GF Fund Management Co. LTD.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 7, 2025), GF Fund Management Co. LTD. reported 631 stock positions worth $5.5 billion. Its top holding was Nvidia (NVDA) at 8.4% of the portfolio, followed by Microsoft (MSFT, 7.1%) and Apple (AAPL, 7.0%). Compared with Q2 2025, it opened 32 new positions, sold out of 61, added to 111 and reduced 426. The biggest buy was Alphabet Class C (GOOG, shares +19%) and the biggest sale British American Tob-SP ADR (BTI, shares −99%).
- Most Recent 13F
- Q2 2026
- Location
- GUANGZHOU, F4
- CIK
- 0002057060
- Portfolio Value
- $5.5B (Q3 2025)
- SEC Filing
- 0002057060-25-000010 ↗ filed Nov 7, 2025
Holdings Value
Holdings 631 stocks · $5.5B
| NVDA Nvidia Corp. | 8.39% | 2,479,366 | $462.6M | Add +1.8% |
| MSFT Microsoft Corp. | 7.10% | 755,692 | $391.4M | Add +0.9% |
| AAPL Apple Inc. | 7.03% | 1,521,545 | $387.4M | Add +1.3% |
| AVGO Broadcom Inc. | 4.96% | 828,080 | $273.2M | Add +8.9% |
| AMZN Amazon.com Inc. | 4.65% | 1,167,968 | $256.5M | Add +1.5% |
| META Meta Platforms Inc. Class A | 3.62% | 271,551 | $199.4M | Add +0.2% |
| GOOG Alphabet Inc. Class C | 3.33% | 752,751 | $183.3M | Add +18.8% |
| TSLA Tesla Inc. | 3.13% | 387,786 | $172.5M | Reduce -4.4% |
| GOOGL Alphabet Inc. Class A | 2.15% | 488,123 | $118.7M | Add +0.2% |
| PDD PDD Holdings Inc. | 1.90% | 793,042 | $104.8M | Reduce -13.0% |
| NFLX Netflix Inc. | 1.89% | 86,886 | $104.2M | Add +2.8% |
| COST Costco Wholesale Corp. | 1.61% | 95,756 | $88.6M | Reduce -3.6% |
| PLTR Palantir Technologies Inc. Class A | 1.50% | 454,084 | $82.8M | Add +0.3% |
| LITE Lumentum Holdings Inc. | 1.20% | 404,923 | $65.9M | Add +194.5% |
| AMD Advanced Micro Devices | 1.14% | 387,579 | $62.7M | Reduce -11.9% |
| PM Philip Morris International | 1.07% | 362,188 | $58.7M | Add +7.0% |
| HOOD Robinhood Markets Inc. Class A | 1.00% | 386,159 | $55.3M | Add +22.6% |
| BE Bloom Energy Corp. Class A | 1.00% | 648,856 | $54.9M | New |
| TMUS T-Mobile US Inc. | 0.98% | 226,138 | $54.1M | Reduce -5.3% |
| CSCO Cisco Systems Inc. | 0.97% | 779,366 | $53.3M | No change |
| APP AppLovin Corp. Class A | 0.97% | 74,113 | $53.3M | Add +26.9% |
| MU Micron Technology Inc. | 0.89% | 293,567 | $49.1M | Add +34.5% |
| SNDK Sandisk Corp. | 0.82% | 402,905 | $45.2M | New |
| LIN Linde PLC | 0.81% | 94,386 | $44.8M | No change |
| SNPS Synopsys Inc. | 0.78% | 87,651 | $43.2M | Add +3.9% |
| INTU Intuit Inc. | 0.69% | 55,948 | $38.2M | No change |
| PEP Pepsico Inc. | 0.68% | 268,519 | $37.7M | No change |
| QCOM Qualcomm Inc. | 0.66% | 218,680 | $36.4M | No change |
| NBIS Nebius Group NV | 0.66% | 322,637 | $36.2M | New |
