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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
-19.48%
1 Year Est. Return
+28.37%
3 Year Est. Return
+152.59%
5 Year Est. Return
+77.04%
10 Year Est. Return
–
AUM
$3B
AUM Growth
-$51.7M
Cap. Flow
+$766M
Cap. Flow %
25.5%
Top 10 Hldgs %
77.17%
Holding
30
New
6
Increased
6
Reduced
1
Closed
3

Top Buys

Rank Stock Value
1
NTES icon
NetEase
NTES
+$276M
2
ZTO icon
ZTO Express
ZTO
+$168M
3
GDS icon
GDS Holdings
GDS
+$107M
4
HTHT icon
Huazhu Hotels Group
HTHT
+$50.8M
5
RBOT
Vicarious Surgical
RBOT
+$27.4M

Top Sells

Rank Stock Value
1
DIDI
DiDi Global Inc. American depositary shares, each four representing one Class A ordinary share
DIDI
+$28.3M
2
OTLY
Oatly Group
OTLY
+$9.78M
3
JD icon
JD.com
JD
+$6.27M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 35.43%
2 Technology 26.46%
3 Communication Services 8.93%
4 Financials 7.68%
5 Industrials 5.99%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
JD icon
1
JD.com
JD
$40B
$464M 15.45%
6,420,592
-85,100
-1% -$6.27M
GDS icon
2
GDS Holdings
GDS
$6.24B
$400M 13.34%
7,073,258
+1,743,700
+33% +$107M
XPEV icon
3
XPeng
XPEV
$12.9B
$287M 9.57%
8,082,275
+82,275
+1% +$3.27M
NTES icon
4
NetEase
NTES
$84.1B
$249M 8.3%
+2,917,757
New +$276M
QFIN icon
5
Qfin Holdings
QFIN
$1.55B
$185M 6.15%
9,085,030
+700,000
+8% +$16.5M
ZTO icon
6
ZTO Express
ZTO
$18.2B
$180M 5.99%
+5,863,750
New +$168M
LRCX icon
7
Lam Research
LRCX
$392B
$150M 4.98%
2,629,070
– –
MU icon
8
Micron Technology
MU
$959B
$143M 4.76%
2,011,217
– –
HTHT icon
9
Huazhu Hotels Group
HTHT
$12.8B
$133M 4.43%
2,898,717
+1,075,194
+59% +$50.8M
LI icon
10
Li Auto
LI
$12.3B
$126M 4.2%
4,800,000
+800,000
+20% +$24.1M
TSP
11
DELISTED
TuSimple Holdings Inc. Class A Common Stock
TSP
$78.8M 2.62%
2,121,626
– –
DDL
12
Dingdong
DDL
$496M
$52.5M 1.75%
2,215,933
– –
YSG
13
Yatsen Holding
YSG
$335M
$50M 1.67%
2,626,908
+400,000
+18% +$12.2M
NFH
14
DELISTED
New Frontier Health Corporation Ordinary Shares
NFH
$45.8M 1.53%
4,081,250
– –
BEKE icon
15
KE Holdings
BEKE
$19.3B
$45.6M 1.52%
2,500,000
– –
RBOT
16
DELISTED
Vicarious Surgical
RBOT
$38.9M 1.3%
+86,667
New +$27.4M
NIO icon
17
NIO
NIO
$12.2B
$38.4M 1.28%
1,079,000
– –
API
18
Agora
API
$331M
$22.7M 0.76%
+783,455
New +$24.4M
BZ icon
19
Kanzhun
BZ
$6.66B
$18.9M 0.63%
525,000
– –
EM
20
DELISTED
Smart Share Global Ltd
EM
$15M 0.5%
4,500,000
– –
ARTAU
21
DELISTED
Artisan Acquisition Corp. Units
ARTAU
$12.8M 0.43%
1,250,000
– –
OPA.U
22
DELISTED
Magnum Opus Acquisition Limited Units, each consisting of one Class A ordinary share and one-half redeemable warrant
OPA.U
$10.4M 0.35%
991,394
– –
NFH.WS
23
DELISTED
New Frontier Health Corporation Warrants, each whole warrant exercisable for one Ordinary Share at a
NFH.WS
$452K 0.02%
162,500
– –
OTLY
24
Oatly Group
OTLY
$313M
– –
-20,000
Closed -$9.78M
DIDI
25
DELISTED
DiDi Global Inc. American depositary shares, each four representing one Class A ordinary share
DIDI
– –
-2,000,000
Closed -$28.3M

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AG
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GAM
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PFA
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Aspex Management (HK)'s Q3 2021 Portfolio in Review

As of Q3 2021, Aspex Management (HK) held 30 positions worth $3B, down 1.7% from $3.05B the previous quarter. Its ten largest holdings account for 77% of the portfolio.

Aspex Management (HK) deployed $766M of net new capital in Q3 2021, opening 6 new positions and adding to 6 existing holdings. Its largest new stake was NetEase: 2,917,757 shares worth $249M.

By sector, the portfolio is most concentrated in Consumer Discretionary at 35% of assets, down from 39% a quarter earlier, followed by Technology and Communication Services.

On the sell side, the largest reduction was JD.com, an estimated $6.27M trimmed.

  • Aspex Management (HK)'s largest Q3 2021 buy was NetEase: 2,917,757 shares worth $249M.
  • Aspex Management (HK) added most to GDS Holdings in Q3 2021, an estimated $107M increase.
  • Aspex Management (HK)'s biggest Q3 2021 reduction was JD.com, cutting an estimated $6.27M.
  • Aspex Management (HK) fully exited DiDi Global Inc. American depositary shares, each four representing one Class A ordinary share in Q3 2021, selling an estimated $28.3M.
  • Aspex Management (HK)'s ten largest holdings make up 77% of its $3B portfolio in Q3 2021.
  • Aspex Management (HK) opened 6 new positions and closed 3 in Q3 2021.
  • Aspex Management (HK)'s portfolio value fell 1.7% quarter-over-quarter to $3B.

Based on Aspex Management (HK)'s 13F filing for Q3 2021, filed 12 Nov 2021.