Hel Ved Capital Management Ltd

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Hel Ved Capital Management Ltd reported 49 stock positions worth $289.3 million. Its top holding was Lumentum (LITE) at 11.6% of the portfolio, followed by Coherent (COHR, 6.4%) and Ciena (CIEN, 5.7%). Compared with Q3 2025, it opened 23 new positions, sold out of 36, added to 15 and reduced 9. The biggest buy was a new position in Lumentum (LITE) and the biggest sale an exit from New Oriental Educatio-SP ADR (EDU).

Most Recent 13F
Q2 2026
Location
CENTRAL, K3
CIK
0001840129
Portfolio Value
$289.3M (Q4 2025)
SEC Filing
0001840129-26-000005 ↗ filed Feb 13, 2026

Holdings Value

0$200.0M$400.0M$600.0M$800.0M Q1 2024: $403.1M Q1 2024 Q2 2024: $288.2M Q2 2024 Q3 2024: $212.3M Q3 2024 Q4 2024: $326.3M Q4 2024 Q1 2025: $198.3M Q1 2025 Q2 2025: $222.3M Q2 2025 Q3 2025: $184.3M Q3 2025 Q4 2025: $289.3M $289.3M Q4 2025 Q1 2026: $578.1M Q1 2026 Q2 2026: $709.7M Q2 2026

Holdings 49 stocks · $289.3M
LITE Lumentum Holdings Inc. 11.64% 91,388 $33.7M New
COHR Coherent Corp. 6.39% 100,110 $18.5M Add +2030.0%
CIEN Ciena Corp. 5.67% 70,085 $16.4M Add +134.1%
TSLA Tesla Inc. 4.89% 31,472 $14.2M Add +1006.2%
PRIM Primoris Services Corp. 4.11% 95,775 $11.9M Add +113.8%
SOLS Solstice Adv Materials Inc. 4.10% 244,360 $11.9M New
PONY Pony AI Inc. 3.90% 778,879 $11.3M Add +47.5%
LGN Legence Corp. Class A 3.80% 255,750 $11.0M New
SNDK Sandisk Corp. 3.27% 39,855 $9.5M New
AGX Argan Inc. 2.98% 27,517 $8.6M Add +61.3%
PWR Quanta Services Inc. 2.91% 19,966 $8.4M New
AMAT Applied Materials Inc. 2.86% 32,245 $8.3M New
ENTG Entegris Inc. 2.61% 89,760 $7.6M Add +94.9%
SHLS Shoals Technologies Group -A 2.37% 807,050 $6.9M New
BIDU Baidu Inc. - Spon ADR 2.24% 49,530 $6.5M New
NXT Nextpower Inc. 2.14% 71,195 $6.2M Reduce -5.2%
PSIX Power Solutions Internationa 2.14% 108,126 $6.2M Add +57.3%
PI Impinj Inc. 1.91% 31,825 $5.5M Add +5.9%
MTZ Mastec Inc. 1.82% 24,225 $5.3M New
FSLR First Solar Inc. 1.72% 19,087 $5.0M Reduce -9.1%
CAT Caterpillar Inc. 1.68% 8,495 $4.9M New
U Unity Software Inc. 1.67% 109,522 $4.8M Add +0.7%
LRCX Lam Research Corp. 1.61% 27,274 $4.7M New
PDD PDD Holdings Inc. 1.51% 38,637 $4.4M Add +0.5%
MU Micron Technology Inc. 1.45% 14,714 $4.2M New
VNET Vnet Group Inc.-ADR 1.30% 444,000 $3.8M Reduce -0.2%
MYRG MYR Group Inc./Delaware 1.22% 16,135 $3.5M New
SHOP Shopify Inc. Class A 1.13% 20,285 $3.3M Add +70.5%
TER Teradyne Inc. 1.05% 15,700 $3.0M Reduce -15.6%
SNPS Synopsys Inc. 1.05% 6,460 $3.0M Reduce -43.0%
CHRW C.H. Robinson Worldwide Inc. 1.04% 18,730 $3.0M New
EME Emcor Group Inc. 1.02% 4,825 $3.0M New
SNOW Snowflake Inc. 0.97% 12,825 $2.8M Reduce -7.3%
RIOT Riot Platforms Inc. 0.94% 214,020 $2.7M New
EH Ehang Holdings Ltd.-SPS ADR 0.90% 198,031 $2.6M No change
TTWO Take-Two Interactive Softwre 0.86% 9,700 $2.5M Add +12.1%
TTMI TTM Technologies 0.82% 34,500 $2.4M New
ECG Everus Construction Group 0.78% 26,360 $2.3M New
FRMI Fermi Inc. 0.75% 272,800 $2.2M New
ESTC Elastic NV 0.61% 23,562 $1.8M Add +48.5%
FLNC Fluence Energy Inc. 0.60% 87,700 $1.7M New
ALGM Allegro Microsystems Inc. 0.57% 62,850 $1.7M New
BE Bloom Energy Corp. Class A 0.48% 15,850 $1.4M New
KEYS Keysight Technologies Inc. 0.44% 6,318 $1.3M Reduce -83.0%
FROG Jfrog Ltd. 0.44% 20,400 $1.3M Add +80.5%
HSDT Solana Co. 0.44% 435,983 $1.3M No change
DDOG Datadog Inc. Class A 0.42% 8,850 $1.2M Reduce -60.0%
MNDY Monday.com Ltd. 0.41% 8,105 $1.2M Reduce -21.0%
SBET Sharplink Inc. 0.33% 108,100 $966K New

