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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
+17.04%
1 Year Est. Return
+28.37%
3 Year Est. Return
+152.59%
5 Year Est. Return
+77.04%
10 Year Est. Return
–
AUM
$4.72B
AUM Growth
+$123M
Cap. Flow
-$97.5M
Cap. Flow %
-2.06%
Top 10 Hldgs %
81.27%
Holding
36
New
8
Increased
3
Reduced
6
Closed
10

Top Buys

Rank Stock Value
1
SNPS icon
Synopsys
SNPS
+$493M
2
PDD icon
Pinduoduo
PDD
+$376M
3
AS icon
Amer Sports
AS
+$224M
4
NIO icon
NIO
NIO
+$189M
5
GRAB icon
Grab
GRAB
+$151M

Top Sells

Rank Stock Value
1
TSM icon
TSMC
TSM
+$396M
2
MRVL icon
Marvell Technology
MRVL
+$325M
3
INTC icon
Intel
INTC
+$278M
4
TAL icon
TAL Education Group
TAL
+$221M
5
FUTU icon
Futu Holdings
FUTU
+$156M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 43.02%
2 Technology 29.1%
3 Financials 13%
4 Consumer Staples 7.14%
5 Industrials 2.88%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
DECK icon
26
Deckers Outdoor
DECK
$13.7B
– –
-1,198,917
Closed -$124M
GDS icon
27
GDS Holdings
GDS
$6.3B
– –
-4,406,949
Closed -$135M
INTC icon
28
CALL
Intel
INTC
$461B
– –
-8,257,638
Closed -$2.68M
INTC icon
29
Intel
INTC
$461B
– –
-12,398,919
Closed -$278M
MRVL icon
30
Marvell Technology
MRVL
$170B
– –
-4,195,561
Closed -$325M
OEF icon
31
PUT
iShares S&P 100 ETF
OEF
$19.8B
– –
-2,968,782
Closed -$561K
TAL icon
32
TAL Education Group
TAL
$5.86B
– –
-21,586,517
Closed -$221M
TCOM icon
33
Trip.com Group
TCOM
$28.2B
– –
-1,491,643
Closed -$87.5M
TSM icon
34
TSMC
TSM
$2.07T
– –
-1,746,681
Closed -$396M
1
2

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Aspex Management (HK)'s Q3 2025 Portfolio in Review

As of Q3 2025, Aspex Management (HK) held 36 positions worth $4.72B, up 2.7% from $4.6B the previous quarter. Its ten largest holdings account for 81% of the portfolio.

Aspex Management (HK)'s Q3 2025 filing shows 8 new, 3 increased, 6 reduced and 10 closed positions. Its largest new stake was Pinduoduo: 3,172,333 shares worth $419M. The largest sale was TSMC, an estimated $396M.

By sector, the portfolio is most concentrated in Consumer Discretionary at 43% of assets, up from 30% a quarter earlier, followed by Technology and Financials.

  • Aspex Management (HK)'s largest Q3 2025 buy was Pinduoduo: 3,172,333 shares worth $419M.
  • Aspex Management (HK) added most to Synopsys in Q3 2025, an estimated $493M increase.
  • Aspex Management (HK)'s biggest Q3 2025 reduction was Futu Holdings, cutting an estimated $156M.
  • Aspex Management (HK) fully exited TSMC in Q3 2025, selling an estimated $396M.
  • Aspex Management (HK)'s ten largest holdings make up 81% of its $4.72B portfolio in Q3 2025.
  • Aspex Management (HK) opened 8 new positions and closed 10 in Q3 2025.
  • Aspex Management (HK)'s portfolio value rose 2.7% quarter-over-quarter to $4.72B.

Based on Aspex Management (HK)'s 13F filing for Q3 2025, filed 14 Nov 2025.