GF Fund Management Co. LTD.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 22, 2025), GF Fund Management Co. LTD. reported 660 stock positions worth $5.0 billion. Its top holding was Nvidia (NVDA) at 7.7% of the portfolio, followed by Microsoft (MSFT, 7.5%) and Apple (AAPL, 6.2%). Compared with Q1 2025, it opened 35 new positions, sold out of 41, added to 130 and reduced 246. The biggest buy was British American Tob-SP ADR (BTI, shares +5842%) and the biggest sale PDD (PDD, shares −7%).
- Most Recent 13F
- Q2 2026
- Location
- GUANGZHOU, F4
- CIK
- 0002057060
- Portfolio Value
- $5.0B (Q2 2025)
- SEC Filing
- 0002057060-25-000004 ↗ filed Jul 22, 2025
Holdings Value
Holdings 660 stocks · $5.0B
| NVDA Nvidia Corp. | 7.74% | 2,435,844 | $384.8M | Reduce -8.7% |
| MSFT Microsoft Corp. | 7.49% | 749,228 | $372.7M | Reduce -0.5% |
| AAPL Apple Inc. | 6.20% | 1,502,374 | $308.2M | Add +0.1% |
| AMZN Amazon.com Inc. | 5.07% | 1,150,320 | $252.4M | Reduce -3.5% |
| AVGO Broadcom Inc. | 4.22% | 760,630 | $209.7M | Reduce -4.3% |
| META Meta Platforms Inc. Class A | 4.02% | 271,062 | $200.1M | Reduce -12.3% |
| TSLA Tesla Inc. | 2.59% | 405,647 | $128.9M | Reduce -5.6% |
| NFLX Netflix Inc. | 2.28% | 84,530 | $113.2M | Add +0.7% |
| GOOG Alphabet Inc. Class C | 2.26% | 633,754 | $112.4M | Reduce -1.4% |
| COST Costco Wholesale Corp. | 1.98% | 99,368 | $98.4M | Add +1.7% |
| PDD PDD Holdings Inc. | 1.92% | 911,086 | $95.4M | Reduce -7.2% |
| GOOGL Alphabet Inc. Class A | 1.73% | 487,036 | $85.8M | Add +1.8% |
| AMD Advanced Micro Devices | 1.26% | 439,975 | $62.4M | Add +27.4% |
| PLTR Palantir Technologies Inc. Class A | 1.24% | 452,562 | $61.7M | Reduce -2.9% |
| PM Philip Morris International | 1.24% | 338,366 | $61.6M | Add +24.7% |
| TMUS T-Mobile US Inc. | 1.14% | 238,742 | $56.9M | Add +0.4% |
| CSCO Cisco Systems Inc. | 1.09% | 779,366 | $54.1M | Add +1.4% |
| LIN Linde PLC | 0.89% | 94,386 | $44.3M | Add +2.8% |
| INTU Intuit Inc. | 0.89% | 55,948 | $44.1M | Add +3.4% |
| SNPS Synopsys Inc. | 0.87% | 84,357 | $43.2M | Reduce -1.8% |
| ISRG Intuitive Surgical Inc. | 0.84% | 76,641 | $41.6M | Add +1.3% |
| NOW ServiceNow Inc. | 0.78% | 37,944 | $39.0M | Reduce -16.5% |
| BKNG Booking Holdings Inc. | 0.76% | 6,564 | $38.0M | Add +0.5% |
| TXN Texas Instruments Inc. | 0.76% | 180,933 | $37.6M | Add +2.8% |
| AMGN Amgen Inc. | 0.72% | 128,309 | $35.8M | Add +2.6% |
| PEP Pepsico Inc. | 0.71% | 268,519 | $35.5M | Add +1.4% |
| QCOM Qualcomm Inc. | 0.70% | 218,680 | $34.8M | Add +2.0% |
| MELI MercadoLibre Inc. | 0.69% | 13,137 | $34.3M | Add +32.8% |
| SAP Sap SE-Sponsored ADR | 0.68% | 111,393 | $33.9M | Add +556.1% |
| ADBE Adobe Inc. | 0.68% | 86,812 | $33.6M | Add +0.7% |
| GILD Gilead Sciences Inc. | 0.67% | 300,002 | $33.3M | Add +2.5% |
