GaoLing Q1 13F is out. Heavy holdings in Chinese concepts, really tough.

First, look at the numbers:
> Holdings shrank from $3.1 billion to $1.67 billion, halving in a single quarter.
> It’s not lost money, it’s self-initiated sales.
> Pinduoduo cut 61%, Alibaba cut 54%.
> Together, they reduced by over $1 billion. But after the cuts, these two still account for 44% of the portfolio.
This is the most torturous part of Chinese concepts.
> When it drops, I don’t dare to sell — selling would lock in losses.
> Holding on without selling — every quarter, the S&P 500 rises again.
> Want to reduce holdings — just after selling, it rebounds.
Both buying and selling are wrong, all time is spent inside.
GaoLing has underperformed the S&P 27 points in the past year.
Over the past three years, annualized underperformance is 14 points.
But GaoLing hasn’t been idle.
The innovative drug sector quietly increased to 34% of the holdings.
BeiGene, Legend Biotech, ArriVEnt, support another leg.
Marvell opened a new position, TSMC increased holdings.
Finally, the AI line has started to be replenished.
If the trend is right, any strategy can win.
If the trend is wrong, no matter how deep the research, it’s useless.
GaoLing’s 13F this quarter is more worth studying than any investment course.