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FFM

FengHe Fund Management Portfolio holdings

AUM $724M
1-Year Est. Return 196.18%
This Fund
S&P 500
This Quarter Est. Return
+21.21%
1 Year Est. Return
+196.18%
3 Year Est. Return
+563.59%
5 Year Est. Return
+1,128.92%
10 Year Est. Return
–
AUM
$724M
AUM Growth
-$1.05B
Cap. Flow
-$1.16B
Cap. Flow %
-160.09%
Top 10 Hldgs %
71.89%
Holding
48
New
10
Increased
4
Reduced
15
Closed
17

Top Buys

1
MKSI icon
MKS Inc
MKSI
+$103M
2
BWXT icon
BWX Technologies
BWXT
+$79.9M
3
TER icon
Teradyne
TER
+$54.9M
4
ASML icon
ASML
ASML
+$20.3M
5
MOD icon
Modine Manufacturing
MOD
+$11.8M

Top Sells

1
CIEN icon
Ciena
CIEN
+$175M
2
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$123M
3
SNDK
Sandisk
SNDK
+$102M
4
MTSI icon
MACOM Technology Solutions
MTSI
+$93.5M
5
LITE icon
Lumentum
LITE
+$76.6M

Sector Composition

1 Technology 61.92%
2 Industrials 18.01%
3 Consumer Discretionary 10.81%
4 Communication Services 5.72%
5 Materials 1.8%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MKSI icon
1
MKS Inc
MKSI
$22.4B
$105M 14.49%
+456,329
New +$103M
BWXT icon
2
BWX Technologies
BWXT
$15.9B
$80.4M 11.11%
+393,200
New +$79.9M
TER icon
3
Teradyne
TER
$50.5B
$58.3M 8.06%
+196,765
New +$54.9M
ONON icon
4
On Holding
ONON
$12.7B
$57.8M 7.99%
1,699,520
-1,364,691
-45% -$59.6M
TSM icon
5
TSMC
TSM
$2.13T
$37.5M 5.18%
110,850
-204,090
-65% -$70.2M
GOOGL icon
6
Alphabet (Google) Class A
GOOGL
$4.33T
$37.2M 5.15%
129,485
-390,615
-75% -$123M
SITM icon
7
SiTime
SITM
$16.9B
$37.2M 5.14%
107,695
-20,694
-16% -$7.61M
LITE icon
8
Lumentum
LITE
$54.9B
$37.1M 5.13%
52,800
-139,400
-73% -$76.6M
LHX icon
9
L3Harris
LHX
$53B
$35.2M 4.86%
101,860
-168,640
-62% -$58.9M
CIEN icon
10
Ciena
CIEN
$55B
$34.7M 4.79%
89,254
-571,734
-86% -$175M
ASML icon
11
ASML
ASML
$686B
$32.1M 4.44%
24,302
+14,802
+156% +$20.3M
MTSI icon
12
MACOM Technology Solutions
MTSI
$21B
$24.5M 3.39%
110,526
-418,800
-79% -$93.5M
AMD icon
13
Advanced Micro Devices
AMD
$817B
$21.6M 2.99%
106,340
+33,540
+46% +$7.16M
AVGO icon
14
Broadcom
AVGO
$1.78T
$18.3M 2.54%
59,285
-229,395
-79% -$75.5M
MOD icon
15
Modine Manufacturing
MOD
$12B
$13.6M 1.88%
+62,700
New +$11.8M
ALNY icon
16
Alnylam Pharmaceuticals
ALNY
$37.8B
$10.8M 1.49%
32,500
-186,200
-85% -$63.4M
CRS icon
17
Carpenter Technology
CRS
$27.5B
$9.85M 1.36%
25,000
-91,200
-78% -$33.2M
MSFT icon
18
Microsoft
MSFT
$2.98T
$9.7M 1.34%
+26,200
New +$11M
ADI icon
19
Analog Devices
ADI
$185B
$9.54M 1.32%
29,985
-28,215
-48% -$8.98M
CRDO icon
20
Credo Technology Group
CRDO
$38.8B
$9.02M 1.25%
96,100
-66,169
-41% -$8.05M
ALAB icon
21
Astera Labs
ALAB
$54.8B
$8.14M 1.13%
74,280
-46,700
-39% -$6.65M
AA icon
22
Alcoa
AA
$12.4B
$7.3M 1.01%
+110,062
New +$6.75M
B
23
Barrick Mining
B
$58.4B
$5.74M 0.79%
+140,750
New +$6.5M
BABA icon
24
Alibaba
BABA
$282B
$5.5M 0.76%
43,800
– –
NVDA icon
25
NVIDIA
NVDA
$5.02T
$5.44M 0.75%
31,200
+4,100
+15% +$752K
1
2

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FengHe Fund Management's Q1 2026 Portfolio in Review

As of Q1 2026, FengHe Fund Management held 48 positions worth $724M, down 59% from $1.78B the previous quarter. Its ten largest holdings account for 72% of the portfolio.

FengHe Fund Management withdrew a net $1.16B in Q1 2026, closing 17 positions and reducing 15 holdings. Its most notable exit was Sandisk, an estimated $102M position sold in full.

By sector, the portfolio is most concentrated in Technology at 62% of assets, up from 54% a quarter earlier, followed by Industrials and Consumer Discretionary.

Against the trend, FengHe Fund Management opened a new position in MKS Inc worth $105M.

  • FengHe Fund Management's largest Q1 2026 buy was MKS Inc: 456,329 shares worth $105M.
  • FengHe Fund Management added most to ASML in Q1 2026, an estimated $20.3M increase.
  • FengHe Fund Management's biggest Q1 2026 reduction was Ciena, cutting an estimated $175M.
  • FengHe Fund Management fully exited Sandisk in Q1 2026, selling an estimated $102M.
  • FengHe Fund Management's ten largest holdings make up 72% of its $724M portfolio in Q1 2026.
  • FengHe Fund Management opened 10 new positions and closed 17 in Q1 2026.
  • FengHe Fund Management's portfolio value fell 59% quarter-over-quarter to $724M.

Based on FengHe Fund Management's 13F filing for Q1 2026, filed 15 May 2026.