Matthews International Capital Management LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 21, 2025), Matthews International Capital Management LLC reported 39 stock positions worth $432.6 million. Its top holding was PDD (PDD) at 12.1% of the portfolio, followed by Sea Ltd.-ADR (SE, 11.8%) and Legend Biotech Corp.-ADR (LEGN, 10.6%). Compared with Q1 2025, it opened 7 new positions, sold out of 4, added to 9 and reduced 22. The biggest buy was Legend Biotech Corp.-ADR (LEGN, shares +17%) and the biggest sale PDD (PDD, shares −21%).
- Most Recent 13F
- Q2 2026
- Location
- SAN FRANCISCO, CA
- CIK
- 0001028074
- Portfolio Value
- $432.6M (Q2 2025)
- SEC Filing
- 0001398344-25-013439 ↗ filed Jul 21, 2025
Holdings Value
Holdings 39 stocks · $432.6M
| PDD PDD Holdings Inc. | 12.10% | 500,026 | $52.3M | Reduce -20.9% |
| SE Sea Ltd.-ADR | 11.80% | 319,281 | $51.1M | Reduce -24.0% |
| LEGN Legend Biotech Corp.-ADR | 10.61% | 1,293,052 | $45.9M | Add +17.4% |
| YMM Full Truck Alliance -SPN ADR | 8.14% | 2,979,832 | $35.2M | Reduce -16.6% |
| TCOM Trip.com Group Ltd.-ADR | 5.22% | 384,874 | $22.6M | Reduce -15.6% |
| GRAB Grab Holdings Ltd. Class A | 4.27% | 3,668,786 | $18.5M | Add +1.3% |
| MMYT Makemytrip Ltd. | 4.17% | 183,815 | $18.0M | Add +35.2% |
| BZ Kanzhun Ltd. - ADR | 3.92% | 951,390 | $17.0M | Reduce -11.4% |
| TME Tencent Music Entertainm-ADR | 3.65% | 810,263 | $15.8M | Add +1.3% |
| YUMC Yum China Holdings Inc. | 3.35% | 323,966 | $14.5M | Reduce -31.2% |
| BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC | 3.33% | 812,915 | $14.4M | Reduce -21.5% |
| ZH Zhihu Inc. | 3.29% | 3,574,638 | $14.2M | Reduce -2.1% |
| IBN Icici Bank Ltd.-Spon ADR | 2.99% | 384,649 | $12.9M | Reduce -34.3% |
| CPNG Coupang Inc. | 2.91% | 420,857 | $12.6M | Reduce -50.6% |
| QFIN Qfin Holdings Inc.-ADR filed as QIFU TECHNOLOGY INC | 2.74% | 273,141 | $11.8M | Add +204.8% |
| TSM Taiwan Semiconductor-SP ADR | 2.43% | 46,452 | $10.5M | Add +3.7% |
| HDB HDFC Bank Ltd.-ADR | 2.11% | 118,836 | $9.1M | Reduce -54.6% |
| NTES Netease Inc.-ADR | 1.78% | 57,127 | $7.7M | Add +33.3% |
| ITUB Itau Unibanco H-Spon PRF ADR | 1.77% | 1,126,855 | $7.7M | Add +11.2% |
| ATAT Atour Lifestyle Holdings-ADR | 1.48% | 196,750 | $6.4M | Reduce -10.3% |
| ACMR Acm Research Inc. Class A | 1.32% | 221,295 | $5.7M | Reduce -10.8% |
| MELI MercadoLibre Inc. | 1.02% | 1,681 | $4.4M | Add +13.7% |
| MU Micron Technology Inc. | 0.91% | 31,811 | $3.9M | Reduce -27.8% |
| FMX Fomento Economico Mex-SP ADR | 0.80% | 33,679 | $3.5M | New |
| FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD | 0.65% | 22,731 | $2.8M | New |
| INFY Infosys Ltd.-SP ADR | 0.64% | 148,794 | $2.8M | Reduce -57.0% |
| KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC | 0.49% | 24,941 | $2.1M | New |
| LRCX Lam Research Corp. | 0.48% | 21,169 | $2.1M | Reduce -42.2% |
| TUYA Tuya Inc. | 0.38% | 704,109 | $1.6M | New |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.33% | 104,239 | $1.4M | Reduce -63.0% |
| CHA Chagee Holdings Ltd.-ADR | 0.32% | 53,656 | $1.4M | New |
| JD Jd.com Inc.-ADR | 0.18% | 23,508 | $767K | Reduce -79.4% |
| BVN Cia DE Minas Buenaventur-ADR filed as COMPANIA DE MINAS BUENAVENTU | 0.10% | 27,087 | $445K | Reduce -14.7% |
| FCX Freeport-McMoran Inc. | 0.08% | 8,368 | $363K | Reduce -14.8% |
| GRUPO FINANCIERO GALICIA | 0.07% | 6,429 | $324K | New |
| PBR Petroleo Brasileiro-Spon ADR | 0.07% | 23,829 | $298K | Reduce -14.7% |
| MKOR Matthews Korea Active ETF | 0.07% | 10,032 | $282K | No change |
| ADVE Matthews Asia Dividend ETF | 0.04% | 5,000 | $179K | New |
| SKM SK Telecom Co. Ltd.-Spon ADR | 0.01% | 1,656 | $39K | Reduce -33.3% |
Other holdings (1): bonds, preferreds, convertibles and warrants · $2.2M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| ZTO EXPRESS KY INC (ZTO 1.5 09/01/27) | NOTE 1.500% 9/0 · principal | 2,198,000 | $2.2M | No change |
Total filed on the 13F, all lines: $434.8M.
