AM
Aspex Management — 13F Portfolio Breakdown & Top Holdings (Q2 2026)
Aspex ManagementCIK: 0001768375
Sector-focusedMomentum followerQuality / disciplined sizing
Total reported value
$8.9B
Reporting period: 2026-06-30 · Number of holdings: 28
Aspex Management disclosed 28 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $8.9B and a quarterly turnover rate of 67.4%.
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Personality snowflake
- Concentration
- 33
- Portfolio Stability
- 67.42
- Momentum
- 100
- Sector conviction
- 100
- Diversification
- 54
- Sizing Uniformity
- 88.71
Aspex Management's disclosed holdings carry a Herfindahl concentration index of 0.083 — mathematically equivalent to about 12 equally-sized positions, well below its 28 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 1.13), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 3.1 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govNew buy QCOM
Sold out NVDA
Trim FUTU
0.0% -$196.7M
Add MKSI
+18.3% $456.1M
New buy N52A8C105
Add CPNG
+137.1% $357.8M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
Showing top 27 holdings (of 28 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | SNPS | Synopsys Inc | Stock-Tech | 15.62% | +0.27% | +16.56% | |
| 2 | QCOM | Qualcomm Inc | Stock-Tech | 13.22% | +13.22% | NEW | |
| 3 | MKSI | Mks Inc | Stock-Tech | 9.11% | +3.98% | +18.30% | |
| 4 | CRWV | Coreweave Inc-cl A | Stock-Tech | 8.91% | +0.94% | +12.15% | |
| 5 | CVNA | Carvana Co | Stock-Consumer Disc | 8.06% | -0.23% | +498.76% | |
| 6 | CPNG | Coupang Inc | Stock-Consumer Disc | 7.43% | +3.04% | +137.12% | |
| 7 | SE | Sea Ltd-adr | Stock-Comm Services | 5.25% | -0.60% | — | |
| 8 | FUTU | Futu Holdings Ltd-adr | Stock-Financials | 4.82% | -4.24% | — | |
| 9 | GLW | Corning Inc | Stock-Tech | 4.24% | -0.78% | -41.94% | |
| 10 | TER | Teradyne Inc | Stock-Tech | 3.44% | +1.27% | +24.87% | |
| 11 | AS | Amer Sports, Inc. | Stock-Consumer Disc | 3.15% | -0.80% | — | |
| 12 | ✓ | Stock-Other | 3.05% | +3.05% | NEW | ||
| 13 | NU | Nu Holdings Ltd. | Stock-Financials | 2.45% | +2.45% | NEW | |
| 14 | EDU | New Oriental Educatio-sp Adr | Stock-Consumer Staples | 2.34% | -1.38% | -0.20% | |
| 15 | GRAB | Grab Holdings Limited | Stock-Tech | 2.30% | -0.85% | -8.38% | |
| 16 | F | Ford Motor Co | Stock-Consumer Disc | 1.86% | +1.86% | NEW | |
| 17 | QFIN | Qfin Holdings Inc-adr | Stock-Other | 1.14% | -0.06% | — | |
| 18 | TCOM | Trip.com Group Ltd-adr | Stock-Consumer Disc | 1.04% | -0.64% | — | |
| 19 | LITE | Lumentum Holdings Inc | Stock-Tech | 0.84% | -1.24% | -57.22% | |
| 20 | NIO | Nio Inc - Adr | Stock-Consumer Disc | 0.75% | -0.40% | — | |
| 21 | PONY | Pony Ai Inc | Stock-Other | 0.32% | -0.25% | — | |
| 22 | NTES | Netease Inc-adr | Stock-Comm Services | 0.21% | -0.03% | — | |
| 23 | QCOM | QUALCOMM Incorporated | Stock-Tech | 0.20% | +0.20% | NEW | |
| 24 | RLX | Rlx Technology Inc-adr | Stock-Other | 0.17% | -0.08% | — | |
| 25 | LANV | Lanvin Group Holdings Limited | Stock-Other | 0.07% | -0.03% | -0.18% | |
| 26 | ✓ | Grab Holdings Limited | Stock-Other | — | -0.03% | — | |
