Matthews International Capital Management LLC
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 4, 2026), Matthews International Capital Management LLC reported 37 stock positions worth $246.5 million. Its top holding was Yum China (YUMC) at 11.0% of the portfolio, followed by Taiwan Semiconductor-SP ADR (TSM, 8.6%) and PDD (PDD, 8.2%). Compared with Q4 2025, it opened 7 new positions, sold out of 10, added to 13 and reduced 14. The biggest buy was Yum China (YUMC, shares +78%) and the biggest sale Sea Ltd.-ADR (SE, shares −84%).
- Most Recent 13F
- Q2 2026
- Location
- SAN FRANCISCO, CA
- CIK
- 0001028074
- Portfolio Value
- $246.5M (Q1 2026)
- SEC Filing
- 0001398344-26-008181 ↗ filed May 4, 2026
Holdings Value
Holdings 37 stocks · $246.5M
| YUMC Yum China Holdings Inc. | 10.98% | 554,911 | $27.1M | Add +77.8% |
| TSM Taiwan Semiconductor-SP ADR | 8.57% | 62,509 | $21.1M | Add +91.0% |
| PDD PDD Holdings Inc. | 8.25% | 198,922 | $20.3M | Reduce -46.3% |
| LEGN Legend Biotech Corp.-ADR | 6.80% | 925,920 | $16.7M | Reduce -3.2% |
| CYD China Yuchai Intl Ltd. | 5.06% | 324,034 | $12.5M | Add +423.7% |
| MU Micron Technology Inc. | 3.99% | 29,143 | $9.8M | Add +5.1% |
| FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD | 3.81% | 68,723 | $9.4M | Reduce -54.5% |
| BZ Kanzhun Ltd. - ADR | 3.78% | 696,617 | $9.3M | Reduce -16.0% |
| UMC United Microelectron-SP ADR | 3.56% | 977,645 | $8.8M | New |
| ITUB Itau Unibanco H-Spon PRF ADR | 3.29% | 968,644 | $8.1M | Reduce -15.8% |
| ATAT Atour Lifestyle Holdings-ADR | 3.28% | 219,378 | $8.1M | Add +33.8% |
| GRUPO FINANCIERO GALICIA | 3.17% | 167,353 | $7.8M | Reduce -19.1% |
| IBN Icici Bank Ltd.-Spon ADR | 3.12% | 296,805 | $7.7M | Reduce -19.7% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 2.95% | 505,743 | $7.3M | Add +17.0% |
| HDB HDFC Bank Ltd.-ADR | 2.89% | 286,651 | $7.1M | Reduce -16.6% |
| LRCX Lam Research Corp. | 2.44% | 28,135 | $6.0M | Add +27.3% |
| PBR Petroleo Brasileiro-Spon ADR | 2.40% | 285,194 | $5.9M | New |
| ACMR Acm Research Inc. Class A | 2.22% | 138,815 | $5.5M | Reduce -25.9% |
| FCX Freeport-McMoran Inc. | 2.10% | 87,936 | $5.2M | Add +1095.9% |
| GRAB Grab Holdings Ltd. Class A | 1.89% | 1,273,059 | $4.7M | Reduce -46.2% |
| BVN Cia DE Minas Buenaventur-ADR filed as COMPANIA DE MINAS BUENAVENTU | 1.89% | 128,987 | $4.6M | Add +483.9% |
| BAP Credicorp Ltd. | 1.77% | 12,840 | $4.4M | New |
| IFS Intercorp Financial Services | 1.47% | 72,384 | $3.6M | New |
| QFIN Qfin Holdings Inc.-ADR | 1.45% | 277,149 | $3.6M | No change |
| FMX Fomento Economico Mex-SP ADR | 1.42% | 31,465 | $3.5M | Add +0.6% |
| CPNG Coupang Inc. | 1.35% | 176,060 | $3.3M | Reduce -52.4% |
| KC Kingsoft Cloud Holdings-ADR | 1.19% | 220,379 | $2.9M | New |
| BIDU Baidu Inc. - Spon ADR | 1.06% | 23,363 | $2.6M | New |
| SE Sea Ltd.-ADR | 0.96% | 28,621 | $2.4M | Reduce -84.0% |
| YMM Full Truck Alliance -SPN ADR | 0.87% | 257,827 | $2.1M | Reduce -80.1% |
| VALE Vale SA-SP ADR | 0.87% | 134,071 | $2.1M | Add +1.2% |
| TCOM Trip.com Group Ltd.-ADR | 0.80% | 39,529 | $2.0M | Reduce -85.4% |
