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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
+1.87%
1 Year Est. Return
+28.37%
3 Year Est. Return
+152.59%
5 Year Est. Return
+77.04%
10 Year Est. Return
–
AUM
$3.7B
AUM Growth
-$76.1M
Cap. Flow
-$69.2M
Cap. Flow %
-1.87%
Top 10 Hldgs %
71.34%
Holding
38
New
8
Increased
5
Reduced
5
Closed
6

Top Buys

Rank Stock Value
1
EDU icon
New Oriental
EDU
+$173M
2
YMM icon
Full Truck Alliance
YMM
+$148M
3
BEKE icon
KE Holdings
BEKE
+$134M
4
JD icon
JD.com
JD
+$104M
5
TSM icon
TSMC
TSM
+$103M

Top Sells

Rank Stock Value
1
NVDA icon
NVIDIA
NVDA
+$308M
2
MRVL icon
Marvell Technology
MRVL
+$194M
3
FUTU icon
Futu Holdings
FUTU
+$156M
4
BABA icon
Alibaba
BABA
+$116M
5
TME icon
Tencent Music
TME
+$91.3M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 32.74%
2 Technology 27.8%
3 Consumer Staples 18.54%
4 Financials 14.1%
5 Real Estate 3.24%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SE icon
1
Sea Limited
SE
$63.7B
$519M 14.04%
4,895,815
-60,667
-1% -$6.38M
EDU icon
2
New Oriental
EDU
$7.82B
$478M 12.93%
7,454,906
+2,701,566
+57% +$173M
TER icon
3
Teradyne
TER
$50.5B
$407M 11.01%
3,234,842
+847,409
+35% +$100M
QFIN icon
4
Qfin Holdings
QFIN
$1.55B
$245M 6.61%
6,371,808
+648,088
+11% +$22.4M
FUTU icon
5
Futu Holdings
FUTU
$13.3B
$231M 6.24%
2,885,929
-1,667,094
-37% -$156M
LI icon
6
Li Auto
LI
$12.3B
$179M 4.85%
7,480,871
-3,163,055
-30% -$78.4M
YMM icon
7
Full Truck Alliance
YMM
$9.48B
$165M 4.45%
+15,208,627
New +$148M
DASH icon
8
DoorDash
DASH
$80.2B
$160M 4.33%
955,406
-480,824
-33% -$79M
TCOM icon
9
Trip.com Group
TCOM
$26.7B
$129M 3.47%
1,872,533
-297,442
-14% -$19.7M
MU icon
10
Micron Technology
MU
$959B
$127M 3.42%
1,504,939
+381,546
+34% +$38.8M
ATAT icon
11
Atour Lifestyle Holdings
ATAT
$4.38B
$121M 3.28%
4,510,636
– –
BEKE icon
12
KE Holdings
BEKE
$19.3B
$120M 3.24%
+6,514,463
New +$134M
GDS icon
13
GDS Holdings
GDS
$6.24B
$117M 3.16%
4,926,727
+922,709
+23% +$19.5M
TAL icon
14
TAL Education Group
TAL
$5.68B
$106M 2.86%
10,555,730
– –
TSM icon
15
TSMC
TSM
$2.07T
$105M 2.84%
+531,348
New +$103M
JD icon
16
JD.com
JD
$40B
$93.6M 2.53%
+2,698,651
New +$104M
ELF icon
17
e.l.f. Beauty
ELF
$4.34B
$73.6M 1.99%
+586,028
New +$70.3M
HDB icon
18
HDFC Bank
HDB
$135B
$46.4M 1.25%
1,453,830
– –
PONY
19
Pony AI Inc
PONY
$2.89B
$34.1M 0.92%
+2,375,666
New +$31.6M
EPAM icon
20
EPAM Systems
EPAM
$4.63B
$30.6M 0.83%
+130,904
New +$29.1M
ENPH icon
21
Enphase Energy
ENPH
$5.48B
$29.4M 0.8%
428,615
– –
RLX icon
22
RLX Technology
RLX
$2.51B
$26.2M 0.71%
12,123,409
– –
VNET
23
VNET Group
VNET
$2.1B
$14.1M 0.38%
2,964,552
– –
NTES icon
24
NetEase
NTES
$84.1B
$13.2M 0.36%
+147,655
New +$12.9M
LANV icon
25
Lanvin Group Holdings
LANV
$157M
$9.04M 0.24%
4,500,000
– –
1
2

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EDRH
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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
Pure Financial Advisors San Diego, California $6.97B AUM 16.14% 1-Year Est. Return
RBI
Raiffeisen Bank International Vienna, Austria $6.97B AUM 29.39% 1-Year Est. Return
STA
Summit Trail Advisors New York $6.98B AUM 19.51% 1-Year Est. Return
PS
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Aspex Management (HK)'s Q4 2024 Portfolio in Review

As of Q4 2024, Aspex Management (HK) held 38 positions worth $3.7B, down 2% from $3.78B the previous quarter. Its ten largest holdings account for 71% of the portfolio.

Aspex Management (HK)'s Q4 2024 filing shows 8 new, 5 increased, 5 reduced and 6 closed positions. Its largest new stake was Full Truck Alliance: 15,208,627 shares worth $165M. The largest sale was NVIDIA, an estimated $308M.

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

  • Aspex Management (HK)'s largest Q4 2024 buy was Full Truck Alliance: 15,208,627 shares worth $165M.
  • Aspex Management (HK) added most to New Oriental in Q4 2024, an estimated $173M increase.
  • Aspex Management (HK)'s biggest Q4 2024 reduction was Futu Holdings, cutting an estimated $156M.
  • Aspex Management (HK) fully exited NVIDIA in Q4 2024, selling an estimated $308M.
  • Aspex Management (HK)'s ten largest holdings make up 71% of its $3.7B portfolio in Q4 2024.
  • Aspex Management (HK) opened 8 new positions and closed 6 in Q4 2024.
  • Aspex Management (HK)'s portfolio value fell 2% quarter-over-quarter to $3.7B.

Based on Aspex Management (HK)'s 13F filing for Q4 2024, filed 14 Feb 2025.