| AMGN Amgen Inc. | 0.66% | 128,199 | $36.2M | Reduce -0.1% |
| ISRG Intuitive Surgical Inc. | 0.65% | 79,850 | $35.7M | Add +4.2% |
| CEG Constellation Energy | 0.65% | 108,161 | $35.6M | Add +15.7% |
| BKNG Booking Holdings Inc. | 0.64% | 6,535 | $35.3M | Reduce -0.4% |
| SHOP Shopify Inc. Class A | 0.62% | 230,500 | $34.3M | Add +92.1% |
| LRCX Lam Research Corp. | 0.62% | 254,752 | $34.1M | No change |
| SAP Sap SE-Sponsored ADR | 0.61% | 126,254 | $33.7M | Add +13.3% |
| PANW Palo Alto Networks Inc. | 0.60% | 163,494 | $33.3M | Add +14.9% |
| TXN Texas Instruments Inc. | 0.60% | 180,933 | $33.2M | No change |
| GILD Gilead Sciences Inc. | 0.60% | 298,547 | $33.1M | Reduce -0.5% |
| AMAT Applied Materials Inc. | 0.59% | 159,827 | $32.7M | No change |
| CDNS Cadence Design SYS Inc. | 0.55% | 86,389 | $30.3M | Reduce -1.9% |
| ADBE Adobe Inc. | 0.54% | 85,086 | $30.0M | Reduce -2.0% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.54% | 60,278 | $29.6M | Reduce -1.1% |
| COP Conocophillips | 0.52% | 301,802 | $28.5M | Reduce -7.8% |
| KLAC KLA Corp. | 0.52% | 26,337 | $28.4M | No change |
| INTC Intel Corp. | 0.51% | 844,298 | $28.3M | No change |
| TLN Talen Energy Corp. | 0.50% | 64,256 | $27.3M | Add +76.5% |
| NOW ServiceNow Inc. | 0.49% | 29,340 | $27.0M | Reduce -22.7% |
| HON Honeywell International Inc. | 0.49% | 127,998 | $26.9M | No change |
| MELI MercadoLibre Inc. | 0.46% | 10,965 | $25.6M | Reduce -16.5% |
| VRTX Vertex Pharmaceuticals Inc. | 0.45% | 62,791 | $24.6M | Add +0.8% |
| ADI Analog Devices Inc. | 0.44% | 98,834 | $24.3M | No change |
| ADP Automatic Data Processing | 0.43% | 80,844 | $23.7M | No change |
| CMCSA Comcast Corp. Class A | 0.42% | 741,732 | $23.3M | No change |
| BIDU Baidu Inc. - Spon ADR | 0.39% | 163,059 | $21.5M | New |
| DASH DoorDash Inc. Class A | 0.38% | 76,081 | $20.7M | No change |
| SBUX Starbucks Corp. | 0.35% | 226,328 | $19.1M | No change |
| ORLY O'reilly Automotive Inc. | 0.33% | 170,252 | $18.4M | No change |
| LLY Eli Lilly & Co. | 0.33% | 23,635 | $18.0M | Reduce -39.9% |
| CELH Celsius Holdings Inc. | 0.32% | 304,036 | $17.5M | Reduce -34.0% |
| ASML ASML Holding NV-NY Reg SHS | 0.31% | 17,408 | $16.9M | Reduce -20.1% |
| CIEN Ciena Corp. | 0.30% | 114,555 | $16.7M | New |
| CTAS Cintas Corp. | 0.30% | 80,419 | $16.5M | No change |
| MSTR Strategy Inc. | 0.30% | 50,570 | $16.3M | Reduce -0.0% |
| CRWV Coreweave Inc. Class A | 0.29% | 118,183 | $16.2M | Add +133.4% |
| REGN Regeneron Pharmaceuticals | 0.29% | 28,712 | $16.1M | Reduce -2.0% |
| MDLZ Mondelez International Inc. Class A | 0.29% | 257,878 | $16.1M | No change |
