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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
YMM icon
51
Full Truck Alliance
YMM
$9.54B
– –
-119,100
Closed -$1.54M
1 2
3

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FAN
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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.