Franchise Capital Ltd
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 3, 2025), Franchise Capital Ltd reported 20 stock positions worth $167.9 million. Its top holding was PDD (PDD) at 36.3% of the portfolio, followed by Nvidia (NVDA, 33.5%) and Meta Platforms Class A (META, 14.9%). Compared with Q4 2024, it opened 13 new positions, sold out of 9, added to 2 and reduced 5. The biggest buy was Luckin Coffee Inc. - ADR (LKNCY, shares +17%) and the biggest sale Nvidia (NVDA, shares −14%).
- Most Recent 13F
- Q3 2025
- Location
- GRAND CAYMAN, E9
- CIK
- 0001859388
- Portfolio Value
- $167.9M (Q1 2025)
- SEC Filing
- 0001859388-25-000004 ↗ filed Apr 3, 2025
Holdings Value
Holdings 20 stocks · $167.9M
| PDD PDD Holdings Inc. | 36.30% | 514,820 | $60.9M | Reduce -19.1% |
| NVDA Nvidia Corp. | 33.53% | 519,365 | $56.3M | Reduce -14.1% |
| META Meta Platforms Inc. Class A | 14.94% | 43,503 | $25.1M | Reduce -2.2% |
| LKNCY Luckin Coffee Inc. - ADR | 8.68% | 421,321 | $14.6M | Add +17.0% |
| TSM Taiwan Semiconductor-SP ADR | 2.98% | 94,350 | $5.0M | New |
| TSLA Tesla Inc. | 1.98% | 12,815 | $3.3M | Add +20.0% |
| DUOL Duolingo | 0.95% | 5,146 | $1.6M | Reduce -43.8% |
| IBIT iShares Bitcoin Trust ETF | 0.15% | 5,205 | $244K | Reduce -94.5% |
| DLR Digital Realty Trust Inc. | 0.09% | 1,088 | $156K | New |
| EQIX Equinix Inc. | 0.07% | 142 | $116K | New |
| HST Host Hotels & Resorts Inc. | 0.07% | 7,695 | $109K | New |
| AHR American Healthcare REIT Inc. | 0.04% | 2,475 | $75K | New |
| VICI Vici Properties Inc. filed as VICI PPTYS INC | 0.04% | 2,296 | $75K | New |
| DHI D.R. Horton Inc. | 0.04% | 541 | $69K | New |
| NVR NVR Inc. | 0.03% | 7 | $51K | New |
| EPRT Essential Properties Realty | 0.03% | 1,287 | $42K | New |
| IRM Iron Mountain Inc. filed as IRON MTN INC DEL | 0.02% | 455 | $39K | New |
| LEN Lennar Corp. Class A | 0.02% | 327 | $38K | New |
| VTR Ventas Inc. | 0.02% | 470 | $32K | New |
| WELL Welltower Inc. | 0.02% | 209 | $32K | New |
Portfolio Sells Q4 2024 → Q1 2025
| NVDA Nvidia Corp. | Reduce -14.1% | 33.53% | −4.10 |
| MSFT Microsoft Corp. | Sold out | 0.00% | −2.18 |
| IBIT iShares Bitcoin Trust ETF | Reduce -94.5% | 0.15% | −2.18 |
| GOOG Alphabet Inc. Class C | Sold out | 0.00% | −1.71 |
| NOW ServiceNow Inc. | Sold out | 0.00% | −1.68 |
| PLTR Palantir Technologies Inc. Class A | Sold out | 0.00% | −1.67 |
| APP AppLovin Corp. Class A | Sold out | 0.00% | −1.30 |
| AVGO Broadcom Inc. | Sold out | 0.00% | −0.94 |
| LI Li Auto Inc. - ADR | Sold out | 0.00% | −0.79 |
| ORCL Oracle Corp. | Sold out | 0.00% | −0.75 |
| MRVL Marvell Technology Inc. | Sold out | 0.00% | −0.68 |
| DUOL Duolingo | Reduce -43.8% | 0.95% | −0.43 |
| META Meta Platforms Inc. Class A | Reduce -2.2% | 14.94% | +2.86 |
| PDD PDD Holdings Inc. | Reduce -19.1% | 36.30% | +7.69 |
Portfolio Buys Q4 2024 → Q1 2025
| LKNCY Luckin Coffee Inc. - ADR | Add +17.0% | 8.68% | +4.40 |
| TSM Taiwan Semiconductor-SP ADR | New | 2.98% | +2.98 |
| DLR Digital Realty Trust Inc. | New | 0.09% | +0.09 |
| EQIX Equinix Inc. | New | 0.07% | +0.07 |
| HST Host Hotels & Resorts Inc. | New | 0.07% | +0.07 |
| AHR American Healthcare REIT Inc. | New | 0.04% | +0.04 |
| VICI Vici Properties Inc. | New | 0.04% | +0.04 |
| DHI D.R. Horton Inc. | New | 0.04% | +0.04 |
| NVR NVR Inc. | New | 0.03% | +0.03 |
| EPRT Essential Properties Realty | New | 0.03% | +0.03 |
| IRM Iron Mountain Inc. | New | 0.02% | +0.02 |
| LEN Lennar Corp. Class A | New | 0.02% | +0.02 |
| VTR Ventas Inc. | New | 0.02% | +0.02 |
| WELL Welltower Inc. | New | 0.02% | +0.02 |
| TSLA Tesla Inc. | Add +20.0% | 1.98% | −0.02 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q3 2025 | 30 | $229.8M | NVDA, PDD, TSM, META, LKNCY |
| Q2 2025 | 24 | $191.7M | NVDA, PDD, TSM, META, LKNCY |
| Q1 2025 | 20 | $167.9M | PDD, NVDA, META, LKNCY, TSM |
| Q4 2024 | 16 | $215.7M | NVDA, PDD, META, LKNCY, IBIT |
| Q3 2024 | 10 | $277.4M | PDD, NVDA, META, LKNCY, TSLA |
| Q2 2024 | 9 | $413.5M | NVDA, PDD, NVO, META, MSFT |
| Q1 2024 | 16 | $537.7M | NVDA, PDD, MSFT, LI, LKNCY |