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AMH

Aspex Management (HK) Portfolio holdings

AUM $8.89B
1-Year Est. Return 39.91%
This Fund
S&P 500
This Quarter Est. Return
+17.04%
1 Year Est. Return
+39.91%
3 Year Est. Return
+208.69%
5 Year Est. Return
+91.65%
10 Year Est. Return
–
AUM
$4.72B
AUM Growth
+$123M
Cap. Flow
-$250M
Cap. Flow %
-5.29%
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 Miscellaneous 3.35%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SE icon
1
Sea Limited
SE
$68.7B
$767M 16.24%
4,291,369
-889,529
-17% -$152M
SNPS icon
2
Synopsys
SNPS
$75.5B
$749M 15.85%
1,517,582
+871,687
+135% +$493M
FUTU icon
3
Futu Holdings
FUTU
$17.1B
$426M 9.03%
2,451,873
-941,434
-28% -$156M
PDD icon
4
Pinduoduo
PDD
$117B
$419M 8.88%
+3,172,333
New +$376M
EDU icon
5
New Oriental
EDU
$9.47B
$312M 6.61%
5,879,363
-1,101,825
-16% -$54.4M
YMM icon
6
Full Truck Alliance
YMM
$8.97B
$308M 6.52%
23,763,953
+1,308,330
+6% +$16.2M
NIO icon
7
NIO
NIO
$9.52B
$267M 5.65%
+35,000,000
New +$189M
AS icon
8
Amer Sports
AS
$17.2B
$206M 4.37%
+5,935,091
New +$224M
DASH icon
9
DoorDash
DASH
$91.7B
$197M 4.17%
724,740
– –
QFIN icon
10
Qfin Holdings
QFIN
$1.1B
$188M 3.97%
6,516,734
-95,632
-1% -$3.25M
GRAB icon
11
Grab
GRAB
$14B
$171M 3.62%
+28,384,511
New +$151M
ATAT icon
12
Atour Lifestyle Holdings
ATAT
$4.67B
$166M 3.52%
4,428,783
-886,098
-17% -$32.4M
CRS icon
13
Carpenter Technology
CRS
$23.6B
$136M 2.88%
+554,758
New +$142M
PONY
14
Pony AI Inc
PONY
$3.19B
$93.1M 1.97%
4,140,447
+3,640,447
+728% +$55.4M
LRCX icon
15
Lam Research
LRCX
$385B
$53.5M 1.13%
+399,641
New +$42.3M
BIDU icon
16
Baidu
BIDU
$33.7B
$48.5M 1.03%
+368,351
New +$36.5M
GRAB icon
17
CALL
Grab
GRAB
$14B
$43.8M 0.93%
+29,482,900
New +$156M
NTES icon
18
NetEase
NTES
$76.4B
$22.4M 0.48%
147,655
– –
RLX icon
19
RLX Technology
RLX
$2.2B
$20.8M 0.44%
7,901,172
-4,222,237
-35% -$10M
LANV icon
20
Lanvin Group Holdings
LANV
$119M
$9.36M 0.2%
4,500,000
– –
PRE icon
21
Prenetics Global
PRE
$427M
$4.6M 0.1%
346,150
– –
RBOT
22
DELISTED
Vicarious Surgical
RBOT
$478K 0.01%
86,666
– –
PRENW
23
Prenetics Global Ltd Warrant
PRENW
$146K
$31K ﹤0.01%
1,166,666
– –
LANV.WS
24
DELISTED
Lanvin Group Holdings Warrants
LANV.WS
$19K ﹤0.01%
1,000,000
– –
AAPL icon
25
PUT
Apple
AAPL
$4.67T
– –
-2,525,702
Closed -$1.02M
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) withdrew a net $250M in Q3 2025, closing 10 positions and reducing 6 holdings. Its most notable exit was TSMC, an estimated $396M position sold in full.

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.

Against the trend, Aspex Management (HK) opened a new position in Pinduoduo worth $419M.

  • 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.