# Aspex Management (HK) Ltd

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1768375. Source: https://holderbook.com/funds/1768375-aspex-management-hk-ltd/

- Reported value: $8.9B
- Positions: 27
- Weight of the ten largest: 80.1%
- Filed: 2026-08-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| SYNOPSYS INC | [SNPS](https://holderbook.com/stocks/SNPS/) | $1.4B | 3,112,646 | 15.6% | 6 |
| QUALCOMM INC | [QCOM](https://holderbook.com/stocks/QCOM/) | $1.2B | 6,360,236 | 13.2% | 1 |
| MKS INC. | [MKSI](https://holderbook.com/stocks/MKSI/) | $809.7M | 1,820,441 | 9.1% | 2 |
| COREWEAVE INC | [CRWV](https://holderbook.com/stocks/CRWV/) | $792.4M | 7,960,201 | 8.9% | 2 |
| CARVANA CO | [CVNA](https://holderbook.com/stocks/CVNA/) | $716.9M | 10,891,999 | 8.1% | 2 |
| COUPANG INC | [CPNG](https://holderbook.com/stocks/CPNG/) | $660.6M | 38,028,965 | 7.4% | 2 |
| SEA LTD | [SE](https://holderbook.com/stocks/SE/) | $466.7M | 4,870,097 | 5.2% | 18 |
| FUTU HLDGS LTD | [FUTU](https://holderbook.com/stocks/FUTU/) | $428.6M | 4,572,746 | 4.8% | 19 |
| CORNING INC | [GLW](https://holderbook.com/stocks/GLW/) | $377.4M | 1,477,410 | 4.2% | 2 |
| TERADYNE INC | [TER](https://holderbook.com/stocks/TER/) | $305.8M | 631,941 | 3.4% | 3 |
| AMER SPORTS INC | [AS](https://holderbook.com/stocks/AS/) | $279.8M | 8,268,605 | 3.1% | 4 |
| INNIO NV | [INIO](https://holderbook.com/stocks/INIO/) | $271.0M | 6,851,716 | 3.0% | 1 |
| NU HLDGS LTD | [NU](https://holderbook.com/stocks/NU/) | $217.6M | 16,289,511 | 2.4% | 1 |
| NEW ORIENTAL ED & TECHNOLOGY | [EDU](https://holderbook.com/stocks/EDU/) | $207.7M | 4,523,574 | 2.3% | 9 |
| GRAB HOLDINGS LIMITED | [GRAB](https://holderbook.com/stocks/GRAB/) | $204.8M | 54,334,024 | 2.3% | 4 |
| FORD MTR CO | [F](https://holderbook.com/stocks/F/) | $165.3M | 11,888,605 | 1.9% | 1 |
| QFIN HOLDINGS INC | [QFIN](https://holderbook.com/stocks/QFIN/) | $101.5M | 6,422,510 | 1.1% | 27 |
| TRIP COM GROUP LTD | [TCOM](https://holderbook.com/stocks/TCOM/) | $92.8M | 2,329,290 | 1.0% | 2 |
| LUMENTUM HLDGS INC | [LITE](https://holderbook.com/stocks/LITE/) | $74.9M | 87,237 | 0.8% | 3 |
| NIO INC | [NIO](https://holderbook.com/stocks/NIO/) | $66.5M | 13,141,609 | 0.7% | 4 |
| PONY AI INC | [PONY](https://holderbook.com/stocks/PONY/) | $28.8M | 4,140,447 | 0.3% | 7 |
| NETEASE COM INC | [NTES](https://holderbook.com/stocks/NTES/) | $18.9M | 147,655 | 0.2% | 7 |
| QUALCOMM INC | [QCOM](https://holderbook.com/stocks/QCOM/) | $18.0M | 0 | 0.2% | 1 |
| RLX TECHNOLOGY INC | [RLX](https://holderbook.com/stocks/RLX/) | $15.0M | 7,901,172 | 0.2% | 13 |
| LANVIN GROUP HOLDINGS LIMITE | [LANV](https://holderbook.com/stocks/LANV/) | $6.6M | 4,491,686 | 0.1% | 15 |
| GRAB HOLDINGS LIMITED | [GRAB](https://holderbook.com/stocks/GRAB/) | $305.0K | 0 | 0.0% | 4 |
| PRENETICS GLOBAL LTD | [PRENW](https://holderbook.com/stocks/PRENW/) | $15.0K | 1,166,666 | 0.0% | 17 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +14.2% | +14.8% | -0.6% | 99% |
| Q1 2026 | -7.3% | -4.6% | -2.7% | 99% |
| Q4 2025 | -12.1% | +2.4% | -14.5% | 98% |
| Q3 2025 | +12.8% | +7.8% | +5.0% | 98% |
| Q2 2025 | +14.6% | +10.5% | +4.1% | 97% |
| Q1 2025 | +0.6% | -4.6% | +5.1% | 97% |
| Q4 2024 | +2.0% | +2.1% | -0.1% | 97% |
| Q3 2024 | +10.2% | +5.4% | +4.8% | 98% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $8.9B | 27 |
| Q1 2026 | $6.9B | 29 |
| Q4 2025 | $4.9B | 24 |
| Q3 2025 | $4.7B | 26 |
| Q2 2025 | $4.6B | 28 |
| Q1 2025 | $3.9B | 30 |
| Q4 2024 | $3.7B | 32 |
| Q3 2024 | $3.8B | 30 |
| Q2 2024 | $4.7B | 37 |
| Q1 2024 | $3.7B | 34 |
| Q4 2023 | $3.4B | 35 |
| Q3 2023 | $3.2B | 30 |