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AMH

Aspex Management (HK) Portfolio holdings

AUM $6.9B
1-Year Est. Return 28.37%
This Fund
S&P 500
This Quarter Est. Return
+4.58%
1 Year Est. Return
+28.37%
3 Year Est. Return
+152.59%
5 Year Est. Return
+77.04%
10 Year Est. Return
–
AUM
$3.89B
AUM Growth
+$189M
Cap. Flow
+$401M
Cap. Flow %
10.3%
Top 10 Hldgs %
73.21%
Holding
38
New
6
Increased
4
Reduced
8
Closed
8

Top Buys

Rank Stock Value
1
TSM icon
TSMC
TSM
+$360M
2
DECK icon
Deckers Outdoor
DECK
+$263M
3
CDNS icon
Cadence Design Systems
CDNS
+$158M
4
SNPS icon
Synopsys
SNPS
+$152M
5
INTC icon
Intel
INTC
+$149M

Top Sells

Rank Stock Value
1
TER icon
Teradyne
TER
+$407M
2
LI icon
Li Auto
LI
+$176M
3
JD icon
JD.com
JD
+$93.6M
4
EDU icon
New Oriental
EDU
+$81.2M
5
ELF icon
e.l.f. Beauty
ELF
+$73.6M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 34.71%
2 Technology 33.33%
3 Financials 13.22%
4 Consumer Staples 12.66%
5 Real Estate 2.65%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
RBOT
26
DELISTED
Vicarious Surgical
RBOT
$569K 0.01%
86,666
– –
LANV.WS
27
DELISTED
Lanvin Group Holdings Warrants
LANV.WS
$20K ﹤0.01%
1,000,000
– –
PRENW
28
Prenetics Global Ltd Warrant
PRENW
$136K
$12K ﹤0.01%
1,166,666
– –
ELF icon
29
e.l.f. Beauty
ELF
$4.95B
– –
-586,028
Closed -$73.6M
ENPH icon
30
Enphase Energy
ENPH
$5.01B
– –
-428,615
Closed -$29.4M
EPAM icon
31
EPAM Systems
EPAM
$4.92B
– –
-130,904
Closed -$30.6M
HDB icon
32
HDFC Bank
HDB
$119B
– –
-1,453,830
Closed -$46.4M
JD icon
33
JD.com
JD
$41.8B
– –
-2,698,651
Closed -$93.6M
TER icon
34
Teradyne
TER
$52.4B
– –
-3,234,842
Closed -$407M
VNET
35
VNET Group
VNET
$2.04B
– –
-2,964,552
Closed -$14.1M
1
2

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Aspex Management (HK)'s Q1 2025 Portfolio in Review

As of Q1 2025, Aspex Management (HK) held 38 positions worth $3.89B, up 5.1% from $3.7B the previous quarter. Its ten largest holdings account for 73% of the portfolio.

Aspex Management (HK) deployed $401M of net new capital in Q1 2025, opening 6 new positions and adding to 4 existing holdings. Its largest new stake was Deckers Outdoor: 1,625,641 shares worth $182M.

By sector, the portfolio is most concentrated in Consumer Discretionary at 35% of assets, up from 33% a quarter earlier, followed by Technology and Financials.

On the sell side, the largest reduction was Li Auto, an estimated $176M trimmed.

  • Aspex Management (HK)'s largest Q1 2025 buy was Deckers Outdoor: 1,625,641 shares worth $182M.
  • Aspex Management (HK) added most to TSMC in Q1 2025, an estimated $360M increase.
  • Aspex Management (HK)'s biggest Q1 2025 reduction was Li Auto, cutting an estimated $176M.
  • Aspex Management (HK) fully exited Teradyne in Q1 2025, selling an estimated $407M.
  • Aspex Management (HK)'s ten largest holdings make up 73% of its $3.89B portfolio in Q1 2025.
  • Aspex Management (HK) opened 6 new positions and closed 8 in Q1 2025.
  • Aspex Management (HK)'s portfolio value rose 5.1% quarter-over-quarter to $3.89B.

Based on Aspex Management (HK)'s 13F filing for Q1 2025, filed 14 May 2025.