Matthews International Capital Management LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 29, 2026), Matthews International Capital Management LLC reported 40 stock positions worth $329.4 million. Its top holding was PDD (PDD) at 12.8% of the portfolio, followed by Futu Holdings Ltd.-ADR (FUTU, 7.5%) and Sea Ltd.-ADR (SE, 6.9%). Compared with Q3 2025, it opened 3 new positions, sold out of 2, added to 10 and reduced 24. The biggest buy was Futu Holdings Ltd.-ADR (FUTU, shares +214%) and the biggest sale PDD (PDD, shares −25%).
- Most Recent 13F
- Q2 2026
- Location
- SAN FRANCISCO, CA
- CIK
- 0001028074
- Portfolio Value
- $329.4M (Q4 2025)
- SEC Filing
- 0001398344-26-001533 ↗ filed Jan 29, 2026
Holdings Value
Holdings 40 stocks · $329.4M
| PDD PDD Holdings Inc. | 12.76% | 370,640 | $42.0M | Reduce -24.9% |
| FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD | 7.52% | 150,906 | $24.8M | Add +214.5% |
| SE Sea Ltd.-ADR | 6.94% | 179,241 | $22.9M | Reduce -15.9% |
| LEGN Legend Biotech Corp.-ADR | 6.31% | 956,824 | $20.8M | Reduce -7.0% |
| TCOM Trip.com Group Ltd.-ADR | 5.92% | 271,342 | $19.5M | Reduce -30.1% |
| BZ Kanzhun Ltd. - ADR | 5.13% | 829,409 | $16.9M | Reduce -19.5% |
| YUMC Yum China Holdings Inc. | 4.52% | 312,126 | $14.9M | Add +0.3% |
| YMM Full Truck Alliance -SPN ADR | 4.22% | 1,296,189 | $13.9M | Reduce -30.0% |
| HDB HDFC Bank Ltd.-ADR | 3.81% | 343,916 | $12.6M | Add +58.3% |
| GRAB Grab Holdings Ltd. Class A | 3.59% | 2,367,470 | $11.8M | Reduce -24.0% |
| GRUPO FINANCIERO GALICIA | 3.39% | 206,929 | $11.2M | Add +182.9% |
| IBN Icici Bank Ltd.-Spon ADR | 3.34% | 369,492 | $11.0M | Reduce -0.1% |
| MMYT Makemytrip Ltd. | 3.15% | 126,471 | $10.4M | Reduce -29.8% |
| TSM Taiwan Semiconductor-SP ADR | 3.02% | 32,727 | $9.9M | Reduce -9.4% |
| CPNG Coupang Inc. | 2.65% | 369,975 | $8.7M | Reduce -20.2% |
| ITUB Itau Unibanco H-Spon PRF ADR | 2.50% | 1,149,948 | $8.2M | Add +3.5% |
| MU Micron Technology Inc. | 2.40% | 27,726 | $7.9M | Reduce -23.7% |
| ZH Zhihu Inc. | 2.36% | 2,371,187 | $7.8M | Reduce -18.2% |
| ACMR Acm Research Inc. Class A | 2.24% | 187,250 | $7.4M | Reduce -8.0% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 2.20% | 432,150 | $7.2M | Add +218.3% |
| ATAT Atour Lifestyle Holdings-ADR | 1.96% | 163,989 | $6.5M | Reduce -16.2% |
| QFIN Qfin Holdings Inc.-ADR | 1.62% | 277,149 | $5.3M | Reduce -14.2% |
| BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC | 1.29% | 269,393 | $4.2M | Reduce -63.1% |
| TME Tencent Music Entertainm-ADR | 1.27% | 238,068 | $4.2M | Reduce -63.2% |
| LRCX Lam Research Corp. | 1.15% | 22,105 | $3.8M | Reduce -2.8% |
| NTES Netease Inc.-ADR | 1.00% | 23,901 | $3.3M | Add +0.9% |
| FMX Fomento Economico Mex-SP ADR | 0.96% | 31,291 | $3.2M | Add +0.8% |
| CYD China Yuchai Intl Ltd. | 0.67% | 61,869 | $2.2M | Add +12.8% |
| VALE Vale SA-SP ADR | 0.52% | 132,432 | $1.7M | New |
| XP XP Inc. Class A | 0.51% | 101,999 | $1.7M | Reduce -68.1% |
| ZTO Zto Express Cayman Inc.-ADR | 0.45% | 70,800 | $1.5M | New |
| BVN Cia DE Minas Buenaventur-ADR filed as COMPANIA DE MINAS BUENAVENTU | 0.19% | 22,089 | $615K | Reduce -7.3% |
