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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
+49.1%
1 Year Est. Return
+28.37%
3 Year Est. Return
+152.59%
5 Year Est. Return
+77.04%
10 Year Est. Return
–
AUM
$2.53B
AUM Growth
+$977M
Cap. Flow
+$413M
Cap. Flow %
16.31%
Top 10 Hldgs %
78.32%
Holding
25
New
7
Increased
5
Reduced
5
Closed
2

Top Buys

Rank Stock Value
1
LI icon
Li Auto
LI
+$123M
2
PDD icon
Pinduoduo
PDD
+$120M
3
GDS icon
GDS Holdings
GDS
+$73.8M
4
BEKE icon
KE Holdings
BEKE
+$68.7M
5
MNSO icon
MINISO
MNSO
+$40.9M

Top Sells

Rank Stock Value
1
JD icon
JD.com
JD
+$90.1M
2
NIO icon
NIO
NIO
+$40.2M
3
VNET
VNET Group
VNET
+$33.5M
4
MU icon
Micron Technology
MU
+$33.2M
5
LVS icon
Las Vegas Sands
LVS
+$28.1M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 54.63%
2 Technology 19.34%
3 Real Estate 7.64%
4 Financials 5.09%
5 Industrials 2.07%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
XPEV icon
1
XPeng
XPEV
$11.8B
$445M 17.54%
10,379,425
– –
GDS icon
2
GDS Holdings
GDS
$6.34B
$303M 11.94%
3,231,093
+830,599
+35% +$73.8M
JD icon
3
JD.com
JD
$40.8B
$261M 10.31%
2,972,692
-1,079,314
-27% -$90.1M
BEKE icon
4
KE Holdings
BEKE
$16.8B
$194M 7.64%
3,146,514
+1,033,573
+49% +$68.7M
PDD icon
5
Pinduoduo
PDD
$118B
$178M 7.01%
+1,000,000
New +$120M
NIO icon
6
NIO
NIO
$11.3B
$144M 5.69%
2,960,840
-1,039,160
-26% -$40.2M
LI icon
7
Li Auto
LI
$12.6B
$130M 5.12%
+4,500,000
New +$123M
LVS icon
8
Las Vegas Sands
LVS
$30.5B
$119M 4.7%
1,999,664
-526,904
-21% -$28.1M
LRCX icon
9
Lam Research
LRCX
$382B
$118M 4.66%
2,501,070
– –
QFIN icon
10
Qfin Holdings
QFIN
$1.61B
$94M 3.71%
7,975,358
– –
MU icon
11
Micron Technology
MU
$1.04T
$69.6M 2.75%
925,625
-551,100
-37% -$33.2M
HTHT icon
12
Huazhu Hotels Group
HTHT
$12.4B
$58M 2.29%
1,288,700
+638,700
+98% +$29.1M
ZTO icon
13
ZTO Express
ZTO
$18.2B
$52.6M 2.07%
1,803,610
+860,651
+91% +$25.3M
MNSO icon
14
MINISO
MNSO
$3.64B
$50M 1.97%
+1,893,673
New +$40.9M
NFH
15
DELISTED
New Frontier Health Corporation Ordinary Shares
NFH
$35.1M 1.38%
4,081,250
– –
JOYY
16
JOYY Inc
JOYY
$3.73B
$26M 1.02%
+324,557
New +$27.9M
BNR
17
Burning Rock Biotech
BNR
$11.2M 0.44%
48,642
+19,400
+66% +$5.21M
YSG
18
Yatsen Holding
YSG
$311M
$8.5M 0.34%
+100,000
New +$8.37M
NFH.WS
19
DELISTED
New Frontier Health Corporation Warrants, each whole warrant exercisable for one Ordinary Share at a
NFH.WS
$354K 0.01%
162,500
– –
BZUN
20
Baozun
BZUN
$144M
– –
-89,896
Closed -$2.92M
VNET
21
VNET Group
VNET
$2.05B
– –
-1,447,191
Closed -$33.5M

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AG
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GAM
Groupama Asset Management Paris, France $6.85B AUM 43.37% 1-Year Est. Return
CIA
Capital Investment Advisors Atlanta, Georgia $6.84B AUM 17.28% 1-Year Est. Return
PFA
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RBI
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STA
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PS
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Aspex Management (HK)'s Q4 2020 Portfolio in Review

As of Q4 2020, Aspex Management (HK) held 25 positions worth $2.53B, up 63% from $1.56B the previous quarter. Its ten largest holdings account for 78% of the portfolio.

Aspex Management (HK) deployed $413M of net new capital in Q4 2020, opening 7 new positions and adding to 5 existing holdings. Its largest new stake was Li Auto: 4,500,000 shares worth $130M.

By sector, the portfolio is most concentrated in Consumer Discretionary at 55% of assets, up from 49% a quarter earlier, followed by Technology and Real Estate.

On the sell side, the largest reduction was JD.com, an estimated $90.1M trimmed.

  • Aspex Management (HK)'s largest Q4 2020 buy was Li Auto: 4,500,000 shares worth $130M.
  • Aspex Management (HK) added most to GDS Holdings in Q4 2020, an estimated $73.8M increase.
  • Aspex Management (HK)'s biggest Q4 2020 reduction was JD.com, cutting an estimated $90.1M.
  • Aspex Management (HK) fully exited VNET Group in Q4 2020, selling an estimated $33.5M.
  • Aspex Management (HK)'s ten largest holdings make up 78% of its $2.53B portfolio in Q4 2020.
  • Aspex Management (HK) opened 7 new positions and closed 2 in Q4 2020.
  • Aspex Management (HK)'s portfolio value rose 63% quarter-over-quarter to $2.53B.

Based on Aspex Management (HK)'s 13F filing for Q4 2020, filed 11 Feb 2021.