Aspex Management (HK) Ltd

Aspex Management (HK) Ltd declares $4.9B in 7 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 55.4% of its $8.9B 13F portfolio. Largest positions: Synopsys (1.6% of the company) and Qualcomm (0.59% of the company). Over time: $4.9B in 7 of these companies for Q2 2026, against $122.6M in 3 for Q1 2020 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $1.6B and sold $1.3B of these stocks, at the quarter's prices: a net purchase of $369.4M; 1 new position and 1 sold out.

Performance of its AI picks

The AI-stock portfolio Aspex Management (HK) Ltd declared for Q2 2026 (Form 13F), held unchanged, returned -13.2% in Q3 2026 (SMH -7.1%), ranked 1692 of 1,785 active managers. Over the last 12 months, quarter after quarter: +21.3% (SMH +87.2%). Over three years, quarter after quarter: +173.4% (SMH +325.8%). Over five years, quarter after quarter: +88.0% (SMH +389.8%). Trades made during a quarter are not visible in 13F filings: this measures its declared picks, not the return of its funds.

Largest positions

1. Synopsys (SNPS): $1.4B, 3.1M shares, 1.6% of the company, 15.6% of its portfolio (added this quarter); held since Q1 2025
2. Qualcomm (QCOM): $1.2B, 6.4M shares, 0.59% of the company, 13.2% of its portfolio (new position this quarter)
3. MKS (MKSI): $809.7M, 1.8M shares, 2.7% of the company, 9.1% of its portfolio (added this quarter); held since Q1 2026
4. CoreWeave (CRWV): $792.4M, 8.0M shares, 1.4% of the company, 8.9% of its portfolio (added this quarter); held since Q1 2026
5. Corning (GLW): $377.4M, 1.5M shares, 0.17% of the company, 4.2% of its portfolio (trimmed this quarter); held since Q1 2026
6. Teradyne (TER): $305.8M, 631,941 shares, 0.40% of the company, 3.4% of its portfolio (added this quarter); held since Q4 2025
7. Lumentum (LITE): $74.9M, 87,237 shares, 0.10% of the company, 0.84% of its portfolio (trimmed this quarter); held since Q4 2025

By sector

• AI software: $1.4B, 28% of its AI holdings, 1 company
• Chips & compute: $1.2B, 24% of its AI holdings, 1 company
• Equipment & test: $1.1B, 23% of its AI holdings, 2 companies
• Neoclouds & data centers: $792.4M, 16% of its AI holdings, 1 company
• Optics: $452.2M, 9% of its AI holdings, 2 companies

Biggest changes this quarter

• opened a position in Qualcomm (QCOM): +$1.2B at the quarter's price
• sold out of NVIDIA (NVDA): -$902.4M at the quarter's price
• trimmed Corning (GLW): -$272.6M at the quarter's price
• added to Synopsys (SNPS): +$197.2M at the quarter's price
• added to MKS (MKSI): +$125.3M at the quarter's price
• trimmed Lumentum (LITE): -$100.1M at the quarter's price
• added to CoreWeave (CRWV): +$85.9M at the quarter's price
• added to Teradyne (TER): +$60.9M at the quarter's price

Other holders of this size

• Rakuten Investment Management, Inc.: $4.9B in 77 of these companies
• PECONIC PARTNERS LLC: $4.9B in 3 of these companies
• Impax Asset Management Group plc: $4.9B in 53 of these companies
• DAVENPORT & Co LLC: $5.0B in 111 of these companies
• Railway Pension Investments Ltd: $4.9B in 34 of these companies
• VAN LANSCHOT KEMPEN INVESTMENT MANAGEMENT N.V.: $5.0B in 45 of these companies
• HORIZON KINETICS ASSET MANAGEMENT LLC: $4.8B in 28 of these companies
• EARNEST PARTNERS LLC: $5.1B in 53 of these companies

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