspon adr rep a | $0 | – | -48,000 | – | -1.71% | – |
| Exit | BARCLAYS PLCnote 8.250%12/3 | $0 | – | -4,000,000 | – | -3.00% | – | |
| Exit | BARCLAYS PLCprfd 6.625%12/3 | $0 | – | -5,000,000 | – | -3.44% | – | |
| Exit | HSBC HLDGS PLCnote 6.875%12/3 | $0 | – | -5,000,000 | – | -3.93% | – | |
| CTRP | Exit | CTRIP COM INTL LTD | $0 | – | -120,000 | – | -4.18% | – |
| TSL | Exit | TRINA SOLAR LIMITEDspon adr | $0 | – | -744,163 | – | -5.71% | – |
| Exit | ROYAL BK SCOTLAND GROUP PLCnote 8.625%12/3 | $0 | – | -10,900,000 | – | -8.01% | – | |
| VNET | Exit | 21VIANET GROUP INCsponsored adr | $0 | – | -1,481,641 | – | -8.82% | – |
| Exit | TRINA SOLAR LIMITEDnote 4.000%10/1 | $0 | – | -23,850,000 | – | -16.88% | – | |
| Exit | TRINA SOLAR LIMITEDdbcv 3.500% 6/1 | $0 | – | -23,100,000 | – | -16.93% | – | |
| Exit | SOUFUN HLDGS LTDnote 2.000%12/1 | $0 | – | -33,522,000 | – | -25.01% | – |
Q3 2016
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| Buy | SOUFUN HLDGS LTDnote 2.000%12/1 | $33,399,000 | +101.5% | 33,522,000 | +99.5% | 25.01% | +104.4% | |
| Buy | TRINA SOLAR LIMITEDdbcv 3.500% 6/1 | $22,611,000 | +123.8% | 23,100,000 | +97.4% | 16.93% | +127.0% | |
| Buy | TRINA SOLAR LIMITEDnote 4.000%10/1 | $22,540,000 | +37.4% | 23,850,000 | +23.9% | 16.88% | +39.4% | |
| VNET | Buy | 21VIANET GROUP INCsponsored adr | $11,779,000 | +224.4% | 1,481,641 | +316.6% | 8.82% | +228.9% |
| New | ROYAL BK SCOTLAND GROUP PLCnote 8.625%12/3 | $10,700,000 | – | 10,900,000 | – | 8.01% | – | |
| TSL | Buy | TRINA SOLAR LIMITEDspon adr | $7,620,000 | +1542.2% | 744,163 | +1140.3% | 5.71% | +1563.8% |
| CTRP | Buy | CTRIP COM INTL LTD | $5,588,000 | +516.8% | 120,000 | +445.5% | 4.18% | +525.6% |
| Sell | HSBC HLDGS PLCnote 6.875%12/3 | $5,242,000 | -50.1% | 5,000,000 | -52.4% | 3.93% | -49.4% | |
| Sell | BARCLAYS PLCnote 8.250%12/3 | $4,008,000 | -54.7% | 4,000,000 | -55.6% | 3.00% | -54.0% | |
| WUBA | Sell | 58 COM INCspon adr rep a | $2,288,000 | -43.5% | 48,000 | -45.7% | 1.71% | -42.8% |
| BABA | Buy | ALIBABA GROUP HLDG LTDsponsored ads | $1,693,000 | +608.4% | 16,000 | +433.3% | 1.27% | +616.4% |
| EDU | Buy | NEW ORIENTAL ED & TECH GRP Ispon adr | $464,000 | +122.0% | 10,000 | +100.0% | 0.35% | +125.3% |
| BIDU | New | BAIDU INCspon adr rep a | $364,000 | – | 2,000 | – | 0.27% | – |
| LITB | Sell | LIGHTINTHEBOX HLDG CO LTDsponsored adr | $204,000 | -31.8% | 71,550 | -18.5% | 0.15% | -30.8% |
| KZ | Exit | KONGZHONG CORPsponsored adr | $0 | – | -29,150 | – | -0.11% | – |
| NOAH | Exit | NOAH HLDGS LTDspon ads cl a | $0 | – | -12,432 | – | -0.22% | – |
