CIK: 0001768375
Total reported value
$6.9B
Reporting period: 2026-03-31 · Number of holdings: 30
Aspex Management (HK) Ltd disclosed 30 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $6.9B and a quarterly turnover rate of 60.0%.
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Aspex Management (HK) Ltd's disclosed holdings carry a Herfindahl concentration index of 0.079 — mathematically equivalent to about 13 equally-sized positions, well below its 30 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 1.16), 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 5.0 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Trim SNPS
+25.6% $60.1M
Trim LITE
-70.1% -$108.0M
Trim SE
+44.4% -$27.0M
Trim YMM
-8.3% -$74.1M
Trim GRAB
+6.2% -$61.7M
Add NVDA
+80.1% $366.5M
Showing top 29 holdings (of 30 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | SNPS | Synopsys INC | Stock-Tech | 15.35% | -4.85% | +25.61% | |
| 2 | NVDA | Nvidia CORP | Stock-Tech | 13.08% | +2.24% | +80.05% | |
| 3 | FUTU | Futu Holdings Ltd-adr | Stock-Financials | 9.06% | -2.14% | +35.63% | |
| 4 | CVNA | Carvana Co | Stock-Consumer Disc | 8.29% | +8.29% | NEW | |
| 5 | CRWV | Coreweave Inc-cl A | Stock-Tech | 7.97% | +7.97% | NEW | |
| 6 | SE | Sea Ltd-adr | Stock-Comm Services | 5.85% | -2.85% | +44.38% | |
| 7 | MKSI | Mks INC | Stock-Tech | 5.13% | +5.13% | NEW | |
| 8 | GLW | Corning INC | Stock-Tech | 5.02% | +5.02% | NEW | |
| 9 | CPNG | Coupang INC | Stock-Consumer Disc | 4.39% | +4.39% | NEW | |
| 10 | AS | Amer Sports, Inc. | Stock-Consumer Disc | 3.95% | -1.79% | +8.89% | |
| 11 | EDU | New Oriental Educatio-sp Adr | Stock-Consumer Staples | 3.72% | -1.87% | -9.80% | |
| 12 | GRAB | Grab Holdings Limited | Stock-Tech | 3.15% | -2.49% | +6.16% | |
| 13 | YMM | Full Truck Alliance -spn Adr | Stock-Other | 2.62% | -2.54% | -8.30% | |
| 14 | TER | Teradyne INC | Stock-Tech | 2.17% | -1.87% | -50.95% | |
| 15 | LITE | Lumentum Holdings INC | Stock-Tech | 2.08% | -3.00% | -70.09% | |
| 16 | ATAT | Atour Lifestyle Holdings-adr | Stock-Other | 1.90% | -0.94% | -0.14% | |
| 17 | TCOM | Trip.com Group Ltd-adr | Stock-Consumer Disc | 1.68% | +1.68% | NEW | |
| 18 | QFIN | Qfin Holdings Inc-adr | Stock-Other | 1.20% | -1.30% | — | |
| 19 | NIO | Nio INC - Adr | Stock-Consumer Disc | 1.15% | -0.21% | — | |
| 20 | HTHT 3 05-01-26 | H World Group LTD | Stock-Other | 0.98% | -0.31% | — | |
| 21 | PONY | Pony Ai INC | Stock-Other | 0.57% | -0.64% | — | |
| 22 | RLX | Rlx Technology Inc-adr | Stock-Other | 0.25% | -0.12% | — | |
| 23 | NTES | Netease Inc-adr | Stock-Comm Services | 0.24% | -0.17% | — | |
| 24 | LANV | Lanvin Group Holdings Limited | Stock-Other | 0.10% | -0.08% | — | |
| 25 | ✓ | Prenetics Global LTD | Stock-Other | 0.10% | -0.01% | — | |
| 26 | ✓ | Grab Holdings Limited | Stock-Other | 0.03% | -0.35% | — | |
| 27 | RBOT | Vicarious Surgical Inc-a | Stock-Other | — | — | — | |
| 28 | ✓ | Prenetics Global LTD | Stock-Other | — | — | — | |
| 29 | ✓ | Lanvin Group Holdings Limite | Stock-Other | — | — | — |
Performance for Q3 2026
-14.3%
Performance Last 4 Quarters
-8.7%
Based on 76% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 30 | $6.9B | 60 | |
| 2025-12-31 | 25 | $4.9B | 60 | |
| 2025-09-30 | 27 | $4.7B | 87 | |
| 2025-06-30 | 28 | $4.6B | 0 | |
| 2025-03-31 | 30 | $3.9B | 100 | |
| 2024-12-31 | 32 | $3.7B | 0 | |
| 2024-09-30 | 30 | $3.8B | 0 | |
| 2024-06-30 | 37 | $4.7B | 0 | |
| 2024-03-31 | 35 | $3.7B | 0 | |
| 2023-12-31 | 35 | $3.4B | 0 | |
| 2023-09-30 | 30 | $3.2B | 0 | |
| 2023-06-30 | 30 | $3.4B | 0 | |
| 2023-03-31 | 35 | $4.1B | 0 | |
| 2022-12-31 | 31 | $3.6B | 0 | |
