Nan Fung Trinity (hk) Ltd.

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 9, 2024), Nan Fung Trinity (hk) Ltd. reported 26 stock positions worth $432.4 million. Its top holding was Baidu Inc. - Spon ADR (BIDU) at 16.7% of the portfolio, followed by Vaneck JPM Em Local Curr BND (EMLC, 11.4%) and iShares MSCI Thailand ETF (THD, 8.6%). Compared with Q4 2023, it opened 6 new positions, sold out of 4, added to 10 and reduced 4. The biggest buy was a new position in Amcor (AMCR) and the biggest sale an exit from Bank of America (BAC).

Most Recent 13F
Q2 2026
Location
CENTRAL, HONG KONG, K3
CIK
0001781880
Portfolio Value
$432.4M (Q1 2024)
SEC Filing
0001420506-24-000724 ↗ filed May 9, 2024

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $432.4M $432.4M Q1 2024 Q2 2024: $437.9M Q2 2024 Q3 2024: $498.4M Q3 2024 Q4 2024: $489.7M Q4 2024 Q1 2025: $630.5M Q1 2025 Q2 2025: $835.8M Q2 2025 Q3 2025: $1.0B Q3 2025 Q4 2025: $1.3B Q4 2025 Q1 2026: $910.6M Q1 2026 Q2 2026: $1.0B Q2 2026

Holdings 26 stocks · $432.4M
BIDU Baidu Inc. - Spon ADR 16.73% 687,121 $72.3M Add +5.0%
EMLC Vaneck JPM Em Local Curr BND 11.38% 2,007,400 $49.2M Add +0.6%
THD iShares MSCI Thailand ETF 8.65% 640,300 $37.4M Add +0.6%
KWEB Kranesh Csi China Internet 7.61% 1,253,300 $32.9M Add +0.6%
IQ Iqiyi Inc.-ADR 6.39% 6,529,650 $27.6M Add +33.8%
AMCR Amcor PLC 5.55% 2,524,700 $24.0M New
PDD PDD Holdings Inc. 4.12% 153,300 $17.8M No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 4.02% 142,108 $17.4M Reduce -43.6%
ECNS iShares MSCI China Small-Cap 3.99% 721,760 $17.3M No change
NTES Netease Inc.-ADR 3.79% 158,300 $16.4M New
TGT Target Corp. 3.21% 78,300 $13.9M Reduce -56.9%
BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC 3.11% 977,890 $13.4M Add +33.3%
NVDA Nvidia Corp. 2.74% 13,113 $11.8M Reduce -75.3%
OLED Universal Display Corp. 2.68% 68,700 $11.6M No change
APD Air Products & Chemicals Inc. 2.58% 46,100 $11.2M New
T AT&T Inc. 2.40% 588,600 $10.4M New
VZ Verizon Communications Inc. 2.35% 242,200 $10.2M New
PINS Pinterest Inc. Class A 1.54% 192,300 $6.7M Reduce -54.0%
CCK Crown Holdings Inc. 1.39% 76,100 $6.0M New
HUM Humana Inc. 1.25% 15,600 $5.4M Add +21.9%
SLG SL Green Realty Corp. 1.08% 84,400 $4.7M Add +74.0%
VNO Vornado Realty Trust 1.06% 159,100 $4.6M Add +104.0%
BXP BXP Inc. filed as BOSTON PROPERTIES INC 1.04% 69,100 $4.5M Add +166.8%
DOW Dow Inc. 0.57% 42,500 $2.5M No change
IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA 0.54% 27,000 $2.3M No change
HUN Huntsman Corp. 0.24% 40,000 $1.0M No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $7.2M (not counted above)
SecurityClassShares / PrincipalValueChange
BILIBILI INC (BILI 0.5 12/01/26) NOTE 0.500%12/0 · principal 7,500,000$7.2MNew

Total filed on the 13F, all lines: $439.6M.

Portfolio Sells Q4 2023 → Q1 2024
BAC Bank of America Corp. Sold out 0.00% −6.59
C Citigroup Inc. Sold out 0.00% −5.15
NVDA Nvidia Corp. Reduce -75.3% 2.74% −2.70
DAL Delta Air Lines Inc. Sold out 0.00% −2.64
TCOM Trip.com Group Ltd.-ADR Sold out 0.00% −2.61
TGT Target Corp. Reduce -56.9% 3.21% −2.15
PINS Pinterest Inc. Class A Reduce -54.0% 1.54% −1.67
DIS The Walt Disney Co. Reduce -43.6% 4.02% −0.70

Portfolio Buys Q4 2023 → Q1 2024
AMCR Amcor PLC New 5.55% +5.55
NTES Netease Inc.-ADR New 3.79% +3.79
APD Air Products & Chemicals Inc. New 2.58% +2.58
T AT&T Inc. New 2.40% +2.40
VZ Verizon Communications Inc. New 2.35% +2.35
IQ Iqiyi Inc.-ADR Add +33.8% 6.39% +1.45
CCK Crown Holdings Inc. New 1.39% +1.39
EMLC Vaneck JPM Em Local Curr BND Add +0.6% 11.38% +0.90
BXP BXP Inc. Add +166.8% 1.04% +0.67
BEKE Ke Holdings Inc.-ADR Add +33.3% 3.11% +0.64
KWEB Kranesh Csi China Internet Add +0.6% 7.61% +0.64
SLG SL Green Realty Corp. Add +74.0% 1.08% +0.62
VNO Vornado Realty Trust Add +104.0% 1.06% +0.60
BIDU Baidu Inc. - Spon ADR Add +5.0% 16.73% +0.58
THD iShares MSCI Thailand ETF Add +0.6% 8.65% +0.23
HUM Humana Inc. Add +21.9% 1.25% +0.04

Notes & Other Activity Q4 2023 → Q1 2024
BILIBILI INC (BILI 0.5 12/01/26) NOTE 0.500%12/0 · principal New 7,500,000 $7.2M

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 55$1.0BAMD, AMCR, PPG, GEHC, NVDA
Q1 2026 62$910.6MAMCR, PPG, KT, NVDA, THD
Q4 2025 78$1.3BEWY, EWZ, AMZN, AMCR, NVDA
Q3 2025 71$1.0BEWY, EWZ, AMCR, AMZN, KRE
Q2 2025 59$835.8MEWY, BIDU, AMCR, KRE, PPG
Q1 2025 39$630.5MEWY, BIDU, EWW, AMCR, KRE
Q4 2024 30$489.7MBIDU, EWY, EMLC, AMCR, T
Q3 2024 24$498.4MBIDU, EMLC, EWY, Z, T
Q2 2024 22$437.9MBIDU, EMLC, THD, Z, AMCR
Q1 2024 26$432.4MBIDU, EMLC, THD, KWEB, IQ