| GLOB Globant SA | 0.12% | 5,919 | $387K | New |
| FCX Freeport-McMoran Inc. | 0.11% | 7,353 | $373K | No change |
| KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC | 0.07% | 2,762 | $216K | Reduce -2.5% |
| ADVE Matthews Asia Dividend ETF | 0.06% | 5,000 | $196K | No change |
| MKOR Matthews Korea Active ETF | 0.05% | 5,032 | $173K | No change |
| SKM SK Telecom Co. Ltd.-Spon ADR | 0.02% | 2,491 | $51K | Add +50.4% |
| TUYA Tuya Inc. | 0.01% | 8,553 | $18K | Reduce -98.8% |
| CHA Chagee Holdings Ltd.-ADR | 0.00% | 698 | $8K | Reduce -98.7% |
Portfolio Sells Q3 2025 → Q4 2025
| PDD PDD Holdings Inc. | Reduce -24.9% | 12.76% | −2.49 |
| TME Tencent Music Entertainm-ADR | Reduce -63.2% | 1.27% | −2.26 |
| SE Sea Ltd.-ADR | Reduce -15.9% | 6.94% | −1.96 |
| BEKE Ke Holdings Inc.-ADR | Reduce -63.1% | 1.29% | −1.95 |
| LEGN Legend Biotech Corp.-ADR | Reduce -7.0% | 6.31% | −1.52 |
| YMM Full Truck Alliance -SPN ADR | Reduce -30.0% | 4.22% | −1.39 |
| ZH Zhihu Inc. | Reduce -18.2% | 2.36% | −1.07 |
| MELI MercadoLibre Inc. | Sold out | 0.00% | −0.90 |
| XP XP Inc. Class A | Reduce -68.1% | 0.51% | −0.90 |
| TCOM Trip.com Group Ltd.-ADR | Reduce -30.1% | 5.92% | −0.89 |
| CPNG Coupang Inc. | Reduce -20.2% | 2.65% | −0.84 |
| GRAB Grab Holdings Ltd. Class A | Reduce -24.0% | 3.59% | −0.80 |
| MMYT Makemytrip Ltd. | Reduce -29.8% | 3.15% | −0.79 |
| QFIN Qfin Holdings Inc.-ADR | Reduce -14.2% | 1.62% | −0.55 |
| BZ Kanzhun Ltd. - ADR | Reduce -19.5% | 5.13% | −0.49 |
| TUYA Tuya Inc. | Reduce -98.8% | 0.01% | −0.40 |
| CHA Chagee Holdings Ltd.-ADR | Reduce -98.7% | 0.00% | −0.20 |
| JD Jd.com Inc.-ADR | Sold out | 0.00% | −0.09 |
| KSPI JSC Kaspi.kz ADR | Reduce -2.5% | 0.07% | +0.01 |
| BVN Cia DE Minas Buenaventur-ADR | Reduce -7.3% | 0.19% | +0.05 |
| ATAT Atour Lifestyle Holdings-ADR | Reduce -16.2% | 1.96% | +0.24 |
| ACMR Acm Research Inc. Class A | Reduce -8.0% | 2.24% | +0.38 |
| LRCX Lam Research Corp. | Reduce -2.8% | 1.15% | +0.44 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -9.4% | 3.02% | +0.66 |
| IBN Icici Bank Ltd.-Spon ADR | Reduce -0.1% | 3.34% | +0.73 |
| MU Micron Technology Inc. | Reduce -23.7% | 2.40% | +0.98 |
Portfolio Buys Q3 2025 → Q4 2025
| FUTU Futu Holdings Ltd.-ADR | Add +214.5% | 7.52% | +5.57 |
| GRUPO FINANCIERO GALICIA | Add +182.9% | 3.39% | +2.92 |
| HDB HDFC Bank Ltd.-ADR | Add +58.3% | 3.81% | +2.08 |
| NU Nu Holdings Ltd./Cayman Isl-A | Add +218.3% | 2.20% | +1.69 |
| YUMC Yum China Holdings Inc. | Add +0.3% | 4.52% | +1.40 |
| ITUB Itau Unibanco H-Spon PRF ADR | Add +3.5% | 2.50% | +0.60 |
| VALE Vale SA-SP ADR | New | 0.52% | +0.52 |
| ZTO Zto Express Cayman Inc.-ADR | New | 0.45% | +0.45 |
| FMX Fomento Economico Mex-SP ADR | Add +0.8% | 0.96% | +0.24 |
| NTES Netease Inc.-ADR | Add +0.9% | 1.00% | +0.16 |
| CYD China Yuchai Intl Ltd. | Add +12.8% | 0.67% | +0.14 |
| GLOB Globant SA | New | 0.12% | +0.12 |
| SKM SK Telecom Co. Ltd.-Spon ADR | Add +50.4% | 0.02% | +0.01 |
Notes & Other Activity Q3 2025 → Q4 2025
| ZTO EXPRESS KY INC (ZTO 1.5 09/01/27) | NOTE 1.500% 9/0 · principal | Sold out | 70,800 | $1.4Mbefore exit |
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 |