SEC 13F Intelligence

Managers / Q4 2023 · view latest →

Aspex Management (HK) Ltd

CIK 0001768375 · 16TH FLOOR, ST. GEORGE'S BUILDING, 2 ICE HOUSE STREET, CENTRAL, K3, NA · 852-34684160

Reported Value
$3.4B
Q4 2023
Positions
35
Filings on Record
26
2019–present window
Filed
Feb 14, 2024
original filing

Summary

Aspex Management (Hk) Ltd reported $3.4B in U.S.-listed holdings across 35 positions for Q4 2023.

Its largest position, AMD, represents 12.1% of the portfolio.

Compared with Q3 2023, the fund opened 7 new positions and exited 2.

Portfolio Metrics

Turnover
+29.8%
vs prior filed quarter
Top-10 Concentration
+73.9%
share of reported value
Largest Position
+12.1%
Advanced Micro Devices
New / Exited
7 / 2
positions this quarter

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

13F Reported Value
Q4 ’19: $550MQ4 ’19Q1 ’20: $722MQ2 ’20: $815MQ3 ’20: $1.6BQ4 ’20: $2.5BQ4 ’20Q1 ’21: $2.5BQ2 ’21: $3.1BQ3 ’21: $3.0BQ4 ’21: $3.3BQ4 ’21Q1 ’22: $2.5BQ2 ’22: $4.0BQ3 ’22: $3.4BQ1 ’23: $4.1BQ1 ’23Q2 ’23: $3.4BQ3 ’23: $3.2BQ4 ’23: $3.4BQ1 ’24: $3.7BQ1 ’24Q2 ’24: $4.7BQ3 ’24: $3.8BQ4 ’24: $3.7BQ1 ’25: $3.9BQ1 ’25Q2 ’25: $4.6BQ3 ’25: $4.7BQ4 ’25: $4.9BQ1 ’26: $6.9BQ1 ’26filingsflow.com

Portfolio Composition

By security type
Common Stock: 57.1%ADR: 39.3%US DOMESTIC: 2.9%Other: 0.8%
  • Common Stock · 57.1% · $1.9B
  • ADR · 39.3% · $1.3B
  • US DOMESTIC · 2.9% · $97M
  • Other · 0.8% · $26M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2023 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
QCOMQUALCOMM INCNEW+923.0K923.0K+$133M$133M
JDJD.COM INCNEW+3.95M3.95M+$114M$114M
TMETENCENT MUSIC ENTMT GROUPNEW+9.05M9.05M+$82M$82M
ZTOZTO EXPRESS CAYMAN INCNEW+3.66M3.66M+$78M$78M
ATATATOUR LIFESTYLE HLDGS LTDNEW+3.52M3.52M+$61M$61M
NTESNETEASE INCNEW+637.1K637.1K+$59M$59M
CARTMAPLEBEAR INCNEW+3.79M3.79M+$4M$4M
MRVLMARVELL TECHNOLOGY INCADDED+2.91M5.71M+$193M$345M

