Horizons Capital
Portfolio
Core Growth Fund — Investment Holdings & Performance
Overall Return
36.4%
As of Dec 31, 2025
Portfolio Weighted P/E
19.1x
Blended forward P/E
Projected Earnings Growth
32%
Weighted avg. EPS growth
Fund Inception
Apr 20, 2024
Horizons Core Fund
US Portfolio
as of Dec 31, 2025
China Portfolio
as of Dec 31, 2025
as of Dec 31, 2025
US Portfolio — Top Holdings
as of Dec 31, 2025
| Name | Ticker | Weight |
|---|---|---|
| BYD Company Limited (ADR) | BYDDY | 30% |
| Duolingo Inc. | DUOL | 30% |
| Alibaba Group Holding | BABA | 15% |
| Fair Isaac Corporation | FICO | 15% |
| Cash | CASH | 10% |
China Portfolio — Top Holdings
as of Dec 31, 2025
| Name | Ticker | Weight |
|---|---|---|
| BYD Company Limited | 1211.HK | 25% |
| China Tungsten & Hightech Materials | 000657.SZ | 15% |
| Circuit Fabology Microelectronics Equipment | 688630.SH | 15% |
| Guangdong Huafeng New Energy Technology | 002806.SZ | 10% |
| Xinhua Insurance | 01336.HK | 10% |
| UBTech Robotics Corp Ltd | 9880.HK | 5% |
| China Everbright Limited | 0165.HK | 5% |
| China Harmony Auto Holding | 3836.HK | 5% |
| Shanghai V-Test Semiconductor Tech. | 688372.SS | 5% |
US Portfolio Allocation
as of Dec 31, 2025
Industry Allocation
| Sector | Weight |
|---|---|
| Technology | 60% |
| Consumer Discretionary (EV) | 30% |
| Cash | 10% |
Geographic Allocation
| Region | Weight |
|---|---|
| United States | 45% |
| China / Hong Kong (ADR) | 45% |
| Cash | 10% |
Horizons Venture Fund
Transaction History — All Positions
The Venture Fund allocates a small portion of the portfolio to high-conviction, asymmetric opportunities — positions with limited downside but potentially outsized returns. Each position is sized at less than 10% of the total portfolio.
Open Positions
| Security / Ticker | Action | Entry Time | Entry Price | P&L % |
|---|---|---|---|---|
| BYD Company Limited (1211.HK) | BUY | 2021-03 | 185 HKD | +47.4% |
| BYD Company Limited (ADR) (BYDDY) | BUY | 2025-03 | 14.5 USD | -13.8% |
| China Harmony Auto Holding (3836.HK) | BUY | 2025-05 | 0.6 HKD | +100.0% |
| Fair Isaac Corporation (FICO) | BUY | 2025-08 | 1350 USD | 0.0% |
| Circuit Fabology Microelectronics Equipment (688630.SH) | BUY | 2025-09 | 120 RMB | +45.8% |
| UBTech Robotics Corp Ltd (9880.HK) | BUY | 2025-09 | 110 HKD | +20.9% |
| China Everbright Limited (0165.HK) | BUY | 2025-09 | 70 RMB | +100.0% |
| Shanghai V-Test Semiconductor Tech. (688372.SS) | BUY | 2025-09 | 80 RMB | +58.8% |
| Xinhua Insurance (01336.HK) | BUY | 2025-10 | 59 RMB | +32.2% |
| Xi'an Triangle Defense Co., Ltd (300775.SZ) | BUY | 2025-11 | 31 RMB | +38.7% |
| Guangdong Huafeng New Energy Technology (002806.SZ) | BUY | 2025-12 | 80 RMB | +47.5% |
| China Tungsten & Hightech Materials (000657.SZ) | BUY | 2025-12 | 27.5 RMB | +89.1% |
| Duolingo Inc. (DUOL) | BUY | 2025-12 | 180 USD | -38.9% |
Closed Positions
| Security / Ticker | Action | Entry Time | Entry Price | Exit Time | Exit Price | Holding Period | P&L % |
|---|---|---|---|---|---|---|---|
| TCL ZH | CLOSED | 2023-03 | 34 RMB | 2023-02 | 15.3 RMB | 8 Months | -55.0% |
| Saia Inc. (SAIA) | CLOSED | 2024-05 | 380 USD | 2024-07 | 490 USD | 2 Months | +29.0% |
| TransMedics Group (TMDX) | CLOSED | 2024-04 | 76 USD | 2025-05 | 120 USD | 11 Months | +57.0% |
| Matterport / CoStar (MTTR/CSGP) | CLOSED | 2024-06 | 4.2 USD | 2025-02 | 5.35 USD | 8 Months | +28.0% |
| Roadrunner Transportation (RRTS) | CLOSED | 2025-01 | 1.5 USD | 2025-02 | 5.2 USD | 3 Months | +344.0% |
| Full Truck Alliance (YMM) | CLOSED | 2025-02 | 11.5 USD | 2025-12 | 11.7 USD | 10 Months | +1.7% |
| Shemar Power (SHEMAR) | CLOSED | 2025-03 | 25.1 RMB | 2025-11 | 53.52 RMB | 8 Months | +113.2% |
| Neway Valve | CLOSED | 2025-03 | 25 RMB | 2025-12 | 50 RMB | 9 Months | +100.0% |
| Sievert Logistica Transporte (IOT) | CLOSED | 2025-08 | 36 USD | 2025-12 | 45 USD | 4 Months | +25.0% |
| Streammax | CLOSED | 2025-06 | 49 RMB | 2025-12 | 49 RMB | 6 Months | 0.0% |
Q4 2025 — As of December 31, 2025
Our portfolio is overweight BYD because we have been following this company for four years; we knew the business well and we have high conviction of its future success. We have trouble finding companies with similar risk & return profiles in the US Equities market. However, if the US market correction continues and investment opportunities appear, we will not hesitate to increase our position back to US Equities.
Our investment philosophy remains rooted in deep fundamental research, long-term conviction, and disciplined capital allocation. We seek businesses with durable competitive advantages, capable management teams, and attractive valuations relative to their long-term earnings power.
The Horizons Core Fund delivered a 36.4% overall return since inception (April 20, 2024), significantly outperforming the S&P 500 benchmark return of 24.2% over the same period — generating +12.2% alpha.