Matthews International Capital Management LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 17, 2025), Matthews International Capital Management LLC reported 39 stock positions worth $428.1 million. Its top holding was PDD (PDD) at 15.2% of the portfolio, followed by Sea Ltd.-ADR (SE, 8.9%) and Legend Biotech Corp.-ADR (LEGN, 7.8%). Compared with Q2 2025, it opened 2 new positions, sold out of 2, added to 9 and reduced 24. The biggest buy was Kanzhun Ltd. - ADR (BZ, shares +8%) and the biggest sale Sea Ltd.-ADR (SE, shares −33%).
- Most Recent 13F
- Q2 2026
- Location
- SAN FRANCISCO, CA
- CIK
- 0001028074
- Portfolio Value
- $428.1M (Q3 2025)
- SEC Filing
- 0001398344-25-019231 ↗ filed Oct 17, 2025
Holdings Value
Holdings 39 stocks · $428.1M
| PDD PDD Holdings Inc. | 15.24% | 493,802 | $65.3M | Reduce -1.2% |
| SE Sea Ltd.-ADR | 8.90% | 213,226 | $38.1M | Reduce -33.2% |
| LEGN Legend Biotech Corp.-ADR | 7.83% | 1,028,447 | $33.5M | Reduce -20.5% |
| TCOM Trip.com Group Ltd.-ADR | 6.82% | 388,145 | $29.2M | Add +0.8% |
| BZ Kanzhun Ltd. - ADR | 5.62% | 1,029,811 | $24.1M | Add +8.2% |
| YMM Full Truck Alliance -SPN ADR | 5.61% | 1,851,438 | $24.0M | Reduce -37.9% |
| GRAB Grab Holdings Ltd. Class A | 4.38% | 3,116,032 | $18.8M | Reduce -15.1% |
| MMYT Makemytrip Ltd. | 3.94% | 180,121 | $16.9M | Reduce -2.0% |
| TME Tencent Music Entertainm-ADR | 3.52% | 646,353 | $15.1M | Reduce -20.2% |
| CPNG Coupang Inc. | 3.49% | 463,589 | $14.9M | Add +10.2% |
| ZH Zhihu Inc. | 3.43% | 2,898,565 | $14.7M | Reduce -18.9% |
| BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC | 3.24% | 729,686 | $13.9M | Reduce -10.2% |
| YUMC Yum China Holdings Inc. | 3.12% | 311,290 | $13.4M | Reduce -3.9% |
| IBN Icici Bank Ltd.-Spon ADR | 2.61% | 369,773 | $11.2M | Reduce -3.9% |
| TSM Taiwan Semiconductor-SP ADR | 2.36% | 36,135 | $10.1M | Reduce -22.2% |
| QFIN Qfin Holdings Inc.-ADR | 2.17% | 322,848 | $9.3M | Add +18.2% |
| FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD | 1.95% | 47,988 | $8.3M | Add +111.1% |
| ITUB Itau Unibanco H-Spon PRF ADR | 1.90% | 1,110,694 | $8.2M | Reduce -1.4% |
| ACMR Acm Research Inc. Class A | 1.86% | 203,511 | $8.0M | Reduce -8.0% |
| HDB HDFC Bank Ltd.-ADR | 1.73% | 217,266 | $7.4M | Reduce -8.6% |
| ATAT Atour Lifestyle Holdings-ADR | 1.72% | 195,739 | $7.4M | Reduce -0.5% |
| MU Micron Technology Inc. | 1.42% | 36,344 | $6.1M | Add +14.3% |
| XP XP Inc. Class A | 1.40% | 320,053 | $6.0M | New |
| MELI MercadoLibre Inc. | 0.90% | 1,645 | $3.8M | Reduce -2.1% |
| NTES Netease Inc.-ADR | 0.84% | 23,675 | $3.6M | Reduce -58.6% |
| FMX Fomento Economico Mex-SP ADR | 0.72% | 31,053 | $3.1M | Reduce -7.8% |
| LRCX Lam Research Corp. | 0.71% | 22,749 | $3.0M | Add +7.5% |
| CYD China Yuchai Intl Ltd. | 0.53% | 54,874 | $2.3M | New |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.51% | 135,765 | $2.2M | Add +30.2% |
| GRUPO FINANCIERO GALICIA | 0.47% | 73,157 | $2.0M | Add +1037.9% |
| TUYA Tuya Inc. | 0.41% | 704,109 | $1.7M | No change |
| CHA Chagee Holdings Ltd.-ADR | 0.21% | 53,656 | $888K | No change |
| BVN Cia DE Minas Buenaventur-ADR filed as COMPANIA DE MINAS BUENAVENTU | 0.14% | 23,818 | $579K | Reduce -12.1% |
| JD Jd.com Inc.-ADR | 0.09% | 11,165 | $391K | Reduce -52.5% |
| FCX Freeport-McMoran Inc. | 0.07% | 7,353 | $288K | Reduce -12.1% |
| KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC | 0.05% | 2,834 | $231K | Reduce -88.6% |
| ADVE Matthews Asia Dividend ETF | 0.04% | 5,000 | $192K | No change |
| MKOR Matthews Korea Active ETF | 0.04% | 5,032 | $152K | Reduce -49.8% |
| SKM SK Telecom Co. Ltd.-Spon ADR | 0.01% | 1,656 | $36K | No change |
Other holdings (1): bonds, preferreds, convertibles and warrants · $1.4M (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 | 70,800 | $1.4M | Reduce -96.8% |
Total filed on the 13F, all lines: $429.5M.