| 27 | ✓ | Prenetics Global LTD | Stock-Other | — | — | — |
Portfolio Performance
Performance for Q3 2026
-3.2%
Performance Last 4 Quarters
-10%
- Stdev
- +22.7%
- Beta
- +1.06
- Alpha
- -1.7%
- Max Drawdown
- -21.3%
- Annualized Perf
- +18.4%
- Batting Avg vs S&P
- +52.8%
- Sortino
- +1.62
- Stutzer
- +0.25
- Treynor
- +0.18
- Sterling
- +0.8
- Calmar
- +0.86
- Information Ratio
- -0.03
- Tracking Error
- +18.1%
- Stdev Down
- +12%
- Winning Months %
- +61.1%
- Losing Months %
- +38.9%
- Best 12 Months
- +54.8%
- Worst 12 Months
- -10%
- Efficiency Ratio
- +0.33
- Sharpe
- +0.86
- Stdev Sectors
- +21.6%
- Skewness
- +0.28
- Kurtosis
- -0.54
- Upside Potential
- +3.58
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 28 | $8.9B | 67 | ||
| 2026 Q1 | 30 | $6.9B | 60 | ||
| 2025 Q4 | 25 | $4.9B | 60 | ||
| 2025 Q3 | 27 | $4.7B | 87 | ||
| 2025 Q2 | 28 | $4.6B | 0 | ||
| 2025 Q1 | 30 | $3.9B | 100 | ||
| 2024 Q4 | 32 | $3.7B | 0 | ||
| 2024 Q3 | 30 | $3.8B | 0 | ||
| 2024 Q2 | 37 | $4.7B | 0 | ||
| 2024 Q1 | 35 | $3.7B | 0 | ||
| 2023 Q4 | 35 | $3.4B | 0 | ||
| 2023 Q3 | 30 | $3.2B | 0 | ||
| 2023 Q2 | 30 | $3.4B | 0 | ||
| 2023 Q1 | 35 | $4.1B | 0 | ||
| 2022 Q4 | 31 | $3.6B | 0 | ||
| 2022 Q3 | 29 | $3.4B | 0 | ||
| 2022 Q2 | 30 | $4.0B | 0 | ||
| 2022 Q1 | 27 | $2.5B | 0 | ||
| 2021 Q4 | 26 | $3.3B | 0 | ||
| 2021 Q3 | 27 | $3.0B | 0 | ||
| 2021 Q2 | 24 | $3.1B | 91 | ||
| 2021 Q1 | 21 | $2.5B | 41 | ||
| 2020 Q4 | 23 | $2.5B | 59 | ||
| 2020 Q3 | 18 | $1.6B | 85 | ||
| 2020 Q2 | 13 | $815.1M | 89 | ||
| 2020 Q1 | 16 | $722.1M | 90 | ||
| 2019 Q4 | 12 | $550.0M | 0 |
Holding changes this quarter
Aspex Management's most significant position changes for 2026-06-30: New buy: Qualcomm Inc (QCOM); Sold out: Nvidia CORP (NVDA); New buy: ; New buy: Nu Holdings Ltd. (NU); Sold out: Full Truck Alliance -spn Adr (YMM).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | QCOM | Qualcomm Inc | +13.2% | NEW | New buy |
| 2 | MKSI | Mks Inc | +4% | +18.30% | Add |
| 3 | ✓ | +3.1% | NEW | New buy | |
| 4 | CPNG | Coupang Inc | +3% | +137.12% | Add |
| 5 | NU | Nu Holdings Ltd. | +2.5% | NEW | New buy |
| 6 | F | Ford Motor Co | +1.9% | NEW | New buy |
| 7 | TER | Teradyne Inc | +1.3% | +24.87% | Add |
| 8 | CRWV | Coreweave Inc-cl A | +0.9% | +12.15% | Add |
| 9 | SNPS | Synopsys Inc | +0.3% | +16.56% | Add |
| 10 | QCOM | QUALCOMM Incorporated | +0.2% | NEW | New buy |
| 11 | RBOT | Vicarious Surgical Inc-a | — | EXIT | Sold out |
| 12 | ✓ | Lanvin Group Holdings Limite | — | EXIT | Sold out |
| 13 | ✓ | Prenetics Global LTD | — | — | Unchanged |
| 14 | NTES | Netease Inc-adr | 0% | — | Unchanged |
| 15 | ✓ | Grab Holdings Limited | 0% | — | Unchanged |
| 16 | LANV | Lanvin Group Holdings Limited | 0% | -0.18% | Trim |
| 17 | QFIN | Qfin Holdings Inc-adr | -0.1% | — | Unchanged |
| 18 | RLX | Rlx Technology Inc-adr | -0.1% | — | Unchanged |
| 19 | ✓ | Prenetics Global LTD | -0.1% | EXIT | Sold out |
| 20 | CVNA | Carvana Co | -0.2% | +498.76% | Add |
| 21 | PONY | Pony Ai Inc | -0.3% | — | Unchanged |
| 22 | NIO | Nio Inc - Adr | -0.4% | — | Unchanged |
| 23 | SE | Sea Ltd-adr | -0.6% | — | Unchanged |
