Keystone Investors Pte Ltd.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 11, 2025), Keystone Investors Pte Ltd. reported 48 stock positions worth $484.5 million. Its top holding was Tencent Music Entertainm-ADR (TME) at 14.2% of the portfolio, followed by Sea Ltd.-ADR (SE, 12.9%) and Nvidia (NVDA, 9.3%). Compared with Q1 2025, it opened 29 new positions, sold out of 32, added to 10 and reduced 9. The biggest buy was Tencent Music Entertainm-ADR (TME, shares +2974%) and the biggest sale an exit from Micron Technology (MU).
- Most Recent 13F
- Q2 2026
- Location
- SINGAPORE, U0
- CIK
- 0001926253
- Portfolio Value
- $484.5M (Q2 2025)
- SEC Filing
- 0002024908-25-000027 ↗ filed Aug 11, 2025
Holdings Value
Holdings 48 stocks · $484.5M
| TME Tencent Music Entertainm-ADR | 14.18% | 3,525,623 | $68.7M | Add +2974.2% |
| SE Sea Ltd.-ADR | 12.89% | 390,519 | $62.5M | Reduce -52.6% |
| NVDA Nvidia Corp. | 9.30% | 285,108 | $45.0M | New |
| MSFT Microsoft Corp. | 7.46% | 72,628 | $36.1M | Reduce -28.9% |
| META Meta Platforms Inc. Class A | 5.70% | 37,435 | $27.6M | Reduce -80.4% |
| UBER Uber Technologies Inc. | 5.32% | 276,419 | $25.8M | New |
| SAP Sap SE-Sponsored ADR | 4.70% | 74,936 | $22.8M | Add +1934.1% |
| AMZN Amazon.com Inc. | 4.41% | 97,472 | $21.4M | Reduce -33.7% |
| WDC Western Digital Corp. | 4.39% | 332,576 | $21.3M | New |
| AS Amer Sports Inc. | 3.47% | 433,170 | $16.8M | Add +220.6% |
| IQV Iqvia Holdings Inc. | 3.07% | 94,270 | $14.9M | New |
| ATI Ati Inc. | 2.08% | 116,839 | $10.1M | New |
| MMYT Makemytrip Ltd. | 2.02% | 99,592 | $9.8M | Add +945.5% |
| GOOG Alphabet Inc. Class C | 1.77% | 48,344 | $8.6M | New |
| HTHT H World Group Ltd.-ADR | 1.43% | 204,227 | $6.9M | Reduce -89.3% |
| AVGO Broadcom Inc. | 1.36% | 23,819 | $6.6M | New |
| FWONK Liberty Media Corp. Class C | 1.09% | 50,537 | $5.3M | Add +151.7% |
| LITE Lumentum Holdings Inc. | 1.05% | 53,404 | $5.1M | New |
| STX Seagate Technology Holdings | 0.96% | 32,321 | $4.7M | New |
| NTES Netease Inc.-ADR | 0.89% | 31,982 | $4.3M | New |
| LYV Live Nation Entertainment Inc. | 0.81% | 26,073 | $3.9M | Add +1141.0% |
| EA Electronic Arts Inc. | 0.70% | 21,231 | $3.4M | New |
| SNOW Snowflake Inc. | 0.70% | 15,100 | $3.4M | New |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.69% | 27,071 | $3.4M | New |
| CYBR Cyberark Software Ltd./Israel | 0.68% | 8,151 | $3.3M | Add +300.5% |
| PDD PDD Holdings Inc. | 0.68% | 31,515 | $3.3M | Add +986.7% |
| SNPS Synopsys Inc. | 0.66% | 6,259 | $3.2M | Add +55.0% |
| ORCL Oracle Corp. | 0.65% | 14,456 | $3.2M | New |
| SFM Sprouts Farmers Market Inc. | 0.62% | 18,173 | $3.0M | New |
| DKNG Draftkings Inc. Class A | 0.58% | 65,105 | $2.8M | New |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.56% | 196,100 | $2.7M | New |
| MNSO Miniso Group Holding Ltd.-ADR | 0.55% | 145,300 | $2.6M | New |
| VRT Vertiv Holdings Co. Class A | 0.52% | 19,666 | $2.5M | New |
| TPR Tapestry Inc. | 0.50% | 27,623 | $2.4M | Reduce -57.2% |
