TRUE PARTNER2025 中期报告

GEM GEM GEMGEMGEM GEMGEMTrue Partner Capital Holding Limited 公 司 概 況 561230344243444547 1617 Ralph Paul Johan van PutGodefriedus Jelte Heijboer Ralph Paul Johan van PutGodefriedus Jelte HeijboerTobias Benjamin HeksterRoy van Bakel P.O. Box 31119 Grand PavilionHibiscus Way802 West Bay RoadGrand Cayman KY1-1205Cayman Islands Jeronimus Mattheus Tielman 516 A123 Thompson Coburn LLP Jeronimus Mattheus Tielman 1826 Appleby Global Services (Cayman)Limited71 Fort StreetPO Box 500George TownGrand Cayman KY1-1106Cayman Islands Ralph Paul Johan van PutGodefriedus Jelte HeijboerJeronimus Mattheus Tielman Ralph Paul Johan van PutGodefriedus Jelte HeijboerJeronimus Mattheus Tielman 8657 www.truepartnercapital.com ACG, HKACG 2025 400,000,000 1.2.15,967,00026,871,000413, 574, 586 – VIXVIXVIX ETF4.1%2 –MSCI18.8%50024.6%MSCI8.5%50010.5% – MSCIMSCI6.8%2.6%9.6%2.3% –5.3%VIX16.416.7EuroStoxx 50VSTOXX15.417.7Kospi 20020.424.620.524.01VIX52.322.324.7 – – –VIXVIXProShares VIXETFVIX ETFVIXVIX W i t hI n t e l l i g e n c e( H F MEurekahedgeHedge Fund AlertWith IntelligenceEurekahedgeHFMHedge Fund AlertWith Intelligence18,000 0.5%36.3%MSCI –12.0%4 –True Partner FundalphabetaTruePartner FundbetaTruePartner Fundalpha5 –T r u ePa r t n e rF u n dHedgeF u n dJournalHedge Fund JournalTrue Partner FundWith IntelligenceHFM APAC Performance Awards 2025 –474501512 –20.931.7 –77 –36% –4.85 –16.026.916.026.9 474 46True Partner Fund428 VIX16.416.7Euro Stoxx 50VSTOXX15.417.7Kospi 20020.424.620.524.07VIX52.322.324.7 MSCIMSCI6.8%2.6%9.6%2.3% 5.3% VIXVIXProShares VIXETFVIX ETFVIXVIXVIXVIXVIX ETF4.1%8 MSCI18.8%50024.6%MSCI8.5%50010.5% 10 True PartnerFundHedge Fund JournalHedge Fund Journal 0.5%96.3%MSCI True Partner FundWith IntelligenceHFM APAC Performance Awards 2025With Intelligence (HFMEurekahedgeHedge Fund AlertWith IntelligenceEurekahedgeHFMHedge FundAlertWith Intelligence18,000 12.0% True Partner Fundalphabeta True Partner FundbetaTrue Partner Fundalpha11 3.53.5 GEM 36% 20.931.7 16.026.816.026.914.427.2 12474501512 4345987426 46428 COVID-19COVID-19COVID True Partner Fund TruePartner Fund TACOTrumpAlways Chickens Out 50025%25% Robert Shiller41 98 Magnificent SevenDeepSeekR1 500101025%15400600 4 500 13% 2.0 3.4Jeff Merkley5 TACO 61.774.057.773.3 2.0 1791%Magnificent Seven MSCI65%MSCI75%47%42%18 MSCI9% 101.65% 1 6.3%True Partner Fund 12 True Partner Fund14 D S SFinancial Management, Inc.DSS Financial Management,Inc.DSS Securities, Inc.DSS Securities, Inc.DSS, Inc.DSS, Inc.58.79%19,500,0000.400419,500,0004.65%0 . 4 0 00.46013%7.8 GEM1.40100,000,000104 7.3 True Partner InternationalLimited COVID-19 4.854% 20.931.710.834% 4.34.50.24% 7.757.851 01,022,7761,087,000208,000 16.512.810.6 38.7419,500,000 98,00098,000 3 1620 571XV(a)XV78 (b)352(c)GEM5.465.67 Tobias Benjamin HeksterGodefriedus Jelte HeijboerRalph Paul Johan van Put(1)Roy van Bakel(2)(3) (1)TruePartnerParticipationLimitedTruePartner Participation Limited Ralph PaulJohan van PutRalph Paul Johan vanPutTrue Partner Participation Limited (3)AlsetInternationalLimitedAlsetBusinessDevelopment Pte Ltd.85.35%Alset BusinessDevelopmentPte Ltd.Alset Global Pte LtdAlsetGlobal Pte LtdAlset,Inc.Alset,Inc.53.52%AlsetInternational LimitedTrue Partner Capital HoldingLimited1.57%AlsetInternational LimitedTrue Partner Capital Holding Limited1.94%(2)TruePartnerCapital Holding Limited19.51% (2)True Partner International Limited DSS FinancialManagement, Inc.DSS FinancialManagement,Inc.DSS Securities,Inc.DSSSecurities,Inc.DSS,Inc.DSS,Inc.58.79%TruePartnerInternational LimitedTrue Partner Capital HoldingLimited19.51%True Partner International Limited XV(a)XV78 (b)352(c)GEM5.465.67 XV23 336 Franca Kurpershoek-Hekster(1)Wong Rosa Maria(2)True Partner Participation Limited(3)True Partner International LimitedDSS Financial Management, Inc.DSS Securities, Inc. Franca Kurpershoek-HeksterTobiasBenjamin Hekster (1)Franca Kurpershoek-HeksterTobiasBenjamin HeksterTobias BenjaminHek s terTrue Par tner Capital HoldingLimited14.08% (2)Wong Rosa MariaGodefriedus JelteHeijboerGodefriedus Jelte HeijboerTrue Partner Capital Holding Limited13.36%Wong Rosa MariaGodefriedus Jelte Heijboer (5)Anne Joy BordoniEdo BordoniEdo BordoniTrue Partner Capital HoldingLimited7.11%AnneJoy BordoniEdo Bordoni (6)Maria Victoria Diaz BasilioRoy vanBakelRoy van BakelTruePartner Capital Holding Limited6.60%Maria Victoria Diaz BasilioRoy van Bakel (3)Ralph Paul Johanvan PutTrue Partner ParticipationLimitedRalph Paul Johan van PutTrue Partner Participation LimitedTrue PartnerCapital Holding Limited13.91%Ralph Paul Johanvan PutTrue Partner Participation Limited (7)SomethingEls B.V.ERMA B.V.NardincBeheer B.V.50%SomethingEls B.V.ERMA B.V.NardincBeheer B.V.Dasym Managed Accounts B.V.F.J. Botman Holding B.V.90.1%F.J. BotmanHolding B.V.Franciscus Johannes BotmanDasym ManagedAccounts B.V.F.J. Botman Holding B.V.FranciscusJohannes BotmanNardin