The Market Context in 60 Seconds
- 01 E20 Capital Ltd, a Hong Kong fund directed by Shi Dawei, debuted its 13F holdings on May 20. The disclosed portfolio holds $1.07 billion across 22 US public-equity stakes in the AI optical and networking layer.
- 02 The portfolio grew 3.85x in one quarter, from $277 million in December to $1.07 billion in March. Eight of the top names were added at 100% or more.
- 03 Lumentum tops the portfolio at $131M with shares up sevenfold. Tower Semiconductor is a new $108M stake. Intel doubled to $99M. Twelve new buys span Ciena, Astera Labs, Coherent, MACOM, Teradyne and TE Connectivity.
- 04 This is a focused bet on the silicon and optical hardware that wires GPU clusters together, not on the GPUs themselves.
- 05 The Q2 13F will say whether Lumentum, Tower Semiconductor and Intel survive as top-five names. Or whether the freshly opened book gets recut again.
How E20 Capital Moved Last Quarter
Sources
Primary Filings & Announcements
E20 Capital Ltd Q1 2026 13F-HR Information Table (filed May 20, 2026, period ending March 31, 2026).
E20 Capital Ltd Q1 2026 13F-HR : Filing Index.
E20 Capital Ltd Q4 2025 13F-HR : Information Table (the prior-quarter back-fill filing, period ending December 31, 2025).
E20 Capital Ltd 13F-HR filing history on EDGAR (CIK 0002127793).
Market Coverage
Lumentum (LITE) on Yahoo Finance.
Tower Semiconductor (TSEM) on Yahoo Finance.
Intel (INTC) on Yahoo Finance.
Background & Analysis
Astera Labs (ALAB) on Yahoo Finance : the connectivity-chip name added new this quarter at $33M.
Coherent (COHR) on Yahoo Finance : the optical-component name added new this quarter at $29M.
E20 Capital Ltd full EDGAR filing history (all forms).
Categories:Semiconductors