CIK: 0001806987
Total reported value
$40.9M
Reporting period: 2023-09-30 · Number of holdings: 21
Must Asset Management Inc. disclosed 21 holdings in its latest 13F filing for the period ending 2023-09-30, with total reported value of $40.9M and a quarterly turnover rate of 0.0%.
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Must Asset Management Inc.'s disclosed holdings carry a Herfindahl concentration index of 0.095 — mathematically equivalent to about 10 equally-sized positions, well below its 21 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 1.03), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
No holding changes this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | SE | Sea Ltd-adr | Stock-Comm Services | 18.11% | — | -11.84% | |
| 2 | NE | Noble Corporation plc | Stock-Energy | 12.70% | — | — | |
| 3 | TMDX | Transmedics Group INC | Stock-Healthcare | 12.65% | — | — | |
| 4 | STNG | Scorpio Tankers Inc. | Stock-Other | 10.24% | — | — | |
| 5 | TDW | Tidewater INC | Stock-Energy | 8.78% | — | — | |
| 6 | ✓ | Stock-Other | 4.81% | — | -26.85% | ||
| 7 | SOFI | Sofi Technologies INC | Stock-Financials | 4.60% | — | — | |
| 8 | CVNA | Carvana Co | Stock-Consumer Disc | 4.12% | — | +66.53% | |
| 9 | HIMS | Hims & Hers Health INC | Stock-Healthcare | 3.91% | — | — | |
| 10 | NVDA | Nvidia CORP | Stock-Tech | 3.37% | — | — | |
| 11 | INMD | InMode Ltd. | Stock-Other | 3.36% | — | -71.43% | |
| 12 | MSFT | Microsoft CORP | Stock-Tech | 2.44% | — | +30.03% | |
| 13 | AMZN | Amazon.com INC | Stock-Consumer Disc | 2.41% | — | — | |
| 14 | VAL | Valaris Limited | Stock-Energy | 1.97% | — | — | |
| 15 | NVO | Novo-nordisk A/s-spons Adr | Stock-Healthcare | 1.49% | — | +100.00% | |
| 16 | RIG | Transocean Ltd. | Stock-Energy | 1.27% | — | — | |
| 17 | NOW | Servicenow INC | Stock-Tech | 1.24% | — | — | |
| 18 | CPE* | Callon Petroleum Co | Stock-Other | 1.08% | — | — | |
| 19 | PGNY | Progyny INC | Stock-Other | 0.92% | — | -56.64% | |
| 20 | BTTR | Better Choice Co INC | Stock-Other | 0.41% | — | -46.16% | |
| 21 | FTCHQ | Farfetch Ltd-class A | Stock-Other | 0.10% | — | -67.02% |
Performance for Q3 2026
-0.2%
Performance Last 4 Quarters
-18.7%
Based on 72% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2023-09-30 | 21 | $40.9M | 0 | |
| 2023-06-30 | 23 | $36.3M | 0 | |
| 2023-03-31 | 15 | $40.2M | 0 | |
| 2022-12-31 | 13 | $44.2M | 0 | |
| 2022-09-30 | 29 | $121.5M | 0 | |
| 2022-06-30 | 36 | $133.7M | 0 | |
| 2022-03-31 | 53 | $198.4M | 0 | |
| 2021-12-31 | 49 | $186.8M | 0 | |
| 2021-09-30 | 40 | $154.5M | 0 | |
| 2021-06-30 | 32 | $141.7M | 95 | |
| 2021-03-31 | 33 | $127.7M | 86 | |
| 2020-12-31 | 31 | $140.0M | 0 |
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2023-09-30 | 2023-11-07 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-09 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-12 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-07 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-08 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-10 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-11 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-10 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-12 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-12 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-11 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-03 | 13F-HR | View on EDGAR |
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