| 24 | TCOM | Trip.com Group Ltd-adr | -0.6% | — | Unchanged |
| 25 | GLW | Corning Inc | -0.8% | -41.94% | Trim |
| 26 | AS | Amer Sports, Inc. | -0.8% | — | Unchanged |
| 27 | GRAB | Grab Holdings Limited | -0.9% | -8.38% | Trim |
| 28 | HTHT 3 05-01-26Bond | H World Group LTD | -1% | EXIT | Sold out |
| 29 | LITE | Lumentum Holdings Inc | -1.2% | -57.22% | Trim |
| 30 | EDU | New Oriental Educatio-sp Adr | -1.4% | -0.20% | Trim |
| 31 | ATAT | Atour Lifestyle Holdings-adr | -1.9% | EXIT | Sold out |
| 32 | YMM | Full Truck Alliance -spn Adr | -2.6% | EXIT | Sold out |
| 33 | FUTU | Futu Holdings Ltd-adr | -4.2% | — | Unchanged |
| 34 | NVDA | Nvidia CORP | -13.1% | EXIT | Sold out |
* This report is exclusively curated by the AlphaSMO team. AlphaSMO is the web's most authoritative 13F / Inside Trader database, delivering precise insider trading and institutional holdings insights.
Filing History
FAQ
What is Aspex Management and what type of investor is it?
Aspex Management is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $8.9B, spread across 28 disclosed positions.
What are Aspex Management's largest equity positions?
Based on the latest 13F filing, Aspex Management's top holdings by market value are:
1. Synopsys Inc (SNPS) — $1.4B (15.6%)
2. Qualcomm Inc (QCOM) — $1.2B (13.2%)
3. Mks Inc (MKSI) — $809.7M (9.1%)
4. Coreweave Inc-cl A (CRWV) — $792.4M (8.9%)
5. Carvana Co (CVNA) — $716.9M (8.1%)
What changes did Aspex Management make in its most recent portfolio filing?
In the latest reported quarter, Aspex Management made 23 notable position adjustments: 5 new positions were initiated, 6 existing holdings were added to, 5 positions were partially reduced, and 7 were completely exited. The largest of these moves: New buy: Qualcomm Inc (QCOM); Sold out: Nvidia CORP (NVDA); New buy: ; New buy: Nu Holdings Ltd. (NU); Sold out: Full Truck Alliance -spn Adr (YMM)
What sectors does Aspex Management focus on?
Aspex Management is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 60.8%
• Consumer Discretionary: 23.4%
• Financials: 7.6%
• Communication Services: 5.7%
• Consumer Staples: 2.5%
Investment Profile
Aspex Management returned an annualized 18.4% over the trailing 36 months — underperforming the S&P 500 by 1.7 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 1.06 (roughly in line with the market) and a 53% quarterly batting average against the index.
Its portfolio is broadly diversified and fast-trading, with 60.8% of the portfolio concentrated in Information Technology.
Its turnover score has risen from 0 to 67 over the past 4 quarters — a shift toward more active trading.
It has added to its SNPS position over the past two quarters (+$389.8M, now $1.4B), while trimming LITE over the same stretch (-$176.5M, still holding $74.9M).
Peer Institutions
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Sector conviction42.9
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MI
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WJ
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PI
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Developer Access
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