Matthews International Capital Management LLC In its 13F for Q2 2024 (holdings as of June 30, 2024, filed July 22, 2024), Matthews International Capital Management LLC reported 37 stock positions worth $451.9 million . Its top holding was PDD (PDD) at 13.4% of the portfolio, followed by Full Truck Alliance -SPN ADR (YMM, 12.3% ) and Legend Biotech Corp.-ADR (LEGN, 10.0% ). Compared with Q1 2024, it opened 4 new positions, sold out of 4, added to 9 and reduced 23. The biggest buy was Sea Ltd.-ADR (SE, shares +93% ) and the biggest sale an exit from Nvidia (NVDA).
Location SAN FRANCISCO, CA
CIK 0001028074
Portfolio Value $451.9M (Q2 2024) Holdings 37 stocks · $451.9M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q1 2024 PDD PDD Holdings Inc. 455,484 $60.6M Add +26.3% YMM Full Truck Alliance -SPN ADR 6,936,769 $55.8M Reduce -0.8% LEGN Legend Biotech Corp.-ADR 1,022,780 $45.3M Add +36.0% SE Sea Ltd.-ADR 601,345 $42.9M Add +93.0% BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC 2,369,481 $33.5M Reduce -35.6% TSM Taiwan Semiconductor-SP ADR 169,557 $29.5M Add +2.5% TCOM Trip.com Group Ltd.-ADR 560,670 $26.4M Reduce -13.0% YUMC Yum China Holdings Inc. 779,238 $24.0M Reduce -13.7% ZH Zhihu Inc. 5,359,714 $14.6M Reduce -83.5% LRCX Lam Research Corp. 13,339 $14.2M Reduce -6.7% MU Micron Technology Inc. 83,315 $11.0M Reduce -7.9% BZ Kanzhun Ltd. - ADR 581,437 $10.9M Reduce -16.3% AVGO Broadcom Inc. 6,451 $10.4M Reduce -46.8% NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 669,807 $8.6M Reduce -0.7% ACMR Acm Research Inc. Class A 360,131 $8.3M Reduce -1.2% NTES Netease Inc.-ADR 82,913 $7.9M Add +7.4% BILI Bilibili Inc.-Sponsored ADR 411,030 $6.3M New IBN Icici Bank Ltd.-Spon ADR 192,652 $5.6M Add +76.3% TME Tencent Music Entertainm-ADR 357,808 $5.0M Reduce -80.2% ASML ASML Holding NV-NY Reg SHS 4,459 $4.6M Reduce -70.7% EDU New Oriental Educatio-SP ADR 56,253 $4.4M Reduce -40.7% ATAT Atour Lifestyle Holdings-ADR 234,955 $4.3M New BABA Alibaba Group Holding-SP ADR 37,162 $2.7M Reduce -45.4% MNSO Miniso Group Holding Ltd.-ADR 131,941 $2.5M Add +4.1% HDB HDFC Bank Ltd.-ADR 38,331 $2.5M Reduce -36.9% KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC 13,376 $1.7M New CREDICORP LTD 9,964 $1.6M Add +51.1% MELI MercadoLibre Inc. 616 $1.0M Reduce -10.2% CPNG Coupang Inc. 41,781 $875K Reduce -17.7% TTE Totalenergies SE -Spon ADR 12,927 $862K Reduce -36.6% PBR Petroleo Brasileiro-Spon ADR 59,348 $860K New FCX Freeport-McMoran Inc. 17,026 $827K Reduce -59.6% GLOB Globant SA 4,533 $808K Reduce -48.8% INFY Infosys Ltd.-SP ADR 39,169 $729K Reduce -26.4% DESP Despegar.com Corp. 52,782 $698K Add +111.5% VALE Vale SA-SP ADR 14,610 $163K Reduce -62.4% SKM SK Telecom Co. Ltd.-Spon ADR 1,259 $26K No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $7.6M (not counted above) Total filed on the 13F, all lines: $459.6M.
