SEC 13F Intelligence

Managers / Q1 2026

BRILLIANCE ASSET MANAGEMENT LTD

CIK 0001665751 · LEVEL 35, UNIT 3560, TWO PACIFIC PLACE, 88 QUEENSWAY, ADMIRALTY, HONG KONG, K3, 00000 · 85238502633

Reported Value
$339M
Q1 2026
Positions
16
Filings on Record
30
2019–present window
Filed
May 12, 2026
original filing

Summary

Brilliance Asset Management Ltd reported $339M in U.S.-listed holdings across 16 positions for Q1 2026.

The portfolio is heavily concentrated: PDD alone accounts for 21.2% of reported value.

Compared with Q4 2025, the fund opened 10 new positions and exited 0.

Portfolio Metrics

Turnover
+27.6%
vs prior filed quarter
Top-10 Concentration
+94.8%
share of reported value
Largest Position
+21.2%
Pdd

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $190MQ4 ’18Q1 ’19: $75MQ2 ’19: $323MQ3 ’19: $408MQ4 ’19: $426MQ4 ’19Q1 ’20: $387MQ2 ’20: $1.1BQ3 ’20: $1.6BQ4 ’20: $2.5BQ4 ’20Q1 ’21: $2.2BQ2 ’21: $1.9BQ3 ’21: $859MQ4 ’21: $480MQ4 ’21Q1 ’22: $254MQ2 ’22: $482MQ3 ’22: $348MQ4 ’22: $366MQ4 ’22Q1 ’23: $334MQ2 ’23: $387MQ3 ’23: $396MQ4 ’23: $462MQ4 ’23Q1 ’24: $453MQ2 ’24: $398MQ3 ’24: $391MQ4 ’24: $444MQ4 ’24Q1 ’25: $303MQ2 ’25: $154MQ3 ’25: $187MQ4 ’25: $255MQ4 ’25Q1 ’26: $339Mfilingsflow.com

Portfolio Composition

By security type
ADR: 64.0%Common Stock: 26.2%Other: 9.7%
  • ADR · 64.0% · $217M
  • Common Stock · 26.2% · $89M
  • Other · 9.7% · $33M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
KANZHUN LIMITEDNEW+4.98M4.98M+$67M$67M
YMMFULL TRUCK ALLIANCE CO LTDNEW+6.52M6.52M+$54M$54M
AMZNAMAZON COM INCNEW+65.4K65.4K+$14M$14M
NVDANVIDIA CORPORATIONNEW+37.8K37.8K+$7M$7M
FUTUFUTU HLDGS LTDNEW+41.6K41.6K+$6M$6M
CLVTRIP COM GROUP LTDNEW+89.8K89.8K+$4M$4M
ZTOZTO EXPRESS CAYMAN INNEW+112.4K112.4K+$3M$3M
TSMTAIWAN SEMICONDUCTOR MFG LTDNEW+8.0K8.0K+$3M$3M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q1 2026

16 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1PDDPDD HOLDINGS INChistory →SPONSORED ADS21.23%$72M704.5K
2KANZHUN LIMITEDSPONSORED ADS19.67%$67M4.98M
3YMMFULL TRUCK ALLIANCE CO LTDhistory →SPONSORED ADS15.97%$54M6.52M
4ONTOONTO INNOVATION INChistory →COM11.72%$40M193.8K
5AMER SPORTS INCCOM SHS9.71%$33M1.00M
6GOOGALPHABET INChistory →CAP STK CL C5.46%$18M64.5K
7AMZNAMAZON COM INChistory →COM4.02%$14M65.4K
8TXNTEXAS INSTRS INChistory →COM2.63%$9M45.9K
9LXLEXINFINTECH HLDGS LTDhistory →ADR2.44%$8M3.80M
10NVDANVIDIA CORPORATIONhistory →COM1.94%$7M37.8K
11FUTUFUTU HLDGS LTDhistory →SPON ADS CL A1.68%$6M41.6K
12CLVTRIP COM GROUP LTDhistory →ADS1.32%$4M89.8K
13ZTOZTO EXPRESS CAYMAN INSPONSORED ADS A0.83%$3M112.4K
14TSMTAIWAN SEMICONDUCTOR MFG LTDSPONSORED ADS0.80%$3M8.0K
15UUNITY SOFTWARE INCCOM0.47%$2M73.4K
16BABAALIBABA GROUP HLDG LTDSPONSORED ADS0.10%$345,5172.8K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$339M16May 12, 202613F-HRchanges · EDGAR ↗
Q4 2025$255M6Feb 12, 202613F-HRchanges · EDGAR ↗
Q3 2025$187M7Nov 12, 202513F-HRchanges · EDGAR ↗
Q2 2025$154M7Aug 11, 202513F-HRchanges · EDGAR ↗
Q1 2025$303M9May 12, 202513F-HRchanges · EDGAR ↗
Q4 2024$444M7Feb 12, 202513F-HRchanges · EDGAR ↗
Q3 2024$391M9Nov 12, 202413F-HRchanges · EDGAR ↗
Q2 2024$398M15Aug 13, 202413F-HRchanges · EDGAR ↗
Q1 2024$453M10May 15, 202413F-HRchanges · EDGAR ↗
Q4 2023$462M6Feb 14, 202413F-HRchanges · EDGAR ↗
Q3 2023$396M8Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$387M6Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023$334M5May 12, 202313F-HRchanges · EDGAR ↗
Q4 2022$366M6Feb 13, 202313F-HRchanges · EDGAR ↗
Q3 2022$348M6Nov 9, 202213F-HRchanges · EDGAR ↗
Q2 2022$482M6Aug 12, 202213F-HRchanges · EDGAR ↗
Q1 2022$254M4Apr 29, 202213F-HRchanges · EDGAR ↗
Q4 2021$480M5Feb 11, 202213F-HRchanges · EDGAR ↗
Q3 2021$859M6Nov 12, 202113F-HRchanges · EDGAR ↗
Q2 2021$1.9B7Aug 13, 202113F-HRchanges · EDGAR ↗
Q1 2021$2.2B9May 14, 202113F-HRchanges · EDGAR ↗
Q4 2020$2.5B12Feb 16, 202113F-HRchanges · EDGAR ↗
Q3 2020$1.6B13Nov 13, 202013F-HRchanges · EDGAR ↗
Q2 2020$1.1B7Aug 17, 202013F-HRchanges · EDGAR ↗
Q1 2020$387M3May 7, 202013F-HRchanges · EDGAR ↗
Q4 2019$426M4Feb 11, 202013F-HRchanges · EDGAR ↗
Q3 2019$408M6Oct 18, 201913F-HRchanges · EDGAR ↗
Q2 2019$323M6Jul 15, 201913F-HRchanges · EDGAR ↗
Q1 2019$75M4May 15, 201913F-HRchanges · EDGAR ↗
Q4 2018$190M4Feb 14, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.