| ABNB Airbnb Inc. Class A | 0.28% | 129,127 | $15.7M | Add +50.2% |
| FANG Diamondback Energy Inc. | 0.27% | 103,711 | $14.8M | Reduce -4.6% |
| EOG EOG Resources Inc. | 0.27% | 130,482 | $14.6M | Reduce -9.1% |
| MRVL Marvell Technology Inc. | 0.26% | 171,718 | $14.4M | Reduce -23.4% |
| MAR Marriott International Class A | 0.26% | 54,550 | $14.2M | No change |
| MPC Marathon Petroleum Corp. | 0.26% | 73,448 | $14.2M | Add +8.7% |
| STX Seagate Technology Holdings | 0.26% | 59,800 | $14.1M | New |
| ADSK Autodesk Inc. | 0.25% | 42,621 | $13.5M | No change |
| ALAB Astera Labs Inc. | 0.24% | 68,072 | $13.3M | New |
| CSX CSX Corp. | 0.24% | 374,135 | $13.3M | No change |
| PSX Phillips 66 | 0.24% | 97,408 | $13.2M | Reduce -7.9% |
| MNST Monster Beverage Corp. | 0.24% | 194,232 | $13.1M | No change |
| PYPL PayPal Holdings Inc. | 0.24% | 193,692 | $13.0M | No change |
| UNH Unitedhealth Group Inc. | 0.23% | 37,211 | $12.8M | Reduce -64.7% |
| FTNT Fortinet Inc. | 0.23% | 152,442 | $12.8M | Reduce -37.5% |
| TRI Thomson Reuters Corp. | 0.23% | 82,000 | $12.7M | New |
| VST Vistra Corp. | 0.22% | 63,204 | $12.4M | Add +72.6% |
| JNJ Johnson & Johnson | 0.22% | 66,701 | $12.4M | Add +6.1% |
| TSM Taiwan Semiconductor-SP ADR | 0.22% | 44,109 | $12.3M | Reduce -41.6% |
| AEP American Electric Power | 0.22% | 106,391 | $12.0M | Reduce -28.9% |
| IDXX Idexx Laboratories Inc. | 0.21% | 18,224 | $11.6M | Add +0.7% |
| NXPI NXP Semiconductors NV | 0.21% | 50,314 | $11.5M | No change |
| ABBV Abbvie Inc. | 0.20% | 48,648 | $11.3M | Add +13.3% |
| XPEV Xpeng Inc. - ADR | 0.20% | 478,955 | $11.2M | New |
| FAST Fastenal Co. | 0.20% | 228,487 | $11.2M | No change |
| TME Tencent Music Entertainm-ADR | 0.20% | 467,114 | $10.9M | Reduce -9.8% |
| OPEN Opendoor Technologies Inc. | 0.20% | 1,358,761 | $10.8M | New |
| ROP Roper Technologies Inc. | 0.19% | 21,413 | $10.7M | No change |
| YMM Full Truck Alliance -SPN ADR | 0.19% | 810,795 | $10.5M | Reduce -6.2% |
| AXON Axon Enterprise Inc. | 0.19% | 14,607 | $10.5M | Add +9.8% |
| WDAY Workday Inc. Class A | 0.19% | 43,019 | $10.4M | No change |
| PCAR Paccar Inc. | 0.19% | 104,552 | $10.3M | No change |
| EA Electronic Arts Inc. | 0.18% | 49,943 | $10.1M | No change |
Portfolio Sells Q2 2025 → Q3 2025
| BTI British American Tob-SP ADR | Reduce -99.4% | 0.00% | −0.64 |
| UNH Unitedhealth Group Inc. | Reduce -64.7% | 0.23% | −0.43 |
| WMT Walmart Inc. | Reduce -94.0% | 0.03% | −0.43 |
| COST Costco Wholesale Corp. | Reduce -3.6% | 1.61% | −0.37 |
| CLS Celestica Inc. | Reduce -82.6% | 0.10% | −0.31 |
| YUMC Yum China Holdings Inc. | Sold out | 0.00% | −0.30 |
| NOW ServiceNow Inc. | Reduce -22.7% | 0.49% | −0.29 |
