March 2025 Recap

At OWL, we track the publicly disclosed equity positions of leading fund managers across more than 60 countries. OWL users can track daily performance estimates, risk and return metrics, exposure changes, and more for thousands of managers on our platform.  

We also have “OWL Groups” – curated lists of over 500 managers frequently found in leading allocators’ portfolios. These lists are categorized by geography, sector, and style, enabling our users to monitor groups of managers and their underlying disclosed holdings directly on the OWL platform. The table below shows how the publicly disclosed equity holdings of these groups performed during March.  

International managers outperformed in March, including those focused on Brazil, Japan, and China. After a tough start to 2025, India managers outperformed in March as well. The Energy/Cyclicals group saw a small gain, while Growth and Tech fared the worst:

For our customers, we also provide a detailed table with a selection of the best and worst performing managers in March, using OWL's return estimates. One of the top performing funds in March was OceanLink, also known as “OLP Capital Management.” Based in Hong Kong, OLP was co-founded by Steven Shen and Richard Li in 2017. The firm disclosed AUM of $1.9 in early 2024, with notable LPs including MIT, the Jack Kent Cooke Foundation (managed by Cornerstone Partners), Emory, and Kaiser Permanente.

While OceanLink’s portfolio has a large focus on China, in December the fund disclosed its first purchase of a Japanese stock – Medley, a healthcare tech company. Since the initial December disclosure, OceanLink has disclosed 5 additional purchases and now owns 10.8% of the company.

We estimate that OceanLink has generated profits of ~$118 million on its publicly disclosed positions, with strong years in 2023, 2024 and 2025 to date:

Based on OWL data, OceanLink’s most profitable positions have been Qifu Technology (formerly 360 DigiTech), Pinduoduo, and CD International, with meaningful estimated losses from Sea Limited and Basic-Fit.

One analysis that we’ve added to OWL recently looks at how managers’ performance (based on OWL estimates) compares to the performance of an equal-weighted portfolio. This helps assess a manager’s sizing skill and in OceanLink’s case, looks pretty good:

Other News & Events

• Podcast with Muthu Muthiah, CIO, Children's Healthcare of Atlanta

• Interview with Deputy CIO of TIFF

• Interview with CIO of The Dietrich Foundation

• Georgetown Annual Investment Letter

• The Rich List: The 24th Annual Ranking of the Highest-Earning Hedge Fund Managers

• Melvin Capital alum Launching PC3 Partners

• CalPERS’ Capital Markets Deputy CIO to Leave Pension for General Atlantic

• Millennium allocates £2bn to Pleasant Lake Partners for new hedge fund strategy

• North Carolina Treasurer Looks to Overhaul Management of the State Pension

• Balyasny Hires Citadel's David Brodsky

• Activist Elliott sues Phillips 66 to protect shareholder rights

• Santa Clara hiring Director of Investments

• Wyoming seeks CIO for State Sovereign Fund

About Old Well Labs

OWL is an intelligence platform built for allocators, by allocators. Leading endowments, foundations, and family offices use the system to find, monitor, and connect with thousands of fund managers globally. OWL's analytics engine has collected over one billion data points from 65 countries. We make it easy for allocators to find and track information about the managers they care about – not just positions but also performance analytics, people data, business information, and details about the manager investments of other allocators.

Disclaimers

Returns represent the return on invested capital of publicly disclosed long positions, as calculated by OWL. Actual returns may vary based on a number of factors, including (but not limited to) undisclosed positions, short exposure, non-equity holdings, cash holdings, and lagged disclosure of positions.

This newsletter and the material on the Old Well Labs platform are for informational purposes only and should not be considered investment advice or a recommendation of any particular security, manager, or strategy. Old Well Labs shall not be liable for any investment gain or loss that may occur from the use of this material. No part of this material may be reproduced in any form or used in any publication without express written permission from Old Well Labs.