Matthews International Capital Management LLC In its 13F for Q3 2024 (holdings as of September 30, 2024, filed October 15, 2024), Matthews International Capital Management LLC reported 41 stock positions worth $598.9 million . Its top holding was PDD (PDD) at 17.7% of the portfolio, followed by Sea Ltd.-ADR (SE, 9.8% ) and Full Truck Alliance -SPN ADR (YMM, 9.8% ). Compared with Q2 2024, it opened 8 new positions, sold out of 4, added to 16 and reduced 16. The biggest buy was PDD (PDD, shares +73% ) and the biggest sale Full Truck Alliance -SPN ADR (YMM, shares −6% ).
Location SAN FRANCISCO, CA
CIK 0001028074
Portfolio Value $598.9M (Q3 2024) Holdings 41 stocks · $598.9M 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 Q2 2024 PDD PDD Holdings Inc. 786,119 $106.0M Add +72.6% SE Sea Ltd.-ADR 624,025 $58.8M Add +3.8% YMM Full Truck Alliance -SPN ADR 6,512,671 $58.7M Reduce -6.1% BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC 2,823,139 $56.2M Add +19.1% LEGN Legend Biotech Corp.-ADR 1,031,851 $50.3M Add +0.9% TCOM Trip.com Group Ltd.-ADR 683,026 $40.6M Add +21.8% YUMC Yum China Holdings Inc. 893,228 $40.2M Add +14.6% TSM Taiwan Semiconductor-SP ADR 158,398 $27.5M Reduce -6.6% MMYT Makemytrip Ltd. 226,799 $21.1M New ZH Zhihu Inc. 5,417,637 $20.9M Add +1.1% AVGO Broadcom Inc. 89,415 $15.4M Add +38.6% GRAB Grab Holdings Ltd. Class A 3,626,828 $13.8M New NTES Netease Inc.-ADR 92,515 $8.7M Add +11.6% BZ Kanzhun Ltd. - ADR 460,210 $8.0M Reduce -20.9% HDB HDFC Bank Ltd.-ADR 122,822 $7.7M Add +220.4% BILI Bilibili Inc.-Sponsored ADR 315,731 $7.4M Reduce -23.2% MU Micron Technology Inc. 71,005 $7.4M Reduce -14.8% NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 447,124 $6.1M Reduce -33.3% ATAT Atour Lifestyle Holdings-ADR 223,059 $5.8M Reduce -5.1% ACMR Acm Research Inc. Class A 283,730 $5.8M Reduce -21.2% IBN Icici Bank Ltd.-Spon ADR 191,269 $5.7M Reduce -0.7% LRCX Lam Research Corp. 5,528 $4.5M Reduce -58.6% BABA Alibaba Group Holding-SP ADR 40,354 $4.3M Add +8.6% TME Tencent Music Entertainm-ADR 319,539 $3.9M Reduce -10.7% CTSH Cognizant Tech Solutions-A 32,974 $2.5M New CREDICORP LTD 10,968 $2.0M Add +10.1% MELI MercadoLibre Inc. 843 $1.7M Add +36.9% ITUB Itau Unibanco H-Spon PRF ADR 235,048 $1.6M New FCX Freeport-McMoran Inc. 28,262 $1.4M Add +66.0% CPNG Coupang Inc. 50,230 $1.2M Add +20.2% JD Jd.com Inc.-ADR 30,065 $1.2M New INFY Infosys Ltd.-SP ADR 24,767 $552K Reduce -36.8% PBR Petroleo Brasileiro-Spon ADR 31,318 $451K Reduce -47.2% GLOB Globant SA 2,117 $419K Reduce -53.3% VALE Vale SA-SP ADR 29,168 $341K Add +99.6% PSMT Pricesmart Inc. 3,288 $302K New MKOR Matthews Korea Active ETF 10,032 $258K New DESP Despegar.com Corp. 17,054 $211K Reduce -67.7% KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC 807 $86K Reduce -94.0% SKM SK Telecom Co. Ltd.-Spon ADR 1,259 $30K No change QFIN Qfin Holdings Inc.-ADR filed as QIFU TECHNOLOGY INC 747 $22K New
Other holdings (1): bonds, preferreds, convertibles and warrants · $8.3M (not counted above) Total filed on the 13F, all lines: $607.2M.
