HCEP Management Ltd

Q4 2025 13F-HR Holdings

Location
Hong Kong, K3
Holdings as of
12/31/2025
Date filed
2/13/2026
Form type
13F-HR
Num holdings
4
Total value ($000)
$122,581
Net value change ($000)
-53,537 (-30.4%)
New positions
1
Sold out positions
7
Turnover %
49.9%
Sector allocation + QoQ delta (equities-only)
Prev filing: 11/13/2025 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)
AGQ 19,956 NEW
Top Reduces (Value $000, Stocks/ETFs)
BABA -27,748 -28.2%
TAL -11,099 -100.0%
QFIN -10,131 -100.0%
LX -9,123 -100.0%
BIDU -5,570 -100.0%
MNSO -3,874 -17.2%
API -2,379 -100.0%
SY -1,899 -100.0%
TCOM -1,000 -100.0%
SNPS -670 -4.8%
Instrument mix + QoQ Δ (ex-options)
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