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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
+26.26%
1 Year Est. Return
+196.18%
3 Year Est. Return
+563.59%
5 Year Est. Return
+1,128.92%
10 Year Est. Return
–
AUM
$1.78B
AUM Growth
+$680M
Cap. Flow
+$457M
Cap. Flow %
25.73%
Top 10 Hldgs %
61.45%
Holding
51
New
16
Increased
8
Reduced
13
Closed
13

Top Buys

Rank Stock Value
1
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$139M
2
ONON icon
On Holding
ONON
+$132M
3
AVGO icon
Broadcom
AVGO
+$103M
4
ALNY icon
Alnylam Pharmaceuticals
ALNY
+$96.8M
5
MTSI icon
MACOM Technology Solutions
MTSI
+$84M

Top Sells

Rank Stock Value
1
AMD icon
Advanced Micro Devices
AMD
+$111M
2
LITE icon
Lumentum
LITE
+$63.9M
3
COHR icon
Coherent
COHR
+$54.8M
4
TTMI icon
TTM Technologies
TTMI
+$54.1M
5
MRVL icon
Marvell Technology
MRVL
+$40.4M

Sector Composition

Rank Sector Weight
1 Technology 53.86%
2 Communication Services 12.83%
3 Industrials 12.71%
4 Healthcare 11.49%
5 Consumer Discretionary 8.46%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ADI icon
26
Analog Devices
ADI
$183B
$15.8M 0.89%
58,200
-143,700
-71% -$36.1M
AMD icon
27
Advanced Micro Devices
AMD
$838B
$15.6M 0.88%
72,800
-493,900
-87% -$111M
ASML icon
28
ASML
ASML
$667B
$10.2M 0.57%
+9,500
New +$9.91M
TAL icon
29
TAL Education Group
TAL
$5.75B
$8.72M 0.49%
799,195
-82,477
-9% -$937K
BABA icon
30
Alibaba
BABA
$289B
$6.42M 0.36%
43,800
-87,400
-67% -$14.2M
DQ
31
Daqo New Energy
DQ
$840M
$5.97M 0.34%
202,371
-267,462
-57% -$8.16M
COHR icon
32
Coherent
COHR
$56.9B
$5.32M 0.3%
28,800
-366,600
-93% -$54.8M
NVDA icon
33
NVIDIA
NVDA
$4.94T
$5.05M 0.28%
27,100
-195,400
-88% -$36.4M
MRVL icon
34
Marvell Technology
MRVL
$177B
$3.32M 0.19%
39,100
-461,500
-92% -$40.4M
COIN icon
35
Coinbase
COIN
$42.7B
$2.89M 0.16%
12,800
-57,100
-82% -$17M
MSTR icon
36
Strategy Inc
MSTR
$35.8B
$2.72M 0.15%
+17,900
New +$4.12M
NTES icon
37
NetEase
NTES
$86.2B
$1.71M 0.1%
+12,400
New +$1.76M
SE icon
38
Sea Limited
SE
$65B
$1.47M 0.08%
+11,500
New +$1.7M
ALB icon
39
Albemarle
ALB
$13.9B
– –
-317,785
Closed -$25.8M
AMAT icon
40
Applied Materials
AMAT
$419B
– –
-97,500
Closed -$20M
CDNS icon
41
Cadence Design Systems
CDNS
$91.8B
– –
-69,300
Closed -$24.3M
FNV icon
42
Franco-Nevada
FNV
$38.8B
– –
-70,400
Closed -$15.7M
FUTU icon
43
Futu Holdings
FUTU
$13.9B
– –
-186,800
Closed -$32.5M
B
44
Barrick Mining
B
$58.7B
– –
-1,172,300
Closed -$38.4M
HII icon
45
Huntington Ingalls Industries
HII
$10.7B
– –
-73,000
Closed -$21M
INTC icon
46
Intel
INTC
$493B
– –
-1,164,300
Closed -$39.1M
JD icon
47
JD.com
JD
$41.3B
– –
-215,000
Closed -$7.52M
QCOM icon
48
Qualcomm
QCOM
$182B
– –
-67,500
Closed -$11.2M
SNPS icon
49
Synopsys
SNPS
$73B
– –
-25,800
Closed -$12.7M
TTMI icon
50
TTM Technologies
TTMI
$14B
– –
-940,071
Closed -$54.1M
1
2
3

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FengHe Fund Management's Q4 2025 Portfolio in Review

As of Q4 2025, FengHe Fund Management held 51 positions worth $1.78B, up 62% from $1.1B the previous quarter. Its ten largest holdings account for 61% of the portfolio.

FengHe Fund Management deployed $457M of net new capital in Q4 2025, opening 16 new positions and adding to 8 existing holdings. Its largest new stake was On Holding: 3,064,211 shares worth $142M.

By sector, the portfolio is most concentrated in Technology at 54% of assets, down from 78% a quarter earlier, followed by Communication Services and Industrials.

On the sell side, the largest reduction was Advanced Micro Devices, an estimated $111M trimmed.

  • FengHe Fund Management's largest Q4 2025 buy was On Holding: 3,064,211 shares worth $142M.
  • FengHe Fund Management added most to Alphabet (Google) Class A in Q4 2025, an estimated $139M increase.
  • FengHe Fund Management's biggest Q4 2025 reduction was Advanced Micro Devices, cutting an estimated $111M.
  • FengHe Fund Management fully exited TTM Technologies in Q4 2025, selling an estimated $54.1M.
  • FengHe Fund Management's ten largest holdings make up 61% of its $1.78B portfolio in Q4 2025.
  • FengHe Fund Management opened 16 new positions and closed 13 in Q4 2025.
  • FengHe Fund Management's portfolio value rose 62% quarter-over-quarter to $1.78B.

Based on FengHe Fund Management's 13F filing for Q4 2025, filed 30 Jan 2026.