1y return−2.9%S&P 500 +20.9%
3y return−7.6%S&P 500 +68.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since March 31, 2022: $102 against $165 in the S&P 500.2
HCEP Management LtdS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| TSMTaiwan Semiconductor Manufac | $39.1M | 63.7% | +3.0% |
| BABAAlibaba Group Hldg Ltd | $9.0M | 14.7% | −54.1% |
| MNSOMiniso Group Hldg Ltd | $7.1M | 11.6% | −37.4% |
| UVXYProshares Tr II | $6.2M | 10.0% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| TSMTaiwan Semiconductor Manufac | March 31, 2026 | +41.3% | $39.1M |
| BABAAlibaba Group Hldg Ltd | March 31, 2025 | −27.4% | $9.0M |
| UVXYProshares Tr II | December 31, 2025 | −30.7% | $6.2M |
| MNSOMiniso Group Hldg Ltd | December 31, 2024 | −49.5% | $7.1M |
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | −6.9% | +14.8% |
| March 31, 2026 | −4.7% | −4.6% |
| December 31, 2025 | −17.0% | +2.4% |
| September 30, 2025 | +31.8% | +7.8% |
| June 30, 2025 | −12.7% | +10.5% |
| March 31, 2025 | +7.9% | −4.6% |
| December 31, 2024 | −12.5% | +2.1% |
| September 30, 2024 | +8.2% | +5.4% |
| June 30, 2024 | +6.3% | +4.0% |
| March 31, 2024 | −9.6% | +10.0% |
| December 31, 2023 | +5.0% | +11.2% |
| September 30, 2023 | +5.8% | −3.6% |
| June 30, 2023 | −19.3% | +8.3% |
| March 31, 2023 | +22.4% | +7.0% |
| December 31, 2022 | −8.6% | +7.1% |
| September 30, 2022 | −9.1% | −5.3% |
| June 30, 2022 | +34.5% | −16.5% |
| December 31, 2021 | +24.8% | +10.7% |
| September 30, 2021 | −24.7% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: HCEP Management Ltd Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1822015&type=13F-HR&dateb=&owner=include&count=40CIK 1822015
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1822015/000182201526000007/Filed August 13, 2026 · accession 0001822015-26-000007