Matthews International Capital Management LLC In its 13F for Q4 2024 (holdings as of December 31, 2024, filed January 22, 2025), Matthews International Capital Management LLC reported 41 stock positions worth $482.7 million . Its top holding was PDD (PDD) at 13.4% of the portfolio, followed by Sea Ltd.-ADR (SE, 8.8% ) and Legend Biotech Corp.-ADR (LEGN, 8.0% ). Compared with Q3 2024, it opened 3 new positions, sold out of 3, added to 14 and reduced 19. The biggest buy was Taiwan Semiconductor-SP ADR (TSM, shares +23% ) and the biggest sale Ke Holdings Inc.-ADR (BEKE, shares −66% ).
Location SAN FRANCISCO, CA
CIK 0001028074
Portfolio Value $482.7M (Q4 2024) Holdings 41 stocks · $482.7M 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 Q3 2024 PDD PDD Holdings Inc. 667,954 $64.8M Reduce -15.0% SE Sea Ltd.-ADR 401,999 $42.7M Reduce -35.6% LEGN Legend Biotech Corp.-ADR 1,185,516 $38.6M Add +14.9% TSM Taiwan Semiconductor-SP ADR 195,243 $38.6M Add +23.3% YUMC Yum China Holdings Inc. 752,924 $36.3M Reduce -15.7% YMM Full Truck Alliance -SPN ADR 3,289,042 $35.6M Reduce -49.5% TCOM Trip.com Group Ltd.-ADR 444,364 $30.5M Reduce -34.9% MMYT Makemytrip Ltd. 240,751 $27.0M Add +6.2% GRAB Grab Holdings Ltd. Class A 4,874,167 $23.0M Add +34.4% BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC 954,646 $17.6M Reduce -66.2% CPNG Coupang Inc. 692,388 $15.2M Add +1278.4% ZH Zhihu Inc. 4,242,237 $15.0M Reduce -21.7% BZ Kanzhun Ltd. - ADR 848,290 $11.7M Add +84.3% HDB HDFC Bank Ltd.-ADR 138,572 $8.8M Add +12.8% TME Tencent Music Entertainm-ADR 756,957 $8.6M Add +136.9% AVGO Broadcom Inc. 36,808 $8.5M Reduce -58.8% NTES Netease Inc.-ADR 89,650 $8.0M Reduce -3.1% BILI Bilibili Inc.-Sponsored ADR 351,423 $6.4M Add +11.3% IBN Icici Bank Ltd.-Spon ADR 201,525 $6.0M Add +5.4% ATAT Atour Lifestyle Holdings-ADR 222,818 $6.0M Reduce -0.1% MU Micron Technology Inc. 71,005 $6.0M No change INFY Infosys Ltd.-SP ADR 266,270 $5.8M Add +975.1% LRCX Lam Research Corp. 55,280 $4.0M No change ACMR Acm Research Inc. Class A 262,451 $4.0M Reduce -7.5% CTSH Cognizant Tech Solutions-A 50,108 $3.9M Add +52.0% NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 218,458 $2.3M Reduce -51.1% PONY Pony AI Inc. 115,290 $1.7M New BABA Alibaba Group Holding-SP ADR 13,699 $1.2M Reduce -66.0% CREDICORP LTD 3,843 $704K Reduce -65.0% ITUB Itau Unibanco H-Spon PRF ADR 128,201 $636K Reduce -45.5% MELI MercadoLibre Inc. 369 $627K Reduce -56.2% GLOB Globant SA 2,706 $580K Add +27.8% BCH Banco DE Chile-ADR 17,644 $400K New FCX Freeport-McMoran Inc. 9,963 $379K Reduce -64.8% JD Jd.com Inc.-ADR 10,603 $368K Reduce -64.7% PBR Petroleo Brasileiro-Spon ADR 28,361 $365K Reduce -9.4% PSMT Pricesmart Inc. 3,288 $303K No change BVN Cia DE Minas Buenaventur-ADR filed as COMPANIA DE MINAS BUENAVENTU 25,199 $290K New VALE Vale SA-SP ADR 29,168 $259K No change MKOR Matthews Korea Active ETF 10,032 $208K No change SKM SK Telecom Co. Ltd.-Spon ADR 2,550 $54K Add +102.5%
Other holdings (1): bonds, preferreds, convertibles and warrants · $6.5M (not counted above) Total filed on the 13F, all lines: $489.2M.