Portfolio Sells Q1 2024 → Q2 2024 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2024 % Of Portfolio Change To Portfolio ▲ NVDA Nvidia Corp. Sold out 0.00% −5.48 TME Tencent Music Entertainm-ADR Reduce -80.2% 1.11% −2.94 BEKE Ke Holdings Inc.-ADR Reduce -35.6% 7.42% −2.68 JD Jd.com Inc.-ADR Sold out 0.00% −2.45 ASML ASML Holding NV-NY Reg SHS Reduce -70.7% 1.01% −1.95 YUMC Yum China Holdings Inc. Reduce -13.7% 5.32% −1.87 ZH Zhihu Inc. Reduce -83.5% 3.24% −1.22 AVGO Broadcom Inc. Reduce -46.8% 2.29% −0.93 EDU New Oriental Educatio-SP ADR Reduce -40.7% 0.97% −0.68 ZTO Zto Express Cayman Inc.-ADR Sold out 0.00% −0.46 BABA Alibaba Group Holding-SP ADR Reduce -45.4% 0.59% −0.39 ACMR Acm Research Inc. Class A Reduce -1.2% 1.84% −0.29 FCX Freeport-McMoran Inc. Reduce -59.6% 0.18% −0.21 GLOB Globant SA Reduce -48.8% 0.18% −0.18 HDB HDFC Bank Ltd.-ADR Reduce -36.9% 0.55% −0.14 TTE Totalenergies SE -Spon ADR Reduce -36.6% 0.19% −0.09 VALE Vale SA-SP ADR Reduce -62.4% 0.04% −0.06 INFY Infosys Ltd.-SP ADR Reduce -26.4% 0.16% −0.03 AMAT Applied Materials Inc. Sold out 0.00% −0.03 BZ Kanzhun Ltd. - ADR Reduce -16.3% 2.42% −0.02 CPNG Coupang Inc. Reduce -17.7% 0.19% +0.01 MELI MercadoLibre Inc. Reduce -10.2% 0.22% +0.02 TCOM Trip.com Group Ltd.-ADR Reduce -13.0% 5.83% +0.17 MU Micron Technology Inc. Reduce -7.9% 2.42% +0.29 NU Nu Holdings Ltd./Cayman Isl-A Reduce -0.7% 1.91% +0.30 LRCX Lam Research Corp. Reduce -6.7% 3.14% +0.36 YMM Full Truck Alliance -SPN ADR Reduce -0.8% 12.34% +2.17
Portfolio Buys Q1 2024 → Q2 2024 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2024 % Of Portfolio Change To Portfolio ▼ SE Sea Ltd.-ADR Add +93.0% 9.50% +6.15 PDD PDD Holdings Inc. Add +26.3% 13.40% +5.01 TSM Taiwan Semiconductor-SP ADR Add +2.5% 6.52% +2.02 LEGN Legend Biotech Corp.-ADR Add +36.0% 10.02% +1.58 BILI Bilibili Inc.-Sponsored ADR New 1.40% +1.40 ATAT Atour Lifestyle Holdings-ADR New 0.95% +0.95 IBN Icici Bank Ltd.-Spon ADR Add +76.3% 1.23% +0.65 KSPI JSC Kaspi.kz ADR New 0.38% +0.38 PBR Petroleo Brasileiro-Spon ADR New 0.19% +0.19 NTES Netease Inc.-ADR Add +7.4% 1.75% +0.16 CREDICORP LTD Add +51.1% 0.36% +0.13 DESP Despegar.com Corp. Add +111.5% 0.15% +0.09 MNSO Miniso Group Holding Ltd.-ADR Add +4.1% 0.56% +0.04
Notes & Other Activity Q1 2024 → Q2 2024 Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 32 $291.7M UMC, TSM, LEGN, MU, ACMR Q1 2026 37 $246.5M YUMC, TSM, PDD, LEGN, CYD Q4 2025 40 $329.4M PDD, FUTU, SE, LEGN, TCOM Q3 2025 39 $428.1M PDD, SE, LEGN, TCOM, BZ Q2 2025 39 $432.6M PDD, SE, LEGN, YMM, TCOM Q1 2025 36 $482.2M PDD, SE, YMM, LEGN, TCOM Q4 2024 41 $482.7M PDD, SE, LEGN, TSM, YUMC Q3 2024 41 $598.9M PDD, SE, YMM, BEKE, LEGN Q2 2024 37 $451.9M PDD, YMM, LEGN, SE, BEKE Q1 2024 37 $499.8M YMM, BEKE, LEGN, PDD, YUMC