Portfolio Sells Q2 2025 → Q3 2025
| SE Sea Ltd.-ADR | Reduce -33.2% | 8.90% | −2.90 |
| LEGN Legend Biotech Corp.-ADR | Reduce -20.5% | 7.83% | −2.77 |
| YMM Full Truck Alliance -SPN ADR | Reduce -37.9% | 5.61% | −2.53 |
| NTES Netease Inc.-ADR | Reduce -58.6% | 0.84% | −0.94 |
| INFY Infosys Ltd.-SP ADR | Sold out | 0.00% | −0.64 |
| KSPI JSC Kaspi.kz ADR | Reduce -88.6% | 0.05% | −0.44 |
| IBN Icici Bank Ltd.-Spon ADR | Reduce -3.9% | 2.61% | −0.38 |
| HDB HDFC Bank Ltd.-ADR | Reduce -8.6% | 1.73% | −0.37 |
| YUMC Yum China Holdings Inc. | Reduce -3.9% | 3.12% | −0.23 |
| MMYT Makemytrip Ltd. | Reduce -2.0% | 3.94% | −0.23 |
| TME Tencent Music Entertainm-ADR | Reduce -20.2% | 3.52% | −0.13 |
| MELI MercadoLibre Inc. | Reduce -2.1% | 0.90% | −0.12 |
| BEKE Ke Holdings Inc.-ADR | Reduce -10.2% | 3.24% | −0.10 |
| FMX Fomento Economico Mex-SP ADR | Reduce -7.8% | 0.72% | −0.09 |
| JD Jd.com Inc.-ADR | Reduce -52.5% | 0.09% | −0.09 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -22.2% | 2.36% | −0.07 |
| PBR Petroleo Brasileiro-Spon ADR | Sold out | 0.00% | −0.07 |
| MKOR Matthews Korea Active ETF | Reduce -49.8% | 0.04% | −0.03 |
| FCX Freeport-McMoran Inc. | Reduce -12.1% | 0.07% | −0.02 |
| BVN Cia DE Minas Buenaventur-ADR | Reduce -12.1% | 0.14% | +0.03 |
| GRAB Grab Holdings Ltd. Class A | Reduce -15.1% | 4.38% | +0.12 |
| ITUB Itau Unibanco H-Spon PRF ADR | Reduce -1.4% | 1.90% | +0.14 |
| ZH Zhihu Inc. | Reduce -18.9% | 3.43% | +0.14 |
| ATAT Atour Lifestyle Holdings-ADR | Reduce -0.5% | 1.72% | +0.24 |
| ACMR Acm Research Inc. Class A | Reduce -8.0% | 1.86% | +0.54 |
| PDD PDD Holdings Inc. | Reduce -1.2% | 15.24% | +3.15 |
Portfolio Buys Q2 2025 → Q3 2025
| BZ Kanzhun Ltd. - ADR | Add +8.2% | 5.62% | +1.70 |
| TCOM Trip.com Group Ltd.-ADR | Add +0.8% | 6.82% | +1.60 |
| XP XP Inc. Class A | New | 1.40% | +1.40 |
| FUTU Futu Holdings Ltd.-ADR | Add +111.1% | 1.95% | +1.30 |
| CPNG Coupang Inc. | Add +10.2% | 3.49% | +0.57 |
| CYD China Yuchai Intl Ltd. | New | 0.53% | +0.53 |
| MU Micron Technology Inc. | Add +14.3% | 1.42% | +0.51 |
| GRUPO FINANCIERO GALICIA | Add +1037.9% | 0.47% | +0.40 |
| LRCX Lam Research Corp. | Add +7.5% | 0.71% | +0.24 |
| NU Nu Holdings Ltd./Cayman Isl-A | Add +30.2% | 0.51% | +0.18 |
| QFIN Qfin Holdings Inc.-ADR | Add +18.2% | 2.17% | −0.57 |
Notes & Other Activity Q2 2025 → Q3 2025
| ZTO EXPRESS KY INC (ZTO 1.5 09/01/27) | NOTE 1.500% 9/0 · principal | Reduce -96.8% | 70,800 | $1.4M |
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 |