Matthews International Capital Management LLC In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 21, 2025), Matthews International Capital Management LLC reported 36 stock positions worth $482.2 million . Its top holding was PDD (PDD) at 15.5% of the portfolio, followed by Sea Ltd.-ADR (SE, 11.4% ) and Full Truck Alliance -SPN ADR (YMM, 9.5% ). Compared with Q4 2024, it opened 1 new position, sold out of 6, added to 16 and reduced 18. The biggest buy was Icici Bank Ltd.-Spon ADR (IBN, shares +191% ) and the biggest sale Taiwan Semiconductor-SP ADR (TSM, shares −77% ).
Location SAN FRANCISCO, CA
CIK 0001028074
Portfolio Value $482.2M (Q1 2025) Holdings 36 stocks · $482.2M 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 Q4 2024 PDD PDD Holdings Inc. 632,426 $74.8M Reduce -5.3% SE Sea Ltd.-ADR 420,254 $54.8M Add +4.5% YMM Full Truck Alliance -SPN ADR 3,573,575 $45.6M Add +8.7% LEGN Legend Biotech Corp.-ADR 1,101,887 $37.4M Reduce -7.0% TCOM Trip.com Group Ltd.-ADR 455,880 $29.0M Add +2.6% YUMC Yum China Holdings Inc. 470,842 $24.5M Reduce -37.5% BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC 1,035,666 $20.8M Add +8.5% BZ Kanzhun Ltd. - ADR 1,074,442 $20.6M Add +26.7% CPNG Coupang Inc. 852,199 $18.7M Add +23.1% IBN Icici Bank Ltd.-Spon ADR 585,722 $18.5M Add +190.6% HDB HDFC Bank Ltd.-ADR 261,894 $17.4M Add +89.0% GRAB Grab Holdings Ltd. Class A 3,622,237 $16.4M Reduce -25.7% ZH Zhihu Inc. 3,652,757 $15.6M Reduce -13.9% MMYT Makemytrip Ltd. 135,980 $13.3M Reduce -43.5% TME Tencent Music Entertainm-ADR 799,880 $11.5M Add +5.7% TSM Taiwan Semiconductor-SP ADR 44,790 $7.4M Reduce -77.1% INFY Infosys Ltd.-SP ADR 346,180 $6.3M Add +30.0% ATAT Atour Lifestyle Holdings-ADR 219,344 $6.2M Reduce -1.6% ACMR Acm Research Inc. Class A 248,226 $5.8M Reduce -5.4% ITUB Itau Unibanco H-Spon PRF ADR 1,013,725 $5.6M Add +690.7% JD Jd.com Inc.-ADR 113,931 $4.7M Add +974.5% NTES Netease Inc.-ADR 42,850 $4.4M Reduce -52.2% QFIN Qfin Holdings Inc.-ADR filed as QIFU TECHNOLOGY INC 89,616 $4.0M New MU Micron Technology Inc. 44,040 $3.8M Reduce -38.0% MELI MercadoLibre Inc. 1,479 $2.9M Add +300.8% NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 281,650 $2.9M Add +28.9% BABA Alibaba Group Holding-SP ADR 21,783 $2.9M Add +59.0% LRCX Lam Research Corp. 36,604 $2.7M Reduce -33.8% AVGO Broadcom Inc. 7,326 $1.2M Reduce -80.1% BVN Cia DE Minas Buenaventur-ADR filed as COMPANIA DE MINAS BUENAVENTU 31,757 $496K Add +26.0% CREDICORP LTD 2,634 $490K Reduce -31.5% PBR Petroleo Brasileiro-Spon ADR 27,949 $401K Reduce -1.4% FCX Freeport-McMoran Inc. 9,818 $372K Reduce -1.5% VALE Vale SA-SP ADR 28,719 $287K Reduce -1.5% MKOR Matthews Korea Active ETF 10,032 $215K No change SKM SK Telecom Co. Ltd.-Spon ADR 2,484 $53K Reduce -2.6%
Other holdings (1): bonds, preferreds, convertibles and warrants · $2.2M (not counted above) Total filed on the 13F, all lines: $484.4M.
