Managers / Q1 2025 · 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 $303M in U.S.-listed holdings across 9 positions for Q1 2025.
The portfolio is heavily concentrated: Amer Sports alone accounts for 31.4% of reported value.
Compared with Q4 2024, the fund opened 3 new positions and exited 1.
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. 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 · 63.2% · $191M
- Other · 31.4% · $95M
- Common Stock · 5.4% · $16M
Quarter-over-Quarter Changes full breakdown →
vs Q4 2024 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| TPRTAPESTRY INC | NEW | +137.5K | 137.5K | +$10M | $10M |
| GOOGALPHABET INC | NEW | +38.7K | 38.7K | +$6M | $6M |
| AMDADVANCED MICRO DEVICES INC | NEW | +5.9K | 5.9K | +$603,289 | $603,289 |
| NEW ORIENTAL ED & TECHNOLOGY | ADDED | +665.4K | 1.02M | +$26M | $49M |
| PDDPDD HOLDINGS INC | SOLD OUT | −646.2K | 0 | −$63M | $0 |
| KANZHUN LIMITED | TRIMMED | −5.47M | 1.83M | −$66M | $35M |
| LILI AUTO INC | TRIMMED | −1.47M | 2.04M | −$33M | $51M |
| YMMFULL TRUCK ALLIANCE CO LTD | TRIMMED | −1.18M | 3.02M | −$7M | $39M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q1 2025
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | AMER SPORTS INC | COM SHS | 31.40% | $95M | 3.55M |
| 2 | LILI AUTO INChistory → | SPONSORED ADS | 16.96% | $51M | 2.04M |
| 3 | NEW ORIENTAL ED & TECHNOLOGY | SPON ADR | 16.06% | $49M | 1.02M |
| 4 | YMMFULL TRUCK ALLIANCE CO LTDhistory → | SPONSORED ADS | 12.74% | $39M | 3.02M |
| 5 | KANZHUN LIMITED | SPONSORED ADS | 11.57% | $35M | 1.83M |
| 6 | FUTUFUTU HLDGS LTDhistory → | SPON ADS CL A | 5.87% | $18M | 173.5K |
| 7 | TPRTAPESTRY INChistory → | COM | 3.20% | $10M | 137.5K |
| 8 | GOOGALPHABET INChistory → | CAP STK CL C | 2.00% | $6M | 38.7K |
| 9 | AMDADVANCED MICRO DEVICES INC | COM | 0.20% | $603,289 | 5.9K |
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 ↗.