Aspex Management (HK) Ltd

Q4 2025 13F-HR Holdings

Location
Central, K3
Holdings as of
12/31/2025
Date filed
2/13/2026
Form type
13F-HR
Num holdings
24
Total value ($000)
$4,943,222
Net value change ($000)
+219,303 (4.6%)
New positions
3
Sold out positions
4
Turnover %
29.3%
Sector allocation + QoQ delta (equities-only)
Prev filing: 11/14/2025 Next filing: — SEC filing

Snapshot: Change Analysis

Compared to Q3 2025
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
NVDA 535,977 NEW
LITE 251,363 NEW
SNPS 249,907 33.4%
TER 199,723 NEW
FUTU 127,245 29.8%
GRAB HOLDINGS LIMITED 107,891 63.1%
AS 77,378 37.5%
PRE 848 18.4%
Top Reduces (Value $000, Stocks/ETFs)
SE -336,700 -43.9%
NIO -199,678 -74.9%
DASH -197,122 -100.0%
CRS -136,215 -100.0%
PDD -66,698 -15.9%
QFIN -63,790 -34.0%
LRCX -53,512 -100.0%
YMM -53,231 -17.3%
BIDU -48,538 -100.0%
EDU -35,493 -11.4%
Instrument mix + QoQ Δ (ex-options)
Derivatives reported exposure ($000): 18,696 (0.4% of total reported value)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type