Options reported separately and not counted above: SMH puts ($36.6M), MU calls ($30.3M), TSLA calls ($16.0M).

Portfolio Sells Q3 2025 → Q4 2025
EDU New Oriental Educatio-SP ADR Sold out 0.00% −5.94
KEYS Keysight Technologies Inc. Reduce -83.0% 0.44% −3.09
NTES Netease Inc.-ADR Sold out 0.00% −2.90
DQ Daqo New Energy Corp.-ADR Sold out 0.00% −2.85
V Visa Inc. Class A Sold out 0.00% −2.74
IQ Iqiyi Inc.-ADR Sold out 0.00% −2.10
RDDT Reddit Inc. Class A Sold out 0.00% −1.99
SEI Solaris Energy Infrastructur Sold out 0.00% −1.99
SNPS Synopsys Inc. Reduce -43.0% 1.05% −1.99
GDS GDS Holdings Ltd. - ADR Sold out 0.00% −1.77
TEAM Atlassian Corp. Class A Sold out 0.00% −1.53
FLEX Flex Ltd. Sold out 0.00% −1.46
DUOL Duolingo Sold out 0.00% −1.45
NIO Nio Inc. - ADR Sold out 0.00% −1.40
DDOG Datadog Inc. Class A Reduce -60.0% 0.42% −1.29
VNET Vnet Group Inc.-ADR Reduce -0.2% 1.30% −1.20
VRNS Varonis Systems Inc. Sold out 0.00% −1.10
MDB Mongodb Inc. Sold out 0.00% −1.01
RBLX Roblox Corp. Class A Sold out 0.00% −0.93
TME Tencent Music Entertainm-ADR Sold out 0.00% −0.91
SPOT Spotify Technology SA Sold out 0.00% −0.87
NXT Nextpower Inc. Reduce -5.2% 2.14% −0.87
FSLR First Solar Inc. Reduce -9.1% 1.72% −0.79
EMR Emerson Electric Co. Sold out 0.00% −0.78
JOYY Joyy Inc.-ADR Sold out 0.00% −0.77
TWLO Twilio Inc. Class A Sold out 0.00% −0.73
SNOW Snowflake Inc. Reduce -7.3% 0.97% −0.72
POWL Powell Industries Inc. Sold out 0.00% −0.69
PCOR Procore Technologies Inc. Sold out 0.00% −0.69
MNDY Monday.com Ltd. Reduce -21.0% 0.41% −0.67
MIR Mirion Technologies Inc. Sold out 0.00% −0.63
TCOM Trip.com Group Ltd.-ADR Sold out 0.00% −0.56
ATAT Atour Lifestyle Holdings-ADR Sold out 0.00% −0.53
HUYA Huya Inc.-ADR Sold out 0.00% −0.49
APP AppLovin Corp. Class A Sold out 0.00% −0.48
WIX Wix.com Ltd. Sold out 0.00% −0.44
LU Lufax Holding Ltd.-ADR Sold out 0.00% −0.41
TER Teradyne Inc. Reduce -15.6% 1.05% −0.34
NET Cloudflare Inc. Class A Sold out 0.00% −0.30
Z Zillow Group Inc. Class C Sold out 0.00% −0.29
OKTA Okta Inc. Sold out 0.00% −0.29
COUR Coursera Inc. Sold out 0.00% −0.28
XYZ Block Inc. Sold out 0.00% −0.24
GTLB Gitlab Inc. Class A Sold out 0.00% −0.22
RERE Atrenew Inc. Sold out 0.00% −0.12

