Aspex Management (HK) Ltd — Quarter-over-Quarter 13F Allocation Shifts Q1 2026
In Q1 2026, Aspex Management (HK) Ltd initiated 6 new positions, increased allocation to 6 existing positions, trimmed 5 positions, and exited 1 position entirely. The fund's 13F equity book grew from $4.92B to $6.90B (+40.1% QoQ) . All deltas are sourced from sequential SEC Form 13F-HR filings; share-count changes reflect explicit trading activity, while weight changes can also include price movement. This page lists every position change reported — the portfolio overview shows a summary of the top shifts.
Net Portfolio Value Change
- $4.92BPrior quarter
- $6.90BCurrent quarter
- + $1.97BNet delta
- +40.1%% change
New Position Initiations Q1 2026
Securities disclosed for the first time in Q1 2026 that were not present in the prior 13F-HR filing.
| Company | Ticker | Initial Allocation Weight | History |
|---|---|---|---|
| CARVANA CO | CVNA | 8.29% | History → |
| COREWEAVE INC | CRWV | 7.97% | History → |
| MKS INC. | MKSI | 5.13% | History → |
| CORNING INC | GLW | 5.02% | History → |
| COUPANG INC | CPNG | 4.39% | History → |
| TRIP COM GROUP LTD | TCOM | 1.68% | Holders → |
Largest Allocation Increases Q1 2026
Largest portfolio-weight increases in existing positions. Share-count delta is shown separately so price-only re-weighting can be distinguished from active adds.
| Company | Ticker | Δ Weight | Δ Shares | History |
|---|---|---|---|---|
| NVIDIA CORPORATION | NVDA | +2.20% | +80.05% | History → |
| SEA LTD., CLASS A, ADR | SE | +-2.89% | +44.38% | History → |
| FUTU HLDGS LTD | FUTU | +-2.18% | +35.63% | History → |
| SYNOPSYS, INC. | SNPS | +-4.93% | +25.61% | History → |
| AMER SPORTS INC | AS | +-1.81% | +8.89% | History → |
| GRAB HOLDINGS LIMITED | GRAB | +-2.51% | +6.16% | Holders → |
Largest Allocation Reductions Q1 2026
Largest portfolio-weight decreases in existing positions (positions kept open at a lower allocation).
| Company | Ticker | Δ Weight | Δ Shares | History |
|---|---|---|---|---|
| LUMENTUM HLDGS INC | LITE | -3.03% | -70.09% | Holders → |
| TERADYNE INC | TER | -1.88% | -50.95% | Holders → |
| NEW ORIENTAL ED & TECHNOLOGY | EDU | -1.89% | -9.80% | Holders → |
| FULL TRUCK ALLIANCE CO. LTD., ADR | YMM | -2.56% | -8.30% | Holders → |
| ATOUR LIFESTYLE HOLDINGS, LTD. | ATAT | -0.95% | -0.14% | Holders → |
Exited Positions Q1 2026
Positions present in the prior 13F-HR filing that no longer appear in Q1 2026.
| Company | Ticker | Last-Reported Portfolio Weight |
|---|---|---|
| PDD HOLDINGS INC | PDD | 7.16% |
Methodology & FAQ
How Aspex Management (HK) Ltd Quarterly Changes Are Computed
Each row above is computed by joining the most recent 13F-HR filing for Aspex Management (HK) Ltd against the immediately preceding quarterly filing for the same fund. Portfolio weights are normalized to exclude listed options for comparability. A complete description of the methodology — including how confidential treatment filings are handled and why share count rather than weight is the cleaner trading signal — is documented in the Methodology.
Which positions did Aspex Management (HK) Ltd initiate in Q1 2026?
Aspex Management (HK) Ltd established 6 new positions in Q1 2026: CARVANA CO (CVNA, 8.29%), COREWEAVE INC (CRWV, 7.97%), MKS INC. (MKSI, 5.13%), CORNING INC (GLW, 5.02%), COUPANG INC (CPNG, 4.39%), TRIP COM GROUP LTD (TCOM, 1.68%).
Which existing positions saw the largest allocation increases for Aspex Management (HK) Ltd in Q1 2026?
The largest portfolio-weight increases in existing positions were: NVIDIA CORPORATION (NVDA, +2.20% weight, +80.05% shares), SEA LTD., CLASS A, ADR (SE, +-2.89% weight, +44.38% shares), FUTU HLDGS LTD (FUTU, +-2.18% weight, +35.63% shares), SYNOPSYS, INC. (SNPS, +-4.93% weight, +25.61% shares), AMER SPORTS INC (AS, +-1.81% weight, +8.89% shares), GRAB HOLDINGS LIMITED (GRAB, +-2.51% weight, +6.16% shares).
Which positions did Aspex Management (HK) Ltd fully exit in Q1 2026?
Aspex Management (HK) Ltd fully exited 1 position in Q1 2026: PDD HOLDINGS INC (PDD, last-reported weight 7.16%).
Which existing positions saw the largest allocation reductions for Aspex Management (HK) Ltd in Q1 2026?
The largest portfolio-weight reductions in positions kept open were: LUMENTUM HLDGS INC (LITE, -3.03% weight, -70.09% shares), TERADYNE INC (TER, -1.88% weight, -50.95% shares), NEW ORIENTAL ED & TECHNOLOGY (EDU, -1.89% weight, -9.80% shares), FULL TRUCK ALLIANCE CO. LTD., ADR (YMM, -2.56% weight, -8.30% shares), ATOUR LIFESTYLE HOLDINGS, LTD. (ATAT, -0.95% weight, -0.14% shares).
Do quarter-over-quarter 13F allocation changes constitute explicit trading signals?
No. Quarter-over-quarter changes reflect a combination of active trading and market price movement. A weight increase can result from price appreciation alone, without the manager adding shares. Share-count delta is the cleaner indicator of explicit trading activity.