| LLY Eli Lilly & Co. | Reduce -39.9% | 0.33% | −0.29 |
| FTNT Fortinet Inc. | Reduce -37.5% | 0.23% | −0.29 |
| HWM Howmet Aerospace Inc. | Reduce -97.2% | 0.01% | −0.23 |
| MELI MercadoLibre Inc. | Reduce -16.5% | 0.46% | −0.23 |
| CRDO Credo Technology Group Holdi | Sold out | 0.00% | −0.21 |
| HSAI Hesai Group | Sold out | 0.00% | −0.21 |
| TDG Transdigm Group Inc. | Reduce -85.2% | 0.02% | −0.17 |
| DG Dollar General Corp. | Reduce -62.3% | 0.07% | −0.17 |
| TMUS T-Mobile US Inc. | Reduce -5.3% | 0.98% | −0.16 |
| HES Hess Corp. | Sold out | 0.00% | −0.14 |
| ADBE Adobe Inc. | Reduce -2.0% | 0.54% | −0.13 |
| SO The Southern Co. | Sold out | 0.00% | −0.13 |
| DUK Duke Energy Corp. | Sold out | 0.00% | −0.13 |
| NKE Nike Inc. Class B | Sold out | 0.00% | −0.12 |
| BKNG Booking Holdings Inc. | Reduce -0.4% | 0.64% | −0.12 |
| ANSS Ansys Inc. | Sold out | 0.00% | −0.12 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -41.6% | 0.22% | −0.12 |
| AMD Advanced Micro Devices | Reduce -11.9% | 1.14% | −0.12 |
| MSTR Strategy Inc. | Reduce -0.0% | 0.30% | −0.12 |
| CELH Celsius Holdings Inc. | Reduce -34.0% | 0.32% | −0.11 |
| ONON On Holding AG Class A | Sold out | 0.00% | −0.11 |
| RKLB Rocket Lab Corp. | Reduce -52.0% | 0.15% | −0.11 |
| RACE Ferrari NV | Reduce -78.3% | 0.03% | −0.11 |
| DELL Dell Technologies -C | Sold out | 0.00% | −0.10 |
| AEP American Electric Power | Reduce -28.9% | 0.22% | −0.10 |
| VNET Vnet Group Inc.-ADR | Sold out | 0.00% | −0.09 |
| CRWD CrowdStrike Holdings Inc. Class A | Reduce -1.1% | 0.54% | −0.09 |
| MRVL Marvell Technology Inc. | Reduce -23.4% | 0.26% | −0.09 |
| EOG EOG Resources Inc. | Reduce -9.1% | 0.27% | −0.08 |
| EDU New Oriental Educatio-SP ADR | Sold out | 0.00% | −0.08 |
| ORCL Oracle Corp. | Sold out | 0.00% | −0.08 |
| DECK Deckers Outdoor Corp. | Sold out | 0.00% | −0.08 |
| QFIN Qfin Holdings Inc.-ADR | Reduce -28.9% | 0.06% | −0.07 |
| COP Conocophillips | Reduce -7.8% | 0.52% | −0.07 |
| NTES Netease Inc.-ADR | Sold out | 0.00% | −0.07 |
| ETN Eaton Corp. PLC | Sold out | 0.00% | −0.07 |
| SE Sea Ltd.-ADR | Reduce -43.2% | 0.09% | −0.07 |
| GILD Gilead Sciences Inc. | Reduce -0.5% | 0.60% | −0.07 |
| AMGN Amgen Inc. | Reduce -0.1% | 0.66% | −0.06 |
| BEKE Ke Holdings Inc.-ADR | Sold out | 0.00% | −0.06 |
| TMDX Transmedics Group Inc. | Sold out | 0.00% | −0.06 |
| AAOI Applied Optoelectronics Inc. | Sold out | 0.00% | −0.06 |
| ZS Zscaler Inc. | Reduce -12.8% | 0.17% | −0.06 |
Portfolio Buys Q2 2025 → Q3 2025
| GOOG Alphabet Inc. Class C | Add +18.8% | 3.33% | +1.06 |
| BE Bloom Energy Corp. Class A | New | 1.00% | +1.00 |
| LITE Lumentum Holdings Inc. | Add +194.5% | 1.20% | +0.93 |
