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Livermore
Livermore
ZHEN

Ariose Capital Management Ltd

SEC CIK
0001665925
Latest filing
Jul 27, 2026

The latest 13F from Ariose Capital Management Ltd covers Q2 2026 (filed Jul 27, 2026): 19 long positions worth $234.1M. The top 10 holdings make up 83.2% of the portfolio, and the largest is Sandisk Corp (SNDK) at 22.1%. 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
15
Est. +$189.4M
Added
1
Est. +$6.65M
Reduced
2
Est. −$68.0M
Sold out
11
Est. −$95.0M

Top 5 holdings

Share of this quarter's portfolio value

  1. SNDKSandisk Corp
    22.1%$51.8MHistory
  2. STXSeagate Technology Holdings plc
    11.4%$26.6MHistory
  3. AMDAdvanced Micro Devices Inc
    9.9%$23.2MHistory
  4. MRVLMarvell Technology, Inc.
    9.5%$22.2MHistory
  5. iShares Semiconductor ETF464287523
    7.1%$16.7M

Share of portfolio

Top 5 holdings and the other 14 positions, by share of portfolio value

  1. SNDK22.1%
  2. STX11.4%
  3. AMD9.9%
  4. MRVL9.5%
  5. iShares Semiconductor ETF7.1%
  6. Other 14 positions39.9%

Biggest buys

New and added positions, by estimated amount bought

  1. SNDKSandisk Corp
    +$51.8MNewHistory
  2. AMDAdvanced Micro Devices Inc
    +$23.2MNewHistory
  3. MRVLMarvell Technology, Inc.
    +$22.2MNewHistory
  4. iShares Semiconductor ETF464287523
    +$16.7MNew
  5. BWXTBWX Technologies, Inc.
    +$13.9MNewHistory

Largest weight increases

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

  1. SNDKSandisk Corp
    +22.14 pp0.0% → 22.1%History
  2. AMDAdvanced Micro Devices Inc
    +9.93 pp0.0% → 9.9%History
  3. MRVLMarvell Technology, Inc.
    +9.47 pp0.0% → 9.5%History
  4. iShares Semiconductor ETF464287523
    +7.15 pp0.0% → 7.1%
  5. BWXTBWX Technologies, Inc.
    +5.95 pp0.0% → 6.0%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. STXSeagate Technology Holdings plc
    −$66.6MReducedHistory
  2. AXTIAxt Inc
    −$39.1MSold outHistory
  3. GLWCorning Inc
    −$17.2MSold outHistory
  4. VICRVicor Corp
    −$11.7MSold outHistory
  5. AAOIApplied Optoelectronics, Inc.
    −$8.80MSold outHistory

Largest weight decreases

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

  1. AXTIAxt Inc
    −26.23 pp26.2% → 0.0%History
  2. STXSeagate Technology Holdings plc
    −14.03 pp25.4% → 11.4%History
  3. GLWCorning Inc
    −11.57 pp11.6% → 0.0%History
  4. VICRVicor Corp
    −7.87 pp7.9% → 0.0%History
  5. AAOIApplied Optoelectronics, Inc.
    −5.91 pp5.9% → 0.0%History

Metrics

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

Portfolio value
$234.1M
+$85.2M (+57.2%) vs. prior quarter
Positions
19
+4 vs. prior quarter
Top 10 concentration
83.2%
Top 10 as share of value
Turnover
85.1%
Q2 2026, one quarter
Average holding period
1.8 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 $298.5M (Q4 2025)

Q1 2021: $14.4MQ2 2021: $30.5MQ3 2021: $27.0MQ4 2021: $42.3MQ1 2022: $25.6MQ2 2022: $93.5MQ3 2022: $100.1MQ4 2022: $230.4MQ1 2023: $263.2MQ2 2023: $125.4MQ3 2023: $176.7MQ4 2023: $256.4MQ1 2024: $189.9MQ2 2024: $131.0MQ3 2024: $116.8MQ4 2024: $120.8MQ1 2025: $91.2MQ2 2025: $158.2MQ3 2025: $298.2MQ4 2025: $298.5MQ1 2026: $148.9MQ2 2026: $234.1M
Q1 2021Q2 2026
13F filings of Ariose Capital Management Ltd by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 27, 202619$234.1MSNDKSTXAMDvs. Q1 2026SEC
Q1 2026Apr 28, 202615$148.9MAXTISTXGLWvs. Q4 2025SEC
Q4 2025Jan 29, 202614$298.5MGOOGLNVDAUvs. Q3 2025SEC
Q3 2025Oct 21, 202535$298.2MNVDAJOYYGOOGLvs. Q2 2025SEC
Q2 2025Jul 17, 202518$158.2MMETAGOOGLNVDAvs. Q1 2025SEC
Q1 2025Apr 30, 202512$91.2MTCOMGLDLMTvs. Q4 2024SEC
Q4 2024Jan 16, 202513$120.8MDQNFLXTSLAvs. Q3 2024SEC
Q3 2024Oct 22, 20249$116.8MNFLXDQNVDAvs. Q2 2024SEC
Q2 2024Jul 25, 202413$131.0MNTESTCOMNFLXvs. Q1 2024SEC
Q1 2024Apr 30, 202412$189.9MNVDANTESDQvs. Q4 2023SEC
Q4 2023Jan 16, 202417$256.4MACMRVIPSEDUvs. Q3 2023SEC
Q3 2023Oct 26, 20239$176.7MBABANTESTCOMvs. Q2 2023SEC
Q2 2023Jul 20, 202311$125.4MJDNTESMUvs. Q1 2023SEC
Q1 2023May 3, 202314$263.2MLIBABAJDvs. Q4 2022SEC
Q4 2022Jan 20, 202314$230.4MBABABEKEEDUvs. Q3 2022SEC
Q3 2022Oct 24, 20224$100.1MBABADQEDUvs. Q2 2022SEC
Q2 2022Aug 9, 20225$93.5MLIDQNTESvs. Q1 2022SEC
Q1 2022Apr 29, 20225$25.6MBABAJDNTESvs. Q4 2021SEC
Q4 2021Jan 31, 202211$42.3MCANQCOMNOCvs. Q3 2021SEC
Q3 2021Oct 18, 20214$27.0MDQCANNOCvs. Q2 2021SEC
Q2 2021Jul 20, 20217$30.5MINMDNVDANEMvs. Q1 2021SEC
Q1 2021May 4, 20214$14.4MCANEXPNFLX–SEC