SEC 13F Intelligence

Managers / Q4 2025 · 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
$4.9B
Q4 2025
Positions
25
Filings on Record
26
2019–present window
Filed
Feb 13, 2026
original filing

Summary

Aspex Management (Hk) Ltd reported $4.9B in U.S.-listed holdings across 25 positions for Q4 2025.

The portfolio is heavily concentrated: SNPS alone accounts for 20.2% of reported value.

Compared with Q3 2025, the fund opened 3 new positions and exited 5.

Portfolio Metrics

Turnover
+27.7%
vs prior filed quarter
Top-10 Concentration
+85.3%
share of reported value
Largest Position
+20.2%
Synopsys
New / Exited
3 / 5
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: 51.6%ADR: 46.5%US DOMESTIC: 1.3%Other: 0.7%
  • Common Stock · 51.6% · $2.5B
  • ADR · 46.5% · $2.3B
  • US DOMESTIC · 1.3% · $64M
  • Other · 0.7% · $33M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
NVDANVIDIA CORPORATIONNEW+2.87M2.87M+$536M$536M
LITELUMENTUM HLDGS INCNEW+682.0K682.0K+$251M$251M
TERTERADYNE INCNEW+1.03M1.03M+$200M$200M
DASHDOORDASH INCSOLD OUT−724.7K0−$197M$0
CRSCARPENTER TECHNOLOGY CORPSOLD OUT−554.8K0−$136M$0
SEA LTDSOLD OUT−30.00M0−$59M$0
LRCXLAM RESEARCH CORPSOLD OUT−399.6K0−$54M$0
BIDUBAIDU INCSOLD OUT−368.4K0−$49M$0

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

Holdings — Q4 2025

21 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1SNPSSYNOPSYS INChistory →COM20.20%$999M2.13M
2FUTUFUTU HLDGS LTDhistory →SPON ADS CL A11.20%$554M3.37M
3NVDANVIDIA CORPORATIONhistory →COM10.84%$536M2.87M
4SESEA LTDhistory →SPONSORD ADS8.70%$430M3.37M
5PDDPDD HOLDINGS INChistory →SPONSORED ADS7.13%$353M3.11M
6ASAMER SPORTS INChistory →COM SHS5.74%$284M7.59M
7GRABGRAB HOLDINGS LIMITEDhistory →CLASS A ORD5.64%$279M55.86M
8EDUNEW ORIENTAL ED & TECHNOLOGYhistory →SPON ADR5.59%$277M5.02M
9YMMFULL TRUCK ALLIANCE CO LTDhistory →SPONSORED ADS5.16%$255M23.76M
10LITELUMENTUM HLDGS INChistory →COM5.09%$251M682.0K
11TERTERADYNE INChistory →COM4.04%$200M1.03M
12ATATATOUR LIFESTYLE HLDGS LTDhistory →SPONSORED ADS2.84%$140M3.56M
13QFINQIFU TECHNOLOGY INChistory →AMERICAN DEP2.50%$124M6.42M
14NIONIO INChistory →SPON ADS1.36%$67M13.14M
15H WORLD GROUP LTDNOTE 3.000% 5/01.29%$64M50.00M
16PONYPONY AI INChistory →SPONSORED ADS1.21%$60M4.14M
17NTESNETEASE INChistory →SPONSORED ADS0.41%$20M147.7K
18RLXRLX TECHNOLOGY INChistory →SPONSORED ADS0.37%$18M7.90M
19LANVIN GROUP HOLDINGS LIMITESHS · *W EXP 01/14/2020.18%$9M5.50M
20PRENETICS GLOBAL LTDSHS NEW · *W EXP 05/18/2020.11%$5M1.51M
21RBOTVICARIOUS SURGICAL INCCOM CL A0.00%$188,00086.7K

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 ↗.