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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
+38.11%
1 Year Est. Return
+196.18%
3 Year Est. Return
+563.59%
5 Year Est. Return
+1,128.92%
10 Year Est. Return
–
AUM
$1.1B
AUM Growth
+$485M
Cap. Flow
+$182M
Cap. Flow %
16.6%
Top 10 Hldgs %
54.28%
Holding
38
New
16
Increased
10
Reduced
7
Closed
3

Top Buys

Rank Stock Value
1
TSM icon
TSMC
TSM
+$62.1M
2
LITE icon
Lumentum
LITE
+$55M
3
ADI icon
Analog Devices
ADI
+$48.5M
4
TTMI icon
TTM Technologies
TTMI
+$43.7M
5
BA icon
Boeing
BA
+$37M

Top Sells

Rank Stock Value
1
ALAB icon
Astera Labs
ALAB
+$141M
2
CRDO icon
Credo Technology Group
CRDO
+$64.5M
3
APP icon
Applovin
APP
+$40M
4
OLED icon
Universal Display
OLED
+$35.5M
5
U icon
Unity
U
+$24.5M

Sector Composition

Rank Sector Weight
1 Technology 77.64%
2 Materials 7.29%
3 Industrials 5.15%
4 Financials 5.12%
5 Consumer Discretionary 2.83%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
WRD
26
WeRide Inc
WRD
$1.96B
$13.8M 1.26%
1,398,800
– –
DQ
27
Daqo New Energy
DQ
$832M
$13.2M 1.21%
469,833
+180,457
+62% +$4.23M
SNPS icon
28
Synopsys
SNPS
$72.5B
$12.7M 1.16%
+25,800
New +$14.6M
QCOM icon
29
Qualcomm
QCOM
$180B
$11.2M 1.02%
+67,500
New +$10.7M
SNDK
30
Sandisk
SNDK
$206B
$10.9M 0.99%
+97,000
New +$5.66M
TAL icon
31
TAL Education Group
TAL
$5.72B
$9.87M 0.9%
881,672
+96,895
+12% +$1.04M
GOOGL icon
32
Alphabet (Google) Class A
GOOGL
$4.3T
$7.8M 0.71%
+32,100
New +$6.72M
JD icon
33
JD.com
JD
$41.3B
$7.52M 0.69%
215,000
+111,000
+107% +$3.61M
APP icon
34
Applovin
APP
$143B
$3.96M 0.36%
5,505
-86,729
-94% -$40M
YMM icon
35
Full Truck Alliance
YMM
$9.6B
$1.54M 0.14%
+119,100
New +$1.48M
BTDR icon
36
Bitdeer Technologies
BTDR
$2.77B
– –
-290,700
Closed -$3.34M
OLED icon
37
Universal Display
OLED
$3.81B
– –
-229,800
Closed -$35.5M
VSXY
38
Victoria's Secret
VSXY
$6.95B
– –
-52,800
Closed -$978K
1
2

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PPW
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UW
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TFHU
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AF
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ZAM
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FengHe Fund Management's Q3 2025 Portfolio in Review

As of Q3 2025, FengHe Fund Management held 38 positions worth $1.1B, up 80% from $610M the previous quarter. Its ten largest holdings account for 54% of the portfolio.

FengHe Fund Management deployed $182M of net new capital in Q3 2025, opening 16 new positions and adding to 10 existing holdings. Its largest new stake was Lumentum: 441,100 shares worth $71.8M.

By sector, the portfolio is most concentrated in Technology at 78% of assets, down from 81% a quarter earlier, followed by Materials and Industrials.

On the sell side, the largest reduction was Astera Labs, an estimated $141M trimmed.

  • FengHe Fund Management's largest Q3 2025 buy was Lumentum: 441,100 shares worth $71.8M.
  • FengHe Fund Management added most to TSMC in Q3 2025, an estimated $62.1M increase.
  • FengHe Fund Management's biggest Q3 2025 reduction was Astera Labs, cutting an estimated $141M.
  • FengHe Fund Management fully exited Universal Display in Q3 2025, selling an estimated $35.5M.
  • FengHe Fund Management's ten largest holdings make up 54% of its $1.1B portfolio in Q3 2025.
  • FengHe Fund Management opened 16 new positions and closed 3 in Q3 2025.
  • FengHe Fund Management's portfolio value rose 80% quarter-over-quarter to $1.1B.

Based on FengHe Fund Management's 13F filing for Q3 2025, filed 24 Oct 2025.