| 2022-09-30 | 29 | $3.4B | 0 | |
| 2022-06-30 | 30 | $4.0B | 0 | |
| 2022-03-31 | 27 | $2.5B | 0 | |
| 2021-12-31 | 26 | $3.3B | 0 | |
| 2021-09-30 | 27 | $3.0B | 0 | |
| 2021-06-30 | 24 | $3.1B | 91 | |
| 2021-03-31 | 21 | $2.5B | 41 | |
| 2020-12-31 | 23 | $2.5B | 59 | |
| 2020-09-30 | 18 | $1.6B | 85 | |
| 2020-06-30 | 13 | $815.1M | 89 | |
| 2020-03-31 | 16 | $722.1M | 90 | |
| 2019-12-31 | 12 | $550.0M | 0 |
Aspex Management (HK) Ltd's most significant position changes for 2026-03-31: New buy: Carvana Co (CVNA); New buy: Coreweave Inc-cl A (CRWV); New buy: Mks INC (MKSI); Sold out: Pdd Holdings INC (PDD); New buy: Corning INC (GLW).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | +2.2% | +80.05% | Add |
| 2 | RBOT | Vicarious Surgical Inc-a | — | — | Unchanged |
| 3 | ✓ | Prenetics Global LTD | — | — | Unchanged |
| 4 | ✓ | Lanvin Group Holdings Limite | — | — | Unchanged |
| 5 | ✓ | Prenetics Global LTD | 0% | — | Unchanged |
| 6 | LANV | Lanvin Group Holdings Limited | -0.1% | — | Unchanged |
| 7 | RLX | Rlx Technology Inc-adr | -0.1% | — | Unchanged |
| 8 | NTES | Netease Inc-adr | -0.2% | — | Unchanged |
| 9 | NIO | Nio INC - Adr | -0.2% | — | Unchanged |
| 10 | HTHT 3 05-01-26 | H World Group LTD | -0.3% | — | Unchanged |
| 11 | ✓ | Grab Holdings Limited | -0.4% | — | Unchanged |
| 12 | PONY | Pony Ai INC | -0.6% | — | Unchanged |
| 13 | ATAT | Atour Lifestyle Holdings-adr | -0.9% | -0.14% | Trim |
| 14 | QFIN | Qfin Holdings Inc-adr | -1.3% | — | Unchanged |
| 15 | AS | Amer Sports, Inc. | -1.8% | +8.89% | Add |
| 16 | TER | Teradyne INC | -1.9% | -50.95% | Trim |
| 17 | EDU | New Oriental Educatio-sp Adr | -1.9% | -9.80% | Trim |
| 18 | FUTU | Futu Holdings Ltd-adr | -2.1% | +35.63% | Add |
| 19 | GRAB | Grab Holdings Limited | -2.5% | +6.16% | Add |
| 20 | YMM | Full Truck Alliance -spn Adr | -2.5% | -8.30% | Trim |
| 21 | SE | Sea Ltd-adr | -2.9% | +44.38% | Add |
| 22 | LITE | Lumentum Holdings INC | -3% | -70.09% | Trim |
| 23 | SNPS | Synopsys INC | -4.9% | +25.61% | Add |
| 24 | CVNA | Carvana Co | — | NEW | New buy |
| 25 | CRWV | Coreweave Inc-cl A | — | NEW | New buy |
| 26 | MKSI | Mks INC | — | NEW | New buy |
| 27 | PDD | Pdd Holdings INC | — | EXIT | Sold out |
| 28 | GLW | Corning INC | — | NEW | New buy |
| 29 | CPNG | Coupang INC | — | NEW | New buy |
| 30 | TCOM | Trip.com Group Ltd-adr | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-13 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-13 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-14 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-14 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-15 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-14 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-14 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-14 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-12 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-13 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-15 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-09 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-14 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-12 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-13 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-14 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-11 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-13 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-14 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-15 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-05 | 13F-HR | View on EDGAR |
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