| YY | Exit | YY INC | $0 | – | -13,100 | – | -0.33% | – |
| Exit | QIHOO 360 TECHNOLOGY CO LTDnote 2.500% 9/1 | $0 | – | -4,600,000 | – | -3.38% | – | |
| QIHU | Exit | QIHOO 360 TECHNOLOGY CO LTDads | $0 | – | -96,621 | – | -5.21% | – |
| JD | Exit | JD COM INCspon adr cl a | $0 | – | -411,000 | – | -6.44% | – |
| Exit | QIHOO 360 TECHNOLOGY CO LTDnote 0.500% 8/1 | $0 | – | -10,000,000 | – | -7.28% | – | |
| Exit | QIHOO 360 TECHNOLOGY CO LTDnote 1.750% 8/1 | $0 | – | -27,700,000 | – | -20.00% | – |
Q2 2016
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| New | QIHOO 360 TECHNOLOGY CO LTDnote 1.750% 8/1 | $27,083,000 | – | 27,700,000 | – | 20.00% | – | |
| New | SOUFUN HLDGS LTDnote 2.000%12/1 | $16,573,000 | – | 16,803,000 | – | 12.24% | – | |
| New | TRINA SOLAR LIMITEDnote 4.000%10/1 | $16,400,000 | – | 19,250,000 | – | 12.11% | – | |
| New | HSBC HLDGS PLCnote 6.875%12/2 | $10,498,000 | – | 10,500,000 | – | 7.75% | – | |
| New | TRINA SOLAR LIMITEDdbcv 3.500% 6/1 | $10,102,000 | – | 11,700,000 | – | 7.46% | – | |
| New | QIHOO 360 TECHNOLOGY CO LTDnote 0.500% 8/1 | $9,864,000 | – | 10,000,000 | – | 7.28% | – | |
| New | BARCLAYS PLCnote 8.250%12/2 | $8,845,000 | – | 9,000,000 | – | 6.53% | – | |
| JD | New | JD COM INCspon adr cl a | $8,726,000 | – | 411,000 | – | 6.44% | – |
| QIHU | New | QIHOO 360 TECHNOLOGY CO LTDads | $7,058,000 | – | 96,621 | – | 5.21% | – |
| New | QIHOO 360 TECHNOLOGY CO LTDnote 2.500% 9/1 | $4,577,000 | – | 4,600,000 | – | 3.38% | – | |
| New | BARCLAYS PLCnote 6.625%12/2 | $4,495,000 | – | 5,000,000 | – | 3.32% | – | |
| WUBA | New | 58 COM INCspon adr rep a | $4,053,000 | – | 88,322 | – | 2.99% | – |
| VNET | New | 21VIANET GROUP INCsponsored adr | $3,631,000 | – | 355,623 | – | 2.68% | – |
| CTRP | New | CTRIP COM INTL LTD | $906,000 | – | 22,000 | – | 0.67% | – |
| HCM | New | HUTCHISON CHINA MEDITECH LTDsponsored adr | $488,000 | – | 37,148 | – | 0.36% | – |
| TSL | New | TRINA SOLAR LIMITEDspon adr | $464,000 | – | 60,000 | – | 0.34% | – |
| YY | New | YY INC | $444,000 | – | 13,100 | – | 0.33% | – |
| NOAH | New | NOAH HLDGS LTDspon ads cl a | $300,000 | – | 12,432 | – | 0.22% | – |
| LITB | New | LIGHTINTHEBOX HLDG CO LTDsponsored adr | $299,000 | – | 87,821 | – | 0.22% | – |
| BABA | New | ALIBABA GROUP HLDG LTDsponsored ads | $239,000 | – | 3,000 | – | 0.18% | – |
| EDU | New | NEW ORIENTAL ED & TECH GRP Ispon adr | $209,000 | – | 5,000 | – | 0.15% | – |
| KZ | New | KONGZHONG CORPsponsored adr | $147,000 | – | 29,150 | – | 0.11% | – |