Portfolio Sells Q1 2025 → Q2 2025
| PDD PDD Holdings Inc. | Reduce -20.9% | 12.10% | −3.43 |
| YUMC Yum China Holdings Inc. | Reduce -31.2% | 3.35% | −1.74 |
| HDB HDFC Bank Ltd.-ADR | Reduce -54.6% | 2.11% | −1.50 |
| YMM Full Truck Alliance -SPN ADR | Reduce -16.6% | 8.14% | −1.33 |
| BEKE Ke Holdings Inc.-ADR | Reduce -21.5% | 3.33% | −0.98 |
| CPNG Coupang Inc. | Reduce -50.6% | 2.91% | −0.96 |
| IBN Icici Bank Ltd.-Spon ADR | Reduce -34.3% | 2.99% | −0.84 |
| TCOM Trip.com Group Ltd.-ADR | Reduce -15.6% | 5.22% | −0.79 |
| JD Jd.com Inc.-ADR | Reduce -79.4% | 0.18% | −0.79 |
| INFY Infosys Ltd.-SP ADR | Reduce -57.0% | 0.64% | −0.67 |
| BABA Alibaba Group Holding-SP ADR | Sold out | 0.00% | −0.60 |
| BZ Kanzhun Ltd. - ADR | Reduce -11.4% | 3.92% | −0.35 |
| NU Nu Holdings Ltd./Cayman Isl-A | Reduce -63.0% | 0.33% | −0.27 |
| AVGO Broadcom Inc. | Sold out | 0.00% | −0.25 |
| CREDICORP LTD | Sold out | 0.00% | −0.10 |
| LRCX Lam Research Corp. | Reduce -42.2% | 0.48% | −0.08 |
| VALE Vale SA-SP ADR | Sold out | 0.00% | −0.06 |
| PBR Petroleo Brasileiro-Spon ADR | Reduce -14.7% | 0.07% | −0.01 |
| SKM SK Telecom Co. Ltd.-Spon ADR | Reduce -33.3% | 0.01% | −0.00 |
| BVN Cia DE Minas Buenaventur-ADR | Reduce -14.7% | 0.10% | −0.00 |
| FCX Freeport-McMoran Inc. | Reduce -14.8% | 0.08% | +0.01 |
| ZH Zhihu Inc. | Reduce -2.1% | 3.29% | +0.05 |
| MU Micron Technology Inc. | Reduce -27.8% | 0.91% | +0.11 |
| ACMR Acm Research Inc. Class A | Reduce -10.8% | 1.32% | +0.12 |
| ATAT Atour Lifestyle Holdings-ADR | Reduce -10.3% | 1.48% | +0.19 |
| SE Sea Ltd.-ADR | Reduce -24.0% | 11.80% | +0.43 |
Portfolio Buys Q1 2025 → Q2 2025
| LEGN Legend Biotech Corp.-ADR | Add +17.4% | 10.61% | +2.85 |
| QFIN Qfin Holdings Inc.-ADR | Add +204.8% | 2.74% | +1.90 |
| MMYT Makemytrip Ltd. | Add +35.2% | 4.17% | +1.40 |
| TME Tencent Music Entertainm-ADR | Add +1.3% | 3.65% | +1.26 |
| TSM Taiwan Semiconductor-SP ADR | Add +3.7% | 2.43% | +0.89 |
| GRAB Grab Holdings Ltd. Class A | Add +1.3% | 4.27% | +0.86 |
| NTES Netease Inc.-ADR | Add +33.3% | 1.78% | +0.86 |
| FMX Fomento Economico Mex-SP ADR | New | 0.80% | +0.80 |
| FUTU Futu Holdings Ltd.-ADR | New | 0.65% | +0.65 |
| ITUB Itau Unibanco H-Spon PRF ADR | Add +11.2% | 1.77% | +0.61 |
| KSPI JSC Kaspi.kz ADR | New | 0.49% | +0.49 |
| MELI MercadoLibre Inc. | Add +13.7% | 1.02% | +0.42 |
| TUYA Tuya Inc. | New | 0.38% | +0.38 |
| CHA Chagee Holdings Ltd.-ADR | New | 0.32% | +0.32 |
| GRUPO FINANCIERO GALICIA | New | 0.07% | +0.07 |
| ADVE Matthews Asia Dividend ETF | New | 0.04% | +0.04 |
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 |