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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
+14.08%
1 Year Est. Return
+28.37%
3 Year Est. Return
+152.59%
5 Year Est. Return
+77.04%
10 Year Est. Return
–
AUM
$4.6B
AUM Growth
+$712M
Cap. Flow
+$1.43B
Cap. Flow %
31.09%
Top 10 Hldgs %
80.99%
Holding
33
New
3
Increased
9
Reduced
5
Closed
5

Top Buys

Rank Stock Value
1
MRVL icon
Marvell Technology
MRVL
+$262M
2
SNPS icon
Synopsys
SNPS
+$155M
3
INTC icon
Intel
INTC
+$116M
4
YMM icon
Full Truck Alliance
YMM
+$84.3M
5
TAL icon
TAL Education Group
TAL
+$76.3M

Top Sells

Rank Stock Value
1
MU icon
Micron Technology
MU
+$176M
2
CDNS icon
Cadence Design Systems
CDNS
+$145M
3
TSM icon
TSMC
TSM
+$118M
4
BEKE icon
KE Holdings
BEKE
+$103M
5
SE icon
Sea Limited
SE
+$96.6M

Sector Composition

Rank Sector Weight
1 Technology 37.72%
2 Consumer Discretionary 30.45%
3 Financials 15.35%
4 Consumer Staples 13.63%
5 Communication Services 0.43%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SE icon
1
Sea Limited
SE
$63.7B
$829M 18.01%
5,180,898
-667,308
-11% -$96.6M
FUTU icon
2
Futu Holdings
FUTU
$13.3B
$419M 9.11%
3,393,307
+591,082
+21% +$60.4M
TSM icon
3
TSMC
TSM
$2.07T
$396M 8.6%
1,746,681
-635,969
-27% -$118M
EDU icon
4
New Oriental
EDU
$7.82B
$377M 8.19%
6,981,188
+1,106,716
+19% +$52.6M
SNPS icon
5
Synopsys
SNPS
$73.6B
$331M 7.2%
645,895
+332,364
+106% +$155M
MRVL icon
6
Marvell Technology
MRVL
$169B
$325M 7.06%
+4,195,561
New +$262M
QFIN icon
7
Qfin Holdings
QFIN
$1.55B
$287M 6.23%
6,612,366
+1,547,312
+31% +$64.5M
INTC icon
8
Intel
INTC
$478B
$278M 6.04%
12,398,919
+5,594,106
+82% +$116M
YMM icon
9
Full Truck Alliance
YMM
$9.48B
$265M 5.76%
22,455,623
+7,246,996
+48% +$84.3M
TAL icon
10
TAL Education Group
TAL
$5.68B
$221M 4.79%
21,586,517
+7,388,698
+52% +$76.3M
DASH icon
11
DoorDash
DASH
$80.2B
$179M 3.88%
724,740
– –
ATAT icon
12
Atour Lifestyle Holdings
ATAT
$4.38B
$173M 3.76%
5,314,881
+804,245
+18% +$22.9M
GDS icon
13
GDS Holdings
GDS
$6.24B
$135M 2.93%
4,406,949
+1,397,073
+46% +$35.4M
DECK icon
14
Deckers Outdoor
DECK
$14.8B
$124M 2.69%
1,198,917
-426,724
-26% -$47.2M
TCOM icon
15
Trip.com Group
TCOM
$26.7B
$87.5M 1.9%
1,491,643
– –
RLX icon
16
RLX Technology
RLX
$2.51B
$26.8M 0.58%
12,123,409
– –
NTES icon
17
NetEase
NTES
$84.1B
$19.9M 0.43%
147,655
– –
LANV icon
18
Lanvin Group Holdings
LANV
$157M
$9.86M 0.21%
4,500,000
– –
PONY
19
Pony AI Inc
PONY
$2.89B
$6.6M 0.14%
500,000
-1,875,666
-79% -$22.7M
PRE icon
20
Prenetics Global
PRE
$311M
$2.95M 0.06%
346,150
– –
INTC icon
21
CALL
Intel
INTC
$478B
$2.68M 0.06%
8,257,638
-4,284,420
-34% -$88.8M
AAPL icon
22
PUT
Apple
AAPL
$4.9T
$1.02M 0.02%
+2,525,702
New +$510M
RBOT
23
DELISTED
Vicarious Surgical
RBOT
$650K 0.01%
86,666
– –
OEF icon
24
PUT
iShares S&P 100 ETF
OEF
$20.1B
$561K 0.01%
+2,968,782
New +$827M
PRENW
25
Prenetics Global Ltd Warrant
PRENW
$226K
$46K ﹤0.01%
1,166,666
– –
1
2

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Aspex Management (HK)'s Q2 2025 Portfolio in Review

As of Q2 2025, Aspex Management (HK) held 33 positions worth $4.6B, up 18% from $3.89B the previous quarter. Its ten largest holdings account for 81% of the portfolio.

Aspex Management (HK) deployed $1.43B of net new capital in Q2 2025, opening 3 new positions and adding to 9 existing holdings. Its largest new stake was Marvell Technology: 4,195,561 shares worth $325M.

By sector, the portfolio is most concentrated in Technology at 38% of assets, up from 33% a quarter earlier, followed by Consumer Discretionary and Financials.

On the sell side, the largest reduction was TSMC, an estimated $118M trimmed.

  • Aspex Management (HK)'s largest Q2 2025 buy was Marvell Technology: 4,195,561 shares worth $325M.
  • Aspex Management (HK) added most to Synopsys in Q2 2025, an estimated $155M increase.
  • Aspex Management (HK)'s biggest Q2 2025 reduction was TSMC, cutting an estimated $118M.
  • Aspex Management (HK) fully exited Micron Technology in Q2 2025, selling an estimated $176M.
  • Aspex Management (HK)'s ten largest holdings make up 81% of its $4.6B portfolio in Q2 2025.
  • Aspex Management (HK) opened 3 new positions and closed 5 in Q2 2025.
  • Aspex Management (HK)'s portfolio value rose 18% quarter-over-quarter to $4.6B.

Based on Aspex Management (HK)'s 13F filing for Q2 2025, filed 13 Aug 2025.