Portfolio Sells Q2 2024 → Q3 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 Q2 2024 % Of Portfolio Change To Portfolio ▲ YMM Full Truck Alliance -SPN ADR Reduce -6.1% 9.80% −2.54 LRCX Lam Research Corp. Reduce -58.6% 0.75% −2.39 TSM Taiwan Semiconductor-SP ADR Reduce -6.6% 4.59% −1.93 MU Micron Technology Inc. Reduce -14.8% 1.23% −1.20 BZ Kanzhun Ltd. - ADR Reduce -20.9% 1.33% −1.09 ASML ASML Holding NV-NY Reg SHS Sold out 0.00% −1.01 EDU New Oriental Educatio-SP ADR Sold out 0.00% −0.97 NU Nu Holdings Ltd./Cayman Isl-A Reduce -33.3% 1.02% −0.89 ACMR Acm Research Inc. Class A Reduce -21.2% 0.96% −0.88 MNSO Miniso Group Holding Ltd.-ADR Sold out 0.00% −0.56 TME Tencent Music Entertainm-ADR Reduce -10.7% 0.64% −0.47 KSPI JSC Kaspi.kz ADR Reduce -94.0% 0.01% −0.37 IBN Icici Bank Ltd.-Spon ADR Reduce -0.7% 0.95% −0.27 TTE Totalenergies SE -Spon ADR Sold out 0.00% −0.19 BILI Bilibili Inc.-Sponsored ADR Reduce -23.2% 1.23% −0.17 DESP Despegar.com Corp. Reduce -67.7% 0.04% −0.12 PBR Petroleo Brasileiro-Spon ADR Reduce -47.2% 0.08% −0.11 GLOB Globant SA Reduce -53.3% 0.07% −0.11 INFY Infosys Ltd.-SP ADR Reduce -36.8% 0.09% −0.07 ATAT Atour Lifestyle Holdings-ADR Reduce -5.1% 0.97% +0.01
Portfolio Buys Q2 2024 → Q3 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 Q2 2024 % Of Portfolio Change To Portfolio ▼ PDD PDD Holdings Inc. Add +72.6% 17.70% +4.30 MMYT Makemytrip Ltd. New 3.52% +3.52 GRAB Grab Holdings Ltd. Class A New 2.30% +2.30 BEKE Ke Holdings Inc.-ADR Add +19.1% 9.39% +1.97 YUMC Yum China Holdings Inc. Add +14.6% 6.71% +1.40 TCOM Trip.com Group Ltd.-ADR Add +21.8% 6.78% +0.95 HDB HDFC Bank Ltd.-ADR Add +220.4% 1.28% +0.74 CTSH Cognizant Tech Solutions-A New 0.42% +0.42 SE Sea Ltd.-ADR Add +3.8% 9.82% +0.32 AVGO Broadcom Inc. Add +38.6% 2.58% +0.28 ITUB Itau Unibanco H-Spon PRF ADR New 0.26% +0.26 ZH Zhihu Inc. Add +1.1% 3.48% +0.25 JD Jd.com Inc.-ADR New 0.20% +0.20 BABA Alibaba Group Holding-SP ADR Add +8.6% 0.72% +0.12 MELI MercadoLibre Inc. Add +36.9% 0.29% +0.06 FCX Freeport-McMoran Inc. Add +66.0% 0.24% +0.05 PSMT Pricesmart Inc. New 0.05% +0.05 MKOR Matthews Korea Active ETF New 0.04% +0.04 VALE Vale SA-SP ADR Add +99.6% 0.06% +0.02 CPNG Coupang Inc. Add +20.2% 0.21% +0.01 QFIN Qfin Holdings Inc.-ADR New 0.00% +0.00 CREDICORP LTD Add +10.1% 0.33% −0.02 NTES Netease Inc.-ADR Add +11.6% 1.44% −0.31 LEGN Legend Biotech Corp.-ADR Add +0.9% 8.40% −1.63
Notes & Other Activity Q2 2024 → Q3 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