Portfolio Sells Q4 2024 → Q1 2025 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 Q4 2024 % Of Portfolio Change To Portfolio ▲ TSM Taiwan Semiconductor-SP ADR Reduce -77.1% 1.54% −6.45 MMYT Makemytrip Ltd. Reduce -43.5% 2.76% −2.84 YUMC Yum China Holdings Inc. Reduce -37.5% 5.08% −2.43 AVGO Broadcom Inc. Reduce -80.1% 0.25% −1.51 GRAB Grab Holdings Ltd. Class A Reduce -25.7% 3.40% −1.36 BILI Bilibili Inc.-Sponsored ADR Sold out 0.00% −1.32 CTSH Cognizant Tech Solutions-A Sold out 0.00% −0.80 NTES Netease Inc.-ADR Reduce -52.2% 0.91% −0.74 MU Micron Technology Inc. Reduce -38.0% 0.79% −0.44 PONY Pony AI Inc. Sold out 0.00% −0.34 LRCX Lam Research Corp. Reduce -33.8% 0.55% −0.28 LEGN Legend Biotech Corp.-ADR Reduce -7.0% 7.75% −0.24 GLOB Globant SA Sold out 0.00% −0.12 BCH Banco DE Chile-ADR Sold out 0.00% −0.08 PSMT Pricesmart Inc. Sold out 0.00% −0.06 CREDICORP LTD Reduce -31.5% 0.10% −0.04 FCX Freeport-McMoran Inc. Reduce -1.5% 0.08% −0.00 SKM SK Telecom Co. Ltd.-Spon ADR Reduce -2.6% 0.01% −0.00 VALE Vale SA-SP ADR Reduce -1.5% 0.06% +0.01 PBR Petroleo Brasileiro-Spon ADR Reduce -1.4% 0.08% +0.01 ATAT Atour Lifestyle Holdings-ADR Reduce -1.6% 1.29% +0.05 ZH Zhihu Inc. Reduce -13.9% 3.23% +0.12 ACMR Acm Research Inc. Class A Reduce -5.4% 1.20% +0.38 PDD PDD Holdings Inc. Reduce -5.3% 15.52% +2.10
Portfolio Buys Q4 2024 → Q1 2025 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 Q4 2024 % Of Portfolio Change To Portfolio ▼ IBN Icici Bank Ltd.-Spon ADR Add +190.6% 3.83% +2.58 SE Sea Ltd.-ADR Add +4.5% 11.37% +2.54 YMM Full Truck Alliance -SPN ADR Add +8.7% 9.46% +2.09 BZ Kanzhun Ltd. - ADR Add +26.7% 4.27% +1.85 HDB HDFC Bank Ltd.-ADR Add +89.0% 3.61% +1.78 ITUB Itau Unibanco H-Spon PRF ADR Add +690.7% 1.16% +1.02 JD Jd.com Inc.-ADR Add +974.5% 0.97% +0.90 QFIN Qfin Holdings Inc.-ADR New 0.83% +0.83 CPNG Coupang Inc. Add +23.1% 3.88% +0.72 BEKE Ke Holdings Inc.-ADR Add +8.5% 4.32% +0.67 TME Tencent Music Entertainm-ADR Add +5.7% 2.39% +0.61 MELI MercadoLibre Inc. Add +300.8% 0.60% +0.47 BABA Alibaba Group Holding-SP ADR Add +59.0% 0.60% +0.36 NU Nu Holdings Ltd./Cayman Isl-A Add +28.9% 0.60% +0.13 INFY Infosys Ltd.-SP ADR Add +30.0% 1.31% +0.10 BVN Cia DE Minas Buenaventur-ADR Add +26.0% 0.10% +0.04 TCOM Trip.com Group Ltd.-ADR Add +2.6% 6.01% −0.31
Notes & Other Activity Q4 2024 → Q1 2025 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