SHANDA ASSET MANAGEMENT HOLDINGS Ltd

Shanda Asset Management's $2.07B Q4 2025 13F is a dramatic institutionalization of a previously concentrated AI-software portfolio. In Q3 2025, Shanda's book was almost entirely a two-name trade: Alphabet at 60.7% and Nvidia at 38.8%, with a token Moderna position rounding out the rest. In Q4, the manager loaded the Invesco QQQ Nasdaq-100 ETF at $1.35B — now 65.2% of assets — paired with an enlarged Alphabet position at $406.9M, a held-flat Nvidia position at $186.5M, and seven new concentrated semiconductor and AI-infrastructure names. Amazon, CoreWeave, Intel, Qualcomm, Moderna, and AES Corporation all entered at material sizes. The AUM quadrupled from $481M to $2.07B in one quarter, signaling either a large capital call, a successful prior-performance mark-up, or both. The portfolio is now structurally a broad-tech ETF core overlaid with high-conviction AI and semiconductor bucket bets.