# Must Asset Management Inc.

> Institutional holdings reported to the SEC as of Q3 2023 on Form 13F. CIK 1806987. Source: https://holderbook.com/funds/1806987-must-asset-management-inc/

- Reported value: $40.9M
- Positions: 21
- Weight of the ten largest: 83.3%
- Filed: 2023-11-07

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| SEA LTD | [SE](https://holderbook.com/stocks/SE/) | $7.4M | 184,389 | 18.1% | 8 |
| NOBLE CORP PLC | [NE](https://holderbook.com/stocks/NE/) | $5.2M | 102,002 | 12.7% | 2 |
| TRANSMEDICS GROUP INC | [TMDX](https://holderbook.com/stocks/TMDX/) | $5.2M | 94,202 | 12.6% | 1 |
| SCORPIO TANKERS INC | [STNG](https://holderbook.com/stocks/STNG/) | $4.2M | 77,060 | 10.2% | 1 |
| TIDEWATER INC NEW | [TDW](https://holderbook.com/stocks/TDW/) | $3.6M | 52,804 | 8.8% | 1 |
| ENETI INC | [NETI](https://holderbook.com/stocks/NETI/) | $2.0M | 193,448 | 4.8% | 3 |
| SOFI TECHNOLOGIES INC | [SOFI](https://holderbook.com/stocks/SOFI/) | $1.9M | 254,306 | 4.6% | 4 |
| CARVANA CO | [CVNA](https://holderbook.com/stocks/CVNA/) | $1.7M | 42,614 | 4.1% | 2 |
| HIMS & HERS HEALTH INC | [HIMS](https://holderbook.com/stocks/HIMS/) | $1.6M | 259,105 | 3.9% | 1 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $1.4M | 3,291 | 3.4% | 1 |
| INMODE LTD | [INMD](https://holderbook.com/stocks/INMD/) | $1.4M | 42,623 | 3.4% | 2 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $996.0K | 3,191 | 2.4% | 3 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $985.8K | 7,825 | 2.4% | 1 |
| VALARIS LTD | [VAL](https://holderbook.com/stocks/VAL/) | $806.3K | 10,734 | 2.0% | 1 |
| NOVO-NORDISK A S | [NVO](https://holderbook.com/stocks/NVO/) | $609.1K | 6,636 | 1.5% | 2 |
| TRANSOCEAN LTD | [RIG](https://holderbook.com/stocks/RIG/) | $519.8K | 61,735 | 1.3% | 2 |
| SERVICENOW INC | [NOW](https://holderbook.com/stocks/NOW/) | $506.0K | 929 | 1.2% | 1 |
| CALLON PETE CO DEL | [CPE](https://holderbook.com/stocks/CPE/) | $440.5K | 11,638 | 1.1% | 1 |
| PROGYNY INC | [PGNY](https://holderbook.com/stocks/PGNY/) | $377.2K | 11,027 | 0.9% | 12 |
| BETTER CHOICE CO INC | [BTTR](https://holderbook.com/stocks/BTTR/) | $168.9K | 1,407,416 | 0.4% | 9 |
| FARFETCH LTD | [FTCHQ](https://holderbook.com/stocks/FTCHQ/) | $38.9K | 21,507 | 0.1% | 2 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q3 2023 | -9.3% | -3.6% | -5.8% | 100% |
| Q2 2023 | -7.4% | +8.3% | -15.7% | 101% |
| Q1 2023 | +34.8% | +7.0% | +27.8% | 100% |
| Q4 2022 | -34.1% | +7.1% | -41.2% | 99% |
| Q3 2022 | -11.5% | -5.3% | -6.2% | 96% |
| Q2 2022 | -49.3% | -16.5% | -32.8% | 97% |
| Q1 2022 | -28.9% | -4.9% | -24.0% | 100% |
| Q4 2021 | -21.6% | +10.7% | -32.3% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q3 2023 | $40.9M | 21 |
| Q2 2023 | $36.3M | 23 |
| Q1 2023 | $40.2M | 15 |
| Q4 2022 | $44.2M | 13 |
| Q3 2022 | $121.5M | 29 |
| Q2 2022 | $133.7M | 36 |
| Q1 2022 | $198.4M | 53 |
| Q4 2021 | $186.8M | 49 |
| Q3 2021 | $154.5M | 40 |
| Q2 2021 | $141.7M | 32 |
| Q1 2021 | $127.7M | 33 |
| Q4 2020 | $140.0M | 31 |