| NET Cloudflare Inc. Class A | 0.49% | 12,138 | $2.4M | New |
| GRAB Grab Holdings Ltd. Class A | 0.48% | 463,000 | $2.3M | Add +379.5% |
| ZS Zscaler Inc. | 0.47% | 7,329 | $2.3M | New |
| ZLAB Zai Lab Ltd.-ADR | 0.40% | 55,210 | $1.9M | New |
| CASY Casey's General Stores Inc. | 0.39% | 3,748 | $1.9M | New |
| APH Amphenol Corp. Class A | 0.31% | 15,295 | $1.5M | New |
| CRDO Credo Technology Group Holdi | 0.31% | 16,100 | $1.5M | New |
| URI United Rentals Inc. | 0.24% | 1,561 | $1.2M | New |
| YSG Yatsen Holding Ltd.-ADR | 0.21% | 105,400 | $1.0M | New |
| SPOT Spotify Technology SA | 0.07% | 422 | $324K | Reduce -58.8% |
| ROK Rockwell Automation Inc. | 0.06% | 874 | $290K | Reduce -44.2% |
| WMB Williams Cos Inc. | 0.05% | 4,106 | $258K | Reduce -83.7% |
| WRD Weride Inc.-ADR | 0.04% | 23,291 | $184K | New |
| FLNC Fluence Energy Inc. | 0.03% | 20,000 | $134K | New |
Portfolio Sells Q1 2025 → Q2 2025
| MU Micron Technology Inc. | Sold out | 0.00% | −13.52 |
| META Meta Platforms Inc. Class A | Reduce -80.4% | 5.70% | −9.75 |
| HTHT H World Group Ltd.-ADR | Reduce -89.3% | 1.43% | −8.46 |
| QFIN Qfin Holdings Inc.-ADR | Sold out | 0.00% | −7.42 |
| PINS Pinterest Inc. Class A | Sold out | 0.00% | −5.57 |
| YMM Full Truck Alliance -SPN ADR | Sold out | 0.00% | −5.38 |
| SNDK Sandisk Corp. | Sold out | 0.00% | −5.13 |
| HOOD Robinhood Markets Inc. Class A | Sold out | 0.00% | −3.27 |
| LLY Eli Lilly & Co. | Sold out | 0.00% | −3.07 |
| SE Sea Ltd.-ADR | Reduce -52.6% | 12.89% | −2.21 |
| INTU Intuit Inc. | Sold out | 0.00% | −0.42 |
| SKX Skechers USA Inc. Class A | Sold out | 0.00% | −0.32 |
| BJ Bj's Wholesale Club Holdings | Sold out | 0.00% | −0.30 |
| ORLY O'reilly Automotive Inc. | Sold out | 0.00% | −0.30 |
| LRCX Lam Research Corp. | Sold out | 0.00% | −0.25 |
| BN Brookfield Corp. | Sold out | 0.00% | −0.25 |
| TCOM Trip.com Group Ltd.-ADR | Sold out | 0.00% | −0.25 |
| BABA Alibaba Group Holding-SP ADR | Sold out | 0.00% | −0.25 |
| COST Costco Wholesale Corp. | Sold out | 0.00% | −0.21 |
| CRM Salesforce Inc. | Sold out | 0.00% | −0.19 |
| WMB Williams Cos Inc. | Reduce -83.7% | 0.05% | −0.16 |
| DASH DoorDash Inc. Class A | Sold out | 0.00% | −0.15 |
| NFLX Netflix Inc. | Sold out | 0.00% | −0.15 |
| U Unity Software Inc. | Sold out | 0.00% | −0.15 |
| TPR Tapestry Inc. | Reduce -57.2% | 0.50% | −0.14 |
| CP Canadian Pacific Kansas City | Sold out | 0.00% | −0.14 |
| WAY Waystar Holding Corp. | Sold out | 0.00% | −0.12 |
| FLUT Flutter Entertainment PLC-Di | Sold out | 0.00% | −0.11 |
| LIN Linde PLC | Sold out | 0.00% | −0.11 |
| TEVA Teva Pharmaceutical-SP ADR | Sold out | 0.00% | −0.10 |
| TMUS T-Mobile US Inc. | Sold out | 0.00% | −0.08 |
| RELX Relx PLC - Spon ADR | Sold out | 0.00% | −0.07 |
| MDB Mongodb Inc. | Sold out | 0.00% | −0.06 |
| MSCI MSCI Inc. | Sold out | 0.00% | −0.06 |
| GM General Motors Co. | Sold out | 0.00% | −0.05 |
| GEV GE Vernova Inc. | Sold out | 0.00% | −0.03 |