| GLOB Globant SA | 0.12% | 6,399 | $295K | Add +8.1% |
| MKOR Matthews Korea Active ETF | 0.09% | 5,032 | $220K | No change |
| ADVE Matthews Asia Dividend ETF | 0.08% | 5,000 | $208K | No change |
| SKM SK Telecom Co. Ltd.-Spon ADR | 0.04% | 3,326 | $97K | Add +33.5% |
| AGBK Agi Inc. Class A | 0.03% | 9,564 | $70K | New |
Portfolio Sells Q4 2025 → Q1 2026
| SE Sea Ltd.-ADR | Reduce -84.0% | 0.96% | −5.98 |
| TCOM Trip.com Group Ltd.-ADR | Reduce -85.4% | 0.80% | −5.12 |
| PDD PDD Holdings Inc. | Reduce -46.3% | 8.25% | −4.51 |
| FUTU Futu Holdings Ltd.-ADR | Reduce -54.5% | 3.81% | −3.71 |
| YMM Full Truck Alliance -SPN ADR | Reduce -80.1% | 0.87% | −3.35 |
| MMYT Makemytrip Ltd. | Sold out | 0.00% | −3.15 |
| ZH Zhihu Inc. | Sold out | 0.00% | −2.36 |
| GRAB Grab Holdings Ltd. Class A | Reduce -46.2% | 1.89% | −1.70 |
| BZ Kanzhun Ltd. - ADR | Reduce -16.0% | 3.78% | −1.35 |
| CPNG Coupang Inc. | Reduce -52.4% | 1.35% | −1.30 |
| BEKE Ke Holdings Inc.-ADR | Sold out | 0.00% | −1.29 |
| TME Tencent Music Entertainm-ADR | Sold out | 0.00% | −1.27 |
| NTES Netease Inc.-ADR | Sold out | 0.00% | −1.00 |
| HDB HDFC Bank Ltd.-ADR | Reduce -16.6% | 2.89% | −0.92 |
| XP XP Inc. Class A | Sold out | 0.00% | −0.51 |
| ZTO Zto Express Cayman Inc.-ADR | Sold out | 0.00% | −0.45 |
| IBN Icici Bank Ltd.-Spon ADR | Reduce -19.7% | 3.12% | −0.22 |
| GRUPO FINANCIERO GALICIA | Reduce -19.1% | 3.17% | −0.22 |
| KSPI JSC Kaspi.kz ADR | Sold out | 0.00% | −0.07 |
| ACMR Acm Research Inc. Class A | Reduce -25.9% | 2.22% | −0.03 |
| TUYA Tuya Inc. | Sold out | 0.00% | −0.01 |
| CHA Chagee Holdings Ltd.-ADR | Sold out | 0.00% | −0.00 |
| LEGN Legend Biotech Corp.-ADR | Reduce -3.2% | 6.80% | +0.48 |
| ITUB Itau Unibanco H-Spon PRF ADR | Reduce -15.8% | 3.29% | +0.79 |
Portfolio Buys Q4 2025 → Q1 2026
| YUMC Yum China Holdings Inc. | Add +77.8% | 10.98% | +6.46 |
| TSM Taiwan Semiconductor-SP ADR | Add +91.0% | 8.57% | +5.55 |
| CYD China Yuchai Intl Ltd. | Add +423.7% | 5.06% | +4.39 |
| UMC United Microelectron-SP ADR | New | 3.56% | +3.56 |
| PBR Petroleo Brasileiro-Spon ADR | New | 2.40% | +2.40 |
| FCX Freeport-McMoran Inc. | Add +1095.9% | 2.10% | +1.98 |
| BAP Credicorp Ltd. | New | 1.77% | +1.77 |
| BVN Cia DE Minas Buenaventur-ADR | Add +483.9% | 1.89% | +1.70 |
| MU Micron Technology Inc. | Add +5.1% | 3.99% | +1.59 |
| IFS Intercorp Financial Services | New | 1.47% | +1.47 |
| ATAT Atour Lifestyle Holdings-ADR | Add +33.8% | 3.28% | +1.31 |
| LRCX Lam Research Corp. | Add +27.3% | 2.44% | +1.29 |
| KC Kingsoft Cloud Holdings-ADR | New | 1.19% | +1.19 |
| BIDU Baidu Inc. - Spon ADR | New | 1.06% | +1.06 |
| NU Nu Holdings Ltd./Cayman Isl-A | Add +17.0% | 2.95% | +0.75 |
| FMX Fomento Economico Mex-SP ADR | Add +0.6% | 1.42% | +0.46 |
| VALE Vale SA-SP ADR | Add +1.2% | 0.87% | +0.34 |
| AGBK Agi Inc. Class A | New | 0.03% | +0.03 |
| SKM SK Telecom Co. Ltd.-Spon ADR | Add +33.5% | 0.04% | +0.02 |
| GLOB Globant SA | Add +8.1% | 0.12% | +0.00 |
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 |