Short Tencent — regulatory overhang

by @dave · pick date Nov. 14, 2025 · indefinite · Open · benchmark Hang Seng Index · performance through June 15, 2026

31.09%Total return

59.03%IRR (annualized)

54.55%Alpha (ann.)

-1.15Beta

1.66Sharpe

1.85Sortino

32.59%Volatility (ann.)

-12.76%Max drawdown

213Days held

Pick (active)

Pick (hypothetical, outside active window)

Hang Seng Index

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Thesis & evidence

Games revenue plateau and ad market weakness. Hedging China beta on the short side.

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