Nan Fung Trinity (hk) Ltd.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 8, 2025), Nan Fung Trinity (hk) Ltd. reported 39 stock positions worth $630.5 million. Its top holding was iShares MSCI South Korea ETF (EWY) at 7.9% of the portfolio, followed by Baidu Inc. - Spon ADR (BIDU, 7.1%) and iShares MSCI Mexico ETF (EWW, 5.4%). Compared with Q4 2024, it opened 13 new positions, sold out of 4, added to 15 and reduced 7. The biggest buy was a new position in SS SPDR S&P Regional Bank (KRE) and the biggest sale Vaneck JPM Em Local Curr BND (EMLC, shares −47%).
- Most Recent 13F
- Q2 2026
- Location
- CENTRAL, HONG KONG, K3
- CIK
- 0001781880
- Portfolio Value
- $630.5M (Q1 2025)
- SEC Filing
- 0001420506-25-000929 ↗ filed May 8, 2025
Holdings Value
Holdings 39 stocks · $630.5M
| EWY iShares MSCI South Korea ETF | 7.89% | 920,800 | $49.8M | No change |
| BIDU Baidu Inc. - Spon ADR | 7.09% | 485,821 | $44.7M | Reduce -32.3% |
| EWW iShares MSCI Mexico ETF | 5.38% | 665,100 | $33.9M | Add +201.9% |
| AMCR Amcor PLC | 5.03% | 3,269,180 | $31.7M | Add +20.2% |
| KRE SS SPDR S&P Regional Bank | 4.79% | 531,800 | $30.2M | New |
| Z Zillow Group Inc. Class C | 4.26% | 391,640 | $26.9M | Add +25.7% |
| EMLC Vaneck JPM Em Local Curr BND | 3.91% | 1,032,900 | $24.6M | Reduce -47.4% |
| PPG PPG Industries Inc. | 3.76% | 216,800 | $23.7M | Add +26.4% |
| ZM Zoom Communications Inc. | 3.34% | 285,700 | $21.1M | New |
| KBE SS SPDR S&P Bank ETF | 3.26% | 388,500 | $20.6M | New |
| BZ Kanzhun Ltd. - ADR | 3.21% | 1,055,900 | $20.2M | Reduce -40.6% |
| IJH iShares Core S&P Midcap ETF | 3.20% | 346,300 | $20.2M | New |
| CCK Crown Holdings Inc. | 3.14% | 221,600 | $19.8M | No change |
| ECNS iShares MSCI China Small-Cap | 3.14% | 712,860 | $19.8M | No change |
| DOW Dow Inc. | 3.10% | 560,200 | $19.6M | New |
| NVDA Nvidia Corp. | 3.06% | 178,000 | $19.3M | New |
| HON Honeywell International Inc. | 2.67% | 79,600 | $16.9M | New |
| INTU Intuit Inc. | 2.64% | 27,070 | $16.6M | New |
| MSFT Microsoft Corp. | 2.32% | 39,000 | $14.6M | Add +51.8% |
| ARCC Ares Capital Corp. | 2.28% | 647,800 | $14.4M | Add +113.7% |
| DELL Dell Technologies -C | 2.26% | 156,285 | $14.2M | New |
| VZ Verizon Communications Inc. | 1.80% | 250,500 | $11.4M | Reduce -51.0% |
| INTC Intel Corp. | 1.77% | 492,800 | $11.2M | New |
| PYPL PayPal Holdings Inc. | 1.75% | 169,000 | $11.0M | Add +26.3% |
| APD Air Products & Chemicals Inc. | 1.74% | 37,100 | $10.9M | Add +22.4% |
| BXSL Blackstone Secured Lending F | 1.73% | 337,068 | $10.9M | Add +69.1% |
| T AT&T Inc. | 1.38% | 308,300 | $8.7M | Reduce -72.1% |
| IQ Iqiyi Inc.-ADR | 1.32% | 3,676,950 | $8.3M | Reduce -29.3% |
