AMH
Aspex Management (HK) Portfolio holdings
AUM
$8.89B
Turnover
35.29%
1-Year Est. Return
39.91%
This Fund
S&P 500
This Quarter
Est. Return
-3.97%
1 Year Est. Return
+39.91%
3 Year Est. Return
+208.69%
5 Year Est. Return
+91.65%
10 Year Est. Return
–
AUM
$6.9B
AUM Growth
+$1.96B
(+40%)
Cap. Flow
+$2.64B
Cap. Flow
% of AUM
38.28%
Top 10 Holdings %
Top 10 Hldgs %
78.07%
Holding
30
New
6
Increased
6
Reduced
5
Closed
1
Avg Time Held Equity + Options
1.8
years
Top 10 Avg Time Held Equity + Options
0.8
years
Top 20 Avg Time Held Equity + Options
1.2
years
Avg Time Held Equity only
1.8
years
Top 10 Avg Time Held Equity only
0.8
years
Top 20 Avg Time Held Equity only
1.2
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Carvana
CVNA
|
+$675M |
| 2 |
CoreWeave
CRWV
|
+$616M |
| 3 |
NVIDIA
NVDA
|
+$422M |
| 4 |
MKS Inc
MKSI
|
+$348M |
| 5 |
Coupang
CPNG
|
+$314M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Pinduoduo
PDD
|
+$353M |
| 2 |
Lumentum
LITE
|
+$263M |
| 3 |
Teradyne
TER
|
+$147M |
| 4 |
New Oriental
EDU
|
+$28.1M |
| 5 |
Full Truck Alliance
YMM
|
+$18.8M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 57.12% |
| 2 | Consumer Discretionary | 27.29% |
| 3 | Financials | 10.27% |
| 4 | Consumer Staples | 4.07% |
| 5 | Miscellaneous | 1.01% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Synopsys
SNPS
$92B
| $1.06B | 15.35% |
2,670,532
+544,443
| +26% | +$246M |
2025 Q1
4 quarters
|
|
|
2
NVIDIA
NVDA
$5.34T
| $902M | 13.08% |
5,174,466
+2,300,597
| +80% | +$422M |
2025 Q4
1 quarter
|
|
3
Futu Holdings
FUTU
$15.3B
| $625M | 9.06% |
4,572,746
+1,201,149
| +36% | +$187M |
2021 Q4
17 quarters
|
|
|
4
Carvana
CVNA
$41.7B
| $572M | 8.29% |
+9,095,450
| New | +$675M |
2026 Q1
0 quarters
|
|
|
5
CoreWeave
CRWV
$36.3B
| $550M | 7.97% |
+7,097,527
| New | +$616M |
2026 Q1
0 quarters
|
|
6
Sea Limited
SE
$58.4B
| $403M | 5.85% |
4,870,097
+1,497,081
| +44% | +$160M |
2022 Q1
16 quarters
|
|
|
7
MKS Inc
MKSI
$15.9B
| $354M | 5.13% |
+1,538,789
| New | +$348M |
2026 Q1
0 quarters
|
|
8
Corning
GLW
$121B
| $346M | 5.02% |
+2,544,734
| New | +$307M |
2026 Q1
0 quarters
|
|
|
9
Coupang
CPNG
$25.9B
| $303M | 4.39% |
+16,037,845
| New | +$314M |
2026 Q1
0 quarters
|
|
10
Amer Sports
AS
$16.8B
| $272M | 3.95% |
8,268,605
+674,978
| +9% | +$24.7M |
2025 Q3
2 quarters
|
|
|
11
New Oriental
EDU
$8.93B
| $257M | 3.72% |
4,532,665
-492,320
| -10% | -$28.1M |
2024 Q2
7 quarters
|
|
12
Grab
GRAB
$11.9B
| $217M | 3.15% |
59,304,024
+3,439,149
| +6% | +$14.6M |
2025 Q3
2 quarters
|
|
|
13
Full Truck Alliance
YMM
$8.86B
| $181M | 2.62% |
21,791,354
-1,972,599
| -8% | -$18.8M |
2024 Q4
5 quarters
|
|
|
14
Teradyne
TER
$56.2B
| $150M | 2.17% |
506,070
-525,768
| -51% | -$147M |
2025 Q4
1 quarter
|
|
|
15
Lumentum
LITE
$81.2B
| $143M | 2.08% |
203,942
-478,017
| -70% | -$263M |
2025 Q4
1 quarter
|
|
16
Atour Lifestyle Holdings
ATAT
$4.44B
| $131M | 1.9% |
3,552,677
-5,118
| -0.1% | -$193K |
2023 Q4
9 quarters
|
|
17
Trip.com Group
TCOM
$24.5B
| $116M | 1.68% |
+2,329,290
| New | +$136M |
2026 Q1
0 quarters
|
|
18
Qfin Holdings
QFIN
$692M
| $82.9M | 1.2% |
6,422,510
| – | – |
2019 Q4
25 quarters
|
|
19
NIO
NIO
$8.54B
| $79.2M | 1.15% |
13,141,609
| – | – |
2025 Q3
2 quarters
|
|
20
Pony AI Inc
PONY
$2.25B
| $39.1M | 0.57% |
4,140,447
| – | – |
2024 Q4
5 quarters
|
|
21
RLX Technology
RLX
$2.09B
| $17.4M | 0.25% |
7,901,172
| – | – |
2023 Q2
11 quarters
|
|
22
NetEase
NTES
$79.2B
| $16.5M | 0.24% |
147,655
| – | – |
2024 Q4
5 quarters
|
|
23
Lanvin Group Holdings
LANV
$102M
| $6.79M | 0.1% |
4,500,000
| – | – |
2022 Q4
13 quarters
|
|
24
Prenetics Global
PRE
$402M
| $6.69M | 0.1% |
346,150
| – | – |
2022 Q2
15 quarters
|
|
|
25
CALL
Grab
GRAB
$11.9B
| $2.28M | 0.03% |
29,482,900
| – | – |
2025 Q3
2 quarters
|
|
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Aspex Management (HK)'s Q1 2026 Portfolio in Review
As of Q1 2026, Aspex Management (HK) held 30 positions worth $6.9B, up 40% from $4.94B the previous quarter. Its ten largest holdings account for 78% of the portfolio.
Aspex Management (HK) deployed $2.64B of net new capital in Q1 2026, opening 6 new positions and adding to 6 existing holdings. Its largest new stake was Carvana: 9,095,450 shares worth $572M.
By sector, the portfolio is most concentrated in Technology at 57% of assets, up from 52% a quarter earlier, followed by Consumer Discretionary and Financials.
On the sell side, the largest reduction was Lumentum, an estimated $263M trimmed.
- Aspex Management (HK)'s largest Q1 2026 buy was Carvana: 9,095,450 shares worth $572M.
- Aspex Management (HK) added most to NVIDIA in Q1 2026, an estimated $422M increase.
- Aspex Management (HK)'s biggest Q1 2026 reduction was Lumentum, cutting an estimated $263M.
- Aspex Management (HK) fully exited Pinduoduo in Q1 2026, selling an estimated $353M.
- Aspex Management (HK)'s ten largest holdings make up 78% of its $6.9B portfolio in Q1 2026.
- Aspex Management (HK) opened 6 new positions and closed 1 in Q1 2026.
- Aspex Management (HK)'s portfolio value rose 40% quarter-over-quarter to $6.9B.
Based on Aspex Management (HK)'s 13F filing for Q1 2026, filed 15 May 2026.