BRILLIANCE ASSET MANAGEMENT LTD

2. Key Holdings

The portfolio is dominated by three mega-cap or large-cap positions of nearly equal weight, creating a barbell structure:

• Alphabet Inc. (GOOG): This is the largest holding, comprising 35.40% of the portfolio ($46.30M). It represents a new position initiated this quarter, suggesting the manager identifies significant value or upside potential in the communication services giant.
• Li Auto Inc. (LI): Accounting for 34.52% of the portfolio ($45.15M), this position was aggressively increased by 524.3%. With an additional $37.42M invested, Li Auto is now a core holding, implying a strong bullish outlook on the Chinese EV market.
• Amer Sports Inc.: This is the third pillar of the portfolio, representing 28.17% ($36.85M). The position was increased by 31.6%, reinforcing the manager's confidence in the consumer cyclical sector.
• NVIDIA Corporation (NVDA): A new but minor position representing only 1.91% ($2.50M). While notable given NVDA's market prominence, its small size suggests it is currently a satellite position rather than a core driver of the portfolio's performance.

3. Sector Allocation

The portfolio exhibits a distinct tilt towards specific growth-oriented industries, with a notable absence of traditional defensive sectors (such as Healthcare or Utilities) or Financials.

• Communication Services (35.40%): Entirely represented by the new investment in Alphabet.
• Consumer Cyclical (62.69%): This is the dominant sector theme, combining Li Auto (Automobiles) and Amer Sports (Leisure/Apparel). This heavy allocation suggests the manager is focusing on consumer discretionary spending and economic recovery themes.
• Technology (1.91%): A minimal allocation via NVIDIA.
• Unknown (28.17%): The filing classifies Amer Sports as "Unknown," which is common for newer listings or ADRs; however, fundamentally, this operates within the consumer discretionary space.