| W Wayfair Inc. Class A | 1.31% | 257,700 | $8.3M | No change |
| BIZD Vaneck BDC Income ETF | 1.26% | 474,800 | $8.0M | Add +40.1% |
| FRT Federal Realty Invs Trust | 0.99% | 64,000 | $6.3M | Add +31.4% |
| AKR Acadia Realty Trust | 0.98% | 295,200 | $6.2M | Add +97.6% |
| NTES Netease Inc.-ADR | 0.82% | 50,300 | $5.2M | Reduce -49.4% |
| TGT Target Corp. | 0.70% | 42,500 | $4.4M | New |
| UDR Udr Inc. | 0.68% | 94,800 | $4.3M | Add +4.1% |
| VMRK Vivmark Residential filed as EQUITY RESIDENTIAL | 0.62% | 54,400 | $3.9M | Add +3.6% |
| AVB Avalonbay Communities Inc. | 0.54% | 15,900 | $3.4M | Add +4.6% |
| VNO Vornado Realty Trust | 0.52% | 88,100 | $3.3M | New |
| SLG SL Green Realty Corp. | 0.35% | 38,100 | $2.2M | New |
Portfolio Sells Q4 2024 → Q1 2025
| EMLC Vaneck JPM Em Local Curr BND | Reduce -47.4% | 3.91% | −5.35 |
| BIDU Baidu Inc. - Spon ADR | Reduce -32.3% | 7.09% | −5.26 |
| PINS Pinterest Inc. Class A | Sold out | 0.00% | −4.51 |
| T AT&T Inc. | Reduce -72.1% | 1.38% | −3.75 |
| KWEB Kranesh Csi China Internet | Sold out | 0.00% | −2.64 |
| VZ Verizon Communications Inc. | Reduce -51.0% | 1.80% | −2.37 |
| CSCO Cisco Systems Inc. | Sold out | 0.00% | −2.10 |
| BZ Kanzhun Ltd. - ADR | Reduce -40.6% | 3.21% | −1.80 |
| VIPS Vipshop Holdings Ltd. - ADR | Sold out | 0.00% | −1.03 |
| NTES Netease Inc.-ADR | Reduce -49.4% | 0.82% | −0.99 |
| IQ Iqiyi Inc.-ADR | Reduce -29.3% | 1.32% | −0.82 |
Portfolio Buys Q4 2024 → Q1 2025
| KRE SS SPDR S&P Regional Bank | New | 4.79% | +4.79 |
| ZM Zoom Communications Inc. | New | 3.34% | +3.34 |
| EWW iShares MSCI Mexico ETF | Add +201.9% | 5.38% | +3.27 |
| KBE SS SPDR S&P Bank ETF | New | 3.26% | +3.26 |
| IJH iShares Core S&P Midcap ETF | New | 3.20% | +3.20 |
| DOW Dow Inc. | New | 3.10% | +3.10 |
| NVDA Nvidia Corp. | New | 3.06% | +3.06 |
| HON Honeywell International Inc. | New | 2.67% | +2.67 |
| INTU Intuit Inc. | New | 2.64% | +2.64 |
| DELL Dell Technologies -C | New | 2.26% | +2.26 |
| INTC Intel Corp. | New | 1.77% | +1.77 |
| ARCC Ares Capital Corp. | Add +113.7% | 2.28% | +0.92 |
| TGT Target Corp. | New | 0.70% | +0.70 |
| VNO Vornado Realty Trust | New | 0.52% | +0.52 |
| BXSL Blackstone Secured Lending F | Add +69.1% | 1.73% | +0.41 |
| SLG SL Green Realty Corp. | New | 0.35% | +0.35 |
| AKR Acadia Realty Trust | Add +97.6% | 0.98% | +0.24 |
| BIZD Vaneck BDC Income ETF | Add +40.1% | 1.26% | +0.11 |
| MSFT Microsoft Corp. | Add +51.8% | 2.32% | +0.11 |
| APD Air Products & Chemicals Inc. | Add +22.4% | 1.74% | −0.06 |
| FRT Federal Realty Invs Trust | Add +31.4% | 0.99% | −0.12 |
| UDR Udr Inc. | Add +4.1% | 0.68% | −0.13 |
| AVB Avalonbay Communities Inc. | