Managers / Q4 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 $255M in U.S.-listed holdings across 6 positions for Q4 2025.
The portfolio is heavily concentrated: Amer Sports alone accounts for 41.2% of reported value.
Compared with Q3 2025, 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. 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
- Other · 41.2% · $105M
- ADR · 31.1% · $79M
- Common Stock · 27.7% · $71M
Quarter-over-Quarter Changes full breakdown →
vs Q3 2025 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| PDDPDD HOLDINGS INC | NEW | +595.2K | 595.2K | +$67M | $67M |
| TXNTEXAS INSTRS INC | NEW | +36.1K | 36.1K | +$6M | $6M |
| AMER SPORTS INC | ADDED | +1.75M | 2.81M | +$68M | $105M |
| LILI AUTO INC | SOLD OUT | −1.78M | 0 | −$45M | $0 |
| NEW ORIENTAL ED & TECHNOLOGY | SOLD OUT | −244.5K | 0 | −$13M | $0 |
| NVDANVIDIA CORPORATION | SOLD OUT | −13.4K | 0 | −$3M | $0 |
| GOOGALPHABET INC | TRIMMED | −110.6K | 79.5K | −$21M | $25M |
| LXLEXINFINTECH HLDGS LTD | ADDED | +701.9K | 3.60M | −$4M | $12M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q4 2025
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | AMER SPORTS INC | COM SHS | 41.18% | $105M | 2.81M |
| 2 | PDDPDD HOLDINGS INChistory → | SPONSORED ADS | 26.49% | $67M | 595.2K |
| 3 | ONTOONTO INNOVATION INChistory → | COM | 15.46% | $39M | 249.4K |
| 4 | GOOGALPHABET INChistory → | ADR | 9.79% | $25M | 79.5K |
| 5 | LXLEXINFINTECH HLDGS LTDhistory → | ADR | 4.62% | $12M | 3.60M |
| 6 | TXNTEXAS INSTRS INChistory → | COM | 2.46% | $6M | 36.1K |
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 ↗.