Panda Portfolio Review: Jan'25

A review of positions and performance contributions for January 2025

Good Evening, hope you had a lovely weekend,

Between the CNY making the US and China listed performances hard to compare and the injuries, this will be briefer than usual. Normal service to resume next week though.

Tooting one’s own horn is not the most noble of pursuits, but on occasion it is understandable. We did have a decent month despite having a disaster on the books wiht one of the holdings being down over 15%. But having a 30%+ winner more than mad cup for it.

Relatively speaking, our first full month could not have gone any better I don’t hint. We got the key themes right (more or less) and the only big error was Tencent vs Alibaba as an index heavyweight exposure. Tencent outperforms the index, but BABA has actually had a great month. That said with the tails of the portfolio doing the heavy lifting, the overall picture is quite pleasing to the eye.

We fully understand that one ought not to get too excited, and we are likely to have a challenging few days as the market is digesting the tariff announcements. But for now let’s make sure we understand what worked and what didn’t so far.

Again a reminder that this feature is for our premium subscribers only, if you want to hop over the paywall, you’re more than welcome to!

Similarly if you feel like you may benefit from some Panda Portfolio style insights, we do offer an individual portfolio reviews for your China/Asia exposure. Clearly this won’t be free (or included) as it takes time to prepare for a review in order to do it well, so for the people interested, get in touch and we can try to work something out.

**Nothing in this Substack is Investment Advice. This information is provided for informational purposes only and does not constitute financial, investment, or other advice. Any examples used are for illustrative purposes only and do not reflect actual recommendations. Please consult a licensed financial advisor or conduct your own research before making any investment decisions. The authors, publishers, and affiliates of this content do not guarantee the accuracy, completeness, or suitability of the information and are not responsible for any losses, damages, or actions taken based on this information. Past performance is not indicative of future results.**