| PONY Pony AI Inc. | Sold out | 0.00% | −0.02 |
| SPOT Spotify Technology SA | Reduce -58.8% | 0.07% | −0.01 |
| ROK Rockwell Automation Inc. | Reduce -44.2% | 0.06% | +0.00 |
| AMZN Amazon.com Inc. | Reduce -33.7% | 4.41% | +0.48 |
| MSFT Microsoft Corp. | Reduce -28.9% | 7.46% | +2.07 |
Portfolio Buys Q1 2025 → Q2 2025
| TME Tencent Music Entertainm-ADR | Add +2974.2% | 14.18% | +13.95 |
| NVDA Nvidia Corp. | New | 9.30% | +9.30 |
| UBER Uber Technologies Inc. | New | 5.32% | +5.32 |
| SAP Sap SE-Sponsored ADR | Add +1934.1% | 4.70% | +4.56 |
| WDC Western Digital Corp. | New | 4.39% | +4.39 |
| IQV Iqvia Holdings Inc. | New | 3.07% | +3.07 |
| AS Amer Sports Inc. | Add +220.6% | 3.47% | +2.96 |
| ATI Ati Inc. | New | 2.08% | +2.08 |
| MMYT Makemytrip Ltd. | Add +945.5% | 2.02% | +1.88 |
| GOOG Alphabet Inc. Class C | New | 1.77% | +1.77 |
| AVGO Broadcom Inc. | New | 1.36% | +1.36 |
| LITE Lumentum Holdings Inc. | New | 1.05% | +1.05 |
| STX Seagate Technology Holdings | New | 0.96% | +0.96 |
| NTES Netease Inc.-ADR | New | 0.89% | +0.89 |
| FWONK Liberty Media Corp. Class C | Add +151.7% | 1.09% | +0.84 |
| LYV Live Nation Entertainment Inc. | Add +1141.0% | 0.81% | +0.78 |
| EA Electronic Arts Inc. | New | 0.70% | +0.70 |
| SNOW Snowflake Inc. | New | 0.70% | +0.70 |
| DIS The Walt Disney Co. | New | 0.69% | +0.69 |
| ORCL Oracle Corp. | New | 0.65% | +0.65 |
| PDD PDD Holdings Inc. | Add +986.7% | 0.68% | +0.63 |
| SFM Sprouts Farmers Market Inc. | New | 0.62% | +0.62 |
| CYBR Cyberark Software Ltd./Israel | Add +300.5% | 0.68% | +0.59 |
| DKNG Draftkings Inc. Class A | New | 0.58% | +0.58 |
| NU Nu Holdings Ltd./Cayman Isl-A | New | 0.56% | +0.56 |
| MNSO Miniso Group Holding Ltd.-ADR | New | 0.55% | +0.55 |
| VRT Vertiv Holdings Co. Class A | New | 0.52% | +0.52 |
| NET Cloudflare Inc. Class A | New | 0.49% | +0.49 |
| ZS Zscaler Inc. | New | 0.47% | +0.47 |
| GRAB Grab Holdings Ltd. Class A | Add +379.5% | 0.48% | +0.42 |
| SNPS Synopsys Inc. | Add +55.0% | 0.66% | +0.42 |
| ZLAB Zai Lab Ltd.-ADR | New | 0.40% | +0.40 |
| CASY Casey's General Stores Inc. | New | 0.39% | +0.39 |
| APH Amphenol Corp. Class A | New | 0.31% | +0.31 |
| CRDO Credo Technology Group Holdi | New | 0.31% | +0.31 |
| URI United Rentals Inc. | New | 0.24% | +0.24 |
| YSG Yatsen Holding Ltd.-ADR | New | 0.21% | +0.21 |
| WRD Weride Inc.-ADR | New | 0.04% | +0.04 |
| FLNC Fluence Energy Inc. | New | 0.03% | +0.03 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 84 | $1.9B | WDC, STX, AMZN, GOOG, COHR |
| Q4 2025 | 77 | $1.1B | GOOG, NVDA, SE, AMZN, GDX |
| Q3 2025 | 68 | $865.1M | SE, GOOG, NVDA, TME, TSLA |
| Q2 2025 | 48 | $484.5M | TME, SE, NVDA, MSFT, META |
| Q1 2025 | 51 | $711.7M | META, SE, MU, HTHT, QFIN |
| Q4 2024 | 77 | $1.4B | NVDA, META, AMZN, SE, MMYT |
| Q3 2024 | 67 | $1.4B | NVDA, PDD, META, YUMC, TCOM |
| Q2 2024 | 61 | $1.2B | NVDA, META, MSFT, EDU, MMYT |
| Q1 2024 | 73 | $1.2B | META, NVDA, MSFT, EDU, MMYT |