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Aspex Management (HK) Ltd

Q4 2025 · Filed 2026-02-13
Market Value
$4.6B
+5.0%
Holdings
21
-4
New Purchases
3
Added To
3
Closed
4
Reduced
6
Top 10 Concentration
90.6%
Turnover
33.3%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
NVDA 11.75% 0.00% +11.75% $536M
LITE 5.51% 0.00% +5.51% $251M
SNPS 21.89% 17.23% +4.66% $999M
TER 4.38% 0.00% +4.38% $200M
FUTU 12.14% 9.81% +2.32% $554M
GRAB 6.11% 3.93% +2.18% $279M
PRENW 0.00% 0.00% +0.00% $35K

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
SE 9.43% 17.65% -8.22% $430M
NIO 1.47% 6.14% -4.67% $67M
DASH 0.00% 4.54% -4.54% $0
CRS 0.00% 3.13% -3.13% $0
PDD 7.73% 9.65% -1.92% $353M
QFIN 2.71% 4.32% -1.60% $124M
YMM 5.59% 7.09% -1.50% $255M
LRCX 0.00% 1.23% -1.23% $0
EDU 6.06% 7.18% -1.12% $277M
BIDU 0.00% 1.12% -1.12% $0
PONY 1.32% 2.14% -0.83% $60M
ATAT 3.07% 3.83% -0.76% $140M
RLX 0.40% 0.48% -0.07% $18M
NTES 0.45% 0.52% -0.07% $20M

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 2 $536M 11.7%
Large Cap 12 $3.2B 69.1%
Mid Cap 5 $750M 16.4%
Small Cap 1 $124M 2.7%
Micro Cap 1 $35K 0.0%

Portfolio Analytics

Avg Market Cap
$299.6B
Median Market Cap
$21.6B
Avg P/E
39.8
Median P/E
32.8
Avg Dividend Yield
0.01%
Avg Beta
1.15
# Stocks
21
# ETFs / Funds
0

Top Holdings (21 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 SNPS 21.89% 2,126,089 $999M $469.72 $250M +608,507 +40.1%
2 FUTU 12.14% 3,371,597 $554M $164.21 $127M +919,724 +37.5%
3 NVDA 11.75% 2,873,869 $536M $186.50 +2,873,869 NEW
4 SE 9.43% 3,373,016 $430M $127.57 -$337M -918,353 -21.4%
5 PDD 7.73% 3,109,525 $353M $113.39 -$67M -62,808 -2.0%
6 GRAB 6.11% 55,864,875 $279M $4.99 $108M +27,480,364 +96.8%
7 EDU 6.06% 5,024,985 $277M $55.03 -$35M -854,378 -14.5%
8 YMM 5.59% 23,763,953 $255M $10.73 -$53M
9 LITE 5.51% 681,959 $251M $368.59 +681,959 NEW
10 TER 4.38% 1,031,838 $200M $193.56 +1,031,838 NEW
11 ATAT 3.07% 3,557,795 $140M $39.40 -$26M -870,988 -19.7%
12 QFIN 2.71% 6,422,510 $124M $19.27 -$64M -94,224 -1.4%
13 NIO 1.47% 13,141,609 $67M $5.10 -$200M -21,858,391 -62.5%
14 PONY 1.32% 4,140,447 $60M $14.50 -$33M
15 NTES 0.45% 147,655 $20M $137.62 -$2M
16 RLX 0.40% 7,901,172 $18M $2.33 -$2M
17 PRENW —% 1,166,666 $35K $0.03 $4K
18 DASH —% -$197M -724,740 -100.0% SOLD
19 LRCX —% -$54M -399,641 -100.0% SOLD
20 BIDU —% -$49M -368,351 -100.0% SOLD
21 CRS —% -$136M -554,758 -100.0% SOLD

New Positions

SymbolValue% Port
NVDA $536M 11.75%
LITE $251M 5.51%
TER $200M 4.38%

Sold Out Positions

SymbolValue% Port
CRS —%
LRCX —%
BIDU —%
DASH —%
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