TB Alternative Assets Ltd.

Hedge Fund • Value

TB Alternative Assets Ltd. is a Value-focused Hedge Fund led by Shujun Li, managing $668.4M across 48 long positions as of Q3 2025 with 66% concentrated in top 10 holdings.

CEOShujun Li

Portfolio Value: $668.4M
Positions: 48
Top Holding: META at 11.52%
Last Reported: Q3 2025

AddressC/o Maples Corporate Services Limited Ugland House, Grand Cayman, KY1-1104, Cayman Islands

Top Holdings

Largest long holdings in TB Alternative Assets Ltd.'s portfolio (65.7% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Meta Platforms, Inc. META	Internet Content & Information Communication Services	$77.0M	11.52%	+$37.2M Bought	0.00% 104.8K shares	Q1 2023 Held for 2y 8m
2 Alphabet Inc. GOOG	Internet Content & Information Communication Services	$58.6M	8.76%	-$15.0M Sold	0.00% 240.4K shares	Q3 2023 Held for 2y 2m
3 Intel INTC	Semiconductors Technology	$51.3M	7.67%	-$16.0M Sold	0.03% 1.5M shares	Q2 2025 Held for 5 months
4 PDD PDD Holdings PDD	Unknown Unknown	$45.7M	6.84%	+$17.6M Bought	— 345.9K shares	Q4 2022 Held for 2y 11m
5 MicroStrategy MSTR	Software - Application Technology	$40.6M	6.07%	+$40.6M Bought	0.04% 126.0K shares	Q3 2025 Held for 2 months
6 Coinbase Global, Inc. COIN	Software - Application Technology	$38.5M	5.76%	-$990.5K Sold	0.04% 114.1K shares	Q2 2025 Held for 5 months
7 Robinhood Markets, Inc. HOOD	Software - Infrastructure Technology	$34.6M	5.18%	+$34.6M Bought	0.03% 241.7K shares	Q3 2025 Held for 2 months
8 Tesla, Inc. TSLA	Auto - Manufacturers Consumer Cyclical	$32.6M	4.88%	+$32.6M Bought	0.00% 73.3K shares	Q3 2025 Held for 2 months
9 Zillow Group, Inc. Z	Internet Content & Information Communication Services	$31.4M	4.69%	-$23.8M Sold	0.17% 407.1K shares	Q3 2022 Held for 3y 2m
10 Centrus Energy LEU	Uranium Energy	$29.1M	4.36%	+$16.2M Bought	0.52% 93.9K shares	Q4 2024 Held for 11 months

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in TB Alternative Assets Ltd.'s latest filing

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Market Value

$668.4M

Prior: $540.0M

Q/Q Change

+23.77%

+$128.4M

Net Flows % of MV

-11.56%

Turnover Ratio

38.6%

New Purchases

11 stocks

$73.0M

Added To

6 stocks

+$88.8M

Sold Out Of

10 stocks

$64.5M

Reduced Holdings

22 stocks

-$174.6M

Increased Positions

Position	Shares Δ	Change
1 Rocket Lab USA, Inc. RKLB	New	0 → 519.2K +$24.9M
2 D.R. Horton DHI	New	0 → 68.3K +$11.6M
3 Duolingo DUOL	New	0 → 36.0K +$11.6M
4 TCOM Trip.com Group TCOM	New	0 → 99.3K +$7.5M
5 PSKY Paramount Skydance Corporation Class B Common Stock PSKY	New	0 → 389.2K +$7.4M

Decreased Positions

Position	Shares Δ	Change
1 ASML ASML ASML	Sold	36.2K → 0 −$29.0M
2 Amazon AMZN	Sold	64.9K → 0 −$14.2M
3 Direxion Daily FTSE China Bull 3X Shares YINN	Sold	123.4K → 0 −$5.1M
4 Micron Technology MU	Sold	39.9K → 0 −$4.9M
5 BEKE KE Holdings BEKE	Sold	265.7K → 0 −$4.7M

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Analytics

Portfolio insights and performance metrics for TB Alternative Assets Ltd.

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Sector Allocation

Technology

28.60%

Communication Services

25.00%

Consumer Cyclical

6.90%

Basic Materials

4.40%

Energy

4.40%

Healthcare

3.80%

Industrials

3.80%

Utilities

3.40%

ETF

1.30%

Financial Services

0.10%

Market Cap Distribution

Mega Cap (> $200B)

27.17%

Large Cap ($10B - $200B)

51.13%

Mid Cap ($2B - $10B)

5.02%

N/A (ETF or Unknown)

16.69%

Portfolio Concentration

Top 10 Holdings %

65.72%

Top 20 Holdings %

89.15%

Top 50 Holdings %

100.0%

Top 100 Holdings %