Data as of Q4 2025 (Dec 31, 2025)·Next filing deadline: May 15, 2026

Aspex Management (HK) Ltd

•CIK: 1768375•Filing: Q4 2025

Aspex Management (HK) Ltd, led by the seasoned investor team of David Harding and Jonathan Stubbs, is known for its quantitative, systematic trading strategies, focusing on exploiting market inefficiencies. Recently, the fund has increased its positions in NVDA, LITE, and TER, while significantly cutting stakes in NIO and VYLD, reflecting a strategic shift towards tech and emerging markets amid current market volatility.

Total AUM

$4.9B

+ $18.7M in options

QoQ Performance

+5.2%

Positions

21

+ 1 option

Top 10 Concentration

85.3%

Latest Filing

Q4 2025

Top Holdings Allocation

SNPS

FUTU

NVDA

SE

PDD

AMER

GRAB

N1UA

SNPS20.2%

FUTU11.2%

NVDA10.8%

SE8.7%

PDD7.1%

AMER5.7%

GRAB5.6%

N1UA5.6%

📈 Biggest Buys

NVIDIA CORPORATION

NEW

10.8% of portfolio

SYNOPSYS INC

+40.1%

20.2% of portfolio

LUMENTUM HLDGS INC

NEW

5.1% of portfolio

TERADYNE INC

NEW

4.0% of portfolio

FUTU HLDGS LTD

+37.5%

11.2% of portfolio

📉 Biggest Sells

SEA LTD

-21.4%

8.7% of portfolio

NIO INC

-62.5%

1.4% of portfolio

NEW ORIENTAL ED & TECHNOLOGY

-14.5%

5.6% of portfolio

ATOUR LIFESTYLE HLDGS LTD

-19.7%

2.8% of portfolio

PDD HOLDINGS INC

-2.0%

7.1% of portfolio

Sector Breakdown

Other89.2%

Technology10.8%

🚪 Exited Positionssold since Q3 2025

DOORDASH INC

SOLD

$197.1M

CARPENTER TECHNOLOGY CORP

SOLD

$136.2M

SEA LTD

SOLD

$59.1M

LAM RESEARCH CORP

SOLD

$53.5M

BAIDU INC

SOLD

$48.5M

Changes from Q3 2025

NEW3 new positions

↑4 increased

↓6 decreased

Historical Filings

Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023

📌 Top Holdings

NVIDIA CORPORATION

PDD HOLDINGS INC

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