Nan Fung Trinity (hk) Ltd.

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 2, 2024), Nan Fung Trinity (hk) Ltd. reported 22 stock positions worth $437.9 million. Its top holding was Baidu Inc. - Spon ADR (BIDU) at 16.0% of the portfolio, followed by Vaneck JPM Em Local Curr BND (EMLC, 10.9%) and iShares MSCI Thailand ETF (THD, 9.1%). Compared with Q1 2024, it opened 4 new positions, sold out of 8, added to 10 and reduced 5. The biggest buy was a new position in Zillow Class C (Z) and the biggest sale an exit from Walt Disney (DIS).

Most Recent 13F
Q2 2026
Location
CENTRAL, HONG KONG, K3
CIK
0001781880
Portfolio Value
$437.9M (Q2 2024)
SEC Filing
0001420506-24-001239 ↗ filed Aug 2, 2024

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $432.4M Q1 2024 Q2 2024: $437.9M $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 22 stocks · $437.9M
BIDU Baidu Inc. - Spon ADR 16.01% 810,721 $70.1M Add +18.0%
EMLC Vaneck JPM Em Local Curr BND 10.90% 2,007,400 $47.7M No change
THD iShares MSCI Thailand ETF 9.14% 737,700 $40.0M Add +15.2%
Z Zillow Group Inc. Class C 5.68% 536,000 $24.9M New
AMCR Amcor PLC 5.64% 2,524,700 $24.7M No change
NTES Netease Inc.-ADR 5.57% 255,100 $24.4M Add +61.1%
KWEB Kranesh Csi China Internet 5.27% 854,400 $23.1M Reduce -31.8%
APD Air Products & Chemicals Inc. 4.08% 69,300 $17.9M Add +50.3%
ECNS iShares MSCI China Small-Cap 3.90% 721,760 $17.1M No change
PPG PPG Industries Inc. 3.74% 130,000 $16.4M New
IQ Iqiyi Inc.-ADR 3.68% 4,392,450 $16.1M Reduce -32.7%
PDD PDD Holdings Inc. 3.48% 114,500 $15.2M Reduce -25.3%
VZ Verizon Communications Inc. 3.34% 354,900 $14.6M Add +46.5%
T AT&T Inc. 3.31% 757,400 $14.5M Add +28.7%
CSCO Cisco Systems Inc. 2.55% 235,500 $11.2M New
CCK Crown Holdings Inc. 2.46% 144,800 $10.8M Add +90.3%
VNO Vornado Realty Trust 2.29% 381,600 $10.0M Add +139.8%
NVDA Nvidia Corp. 2.29% 81,130 $10.0M Reduce -38.1%
BXP BXP Inc. filed as BOSTON PROPERTIES INC 2.22% 158,200 $9.7M Add +128.9%
GILD Gilead Sciences Inc. 2.09% 133,700 $9.2M New
SLG SL Green Realty Corp. 1.62% 125,000 $7.1M Add +48.1%
BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC 0.74% 227,790 $3.2M Reduce -76.7%

Options reported separately and not counted above: SOXX puts ($157K).

Other holdings (2): bonds, preferreds, convertibles and warrants · $25.8M (not counted above)
SecurityClassShares / PrincipalValueChange
IQIYI INC (IQ 6.5 03/15/28) NOTE 6.500% 3/1 · principal 19,400,000$18.5MNew
BILIBILI INC (BILI 0.5 12/01/26) NOTE 0.500%12/0 · principal 7,500,000$7.3MNo change

Total filed on the 13F, all lines: $463.8M.

Portfolio Sells Q1 2024 → Q2 2024
DIS The Walt Disney Co. Sold out 0.00% −4.02
TGT Target Corp. Sold out 0.00% −3.21
IQ Iqiyi Inc.-ADR Reduce -32.7% 3.68% −2.71
OLED Universal Display Corp. Sold out 0.00% −2.68
BEKE Ke Holdings Inc.-ADR Reduce -76.7% 0.74% −2.37
KWEB Kranesh Csi China Internet Reduce -31.8% 5.27% −2.34
PINS Pinterest Inc. Class A Sold out 0.00% −1.54
HUM Humana Inc. Sold out 0.00% −1.25
PDD PDD Holdings Inc. Reduce -25.3% 3.48% −0.65
DOW Dow Inc. Sold out 0.00% −0.57
IFF Intl Flavors & Fragrances Sold out 0.00% −0.54
NVDA Nvidia Corp. Reduce -38.1% 2.29% −0.45
HUN Huntsman Corp. Sold out 0.00% −0.24

Portfolio Buys Q1 2024 → Q2 2024
Z Zillow Group Inc. Class C New 5.68% +5.68
PPG PPG Industries Inc. New 3.74% +3.74
CSCO Cisco Systems Inc. New 2.55% +2.55
GILD Gilead Sciences Inc. New 2.09% +2.09
NTES Netease Inc.-ADR Add +61.1% 5.57% +1.78
APD Air Products & Chemicals Inc. Add +50.3% 4.08% +1.50
VNO Vornado Realty Trust Add +139.8% 2.29% +1.23
BXP BXP Inc. Add +128.9% 2.22% +1.18
CCK Crown Holdings Inc. Add +90.3% 2.46% +1.06
VZ Verizon Communications Inc. Add +46.5% 3.34% +0.99
T AT&T Inc. Add +28.7% 3.31% +0.91
SLG SL Green Realty Corp. Add +48.1% 1.62% +0.54
THD iShares MSCI Thailand ETF Add +15.2% 9.14% +0.49
BIDU Baidu Inc. - Spon ADR Add +18.0% 16.01% −0.72

Options Activity Q1 2024 → Q2 2024
SOXX iShares Semiconductor ETF put New 44,800 $157K

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q1 2024 → Q2 2024
IQIYI INC (IQ 6.5 03/15/28) NOTE 6.500% 3/1 · principal New 19,400,000 $18.5M

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