| UNH Unitedhealth Group Inc. | 0.66% | 105,520 | $32.9M | Add +332.3% |
| BTI British American Tob-SP ADR | 0.64% | 671,506 | $31.8M | Add +5842.0% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.62% | 60,934 | $31.0M | Add +2.2% |
| LLY Eli Lilly & Co. | 0.62% | 39,293 | $30.6M | Add +17.6% |
| CEG Constellation Energy | 0.61% | 93,474 | $30.2M | Reduce -5.8% |
| HON Honeywell International Inc. | 0.60% | 127,998 | $29.8M | Add +1.9% |
| HOOD Robinhood Markets Inc. Class A | 0.59% | 314,865 | $29.5M | Add +2598.3% |
| COP Conocophillips | 0.59% | 327,176 | $29.4M | Reduce -5.4% |
| AMAT Applied Materials Inc. | 0.59% | 159,827 | $29.3M | Add +0.5% |
| PANW Palo Alto Networks Inc. | 0.59% | 142,342 | $29.1M | Add +0.8% |
| VRTX Vertex Pharmaceuticals Inc. | 0.56% | 62,317 | $27.7M | Add +2.5% |
| CDNS Cadence Design SYS Inc. | 0.55% | 88,064 | $27.1M | Reduce -0.5% |
| MU Micron Technology Inc. | 0.54% | 218,216 | $26.9M | Add +0.1% |
| CMCSA Comcast Corp. Class A | 0.53% | 741,732 | $26.5M | Add +0.7% |
| FTNT Fortinet Inc. | 0.52% | 243,970 | $25.8M | Add +65.0% |
| ADP Automatic Data Processing | 0.50% | 80,844 | $24.9M | Add +3.0% |
| LRCX Lam Research Corp. | 0.50% | 254,752 | $24.8M | Add +2.6% |
| KLAC KLA Corp. | 0.47% | 26,337 | $23.6M | Add +1.8% |
| ADI Analog Devices Inc. | 0.47% | 98,834 | $23.5M | Add +3.1% |
| WMT Walmart Inc. | 0.45% | 229,948 | $22.5M | Add +60.9% |
| CELH Celsius Holdings Inc. | 0.43% | 460,310 | $21.4M | Add +149.8% |
| SBUX Starbucks Corp. | 0.42% | 226,328 | $20.7M | Add +3.4% |
| CLS Celestica Inc. | 0.41% | 131,550 | $20.5M | Add +4285.0% |
| MSTR Strategy Inc. filed as MICROSTRATEGY INC | 0.41% | 50,589 | $20.4M | Reduce -1.4% |
| APP AppLovin Corp. Class A | 0.41% | 58,388 | $20.4M | Reduce -2.4% |
| INTC Intel Corp. | 0.38% | 844,298 | $18.9M | Add +1.4% |
| DASH DoorDash Inc. Class A | 0.38% | 76,081 | $18.8M | Reduce -2.2% |
| CTAS Cintas Corp. | 0.36% | 80,419 | $17.9M | Add +3.5% |
| ASML ASML Holding NV-NY Reg SHS | 0.35% | 21,773 | $17.4M | Reduce -25.0% |
| MDLZ Mondelez International Inc. Class A | 0.35% | 257,878 | $17.4M | Reduce -0.1% |
| MRVL Marvell Technology Inc. | 0.35% | 224,244 | $17.4M | Add +34.3% |
| EOG EOG Resources Inc. | 0.35% | 143,506 | $17.2M | Reduce -3.0% |
| TSM Taiwan Semiconductor-SP ADR | 0.34% | 75,491 | $17.1M | Reduce -65.2% |
| AEP American Electric Power | 0.31% | 149,637 | $15.5M | Reduce -11.9% |
| REGN Regeneron Pharmaceuticals | 0.31% | 29,306 | $15.4M | Reduce -7.8% |
| ORLY O'reilly Automotive Inc. | 0.31% | 170,252 | $15.3M | Add +1.3% |
| FANG Diamondback Energy Inc. | 0.30% | 108,689 | $14.9M | Add +5.2% |
| MAR Marriott International Class A | 0.30% | 54,550 | $14.9M | Add +1.0% |
| YUMC Yum China Holdings Inc. | 0.30% | 330,300 | $14.8M | Reduce -19.6% |
