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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
GOOGL icon
1
Alphabet (Google) Class A
GOOGL
$4.33T
$163M 9.17%
520,100
+488,000
+1,520% +$139M
CIEN icon
2
Ciena
CIEN
$55B
$155M 8.7%
660,988
+410,588
+164% +$79.7M
ONON icon
3
On Holding
ONON
$12.7B
$142M 8.02%
+3,064,211
New +$132M
SNDK
4
Sandisk
SNDK
$209B
$102M 5.77%
431,700
+334,700
+345% +$67M
AVGO icon
5
Broadcom
AVGO
$1.78T
$99.9M 5.63%
+288,680
New +$103M
TSM icon
6
TSMC
TSM
$2.13T
$95.7M 5.39%
314,940
-38,960
-11% -$11.4M
MTSI icon
7
MACOM Technology Solutions
MTSI
$21B
$90.7M 5.1%
+529,326
New +$84M
ALNY icon
8
Alnylam Pharmaceuticals
ALNY
$37.8B
$87M 4.9%
+218,700
New +$96.8M
LHX icon
9
L3Harris
LHX
$53B
$79.4M 4.47%
+270,500
New +$78.2M
U icon
10
Unity
U
$13.2B
$76.5M 4.31%
1,732,002
+1,284,400
+287% +$52.3M
LITE icon
11
Lumentum
LITE
$54.9B
$70.8M 3.99%
192,200
-248,900
-56% -$63.9M
APP icon
12
Applovin
APP
$146B
$63.3M 3.57%
94,010
+88,505
+1,608% +$55.8M
LLY icon
13
Eli Lilly
LLY
$1.04T
$55.1M 3.1%
+51,300
New +$49.1M
GLW icon
14
Corning
GLW
$136B
$51.2M 2.88%
584,500
+178,500
+44% +$15.4M
SITM icon
15
SiTime
SITM
$16.9B
$45.3M 2.55%
+128,389
New +$40.2M
MRK icon
16
Merck
MRK
$315B
$44.3M 2.49%
+420,400
New +$39.5M
VRT icon
17
Vertiv
VRT
$113B
$38.8M 2.19%
+239,800
New +$41.6M
CRS icon
18
Carpenter Technology
CRS
$27.5B
$36.6M 2.06%
+116,200
New +$35M
WRD
19
WeRide Inc
WRD
$2.02B
$36.2M 2.04%
4,175,181
+2,776,381
+198% +$25.8M
BA icon
20
Boeing
BA
$169B
$35.6M 2%
163,900
– –
KTOS icon
21
Kratos Defense & Security Solutions
KTOS
$8.81B
$35.3M 1.99%
+464,900
New +$38.1M
APH icon
22
Amphenol
APH
$188B
$25.8M 1.45%
190,700
-117,900
-38% -$15.8M
CRDO icon
23
Credo Technology Group
CRDO
$38.8B
$23.3M 1.31%
162,269
+8,769
+6% +$1.35M
ALAB icon
24
Astera Labs
ALAB
$54.8B
$20.1M 1.13%
120,980
-203,020
-63% -$34M
ARWR icon
25
Arrowhead Research
ARWR
$10.1B
$17.7M 1%
+266,700
New +$13.1M
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.