| AAPL Apple Inc. | Add +1.3% | 7.03% | +0.83 |
| SNDK Sandisk Corp. | New | 0.82% | +0.82 |
| AVGO Broadcom Inc. | Add +8.9% | 4.96% | +0.74 |
| NBIS Nebius Group NV | New | 0.66% | +0.66 |
| NVDA Nvidia Corp. | Add +1.8% | 8.39% | +0.65 |
| APP AppLovin Corp. Class A | Add +26.9% | 0.97% | +0.56 |
| GOOGL Alphabet Inc. Class A | Add +0.2% | 2.15% | +0.43 |
| HOOD Robinhood Markets Inc. Class A | Add +22.6% | 1.00% | +0.41 |
| BIDU Baidu Inc. - Spon ADR | New | 0.39% | +0.39 |
| MU Micron Technology Inc. | Add +34.5% | 0.89% | +0.35 |
| SHOP Shopify Inc. Class A | Add +92.1% | 0.62% | +0.34 |
| CIEN Ciena Corp. | New | 0.30% | +0.30 |
| TLN Talen Energy Corp. | Add +76.5% | 0.50% | +0.28 |
| PLTR Palantir Technologies Inc. Class A | Add +0.3% | 1.50% | +0.26 |
| STX Seagate Technology Holdings | New | 0.26% | +0.26 |
| ALAB Astera Labs Inc. | New | 0.24% | +0.24 |
| TRI Thomson Reuters Corp. | New | 0.23% | +0.23 |
| XPEV Xpeng Inc. - ADR | New | 0.20% | +0.20 |
| OPEN Opendoor Technologies Inc. | New | 0.20% | +0.20 |
| RMBS Rambus Inc. | New | 0.16% | +0.16 |
| WDC Western Digital Corp. | New | 0.14% | +0.14 |
| CRWV Coreweave Inc. Class A | Add +133.4% | 0.29% | +0.13 |
| NVO Novo-Nordisk A/S-Spons ADR | New | 0.12% | +0.12 |
| DUOL Duolingo | New | 0.12% | +0.12 |
| VST Vistra Corp. | Add +72.6% | 0.22% | +0.08 |
| RBLX Roblox Corp. Class A | Add +50.0% | 0.16% | +0.07 |
| UBER Uber Technologies Inc. | New | 0.07% | +0.07 |
| SPOT Spotify Technology SA | New | 0.06% | +0.06 |
| ABNB Airbnb Inc. Class A | Add +50.2% | 0.28% | +0.06 |
| ABBV Abbvie Inc. | Add +13.3% | 0.20% | +0.04 |
| CEG Constellation Energy | Add +15.7% | 0.65% | +0.04 |
| VNOM Viper Energy Inc. Class A | New | 0.03% | +0.03 |
| JNJ Johnson & Johnson | Add +6.1% | 0.22% | +0.03 |
| MPC Marathon Petroleum Corp. | Add +8.7% | 0.26% | +0.03 |
| FUTU Futu Holdings Ltd.-ADR | Add +13.8% | 0.09% | +0.03 |
| PANW Palo Alto Networks Inc. | Add +14.9% | 0.60% | +0.02 |
| ABT Abbott Laboratories | Add +30.6% | 0.12% | +0.02 |
| IDXX Idexx Laboratories Inc. | Add +0.7% | 0.21% | +0.02 |
| TMO Thermo Fisher Scientific Inc. | Add +9.7% | 0.09% | +0.01 |
| SYK Stryker Corp. | Add +38.1% | 0.06% | +0.01 |
| MRK Merck & Co. Inc. | Add +12.2% | 0.11% | +0.01 |
| BSX Boston Scientific Corp. | Add +33.8% | 0.07% | +0.01 |
| PFE Pfizer Inc. | Add +13.9% | 0.07% | +0.01 |
| IBM Intl Business Machines Corp. | Add +77.5% | 0.02% | +0.01 |
| VG Venture Global Inc. Class A | New | 0.01% | +0.01 |
| KTOS Kratos Defense & Security | New | 0.00% | +0.00 |
| NEM Newmont Corp. | New | 0.00% | +0.00 |
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 |