Portfolio Buys Q3 2025 → Q4 2025
LITE Lumentum Holdings Inc. New 11.64% +11.64
COHR Coherent Corp. Add +2030.0% 6.39% +6.11
TSLA Tesla Inc. Add +1006.2% 4.89% +4.21
SOLS Solstice Adv Materials Inc. New 4.10% +4.10
LGN Legence Corp. Class A New 3.80% +3.80
CIEN Ciena Corp. Add +134.1% 5.67% +3.30
SNDK Sandisk Corp. New 3.27% +3.27
PWR Quanta Services Inc. New 2.91% +2.91
AMAT Applied Materials Inc. New 2.86% +2.86
SHLS Shoals Technologies Group -A New 2.37% +2.37
BIDU Baidu Inc. - Spon ADR New 2.24% +2.24
MTZ Mastec Inc. New 1.82% +1.82
CAT Caterpillar Inc. New 1.68% +1.68
LRCX Lam Research Corp. New 1.61% +1.61
MU Micron Technology Inc. New 1.45% +1.45
MYRG MYR Group Inc./Delaware New 1.22% +1.22
CHRW C.H. Robinson Worldwide Inc. New 1.04% +1.04
EME Emcor Group Inc. New 1.02% +1.02
RIOT Riot Platforms Inc. New 0.94% +0.94
TTMI TTM Technologies New 0.82% +0.82
ECG Everus Construction Group New 0.78% +0.78
PRIM Primoris Services Corp. Add +113.8% 4.11% +0.77
FRMI Fermi Inc. New 0.75% +0.75
FLNC Fluence Energy Inc. New 0.60% +0.60
ALGM Allegro Microsystems Inc. New 0.57% +0.57
AGX Argan Inc. Add +61.3% 2.98% +0.48
BE Bloom Energy Corp. Class A New 0.48% +0.48
SBET Sharplink Inc. New 0.33% +0.33
ENTG Entegris Inc. Add +94.9% 2.61% +0.30
SHOP Shopify Inc. Class A Add +70.5% 1.13% +0.17
FROG Jfrog Ltd. Add +80.5% 0.44% +0.15
ESTC Elastic NV Add +48.5% 0.61% −0.11
TTWO Take-Two Interactive Softwre Add +12.1% 0.86% −0.35
U Unity Software Inc. Add +0.7% 1.67% −0.69
PI Impinj Inc. Add +5.9% 1.91% −1.03
PDD PDD Holdings Inc. Add +0.5% 1.51% −1.24
PSIX Power Solutions Internationa Add +57.3% 2.14% −1.53
PONY Pony AI Inc. Add +47.5% 3.90% −2.54

Options Activity Q3 2025 → Q4 2025
SNDK Sandisk Corp. call Sold out 899,600 $100.9Mbefore exit
SMH Vaneck Semiconductor ETF put New 101,500 $36.6M
LITE Lumentum Holdings Inc. call Sold out 194,300 $31.6Mbefore exit
MU Micron Technology Inc. call Reduce -11.8% 106,000 $30.3M
CRWV Coreweave Inc. Class A call Sold out 162,000 $22.2Mbefore exit
ORCL Oracle Corp. call Sold out 78,500 $22.1Mbefore exit
AMBA Ambarella Inc. call Sold out 223,500 $18.4Mbefore exit
NIO Nio Inc. - ADR call Sold out 2,303,300 $17.6Mbefore exit
TSLA Tesla Inc. call New 35,500 $16.0M
RDDT Reddit Inc. Class A call Sold out 69,300 $15.9Mbefore exit
QQQ Invesco QQQ Trust Series 1 put Sold out 20,000 $12.0Mbefore exit
U Unity Software Inc. call Sold out 250,000 $10.0Mbefore exit
QS Quantumscape Corp. call Sold out 807,600 $9.9Mbefore exit
QS Quantumscape Corp. put Sold out 554,600 $6.8Mbefore exit
IWM iShares Russell 2000 ETF put Sold out 10,000 $2.4Mbefore exit
ARKF ARK Blockchain & Fintech Inn put Sold out 12,500 $710Kbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 63$709.7MSNDK, GLW, SOXX, INTC, QCOM
Q1 2026 52$578.1MSMH, Q, SNDK, INTC, CIEN
Q4 2025 49$289.3MLITE, COHR, CIEN, TSLA, PRIM
Q3 2025 62$184.3MPONY, EDU, PSIX, KEYS, PRIM
Q2 2025 58$222.3MLITE, QQQ, EDU, AMD, LX
Q1 2025 61$198.3MTSM, LX, MU, EDU, LRCX
Q4 2024 76$326.3MFLEX, LITE, KEYS, PONY, EDU
Q3 2024 50$212.3MEDU, COIN, IWM, GEV, AMKR
Q2 2024 47$288.2MCOIN, GEV, EDU, DELL, SE
Q1 2024 49$403.1MCOIN, VRT, TSM, PDD, STX