Aspex Management posts steep October loss amid AI stock selloff

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Darina Pashchenko

06.11.2026

Aspex Management posts steep October loss amid AI stock selloff — Aspex hit by AI rout

A sharp retreat in AI-linked technology shares hits one of Asia's largest hedge funds in October and marks one of the biggest monthly drawdowns for the Hong Kong-based manager. Despite the setback, the $14 billion pan-Asian equities fund remains up 9% for the year through October.

Highlights

Aspex Management posts a 16% loss in October, one of its largest monthly declines, amid a global selloff in AI-related stocks.
AI stock selloff intensifies as Nasdaq Composite drops 5%, Korea's KOSPI falls 16%, Taiwan benchmarks lose 6%, and China's Star 50 plunges 24% in October.
Asia is the worst-performing region for equity long-short hedge funds in October, with Asian stock pickers down 8.3% on average versus a 2.5% global decline.

October drawdown tied to tech retreat

As reported by Reuters, Aspex Management loses about 16% in October as a selloff in AI-related stocks rattles global markets, according to a person with knowledge of the matter. The decline ranks among the largest monthly losses for the fund, which focuses on pan-Asian equities.

Aspex, founded by former Och-Ziff Capital Management Asia equities head Hermes Li, does not immediately respond to a request for comment. The fund has been an active cornerstone investor in Hong Kong listings this year and is among the backers of AI startup MiniMax and optical transceiver company Zhongji Innolight.

Regional hedge fund pressure intensifies

Investors dump AI-related stocks in October, from chipmakers to hyperscalers, amid growing skepticism over whether the sector will generate sufficient returns from heavy investment. The Nasdaq Composite falls 5%, while in Asia the tech-heavy Korean KOSPI index and Taiwanese benchmarks lose 16% and 6% respectively, and China's Star 50 index drops 24%.

The selloff gains momentum this month after big wins for the Democrats in the U.S. midterm elections fuel fears of greater regulatory scrutiny for the industry. Asia is the worst-performing region last month among equity long-short hedge funds tracked by Goldman Sachs, with Asian stock pickers down 8.3% on average compared with a 2.5% global decline.

Our earlier analysis of the Nasdaq 100 (NDX) highlighted how the index was coming under selling pressure, trading below key short- and medium-term moving averages and facing elevated downside risk. We also noted the launch of JQQQ, a blockchain-native fund offering digital access to Nasdaq-100 exposure, while emphasizing that sentiment around concentrated leadership and AI-linked capital spending was still leaving the index vulnerable.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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