Nan Fung Trinity (hk) Ltd. In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 13, 2024), Nan Fung Trinity (hk) Ltd. reported 24 stock positions worth $498.4 million . Its top holding was Baidu Inc. - Spon ADR (BIDU) at 17.2% of the portfolio, followed by Vaneck JPM Em Local Curr BND (EMLC, 10.2% ) and iShares MSCI South Korea ETF (EWY, 9.5% ). Compared with Q2 2024, it opened 10 new positions, sold out of 8, added to 6 and reduced 4. The biggest buy was a new position in iShares MSCI South Korea ETF (EWY) and the biggest sale an exit from iShares MSCI Thailand ETF (THD).
Location CENTRAL, HONG KONG, K3
CIK 0001781880
Portfolio Value $498.4M (Q3 2024) Holdings 24 stocks · $498.4M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q2 2024 BIDU Baidu Inc. - Spon ADR 816,321 $86.0M Add +0.7% EMLC Vaneck JPM Em Local Curr BND 2,007,400 $51.0M No change EWY iShares MSCI South Korea ETF 738,100 $47.2M New Z Zillow Group Inc. Class C 431,840 $27.6M Reduce -19.4% T AT&T Inc. 1,222,900 $26.9M Add +61.5% PINS Pinterest Inc. Class A 778,589 $25.2M New NTES Netease Inc.-ADR 255,100 $23.9M No change VZ Verizon Communications Inc. 521,000 $23.4M Add +46.8% KWEB Kranesh Csi China Internet 686,800 $23.4M Reduce -19.6% ECNS iShares MSCI China Small-Cap 721,760 $20.3M No change AMCR Amcor PLC 1,687,280 $19.1M Reduce -33.2% CSCO Cisco Systems Inc. 349,800 $18.6M Add +48.5% APD Air Products & Chemicals Inc. 61,400 $18.3M Reduce -11.4% PPG PPG Industries Inc. 130,000 $17.2M No change IQ Iqiyi Inc.-ADR 5,298,950 $15.2M Add +20.6% CCK Crown Holdings Inc. 157,400 $15.1M Add +8.7% W Wayfair Inc. Class A 205,900 $11.6M New FRT Federal Realty Invs Trust 49,700 $5.7M New PYPL PayPal Holdings Inc. 71,200 $5.6M New UDR Udr Inc. 91,100 $4.1M New VMRK Vivmark Residential filed as EQUITY RESIDENTIAL 53,700 $4.0M New AKR Acadia Realty Trust 149,400 $3.5M New AVB Avalonbay Communities Inc. 15,200 $3.4M New ROIC Retail Opportunity Investmen 150,400 $2.4M New
Other holdings (2): bonds, preferreds, convertibles and warrants · $30.0M (not counted above) Total filed on the 13F, all lines: $528.4M.
Portfolio Sells Q2 2024 → Q3 2024 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2024 % Of Portfolio Change To Portfolio ▲ THD iShares MSCI Thailand ETF Sold out 0.00% −9.14 PDD PDD Holdings Inc. Sold out 0.00% −3.48 VNO Vornado Realty Trust Sold out 0.00% −2.29 NVDA Nvidia Corp. Sold out 0.00% −2.29 BXP BXP Inc. Sold out 0.00% −2.22 GILD Gilead Sciences Inc. Sold out 0.00% −2.09 AMCR Amcor PLC Reduce -33.2% 3.84% −1.80 SLG SL Green Realty Corp. Sold out 0.00% −1.62 BEKE Ke Holdings Inc.-ADR Sold out 0.00% −0.74 KWEB Kranesh Csi China Internet Reduce -19.6% 4.69% −0.58 APD Air Products & Chemicals Inc. Reduce -11.4% 3.67% −0.42 Z Zillow Group Inc. Class C Reduce -19.4% 5.53% −0.15
Portfolio Buys Q2 2024 → Q3 2024 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2024 % Of Portfolio Change To Portfolio ▼ EWY iShares MSCI South Korea ETF New 9.47% +9.47 PINS Pinterest Inc. Class A New 5.06% +5.06 W Wayfair Inc. Class A New 2.32% +2.32 T AT&T Inc. Add +61.5% 5.40% +2.09 VZ Verizon Communications Inc. Add +46.8% 4.69% +1.35 BIDU Baidu Inc. - Spon ADR Add +0.7% 17.24% +1.23 CSCO Cisco Systems Inc. Add +48.5% 3.73% +1.18 FRT Federal Realty Invs Trust New 1.15% +1.15 PYPL PayPal Holdings Inc. New 1.11% +1.11 UDR Udr Inc. New 0.83% +0.83 VMRK Vivmark Residential New 0.80% +0.80 AKR Acadia Realty Trust New 0.70% +0.70 AVB Avalonbay Communities Inc. New 0.69% +0.69 CCK Crown Holdings Inc. Add +8.7% 3.03% +0.57 ROIC Retail Opportunity Investmen New 0.47% +0.47 IQ Iqiyi Inc.-ADR Add +20.6% 3.04% −0.64
Options Activity Q2 2024 → Q3 2024 Security Type Change vs Q2 2024 Underlying Shares Value ▼ SOXX iShares Semiconductor ETF put Sold out 44,800 $157Kbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2024 → Q3 2024 Security Class Change vs Q2 2024 Shares / Principal Value ▼ IQIYI INC (IQ 6.5 03/15/28) NOTE 6.500% 3/1 · principal Add +20.6% 23,400,000 $22.5M
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 55 $1.0B AMD, AMCR, PPG, GEHC, NVDA Q1 2026 62 $910.6M AMCR, PPG, KT, NVDA, THD Q4 2025 78 $1.3B EWY, EWZ, AMZN, AMCR, NVDA Q3 2025 71 $1.0B EWY, EWZ, AMCR, AMZN, KRE Q2 2025 59 $835.8M EWY, BIDU, AMCR, KRE, PPG Q1 2025 39 $630.5M EWY, BIDU, EWW, AMCR, KRE Q4 2024 30 $489.7M BIDU, EWY, EMLC, AMCR, T Q3 2024 24 $498.4M BIDU, EMLC, EWY, Z, T Q2 2024 22 $437.9M BIDU, EMLC, THD, Z, AMCR Q1 2024 26 $432.4M BIDU, EMLC, THD, KWEB, IQ