SEC 13F Intelligence

Managers / Q4 2021 · view latest →

Hidden Lake Asset Management LP

CIK 0001750312 · 152 W 57TH STREET, SUITE 920, NEW YORK, NY, 10019 · 212-237-1290

Reported Value
$195M
Q4 2021
Positions
15
Filings on Record
28
2019–present window
Filed
Feb 11, 2022
original filing

Summary

Hidden Lake Asset Management LP reported $195M in U.S.-listed holdings across 15 positions for Q4 2021.

Its largest position, ZTO, represents 12.2% of the portfolio.

Compared with Q3 2021, the fund opened 7 new positions and exited 11.

Portfolio Metrics

Turnover
+35.4%
vs prior filed quarter
Top-10 Concentration
+81.8%
share of reported value
Largest Position
+12.2%
Zto Express Cayman
New / Exited
7 / 11
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’19: $63MQ4 ’19Q1 ’20: $63MQ2 ’20: $187MQ3 ’20: $156MQ4 ’20: $255MQ4 ’20Q1 ’21: $256MQ2 ’21: $311MQ3 ’21: $379MQ4 ’21: $195MQ4 ’21Q1 ’22: $293MQ2 ’22: $561MQ3 ’22: $207MQ4 ’22: $234MQ4 ’22Q1 ’23: $143MQ2 ’23: $69MQ3 ’23: $84MQ4 ’23: $133MQ4 ’23Q1 ’24: $165MQ2 ’24: $129MQ3 ’24: $182MQ4 ’24: $222MQ4 ’24Q1 ’25: $155MQ2 ’25: $367MQ3 ’25: $782MQ4 ’25: $395MQ4 ’25Q1 ’26: $331Mfilingsflow.com

Portfolio Composition

By security type
Common Stock: 61.8%ADR: 32.2%Other: 6.0%
  • Common Stock · 61.8% · $120M
  • ADR · 32.2% · $63M
  • Other · 6.0% · $12M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2021 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
MLB1Mercadolibre IncNEW+15.5K15.5K+$21M$21M
Qualtrics International IncNEW+457.5K457.5K+$16M$16M
DKSDICK'S Sporting Goods IncNEW+109.2K109.2K+$13M$13M
DOCNDigitalOcean Holdings IncNEW+150.2K150.2K+$12M$12M
Global-E Online LtdNEW+182.9K182.9K+$12M$12M
GDSGDS Holdings LtdNEW+187.6K187.6K+$9M$9M
APPSDigital Turbine IncNEW+63.8K63.8K+$4M$4M
JMIAJumia Technologies AGADDED+876.6K957.7K+$9M$11M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q4 2021

15 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1ZTOZTO Express (Cayman) Inchistory →Equity12.21%$24M843.1K
2MLB1Mercadolibre Inchistory →Equity10.70%$21M15.5K
3CZRCaesars Entertainment Inchistory →Equity9.09%$18M189.4K
4AFRMAffirm Holdings Inchistory →Equity9.05%$18M175.3K
5Qualtrics International IncEquity8.31%$16M457.5K
6CARGCarGurus Inchistory →Equity8.22%$16M475.8K
7DKSDICK'S Sporting Goods Inchistory →Equity6.44%$13M109.2K
8DOCNDigitalOcean Holdings Inchistory →Equity6.19%$12M150.2K
9Global-E Online LtdEquity5.95%$12M182.9K
10JMIAJumia Technologies AGhistory →Equity5.60%$11M957.7K
11RLXRLX Technology Inchistory →Equity5.56%$11M2.78M
12GDSGDS Holdings Ltdhistory →Equity4.54%$9M187.6K
13SESea Ltdhistory →Equity4.33%$8M37.7K
14APPSDigital Turbine Inchistory →Equity2.00%$4M63.8K
15HUBSHubSpot Inchistory →Equity1.81%$4M5.3K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$331M28May 14, 202613F-HRchanges · EDGAR ↗
Q4 2025$395M33Feb 17, 202613F-HRchanges · EDGAR ↗
Q3 2025$782M42Nov 14, 202513F-HRchanges · EDGAR ↗
Q2 2025$367M37Aug 14, 202513F-HRchanges · EDGAR ↗
Q1 2025$155M28May 15, 202513F-HRchanges · EDGAR ↗
Q4 2024$222M33Feb 14, 202513F-HRchanges · EDGAR ↗
Q3 2024$182M28Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$129M28Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$165M23May 15, 202413F-HRchanges · EDGAR ↗
Q4 2023$133M20Feb 14, 202413F-HRchanges · EDGAR ↗
Q3 2023$84M8Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$69M9Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023$143M16May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022$234M23Feb 14, 202313F-HRchanges · EDGAR ↗
Q3 2022$207M24Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$561M28Aug 15, 202213F-HRchanges · EDGAR ↗
Q1 2022$293M21May 13, 202213F-HRchanges · EDGAR ↗
Q4 2021$195M15Feb 11, 202213F-HRchanges · EDGAR ↗
Q3 2021$379M19Nov 15, 202113F-HRchanges · EDGAR ↗
Q2 2021$311M25Aug 16, 202113F-HRchanges · EDGAR ↗
Q1 2021$256M19May 17, 202113F-HRchanges · EDGAR ↗
Q4 2020$255M19Feb 16, 202113F-HRchanges · EDGAR ↗
Q3 2020$156M20Nov 16, 202013F-HRchanges · EDGAR ↗
Q2 2020$187M22Aug 14, 202013F-HRchanges · EDGAR ↗
Q1 2020$63M11May 15, 202013F-HRchanges · EDGAR ↗
Q4 2019$63M13Feb 18, 2020RESTATEMENTchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.