MA
Must Asset Management Inc. Historical SEC 13F Holdings & Archive (Q3 2023)
Must Asset Management Inc.CIK: 0001806987
Long-term holderQuality / disciplined sizingSector-focused
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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Personality snowflake
- Concentration
- 38.16
- Portfolio Stability
- 0
- Momentum
- 50
- Sector conviction
- 66.15
- Diversification
- 42
- Sizing Uniformity
- 89.74
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.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govNo holding changes this quarter
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list 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% |
Portfolio Performance
Performance for Q3 2026
+16.7%
Performance Last 4 Quarters
-16.1%
- Stdev
- +31.6%
- Beta
- +1.39
- Alpha
- -6.1%
- Max Drawdown
- -31.3%
- Annualized Perf
- +18.6%
- Batting Avg vs S&P
- +47.2%
- Sortino
- +1.28
- Stutzer
- +0.21
- Treynor
- +0.16
- Sterling
- +0.64
- Calmar
- +0.59
- Information Ratio
- +0.07
- Tracking Error
- +26.4%
- Stdev Down
- +17%
- Winning Months %
- +58.3%
- Losing Months %
- +41.7%
- Best 12 Months
- +68.9%
- Worst 12 Months
- -23.5%
- Efficiency Ratio
- +0.26
- Sharpe
- +0.69
- Stdev Sectors
- +9.5%
- Skewness
- +0.56
- Kurtosis
- +0.48
- Upside Potential
- +3.13
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
Holding changes this quarter
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|
* This report is exclusively curated by the AlphaSMO team. AlphaSMO is the web's most authoritative 13F / Inside Trader database, delivering precise insider trading and institutional holdings insights.
Filing History
FAQ
What is Must Asset Management Inc. and what type of investor is it?
Must Asset Management Inc. is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2023-09-30), the firm manages a tracked equity portfolio valued at approximately $40.9M, spread across 21 disclosed positions.
What are Must Asset Management Inc.'s largest equity positions?
Based on the latest 13F filing, Must Asset Management Inc.'s top holdings by market value are:
1. Sea Ltd-adr (SE) — $7.4M (18.1%)
2. Noble Corporation plc (NE) — $5.2M (12.7%)
3. Transmedics Group Inc (TMDX) — $5.2M (12.7%)
4. Scorpio Tankers Inc. (STNG) — $4.2M (10.2%)
5. Tidewater Inc (TDW) — $3.6M (8.8%)
What changes did Must Asset Management Inc. make in its most recent portfolio filing?
No notable portfolio changes were recorded for Must Asset Management Inc. in the most recent quarter. Holdings appear to have remained relatively stable.
What sectors does Must Asset Management Inc. focus on?
Must Asset Management Inc. is concentrated in the following sectors based on its current disclosed equity portfolio:
• Energy: 31.3%
• Communication Services: 22.9%
• Health Care: 22.8%
• Information Technology: 8.9%
• Consumer Discretionary: 8.3%
• Financials: 5.8%
Investment Profile
Must Asset Management Inc. returned an annualized 18.6% over the trailing 36 months — underperforming the S&P 500 by 6.1 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 1.39 (more volatile than the market) and a 47% quarterly batting average against the index.
Its portfolio is moderately concentrated and long-term-holding, with 31.3% of the portfolio concentrated in Energy.
Its concentration score has fallen from 85 to 38 over the past 4 quarters — a shift toward broader diversification.
It has trimmed its SE position for two straight quarters, cutting it by $10.9M while still holding $7.4M.
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Developer Access
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