Brilliance Asset Management Ltd.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 12, 2025), Brilliance Asset Management Ltd. reported 9 stock positions worth $302.5 million. Its top holding was Amer Sports (AS) at 31.4% of the portfolio, followed by Li Auto Inc. - ADR (LI, 17.0%) and New Oriental Educatio-SP ADR (EDU, 16.1%). Compared with Q4 2024, it opened 3 new positions, sold out of 1, added to 1 and reduced 5. The biggest buy was New Oriental Educatio-SP ADR (EDU, shares +190%) and the biggest sale an exit from PDD (PDD).
- Most Recent 13F
- Q2 2026
- Location
- ADMIRALTY, HONG KONG, K3
- CIK
- 0001665751
- Portfolio Value
- $302.5M (Q1 2025)
- SEC Filing
- 0001665751-25-000005 ↗ filed May 12, 2025
Holdings Value
Holdings 9 stocks · $302.5M
| AS Amer Sports Inc. | 31.40% | 3,553,441 | $95.0M | Reduce -12.8% |
| LI Li Auto Inc. - ADR | 16.96% | 2,035,891 | $51.3M | Reduce -42.0% |
| EDU New Oriental Educatio-SP ADR | 16.06% | 1,016,471 | $48.6M | Add +189.5% |
| YMM Full Truck Alliance -SPN ADR | 12.74% | 3,017,455 | $38.5M | Reduce -28.1% |
| BZ Kanzhun Ltd. - ADR | 11.57% | 1,825,485 | $35.0M | Reduce -75.0% |
| FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD | 5.87% | 173,472 | $17.8M | Reduce -4.6% |
| TPR Tapestry Inc. | 3.20% | 137,541 | $9.7M | New |
| GOOG Alphabet Inc. Class C | 2.00% | 38,738 | $6.1M | New |
| AMD Advanced Micro Devices | 0.20% | 5,872 | $603K | New |
Portfolio Sells Q4 2024 → Q1 2025
| PDD PDD Holdings Inc. | Sold out | 0.00% | −14.12 |
| BZ Kanzhun Ltd. - ADR | Reduce -75.0% | 11.57% | −11.13 |
| LI Li Auto Inc. - ADR | Reduce -42.0% | 16.96% | −2.00 |
| YMM Full Truck Alliance -SPN ADR | Reduce -28.1% | 12.74% | +2.52 |
| FUTU Futu Holdings Ltd.-ADR | Reduce -4.6% | 5.87% | +2.59 |
| AS Amer Sports Inc. | Reduce -12.8% | 31.40% | +5.74 |
Portfolio Buys Q4 2024 → Q1 2025
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 11 | $339.3M | PDD, YMM, BZ, META, TXN |
| Q1 2026 | 16 | $339.1M | PDD, BZ, YMM, ONTO, AS |
| Q4 2025 | 6 | $254.8M | AS, PDD, ONTO, GOOG, LX |
| Q3 2025 | 7 | $187.5M | GOOG, LI, AS, ONTO, LX |
| Q2 2025 | 7 | $153.6M | EDU, YMM, AS, BZ, LI |
| Q1 2025 | 9 | $302.5M | AS, LI, EDU, YMM, BZ |
| Q4 2024 | 7 | $443.9M | AS, BZ, LI, PDD, YMM |
| Q3 2024 | 9 | $390.7M | BZ, LI, AS, TCOM, YMM |
| Q2 2024 | 15 | $398.1M | BZ, LI, TCOM, AS, YMM |
| Q1 2024 | 10 | $453.1M | BZ, LI, TCOM, YMM, AS |