Aspex Management (HK)
CENTRAL, K3files as Aspex Management (HK) Ltd
$8.9bn in 25 US stocks at the end of 30 June 2026. The top 10 are 80.3% of the money. It changed about 30.2% of the portfolio this quarter.
Value
$8.9bn
Stocks
25
Top 10 share
80.3%
Turnover
30.2%
What changed this quarter
New
Bought for the first time this quarter.
- QualcommQCOM13.2% of the fund
- InnioINIO3.1% of the fund
- Nu HoldingsNU2.5% of the fund
- Ford MotorF1.9% of the fund
Added
Bought more of a stock they already held.
- SynopsysSNPS15.6% of the fund+17%
- MKSMKSI9.1% of the fund+18%
- CoreWeaveCRWV8.9% of the fund+12%
- CarvanaCVNA8.1% of the fund+20%
- CoupangCPNG7.4% of the fund+137%
- TeradyneTER3.4% of the fund+25%
Cut
Sold some of their stake.
- CorningGLW4.3% of the fund-42%
- Grab HoldingsGRAB2.3% of the fund-8%
- Lumentum HoldingsLITE0.8% of the fund-57%
Sold out
Sold their entire stake.
- NvidiaNVDA-100%
- Full Truck AllianceYMM-100%
- Atour Lifestyle HldgsATAT-100%
- H World Group-100%
- Prenetics GlobalPRE-100%
- Vicarious SurgicalRBOT-100%
- Lanvin Group Holdings LimiteLANWF-100%
Holdings
- SeaSE
- Share
- 5.3%
- Value
- $467m
- Shares
- 4,870,097
Held
- Futu HldgsFUTU
- Share
- 4.8%
- Value
- $429m
- Shares
- 4,572,746
Held
- InnioINIO
- Share
- 3.1%
- Value
- $271m
- Shares
- 6,851,716
New
- Qfin HoldingsQFIN
- Share
- 1.1%
- Value
- $102m
- Shares
- 6,422,510
Held
- Trip COM GroupTCOM
- Share
- 1.0%
- Value
- $93m
- Shares
- 2,329,290
Held
- NIONIO
- Share
- 0.7%
- Value
- $66m
- Shares
- 13,141,609
Held
- Pony AIPONY
- Share
- 0.3%
- Value
- $29m
- Shares
- 4,140,447
Held
- Netease.comNTES
- Share
- 0.2%
- Value
- $19m
- Shares
- 147,655
Held
- RLX TechnologyRLX
- Share
- 0.2%
- Value
- $15m
- Shares
- 7,901,172
Held
- Prenetics GlobalPRENW
- Share
- <0.1%
- Value
- $15,000
- Shares
- 1,166,666
Held
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| SynopsysSNPS | 15.6% | $1.4bn | 3,112,646 | +17% |
| QualcommQCOM | 13.2% | $1.2bn | 6,360,236 | New |
| MKSMKSI | 9.1% | $810m | 1,820,441 | +18% |
| CoreWeaveCRWV | 8.9% | $792m | 7,960,201 | +12% |
| CarvanaCVNA | 8.1% | $717m | 10,891,999 | +20% |
| CoupangCPNG | 7.4% | $661m | 38,028,965 | +137% |
| SeaSE | 5.3% | $467m | 4,870,097 | Held |
| Futu HldgsFUTU | 4.8% | $429m | 4,572,746 | Held |
| CorningGLW | 4.3% | $377m | 1,477,410 | -42% |
| TeradyneTER | 3.4% | $306m | 631,941 | +25% |
| Amer SportsAS | 3.2% | $280m | 8,268,605 | Held |
| InnioINIO | 3.1% | $271m | 6,851,716 | New |
| Nu HoldingsNU | 2.5% | $218m | 16,289,511 | New |
| New Oriental Education & Technology GroupEDU | 2.3% | $208m | 4,523,574 | Held |
| Grab HoldingsGRAB | 2.3% | $205m | 54,334,024 | -8% |
| Ford MotorF | 1.9% | $165m | 11,888,605 | New |
| Qfin HoldingsQFIN | 1.1% | $102m | 6,422,510 | Held |
| Trip COM GroupTCOM | 1.0% | $93m | 2,329,290 | Held |
| Lumentum HoldingsLITE | 0.8% | $75m | 87,237 | -57% |
| NIONIO | 0.7% | $66m | 13,141,609 | Held |
| Pony AIPONY | 0.3% | $29m | 4,140,447 | Held |
| Netease.comNTES | 0.2% | $19m | 147,655 | Held |
| RLX TechnologyRLX | 0.2% | $15m | 7,901,172 | Held |
| Lanvin Group HoldingsLANV | <0.1% | $7m | 4,491,686 | Held |
| Prenetics GlobalPRENW | <0.1% | $15,000 | 1,166,666 | Held |
Options (2)
- Qualcomm
- Type
- Call
- Value
- $18m
- Contracts
- 1,600,000
- Grab Holdings Limited
- Type
- Call
- Value
- $305,000
- Contracts
- 29,482,900
| Company | Type | Value | Contracts |
|---|---|---|---|
| Qualcomm | Call | $18m | 1,600,000 |
| Grab Holdings Limited | Call | $305,000 | 29,482,900 |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 93.0% since 30 June 2025.
Where the money is
Technology60.9%
Retail & consumer23.0%
Financial services2.5%
Other13.7%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.