Nan Fung Trinity (hk) Ltd. In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 4, 2025), Nan Fung Trinity (hk) Ltd. reported 30 stock positions worth $489.7 million . Its top holding was Baidu Inc. - Spon ADR (BIDU) at 12.4% of the portfolio, followed by iShares MSCI South Korea ETF (EWY, 9.6% ) and Vaneck JPM Em Local Curr BND (EMLC, 9.3% ). Compared with Q3 2024, it opened 7 new positions, sold out of 1, added to 6 and reduced 14. The biggest buy was a new position in Kanzhun Ltd. - ADR (BZ) and the biggest sale Baidu Inc. - Spon ADR (BIDU, shares −12% ).
Location CENTRAL, HONG KONG, K3
CIK 0001781880
Portfolio Value $489.7M (Q4 2024) Holdings 30 stocks · $489.7M 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 Q3 2024 BIDU Baidu Inc. - Spon ADR 717,621 $60.5M Reduce -12.1% EWY iShares MSCI South Korea ETF 920,800 $46.9M Add +24.8% EMLC Vaneck JPM Em Local Curr BND 1,961,900 $45.3M Reduce -2.3% AMCR Amcor PLC 2,719,680 $25.6M Add +61.2% T AT&T Inc. 1,103,300 $25.1M Reduce -9.8% BZ Kanzhun Ltd. - ADR 1,776,900 $24.5M New Z Zillow Group Inc. Class C 311,540 $23.1M Reduce -27.9% PINS Pinterest Inc. Class A 761,489 $22.1M Reduce -2.2% PPG PPG Industries Inc. 171,500 $20.5M Add +31.9% VZ Verizon Communications Inc. 510,900 $20.4M Reduce -1.9% CCK Crown Holdings Inc. 221,600 $18.3M Add +40.8% ECNS iShares MSCI China Small-Cap 712,860 $18.2M Reduce -1.2% KWEB Kranesh Csi China Internet 442,700 $12.9M Reduce -35.5% W Wayfair Inc. Class A 257,700 $11.4M Add +25.2% PYPL PayPal Holdings Inc. 133,800 $11.4M Add +87.9% MSFT Microsoft Corp. 25,700 $10.8M New IQ Iqiyi Inc.-ADR 5,201,950 $10.5M Reduce -1.8% EWW iShares MSCI Mexico ETF 220,300 $10.3M New CSCO Cisco Systems Inc. 173,900 $10.3M Reduce -50.3% NTES Netease Inc.-ADR 99,300 $8.9M Reduce -61.1% APD Air Products & Chemicals Inc. 30,300 $8.8M Reduce -50.6% ARCC Ares Capital Corp. 303,100 $6.6M New BXSL Blackstone Secured Lending F 199,368 $6.4M New BIZD Vaneck BDC Income ETF 339,000 $5.6M New FRT Federal Realty Invs Trust 48,700 $5.5M Reduce -2.0% VIPS Vipshop Holdings Ltd. - ADR 373,100 $5.0M New UDR Udr Inc. 91,100 $4.0M No change VMRK Vivmark Residential filed as EQUITY RESIDENTIAL 52,500 $3.8M Reduce -2.2% AKR Acadia Realty Trust 149,400 $3.6M No change AVB Avalonbay Communities Inc. 15,200 $3.3M No change
Portfolio Sells Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▲ BIDU Baidu Inc. - Spon ADR Reduce -12.1% 12.35% −4.89 NTES Netease Inc.-ADR Reduce -61.1% 1.81% −2.98 KWEB Kranesh Csi China Internet Reduce -35.5% 2.64% −2.04 APD Air Products & Chemicals Inc. Reduce -50.6% 1.79% −1.87 CSCO Cisco Systems Inc. Reduce -50.3% 2.10% −1.63 EMLC Vaneck JPM Em Local Curr BND Reduce -2.3% 9.26% −0.97 IQ Iqiyi Inc.-ADR Reduce -1.8% 2.13% −0.91 Z Zillow Group Inc. Class C Reduce -27.9% 4.71% −0.82 PINS Pinterest Inc. Class A Reduce -2.2% 4.51% −0.55 VZ Verizon Communications Inc. Reduce -1.9% 4.17% −0.52 ROIC Retail Opportunity Investmen Sold out 0.00% −0.47 ECNS iShares MSCI China Small-Cap Reduce -1.2% 3.72% −0.35 T AT&T Inc. Reduce -9.8% 5.13% −0.27 FRT Federal Realty Invs Trust Reduce -2.0% 1.11% −0.03 VMRK Vivmark Residential Reduce -2.2% 0.77% −0.03
Portfolio Buys Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▼ BZ Kanzhun Ltd. - ADR New 5.01% +5.01 MSFT Microsoft Corp. New 2.21% +2.21 EWW iShares MSCI Mexico ETF New 2.11% +2.11 AMCR Amcor PLC Add +61.2% 5.23% +1.39 ARCC Ares Capital Corp. New 1.35% +1.35 BXSL Blackstone Secured Lending F New 1.32% +1.32 PYPL PayPal Holdings Inc. Add +87.9% 2.33% +1.22 BIZD Vaneck BDC Income ETF New 1.15% +1.15 VIPS Vipshop Holdings Ltd. - ADR New 1.03% +1.03 PPG PPG Industries Inc. Add +31.9% 4.18% +0.73 CCK Crown Holdings Inc. Add +40.8% 3.74% +0.71 EWY iShares MSCI South Korea ETF Add +24.8% 9.57% +0.10 W Wayfair Inc. Class A Add +25.2% 2.33% +0.01
Notes & Other Activity Q3 2024 → Q4 2024 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