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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
+40.13%
1 Year Est. Return
+196.18%
3 Year Est. Return
+563.59%
5 Year Est. Return
+1,128.92%
10 Year Est. Return
–
AUM
$610M
AUM Growth
+$344M
Cap. Flow
+$239M
Cap. Flow %
39.19%
Top 10 Hldgs %
79.62%
Holding
37
New
12
Increased
5
Reduced
5
Closed
15

Top Buys

Rank Stock Value
1
ALAB icon
Astera Labs
ALAB
+$93.3M
2
AMD icon
Advanced Micro Devices
AMD
+$54.5M
3
MRVL icon
Marvell Technology
MRVL
+$42.1M
4
CRDO icon
Credo Technology Group
CRDO
+$39.7M
5
ALB icon
Albemarle
ALB
+$31M

Top Sells

Rank Stock Value
1
VRT icon
Vertiv
VRT
+$33.4M
2
QCOM icon
Qualcomm
QCOM
+$14.9M
3
GEHC icon
GE HealthCare
GEHC
+$13.8M
4
CFLT
Confluent
CFLT
+$13M
5
BTDR icon
Bitdeer Technologies
BTDR
+$12M

Sector Composition

Rank Sector Weight
1 Technology 81.22%
2 Materials 8.74%
3 Communication Services 5.29%
4 Financials 1.83%
5 Consumer Discretionary 1.6%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ALAB icon
1
Astera Labs
ALAB
$56.8B
$107M 17.5%
+1,180,848
New +$93.3M
AMD icon
2
Advanced Micro Devices
AMD
$907B
$81.3M 13.32%
573,000
+500,800
+694% +$54.5M
CRDO icon
3
Credo Technology Group
CRDO
$42.4B
$63M 10.33%
+680,555
New +$39.7M
MRVL icon
4
Marvell Technology
MRVL
$191B
$52.2M 8.55%
+674,500
New +$42.1M
OLED icon
5
Universal Display
OLED
$3.82B
$35.5M 5.82%
229,800
-65,200
-22% -$9.13M
ALB icon
6
Albemarle
ALB
$13.9B
$32.9M 5.39%
+525,016
New +$31M
APP icon
7
Applovin
APP
$139B
$32.3M 5.29%
+92,234
New +$29.9M
COHR icon
8
Coherent
COHR
$61.8B
$30.5M 5.01%
+342,400
New +$24.6M
U icon
9
Unity
U
$12.7B
$26.8M 4.39%
1,107,702
+742,102
+203% +$16.3M
NVDA icon
10
NVIDIA
NVDA
$5.18T
$24.6M 4.03%
155,500
+27,900
+22% +$3.51M
TSM icon
11
TSMC
TSM
$2.19T
$22.7M 3.72%
100,100
-47,500
-32% -$8.8M
CDNS icon
12
Cadence Design Systems
CDNS
$92.7B
$21.4M 3.5%
+69,300
New +$20.1M
B
13
Barrick Mining
B
$62.3B
$20.4M 3.35%
+981,500
New +$19.2M
APH icon
14
Amphenol
APH
$193B
$12.2M 2%
+123,300
New +$10.1M
COIN icon
15
Coinbase
COIN
$44B
$11.2M 1.83%
31,900
+18,400
+136% +$4.3M
WRD
16
WeRide Inc
WRD
$1.89B
$11M 1.81%
+1,398,800
New +$12.5M
TAL icon
17
TAL Education Group
TAL
$5.72B
$8.02M 1.31%
784,777
-15,244
-2% -$158K
BABA icon
18
Alibaba
BABA
$279B
$5.4M 0.88%
47,600
-4,600
-9% -$545K
DQ
19
Daqo New Energy
DQ
$818M
$4.39M 0.72%
289,376
+33,300
+13% +$473K
JD icon
20
JD.com
JD
$40.8B
$3.39M 0.56%
+104,000
New +$3.55M
BTDR icon
21
Bitdeer Technologies
BTDR
$2.99B
$3.34M 0.55%
290,700
-1,041,500
-78% -$12M
VSXY
22
Victoria's Secret
VSXY
$7B
$978K 0.16%
+52,800
New +$1.03M
ARM icon
23
Arm
ARM
$305B
– –
-50,000
Closed -$5.34M
BEKE icon
24
KE Holdings
BEKE
$17.8B
– –
-392,500
Closed -$7.89M
BZ icon
25
Kanzhun
BZ
$6.9B
– –
-232,800
Closed -$4.46M
1
2

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PPW
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FengHe Fund Management's Q2 2025 Portfolio in Review

As of Q2 2025, FengHe Fund Management held 37 positions worth $610M, up 129% from $267M the previous quarter. Its ten largest holdings account for 80% of the portfolio.

FengHe Fund Management deployed $239M of net new capital in Q2 2025, opening 12 new positions and adding to 5 existing holdings. Its largest new stake was Astera Labs: 1,180,848 shares worth $107M.

By sector, the portfolio is most concentrated in Technology at 81% of assets, up from 60% a quarter earlier, followed by Materials and Communication Services.

On the sell side, the largest reduction was Bitdeer Technologies, an estimated $12M trimmed.

  • FengHe Fund Management's largest Q2 2025 buy was Astera Labs: 1,180,848 shares worth $107M.
  • FengHe Fund Management added most to Advanced Micro Devices in Q2 2025, an estimated $54.5M increase.
  • FengHe Fund Management's biggest Q2 2025 reduction was Bitdeer Technologies, cutting an estimated $12M.
  • FengHe Fund Management fully exited Vertiv in Q2 2025, selling an estimated $33.4M.
  • FengHe Fund Management's ten largest holdings make up 80% of its $610M portfolio in Q2 2025.
  • FengHe Fund Management opened 12 new positions and closed 15 in Q2 2025.
  • FengHe Fund Management's portfolio value rose 129% quarter-over-quarter to $610M.

Based on FengHe Fund Management's 13F filing for Q2 2025, filed 18 Jul 2025.