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Aspex Management (HK) Ltd

Q3 2025 · Filed 2025-11-14
Market Value
$4.3B
-2.9%
Holdings
25
+2
New Purchases
6
Added To
3
Closed
7
Reduced
6
Top 10 Concentration
87.5%
Turnover
52.0%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
SNPS 17.23% 7.40% +9.84% $749M
PDD 9.65% 0.00% +9.65% $419M
NIO 6.14% 0.00% +6.14% $267M
GRAB 3.93% 0.00% +3.93% $171M
CRS 3.13% 0.00% +3.13% $136M
PONY 2.14% 0.15% +2.00% $93M
LRCX 1.23% 0.00% +1.23% $54M
YMM 7.09% 5.92% +1.17% $308M
BIDU 1.12% 0.00% +1.12% $49M
DASH 4.54% 3.99% +0.55% $197M
FUTU 9.81% 9.37% +0.45% $426M
NTES 0.52% 0.44% +0.07% $22M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
TSM 0.00% 8.84% -8.84% $0
MRVL 0.00% 7.25% -7.25% $0
INTC 0.00% 6.20% -6.20% $0
TAL 0.00% 4.93% -4.93% $0
GDS 0.00% 3.01% -3.01% $0
DECK 0.00% 2.76% -2.76% $0
QFIN 4.32% 6.40% -2.09% $188M
TCOM 0.00% 1.95% -1.95% $0
EDU 7.18% 8.41% -1.23% $312M
SE 17.65% 18.51% -0.86% $767M
RLX 0.48% 0.60% -0.12% $21M
ATAT 3.83% 3.86% -0.03% $166M
PRENW 0.00% 0.00% -0.00% $31K

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 3 $54M 1.2%
Large Cap 13 $3.2B 73.7%
Mid Cap 7 $901M 20.7%
Small Cap 1 $188M 4.3%
Micro Cap 1 $31K 0.0%

Portfolio Analytics

Avg Market Cap
$155.0B
Median Market Cap
$15.1B
Avg P/E
27.9
Median P/E
17.3
Avg Dividend Yield
0.01%
Avg Beta
1.04
# Stocks
25
# ETFs / Funds
0

Top Holdings (25 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 SE 17.65% 4,291,369 $767M $178.73 -$62M -889,529 -17.2%
2 SNPS 17.23% 1,517,582 $749M $493.39 $418M +871,687 +135.0%
3 FUTU 9.81% 2,451,873 $426M $173.91 $7M -941,434 -27.7%
4 PDD 9.65% 3,172,333 $419M $132.17 +3,172,333 NEW
5 EDU 7.18% 5,879,363 $312M $53.07 -$65M -1,101,825 -15.8%
6 YMM 7.09% 23,763,953 $308M $12.97 $43M +1,308,330 +5.8%
7 NIO 6.14% 35,000,000 $267M $7.62 +35,000,000 NEW
8 DASH 4.54% 724,740 $197M $271.99 $18M
9 QFIN 4.32% 6,516,734 $188M $28.78 -$99M -95,632 -1.4%
10 GRAB 3.93% 28,384,511 $171M $6.02 +28,384,511 NEW
11 ATAT 3.83% 4,428,783 $166M $37.59 -$6M -886,098 -16.7%
12 CRS 3.13% 554,758 $136M $245.54 +554,758 NEW
13 PONY 2.14% 4,140,447 $93M $22.49 $87M +3,640,447 +728.1%
14 LRCX 1.23% 399,641 $54M $133.90 +399,641 NEW
15 BIDU 1.12% 368,351 $49M $131.77 +368,351 NEW
16 NTES 0.52% 147,655 $22M $151.99 $3M
17 RLX 0.48% 7,901,172 $21M $2.63 -$6M -4,222,237 -34.8%
18 PRENW —% 1,166,666 $31K $0.03 -$15K
19 INTC —% -$278M -12,398,919 -100.0% SOLD
20 TAL —% -$221M -21,586,517 -100.0% SOLD
21 DECK —% -$124M -1,198,917 -100.0% SOLD
22 GDS —% -$135M -4,406,949 -100.0% SOLD
23 TCOM —% -$87M -1,491,643 -100.0% SOLD
24 TSM —% -$396M -1,746,681 -100.0% SOLD
25 MRVL —% -$325M -4,195,561 -100.0% SOLD

New Positions

SymbolValue% Port
PDD $419M 9.65%
NIO $267M 6.14%
GRAB $171M 3.93%
CRS $136M 3.13%
LRCX $54M 1.23%
BIDU $49M 1.12%

Sold Out Positions

SymbolValue% Port
DECK —%
TAL —%
TSM —%
MRVL —%
INTC —%
GDS —%
TCOM —%
View SEC EDGAR Filings for Aspex Management (HK) Ltd →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms