Managers / Q4 2021 · view latest →
BRILLIANCE ASSET MANAGEMENT LTD
CIK 0001665751 · LEVEL 35, UNIT 3560, TWO PACIFIC PLACE, 88 QUEENSWAY, ADMIRALTY, HONG KONG, K3, 00000 · 85238502633
Summary
Brilliance Asset Management Ltd reported $480M in U.S.-listed holdings across 5 positions for Q4 2021.
The portfolio is heavily concentrated: ZLAB alone accounts for 43.5% of reported value.
Compared with Q3 2021, the fund opened 2 new positions and exited 3.
Portfolio Metrics
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, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.
Reported Value by Quarter
Portfolio Composition
- ADR · 89.2% · $428M
- Common Stock · 10.8% · $52M
Quarter-over-Quarter Changes full breakdown →
vs Q3 2021 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| WOLFSPEED INC | NEW | +462.1K | 462.1K | +$52M | $52M |
| XPEVXPENG INC | NEW | +101.5K | 101.5K | +$5M | $5M |
| LILI AUTO INC | ADDED | +3.01M | 4.29M | +$104M | $138M |
| QCOMQUALCOMM INC | SOLD OUT | −3.24M | 0 | −$417M | $0 |
| NTESNETEASE INC | SOLD OUT | −430.8K | 0 | −$37M | $0 |
| VIPSVIPSHOP HOLDINGS LTD | SOLD OUT | −443.1K | 0 | −$5M | $0 |
| BZKANZHUN LIMITED | ADDED | +1.10M | 2.20M | +$37M | $77M |
| ZLABZAI LAB LTD | ADDED | +228.8K | 3.32M | −$117M | $209M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q4 2021
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | ZLABZAI LAB LTDhistory → | ADR | 43.48% | $209M | 3.32M |
| 2 | LILI AUTO INChistory → | SPONSORED ADS | 28.70% | $138M | 4.29M |
| 3 | BZKANZHUN LIMITEDhistory → | SPONSORED ADS | 16.00% | $77M | 2.20M |
| 4 | WOLFSPEED INC | COM | 10.76% | $52M | 462.1K |
| 5 | XPEVXPENG INChistory → | ADS | 1.06% | $5M | 101.5K |
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q1 2026 | $339M | 16 | May 12, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q4 2025 | $255M | 6 | Feb 12, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q3 2025 | $187M | 7 | Nov 12, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q2 2025 | $154M | 7 | Aug 11, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q1 2025 | $303M | 9 | May 12, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q4 2024 | $444M | 7 | Feb 12, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q3 2024 | $391M | 9 | Nov 12, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q2 2024 | $398M | 15 | Aug 13, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q1 2024 | $453M | 10 | May 15, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q4 2023 | $462M | 6 | Feb 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q3 2023 | $396M | 8 | Nov 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q2 2023 | $387M | 6 | Aug 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q1 2023 | $334M | 5 | May 12, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q4 2022 | $366M | 6 | Feb 13, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q3 2022 | $348M | 6 | Nov 9, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q2 2022 | $482M | 6 | Aug 12, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q1 2022 | $254M | 4 | Apr 29, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q4 2021 | $480M | 5 | Feb 11, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q3 2021 | $859M | 6 | Nov 12, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q2 2021 | $1.9B | 7 | Aug 13, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q1 2021 | $2.2B | 9 | May 14, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q4 2020 | $2.5B | 12 | Feb 16, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q3 2020 | $1.6B | 13 | Nov 13, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q2 2020 | $1.1B | 7 | Aug 17, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q1 2020 | $387M | 3 | May 7, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q4 2019 | $426M | 4 | Feb 11, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q3 2019 | $408M | 6 | Oct 18, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q2 2019 | $323M | 6 | Jul 15, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q1 2019 | $75M | 4 | May 15, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q4 2018 | $190M | 4 | Feb 14, 2019 | 13F-HR | changes · 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 ↗.