Managers / Q2 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 $154M in U.S.-listed holdings across 7 positions for Q2 2025.
The portfolio is heavily concentrated: New Oriental Ed Technology alone accounts for 35.7% of reported value.
Compared with Q1 2025, the fund opened 1 new position 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. 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 · 76.6% · $118M
- Other · 20.3% · $31M
- Common Stock · 3.1% · $5M
Quarter-over-Quarter Changes full breakdown →
vs Q1 2025 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| LXLEXINFINTECH HLDGS LTD | NEW | +653.1K | 653.1K | +$5M | $5M |
| AMDADVANCED MICRO DEVICES INC | ADDED | +27.8K | 33.7K | +$4M | $5M |
| FUTUFUTU HLDGS LTD | SOLD OUT | −173.5K | 0 | −$18M | $0 |
| TPRTAPESTRY INC | SOLD OUT | −137.5K | 0 | −$10M | $0 |
| GOOGALPHABET INC | SOLD OUT | −38.7K | 0 | −$6M | $0 |
| LILI AUTO INC | TRIMMED | −1.75M | 285.4K | −$44M | $8M |
| AMER SPORTS INC | TRIMMED | −2.75M | 805.8K | −$64M | $31M |
| KANZHUN LIMITED | TRIMMED | −889.0K | 936.4K | −$18M | $17M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q2 2025
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | NEW ORIENTAL ED & TECHNOLOGY | ADR | 35.70% | $55M | 1.02M |
| 2 | YMMFULL TRUCK ALLIANCE CO LTDhistory → | SPONSORED ADS | 21.89% | $34M | 2.85M |
| 3 | AMER SPORTS INC | COM SHS | 20.33% | $31M | 805.8K |
| 4 | KANZHUN LIMITED | SPONSORED ADS | 10.87% | $17M | 936.4K |
| 5 | LILI AUTO INChistory → | SPONSORED ADS | 5.04% | $8M | 285.4K |
| 6 | AMDADVANCED MICRO DEVICES INChistory → | COM | 3.11% | $5M | 33.7K |
| 7 | LXLEXINFINTECH HLDGS LTDhistory → | ADR | 3.07% | $5M | 653.1K |
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 ↗.