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

Holdings — Q4 2023

30 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1AMDADVANCED MICRO DEVICES INChistory →COM12.09%$413M2.80M
2MRVLMARVELL TECHNOLOGY INChistory →COM10.10%$345M5.71M
3MUMICRON TECHNOLOGY INChistory →COM10.07%$344M4.03M
4DASHDOORDASH INChistory →CL A8.96%$306M3.09M
5SESEA LTDSPONSORD ADS · NOTE 2.375%12/08.90%$304M36.79M
6PDDPDD HOLDINGS INChistory →SPONSORED ADS6.36%$217M1.48M
7LAM RESEARCH CORPCOM6.15%$210M268.0K
8QFINQIFU TECHNOLOGY INChistory →AMERICAN DEP4.00%$137M8.63M
9QCOMQUALCOMM INChistory →COM3.91%$133M923.0K
10JDJD.COM INChistory →SPON ADR CL A3.34%$114M3.95M
11FCXFREEPORT-MCMORAN INChistory →CL B3.15%$107M2.52M
12TMETENCENT MUSIC ENTMT GROUPhistory →SPON ADS2.39%$82M9.05M
13FUTUFUTU HLDGS LTDhistory →SPON ADS CL A2.36%$81M1.47M
14GDSGDS HLDGS LTDhistory →SPONSORED ADS2.34%$80M8.77M
15ZTOZTO EXPRESS CAYMAN INChistory →SPONSORED ADS A2.28%$78M3.66M
16BEKEKE HLDGS INChistory →SPONSORED ADS2.19%$75M4.61M
17ATATATOUR LIFESTYLE HLDGS LTDhistory →SPONSORED ADS1.79%$61M3.52M
18NVDANVIDIA CORPORATIONhistory →COM1.77%$60M122.0K
19NTESNETEASE INChistory →SPONSORED ADS1.74%$59M637.1K
20H WORLD GROUP LTDNOTE 3.000% 5/01.58%$54M50.00M
21BZKANZHUN LIMITEDhistory →SPONSORED ADS1.37%$47M2.82M
22GRABGRAB HOLDINGS LIMITEDhistory →CLASS A ORD0.79%$27M8.00M
23RLXRLX TECHNOLOGY INChistory →SPONSORED ADS0.71%$24M12.12M
24VNETVNET GROUP INCNOTE 2/0 · SPONSORED ADS A0.68%$23M17.96M
25LANVIN GROUP HOLDINGS LIMITESHS · *W EXP 01/14/2020.39%$13M5.50M
26YATSEN HLDG LTDADS0.28%$10M13.13M
27EMSMART SH GLOBAL LTDADS0.07%$2M4.50M
28PRENETICS GLOBAL LTDCLASS A ORD · *W EXP 05/18/2020.06%$2M1.51M
29HSAIHESAI GROUPSPONSORED ADS0.04%$1M150.0K
30VICARIOUS SURGICAL INCCOM CL A0.03%$953,0002.60M

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$6.9B30May 15, 202613F-HRchanges · EDGAR ↗
Q4 2025$4.9B25Feb 13, 202613F-HRchanges · EDGAR ↗
Q3 2025$4.7B27Nov 14, 202513F-HRchanges · EDGAR ↗
Q2 2025$4.6B28Aug 13, 202513F-HRchanges · EDGAR ↗
Q1 2025$3.9B30May 14, 202513F-HRchanges · EDGAR ↗
Q4 2024$3.7B32Feb 14, 202513F-HRchanges · EDGAR ↗
Q3 2024$3.8B30Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$4.7B37Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$3.7B35May 15, 202413F-HRchanges · EDGAR ↗
Q4 2023$3.4B35Feb 14, 202413F-HRchanges · EDGAR ↗
Q3 2023$3.2B30Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$3.4B30Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023$4.1B35May 12, 202313F-HRchanges · EDGAR ↗
Q4 2022Under review31Feb 13, 202313F-HRchanges · EDGAR ↗
Q3 2022$3.4B29Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$4.0B30Aug 15, 202213F-HRchanges · EDGAR ↗
Q1 2022$2.5B27May 9, 202213F-HRchanges · EDGAR ↗
Q4 2021$3.3B26Feb 14, 202213F-HRchanges · EDGAR ↗
Q3 2021$3.0B27Nov 12, 202113F-HRchanges · EDGAR ↗
Q2 2021$3.1B24Aug 13, 202113F-HRchanges · EDGAR ↗
Q1 2021$2.5B21May 14, 202113F-HRchanges · EDGAR ↗
Q4 2020$2.5B23Feb 11, 202113F-HRchanges · EDGAR ↗
Q3 2020$1.6B18Nov 13, 202013F-HRchanges · EDGAR ↗
Q2 2020$815M13Aug 14, 202013F-HRchanges · EDGAR ↗
Q1 2020$722M16May 15, 202013F-HRchanges · EDGAR ↗
Q4 2019$550M12Feb 5, 202013F-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 ↗.