True Light Capital Pte. Ltd.
True Light Capital Pte. Ltd. reported 8 US-listed holdings worth $127.4 million in its 13F for the quarter ended 30 September 2026, filed 5 November 2026. Its largest: PDD Holdings Inc. (26.4%), Alibaba Group Holding Limited (22.6%) and H World Group Ltd (18.8%). Against the quarter before, it opened 0 positions, added to 1, trimmed 5 and sold out of 0.
The 8 largest of its 8 positions, each sized by its share of the reported holdings, coloured by the change in shares against Q2 2026.
What the fund reported holding at each quarter's end; hover a bar for the number of positions
What its reported holdings returned
Held through each quarter, the holdings it reported returned -25.0% over the 3 quarters to 30 September 2026, against +11.8% for the S&P 500.
Not the fund's own return: each 13F's holdings are kept unchanged until the next one, so trades inside a quarter, dividends, cash and fees are left out. A rough guide to how its picks have done over time.
What it did on the quarter
Its positions against its 13F for the quarter to 30 June 2026; a change under 0.1% of a position counts as held
Added to 1
- Amer Sports Inc. AS+93,270 shares · +20%
Trimmed 5
- PDD Holdings Inc. PDD-157,900 shares · -27%
- Yum China Holdings, Inc. YUMC-185,845 shares · -49%
- H World Group Ltd HTHT-112,972 shares · -17%
- Trip.com Group Limited TCOM-58,000 shares · -16%
- NetEase, Inc. NTES-11,700 shares · -24%
What it holds
| Company | Shares | Value | Of its book | Change in shares |
|---|---|---|---|---|
| PDD Holdings Inc. PDD | 431.2K | $33.6 million | 26.38% | -157.9K |
| Alibaba Group Holding Limited BABA | 267.3K | $28.7 million | 22.57% | no change |
| H World Group Ltd HTHT | 558.8K | $23.9 million | 18.78% | -113.0K |
| Amer Sports Inc. AS | 550.4K | $15.0 million | 11.79% | +93.3K |
| Trip.com Group Limited TCOM | 315.8K | $12.3 million | 9.69% | -58.0K |
| Yum China Holdings, Inc. YUMC | 194.0K | $8.0 million | 6.26% | -185.8K |
| NetEase, Inc. NTES | 37.1K | $4.5 million | 3.52% | -11.7K |
| Beigene, Ltd ONC | 3.5K | $1.3 million | 1.00% | no change |