| PYPL PayPal Holdings Inc. | 0.29% | 193,692 | $14.4M | Reduce -0.2% |
| SHOP Shopify Inc. Class A | 0.28% | 120,000 | $13.8M | New |
| ADSK Autodesk Inc. | 0.27% | 42,621 | $13.2M | Add +2.6% |
| LITE Lumentum Holdings Inc. | 0.26% | 137,500 | $13.1M | New |
| PSX Phillips 66 | 0.25% | 105,750 | $12.6M | Reduce -3.3% |
| RKLB Rocket Lab Corp. | 0.25% | 352,509 | $12.6M | Add +94.8% |
| CSX CSX Corp. | 0.25% | 374,135 | $12.2M | Add +0.6% |
| MNST Monster Beverage Corp. | 0.24% | 194,232 | $12.2M | Add +3.5% |
| ROP Roper Technologies Inc. | 0.24% | 21,413 | $12.1M | Add +4.0% |
| DG Dollar General Corp. | 0.24% | 106,035 | $12.1M | New |
| HWM Howmet Aerospace Inc. | 0.23% | 62,230 | $11.6M | New |
| CHTR Charter Communications Inc. Class A | 0.23% | 27,955 | $11.4M | Add +1.8% |
| ABNB Airbnb Inc. Class A | 0.23% | 85,959 | $11.4M | Add +2.8% |
| MPC Marathon Petroleum Corp. | 0.23% | 67,574 | $11.2M | Reduce -19.9% |
| ZS Zscaler Inc. | 0.22% | 35,559 | $11.2M | Add +20.1% |
| AXON Axon Enterprise Inc. | 0.22% | 13,307 | $11.0M | Add +31.8% |
| NXPI NXP Semiconductors NV | 0.22% | 50,314 | $11.0M | Add +2.8% |
| CRDO Credo Technology Group Holdi | 0.21% | 114,490 | $10.6M | Add +1012.6% |
| TLN Talen Energy Corp. | 0.21% | 36,398 | $10.6M | New |
| PAYX Paychex Inc. | 0.21% | 71,736 | $10.4M | Add +3.2% |
| WDAY Workday Inc. Class A | 0.21% | 43,019 | $10.3M | Add +4.5% |
| HSAI Hesai Group | 0.21% | 467,317 | $10.3M | Add +58.5% |
| YMM Full Truck Alliance -SPN ADR | 0.21% | 864,616 | $10.2M | Reduce -8.7% |
| TME Tencent Music Entertainm-ADR | 0.20% | 517,815 | $10.1M | Reduce -16.5% |
| PCAR Paccar Inc. | 0.20% | 104,552 | $9.9M | Add +3.3% |
| IDXX Idexx Laboratories Inc. | 0.20% | 18,094 | $9.7M | Add +1.2% |
| JNJ Johnson & Johnson | 0.19% | 62,848 | $9.6M | Reduce -0.9% |
| FAST Fastenal Co. | 0.19% | 228,487 | $9.6M | Add +3.2% |
| TDG Transdigm Group Inc. | 0.19% | 6,261 | $9.5M | Reduce -5.0% |
| CPRT Copart Inc. | 0.19% | 192,409 | $9.4M | Add +3.4% |
Portfolio Sells Q1 2025 → Q2 2025
| PDD PDD Holdings Inc. | Reduce -7.2% | 1.92% | −0.81 |
| BEKE Ke Holdings Inc.-ADR | Reduce -87.2% | 0.06% | −0.56 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -65.2% | 0.34% | −0.50 |
| TCOM Trip.com Group Ltd.-ADR | Reduce -97.6% | 0.01% | −0.42 |
| BABA Alibaba Group Holding-SP ADR | Reduce -86.0% | 0.05% | −0.42 |
| COP Conocophillips | Reduce -5.4% | 0.59% | −0.26 |
| AMZN Amazon.com Inc. | Reduce -3.5% | 5.07% | −0.25 |
| CRM Salesforce Inc. | Sold out | 0.00% | −0.23 |
| FUTU Futu Holdings Ltd.-ADR | Reduce -78.2% | 0.06% | −0.21 |
| YUMC Yum China Holdings Inc. | Reduce -19.6% | 0.30% | −0.20 |
| REGN Regeneron Pharmaceuticals | Reduce -7.8% | 0.31% | −0.16 |
