HCEP Management Ltd
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 14, 2024), HCEP Management Ltd reported 16 stock positions worth $532.0 million. Its top holding was Ke Holdings Inc.-ADR (BEKE) at 22.6% of the portfolio, followed by Taiwan Semiconductor-SP ADR (TSM, 21.7%) and Iqiyi Inc.-ADR (IQ, 11.9%). Compared with Q4 2023, it opened 7 new positions, sold out of 7, added to 3 and reduced 3. The biggest buy was a new position in Taiwan Semiconductor-SP ADR (TSM) and the biggest sale PDD (PDD, shares −40%).
- Most Recent 13F
- Q2 2026
- Location
- HONG KONG, K3
- CIK
- 0001822015
- Portfolio Value
- $532.0M (Q1 2024)
- SEC Filing
- 0001822015-24-000003 ↗ filed May 14, 2024
Holdings Value
Holdings 16 stocks · $532.0M
| BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC | 22.63% | 8,770,468 | $120.4M | Reduce -2.3% |
| TSM Taiwan Semiconductor-SP ADR | 21.74% | 850,000 | $115.6M | New |
| IQ Iqiyi Inc.-ADR | 11.93% | 15,000,000 | $63.5M | No change |
| TAL Tal Education Group- ADR | 10.67% | 5,000,000 | $56.8M | No change |
| YMM Full Truck Alliance -SPN ADR | 7.77% | 5,683,727 | $41.3M | Reduce -34.3% |
| PDD PDD Holdings Inc. | 6.56% | 300,000 | $34.9M | Reduce -40.0% |
| FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD | 5.09% | 500,000 | $27.1M | Add +25.0% |
| GOTU Gaotu Techedu Inc. | 2.44% | 1,980,951 | $13.0M | Add +98.1% |
| PBR Petroleo Brasileiro-Spon ADR | 2.29% | 800,000 | $12.2M | New |
| TCOM Trip.com Group Ltd.-ADR | 2.06% | 250,000 | $11.0M | No change |
| EDU New Oriental Educatio-SP ADR | 1.63% | 100,000 | $8.7M | Add +33.3% |
| GCT Gigacloud Technology Inc. Class A | 1.50% | 299,016 | $8.0M | New |
| LI Li Auto Inc. - ADR | 1.42% | 250,000 | $7.6M | New |
| WOLF Wolfspeed Inc. | 1.11% | 200,000 | $5.9M | New |
| TME Tencent Music Entertainm-ADR | 1.05% | 500,000 | $5.6M | New |
| BZ Kanzhun Ltd. - ADR | 0.12% | 36,014 | $631K | New |
Portfolio Sells Q4 2023 → Q1 2024
| PDD PDD Holdings Inc. | Reduce -40.0% | 6.56% | −8.70 |
| BEKE Ke Holdings Inc.-ADR | Reduce -2.3% | 22.63% | −7.69 |
| YMM Full Truck Alliance -SPN ADR | Reduce -34.3% | 7.77% | −4.87 |
| YINN Direxion DLY Ftse CH BL3X-Ui | Sold out | 0.00% | −2.62 |
| NTES Netease Inc.-ADR | Sold out | 0.00% | −0.97 |
| RLX RLX Technology Inc.-ADR | Sold out | 0.00% | −0.46 |
| API Agora Inc.-ADR | Sold out | 0.00% | −0.38 |
| TOUR Tuniu Corp.-Spon ADR | Sold out | 0.00% | −0.28 |
| FINV Finvolution Group-ADR | Sold out | 0.00% | −0.26 |
| QFIN Qfin Holdings Inc.-ADR | Sold out | 0.00% | −0.05 |
Portfolio Buys Q4 2023 → Q1 2024
| TSM Taiwan Semiconductor-SP ADR | New | 21.74% | +21.74 |
| PBR Petroleo Brasileiro-Spon ADR | New | 2.29% | +2.29 |
| GOTU Gaotu Techedu Inc. | Add +98.1% | 2.44% | +1.68 |
| GCT Gigacloud Technology Inc. Class A | New | 1.50% | +1.50 |
| LI Li Auto Inc. - ADR | New | 1.42% | +1.42 |
| WOLF Wolfspeed Inc. | New | 1.11% | +1.11 |
| TME Tencent Music Entertainm-ADR | New | 1.05% | +1.05 |
| FUTU Futu Holdings Ltd.-ADR | Add +25.0% | 5.09% | +0.53 |
| EDU New Oriental Educatio-SP ADR | Add +33.3% | 1.63% | +0.49 |
| BZ Kanzhun Ltd. - ADR | New | 0.12% | +0.12 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 4 | $61.3M | TSM, BABA, MNSO, UVXY |
| Q1 2026 | 4 | $80.7M | TSM, BABA, MNSO, UVXY |
| Q4 2025 | 4 | $122.6M | BABA, UVXY, MNSO, SNPS |
| Q3 2025 | 10 | $176.1M | BABA, MNSO, SNPS, TAL, QFIN |
| Q2 2025 | 9 | $124.4M | BABA, MNSO, TAL, QFIN, TCOM |
| Q1 2025 | 13 | $172.6M | BABA, TAL, MNSO, TCOM, PROSHARES TR II |
| Q4 2024 | 9 | $125.0M | BZ, MNSO, TAL, BTDR, VNET |
| Q3 2024 | 7 | $274.4M | TAL, BEKE, JD, PDD, TSM |
| Q2 2024 | 9 | $372.9M | TSM, BEKE, IQ, TAL, MU |
| Q1 2024 | 16 | $532.0M | BEKE, TSM, IQ, TAL, YMM |