Portfolio Sells Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▲ BEKE Ke Holdings Inc.-ADR Reduce -66.2% 3.64% −5.74 PDD PDD Holdings Inc. Reduce -15.0% 13.42% −4.28 YMM Full Truck Alliance -SPN ADR Reduce -49.5% 7.37% −2.43 SE Sea Ltd.-ADR Reduce -35.6% 8.84% −0.99 AVGO Broadcom Inc. Reduce -58.8% 1.77% −0.81 NU Nu Holdings Ltd./Cayman Isl-A Reduce -51.1% 0.47% −0.55 BABA Alibaba Group Holding-SP ADR Reduce -66.0% 0.24% −0.47 TCOM Trip.com Group Ltd.-ADR Reduce -34.9% 6.32% −0.46 ZH Zhihu Inc. Reduce -21.7% 3.11% −0.37 CREDICORP LTD Reduce -65.0% 0.15% −0.19 MELI MercadoLibre Inc. Reduce -56.2% 0.13% −0.16 FCX Freeport-McMoran Inc. Reduce -64.8% 0.08% −0.16 ACMR Acm Research Inc. Class A Reduce -7.5% 0.82% −0.14 ITUB Itau Unibanco H-Spon PRF ADR Reduce -45.5% 0.13% −0.13 JD Jd.com Inc.-ADR Reduce -64.7% 0.08% −0.12 DESP Despegar.com Corp. Sold out 0.00% −0.04 KSPI JSC Kaspi.kz ADR Sold out 0.00% −0.01 QFIN Qfin Holdings Inc.-ADR Sold out 0.00% −0.00 PBR Petroleo Brasileiro-Spon ADR Reduce -9.4% 0.08% +0.00 NTES Netease Inc.-ADR Reduce -3.1% 1.66% +0.21 ATAT Atour Lifestyle Holdings-ADR Reduce -0.1% 1.24% +0.28 YUMC Yum China Holdings Inc. Reduce -15.7% 7.51% +0.80
Portfolio Buys Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▼ TSM Taiwan Semiconductor-SP ADR Add +23.3% 7.99% +3.39 CPNG Coupang Inc. Add +1278.4% 3.15% +2.95 GRAB Grab Holdings Ltd. Class A Add +34.4% 4.77% +2.46 MMYT Makemytrip Ltd. Add +6.2% 5.60% +2.08 TME Tencent Music Entertainm-ADR Add +136.9% 1.78% +1.14 INFY Infosys Ltd.-SP ADR Add +975.1% 1.21% +1.12 BZ Kanzhun Ltd. - ADR Add +84.3% 2.43% +1.09 HDB HDFC Bank Ltd.-ADR Add +12.8% 1.83% +0.55 CTSH Cognizant Tech Solutions-A Add +52.0% 0.80% +0.37 PONY Pony AI Inc. New 0.34% +0.34 IBN Icici Bank Ltd.-Spon ADR Add +5.4% 1.25% +0.29 BILI Bilibili Inc.-Sponsored ADR Add +11.3% 1.32% +0.09 BCH Banco DE Chile-ADR New 0.08% +0.08 BVN Cia DE Minas Buenaventur-ADR New 0.06% +0.06 GLOB Globant SA Add +27.8% 0.12% +0.05 SKM SK Telecom Co. Ltd.-Spon ADR Add +102.5% 0.01% +0.01 LEGN Legend Biotech Corp.-ADR Add +14.9% 7.99% −0.40
Notes & Other Activity Q3 2024 → Q4 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