| META Meta Platforms Inc. Class A | Reduce -12.3% | 4.02% | −0.16 |
| D Dominion Energy Inc. | Sold out | 0.00% | −0.15 |
| HIMS Hims & Hers Health Inc. | Reduce -67.3% | 0.12% | −0.13 |
| PCG P G & E Corp. | Sold out | 0.00% | −0.12 |
| AEP American Electric Power | Reduce -11.9% | 0.31% | −0.12 |
| SRE Sempra | Sold out | 0.00% | −0.12 |
| ASML ASML Holding NV-NY Reg SHS | Reduce -25.0% | 0.35% | −0.10 |
| EOG EOG Resources Inc. | Reduce -3.0% | 0.35% | −0.10 |
| GOOG Alphabet Inc. Class C | Reduce -1.4% | 2.26% | −0.09 |
| SE Sea Ltd.-ADR | Reduce -39.4% | 0.16% | −0.09 |
| PEG Public Service Enterprise GP | Reduce -53.8% | 0.06% | −0.08 |
| YMM Full Truck Alliance -SPN ADR | Reduce -8.7% | 0.21% | −0.08 |
| HES Hess Corp. | Reduce -11.0% | 0.14% | −0.07 |
| TPL Texas Pacific Land Corp. | Reduce -7.6% | 0.11% | −0.07 |
| NOW ServiceNow Inc. | Reduce -16.5% | 0.78% | −0.06 |
| PSX Phillips 66 | Reduce -3.3% | 0.25% | −0.06 |
| MPC Marathon Petroleum Corp. | Reduce -19.9% | 0.23% | −0.06 |
| MDLZ Mondelez International Inc. Class A | Reduce -0.1% | 0.35% | −0.06 |
| BZ Kanzhun Ltd. - ADR | Reduce -12.4% | 0.14% | −0.06 |
| DUOL Duolingo | Sold out | 0.00% | −0.06 |
| TAL Tal Education Group- ADR | Reduce -10.1% | 0.08% | −0.05 |
| JNJ Johnson & Johnson | Reduce -0.9% | 0.19% | −0.05 |
| ABBV Abbvie Inc. | Reduce -0.7% | 0.16% | −0.05 |
| SO The Southern Co. | Reduce -15.9% | 0.13% | −0.05 |
| EQT Eqt Corp. | Reduce -15.9% | 0.17% | −0.05 |
| XEL Xcel Energy Inc. | Reduce -2.0% | 0.16% | −0.04 |
| DUK Duke Energy Corp. | Reduce -6.4% | 0.13% | −0.04 |
| RDDT Reddit Inc. Class A | Reduce -52.2% | 0.05% | −0.04 |
| TMO Thermo Fisher Scientific Inc. | Reduce -0.7% | 0.08% | −0.03 |
| MRK Merck & Co. Inc. | Reduce -0.7% | 0.10% | −0.03 |
| MDB Mongodb Inc. | Reduce -51.0% | 0.03% | −0.03 |
| DECK Deckers Outdoor Corp. | Reduce -7.4% | 0.08% | −0.03 |
| VIPS Vipshop Holdings Ltd. - ADR | Reduce -7.2% | 0.09% | −0.03 |
| VLO Valero Energy Corp. | Reduce -1.5% | 0.16% | −0.03 |
| BMY Bristol-Myers Squibb Co. | Reduce -0.7% | 0.05% | −0.03 |
| FTAI Ftai Aviation Ltd. | Sold out | 0.00% | −0.02 |
| TDG Transdigm Group Inc. | Reduce -5.0% | 0.19% | −0.02 |
| TSLA Tesla Inc. | Reduce -5.6% | 2.59% | −0.02 |
| ETR Entergy Corp. | Reduce -99.2% | 0.00% | −0.02 |
Portfolio Buys Q1 2025 → Q2 2025
| BTI British American Tob-SP ADR | Add +5842.0% | 0.64% | +0.63 |
| HOOD Robinhood Markets Inc. Class A | Add +2598.3% | 0.59% | +0.58 |
| SAP Sap SE-Sponsored ADR | Add +556.1% | 0.68% | +0.57 |
| NFLX Netflix Inc. | Add +0.7% | 2.28% | +0.44 |
| AMD Advanced Micro Devices | Add +27.4% | 1.26% | +0.42 |
| CLS Celestica Inc. | Add +4285.0% | 0.41% | +0.41 |
| UNH Unitedhealth Group Inc. | Add +332.3% | 0.66% | +0.36 |
| SHOP Shopify Inc. Class A | New | 0.28% | +0.28 |
