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Livermore
Livermore
ZHEN

Brilliance Asset Management Ltd

SEC CIK
0001665751
Latest filing
Aug 12, 2026

The latest 13F from Brilliance Asset Management Ltd covers Q2 2026 (filed Aug 12, 2026): 11 long positions worth $339.3M. The top 10 holdings make up 98.9% of the portfolio, and the largest is PDD Holdings Inc. (PDD) at 35.1%. Livermore has 22 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
2
Est. +$27.2M
Added
5
Est. +$99.9M
Reduced
3
Est. −$14.4M
Sold out
7
Est. −$101.7M

Top 5 holdings

Share of this quarter's portfolio value

  1. PDDPDD Holdings Inc.
    35.1%$119.2MHistory
  2. YMMFull Truck Alliance Co. Ltd.
    24.2%$82.2MHistory
  3. BZKanzhun Ltd
    19.0%$64.5MHistory
  4. METAMeta Platforms, Inc.
    6.8%$23.2MHistory
  5. TXNTexas Instruments Inc
    3.7%$12.7MHistory

Share of portfolio

Top 5 holdings and the other 6 positions, by share of portfolio value

  1. PDD35.1%
  2. YMM24.2%
  3. BZ19.0%
  4. META6.8%
  5. TXN3.7%
  6. Other 6 positions11.1%

Biggest buys

New and added positions, by estimated amount bought

  1. PDDPDD Holdings Inc.
    +$65.4MAddedHistory
  2. YMMFull Truck Alliance Co. Ltd.
    +$29.3MAddedHistory
  3. METAMeta Platforms, Inc.
    +$23.2MNewHistory
  4. TSMTaiwan Semiconductor Manufacturing Co Ltd
    +$4.66MAddedHistory
  5. KSPIJoint Stock Co Kaspi.kz
    +$4.06MNewHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. PDDPDD Holdings Inc.
    +13.89 pp21.2% → 35.1%History
  2. YMMFull Truck Alliance Co. Ltd.
    +8.27 pp16.0% → 24.2%History
  3. METAMeta Platforms, Inc.
    +6.83 pp0.0% → 6.8%History
  4. TSMTaiwan Semiconductor Manufacturing Co Ltd
    +1.70 pp0.8% → 2.5%History
  5. KSPIJoint Stock Co Kaspi.kz
    +1.20 pp0.0% → 1.2%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. ONTOOnto Innovation Inc.
    −$39.8MSold outHistory
  2. ASAmer Sports, Inc.
    −$32.9MSold outHistory
  3. GOOGAlphabet Inc.
    −$18.5MSold outHistory
  4. AMZNAmazon Com Inc
    −$5.85MReducedHistory
  5. FUTUFutu Holdings Ltd
    −$5.69MSold outHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. ONTOOnto Innovation Inc.
    −11.72 pp11.7% → 0.0%History
  2. ASAmer Sports, Inc.
    −9.71 pp9.7% → 0.0%History
  3. GOOGAlphabet Inc.
    −5.46 pp5.5% → 0.0%History
  4. FUTUFutu Holdings Ltd
    −1.68 pp1.7% → 0.0%History
  5. AMZNAmazon Com Inc
    −1.15 pp4.0% → 2.9%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$339.3M
+$292.8K (+0.1%) vs. prior quarter
Positions
11
−5 vs. prior quarter
Top 10 concentration
98.9%
Top 10 as share of value
Turnover
34.2%
Q2 2026, one quarter
Average holding period
2.4 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $2.21B (Q1 2021)

Q1 2021: $2.21BQ2 2021: $1.89BQ3 2021: $858.5MQ4 2021: $480.0MQ1 2022: $254.1MQ2 2022: $482.5MQ3 2022: $347.6MQ4 2022: $366.2MQ1 2023: $333.6MQ2 2023: $387.5MQ3 2023: $396.4MQ4 2023: $461.9MQ1 2024: $453.1MQ2 2024: $398.1MQ3 2024: $390.7MQ4 2024: $443.9MQ1 2025: $302.5MQ2 2025: $153.6MQ3 2025: $187.5MQ4 2025: $254.8MQ1 2026: $339.1MQ2 2026: $339.3M
Q1 2021Q2 2026
13F filings of Brilliance Asset Management Ltd by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 12, 202611$339.3MPDDYMMBZvs. Q1 2026SEC
Q1 2026May 12, 202616$339.1MPDDBZYMMvs. Q4 2025SEC
Q4 2025Feb 12, 20266$254.8MASPDDONTOvs. Q3 2025SEC
Q3 2025Nov 12, 20257$187.5MGOOGLIASvs. Q2 2025SEC
Q2 2025Aug 11, 20257$153.6MEDUYMMASvs. Q1 2025SEC
Q1 2025May 12, 20259$302.5MASLIEDUvs. Q4 2024SEC
Q4 2024Feb 12, 20257$443.9MASBZLIvs. Q3 2024SEC
Q3 2024Nov 12, 20249$390.7MBZLIASvs. Q2 2024SEC
Q2 2024Aug 13, 202415$398.1MBZLITCOMvs. Q1 2024SEC
Q1 2024May 15, 202410$453.1MBZLITCOMvs. Q4 2023SEC
Q4 2023Feb 14, 20246$461.9MLIBZTCOMvs. Q3 2023SEC
Q3 2023Nov 14, 20238$396.4MLIBZHTHTvs. Q2 2023SEC
Q2 2023Aug 14, 20236$387.5MLIBZHTHTvs. Q1 2023SEC
Q1 2023May 12, 20235$333.6MBZLIHTHTvs. Q4 2022SEC
Q4 2022Feb 13, 20236$366.2MLIBZBABAvs. Q3 2022SEC
Q3 2022Nov 9, 20226$347.6MLIBZWOLFvs. Q2 2022SEC
Q2 2022Aug 12, 20226$482.5MLIBZTSMvs. Q1 2022SEC
Q1 2022Apr 29, 20224$254.1MBZZLABWOLFvs. Q4 2021SEC
Q4 2021Feb 11, 20225$480.0MZLABLIBZvs. Q3 2021SEC
Q3 2021Nov 12, 20216$858.5MQCOMZLABBZvs. Q2 2021SEC
Q2 2021Aug 13, 20217$1.89BQCOMZLABTALvs. Q1 2021SEC
Q1 2021May 14, 20219$2.21BQCOMPDDZLAB–SEC