Aspex Management (HK) Ltd 13F: Quarter-over-Quarter Portfolio Changes
Aspex Management (HK) Ltd reported a disclosed portfolio value of approximately $6.9 billion in its latest SEC Form 13F-HR filing for Q1 2026, up 40.1% quarter on quarter. Over the quarter, the fund initiated 6 new positions, bought more shares in 6 holdings, trimmed 5 holdings, and exited 1 position.
Aspex Management (HK) Ltd's top buy was a new stake in Carvana CO (CVNA) , equal to 8.3% of the disclosed portfolio. Its top sell was Pdd Holdings INC (PDD) . The fund exited the position completely after it had accounted for 7.2% of the previous portfolio.
New PositionsQ1 2026
Securities disclosed for the first time in Q1 2026 that were not present in the prior 13F-HR filing.
| Company | Ticker | Initial Portfolio Weight | History |
|---|---|---|---|
| CARVANA CO | CVNA | 8.3% | History → |
| COREWEAVE INC | CRWV | 8.0% | History → |
| MKS INC. | MKSI | 5.1% | History → |
| CORNING INC | GLW | 5.0% | History → |
| COUPANG INC | CPNG | 4.4% | History → |
| TRIP COM GROUP LTD | TCOM | 1.7% | Holders → |
Top BuysQ1 2026
The fund's top buys among existing positions in Q1 2026. Ranked by portfolio-weight impact, with the percentage of additional shares shown separately.
| Company | Ticker | Portfolio Weight Change | More Shares | History |
|---|---|---|---|---|
| NVIDIA CORPORATION COM | NVDA | +2.2% | +80.1% | History → |
| SEA LTD | SE | +-2.9% | +44.4% | History → |
| FUTU HLDGS LTD | FUTU | +-2.2% | +35.6% | History → |
| SYNOPSYS INC | SNPS | +-4.9% | +25.6% | History → |
| AMER SPORTS INC | AS | +-1.8% | +8.9% | History → |
| GRAB HOLDINGS LIMITED | GRAB | +-2.5% | +6.2% | Holders → |
Top SellsQ1 2026
The fund's top sells among positions it retained in Q1 2026. Ranked by portfolio-weight impact. Full exits are listed separately.
| Company | Ticker | Portfolio Weight Change | Shares Sold | History |
|---|---|---|---|---|
| LUMENTUM HLDGS INC | LITE | -3.0% | 70.1% | Holders → |
| TERADYNE INC | TER | -1.9% | 51.0% | Holders → |
| NEW ORIENTAL ED & TECHNOLOGY | EDU | -1.9% | 9.8% | Holders → |
| FULL TRUCK A-ADR | YMM | -2.6% | 8.3% | Holders → |
| ATOUR LIFESTYLE HLDGS LTD | ATAT | -1.0% | 0.1% | Holders → |
Full ExitsQ1 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 | 7.2% |
Net Portfolio Value ChangeQ1 2026
- $4.9BPrior quarter
- $6.9BCurrent quarter
- +$2.0BNet delta
- +40.1%% change
Methodology & FAQ
How Aspex Management (HK) Ltd Quarterly Changes Are Computed
All deltas are sourced from sequential SEC Form 13F-HR filings for Aspex Management (HK) Ltd: each row joins the most recent filing against the immediately preceding quarterly filing for the same fund. Share-count changes reflect reported trading activity, while portfolio weights can also move because of market price changes. Portfolio weights are normalized to exclude listed options for comparability. A complete description — including how confidential treatment filings are handled — is documented in the Methodology.
What stocks did Aspex Management (HK) Ltd buy in Q1 2026?
In Q1 2026, Aspex Management (HK) Ltd initiated 6 new positions (CARVANA CO (CVNA), COREWEAVE INC (CRWV), MKS INC. (MKSI), CORNING INC (GLW), COUPANG INC (CPNG), TRIP COM GROUP LTD (TCOM)); bought more shares of NVIDIA CORPORATION COM (NVDA), SEA LTD (SE), FUTU HLDGS LTD (FUTU), SYNOPSYS INC (SNPS), AMER SPORTS INC (AS) — the largest 5 of 6 adds.
What stocks did Aspex Management (HK) Ltd sell in Q1 2026?
In Q1 2026, Aspex Management (HK) Ltd fully sold 1 position (PDD HOLDINGS INC (PDD)); reduced holdings in LUMENTUM HLDGS INC (LITE), TERADYNE INC (TER), NEW ORIENTAL ED & TECHNOLOGY (EDU), FULL TRUCK A-ADR (YMM), ATOUR LIFESTYLE HLDGS LTD (ATAT).
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, 8.3%), COREWEAVE INC (CRWV, 8.0%), MKS INC. (MKSI, 5.1%), CORNING INC (GLW, 5.0%), COUPANG INC (CPNG, 4.4%), TRIP COM GROUP LTD (TCOM, 1.7%).
Which existing positions saw the largest allocation increases for Aspex Management (HK) Ltd in Q1 2026?
Of 6 existing positions with share-count increases in Q1 2026, the largest were: NVIDIA CORPORATION COM (NVDA, +2.2% weight, +80.1% shares), SEA LTD (SE, +-2.9% weight, +44.4% shares), FUTU HLDGS LTD (FUTU, +-2.2% weight, +35.6% shares), SYNOPSYS INC (SNPS, +-4.9% weight, +25.6% shares), AMER SPORTS INC (AS, +-1.8% weight, +8.9% shares), GRAB HOLDINGS LIMITED (GRAB, +-2.5% weight, +6.2% 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 7.2%).
Which existing positions saw the largest allocation reductions for Aspex Management (HK) Ltd in Q1 2026?
Of 5 existing positions with share-count reductions in Q1 2026, the largest were: LUMENTUM HLDGS INC (LITE, -3.0% weight, -70.1% shares), TERADYNE INC (TER, -1.9% weight, -51.0% shares), NEW ORIENTAL ED & TECHNOLOGY (EDU, -1.9% weight, -9.8% shares), FULL TRUCK A-ADR (YMM, -2.6% weight, -8.3% shares), ATOUR LIFESTYLE HLDGS LTD (ATAT, -1.0% weight, -0.1% 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. All deltas on this page are sourced from sequential SEC Form 13F-HR filings.