| CELH Celsius Holdings Inc. | Add +149.8% | 0.43% | +0.28 |
| LITE Lumentum Holdings Inc. | New | 0.26% | +0.26 |
| DG Dollar General Corp. | New | 0.24% | +0.24 |
| MELI MercadoLibre Inc. | Add +32.8% | 0.69% | +0.24 |
| HWM Howmet Aerospace Inc. | New | 0.23% | +0.23 |
| PM Philip Morris International | Add +24.7% | 1.24% | +0.23 |
| TLN Talen Energy Corp. | New | 0.21% | +0.21 |
| CRDO Credo Technology Group Holdi | Add +1012.6% | 0.21% | +0.20 |
| FTNT Fortinet Inc. | Add +65.0% | 0.52% | +0.18 |
| RKLB Rocket Lab Corp. | Add +94.8% | 0.25% | +0.18 |
| CRWV Coreweave Inc. Class A | New | 0.17% | +0.17 |
| WMT Walmart Inc. | Add +60.9% | 0.45% | +0.16 |
| CRWD CrowdStrike Holdings Inc. Class A | Add +2.2% | 0.62% | +0.13 |
| MRVL Marvell Technology Inc. | Add +34.3% | 0.35% | +0.11 |
| INTU Intuit Inc. | Add +3.4% | 0.89% | +0.11 |
| HSAI Hesai Group | Add +58.5% | 0.21% | +0.10 |
| DELL Dell Technologies -C | Add +359709.1% | 0.10% | +0.10 |
| AXON Axon Enterprise Inc. | Add +31.8% | 0.22% | +0.10 |
| MU Micron Technology Inc. | Add +0.1% | 0.54% | +0.10 |
| ZS Zscaler Inc. | Add +20.1% | 0.22% | +0.09 |
| ORCL Oracle Corp. | New | 0.08% | +0.08 |
| LRCX Lam Research Corp. | Add +2.6% | 0.50% | +0.08 |
| HEI Heico Corp. | New | 0.07% | +0.07 |
| KLAC KLA Corp. | Add +1.8% | 0.47% | +0.06 |
| NKE Nike Inc. Class B | Add +104.9% | 0.12% | +0.06 |
| BKNG Booking Holdings Inc. | Add +0.5% | 0.76% | +0.06 |
| AAOI Applied Optoelectronics Inc. | New | 0.06% | +0.06 |
| CRCL Circle Internet Group Inc. | New | 0.06% | +0.06 |
| AMAT Applied Materials Inc. | Add +0.5% | 0.59% | +0.05 |
| NTES Netease Inc.-ADR | Add +120.2% | 0.07% | +0.04 |
| EDU New Oriental Educatio-SP ADR | Add +115.8% | 0.08% | +0.04 |
| MCHP Microchip Technology Inc. | Add +8.0% | 0.16% | +0.04 |
| DDOG Datadog Inc. Class A | Add +5.3% | 0.17% | +0.03 |
| BRBR Bellring Brands Inc. | New | 0.03% | +0.03 |
| ARM Arm Holdings PLC-ADR | Add +7.5% | 0.09% | +0.02 |
| T AT&T Inc. | New | 0.02% | +0.02 |
| GS Goldman Sachs Group Inc. | Add +67.3% | 0.05% | +0.02 |
| PANW Palo Alto Networks Inc. | Add +0.8% | 0.59% | +0.02 |
| ADI Analog Devices Inc. | Add +3.1% | 0.47% | +0.02 |
| IDXX Idexx Laboratories Inc. | Add +1.2% | 0.20% | +0.02 |
| DLTR Dollar Tree Inc. | New | 0.02% | +0.02 |
| TTD Trade Desk Inc./the Class A | Add +2.8% | 0.13% | +0.02 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 587 | $8.3B | SNDK, MU, NVDA, AAPL, AMD |
| Q1 2026 | 624 | $6.0B | NVDA, AAPL, AMZN, MSFT, GOOG |
| Q4 2025 | 643 | $5.9B | NVDA, AAPL, MSFT, GOOG, AMZN |
| Q3 2025 | 631 | $5.5B | NVDA, MSFT, AAPL, AVGO, AMZN |
| Q2 2025 | 660 | $5.0B | NVDA, MSFT, AAPL, AMZN, AVGO |
| Q1 2025 | 666 | $4.3B | AAPL, NVDA, MSFT, AMZN, META |
| Q4 2024 | 637 | $4.6B | NVDA, AAPL, MSFT, AMZN, META |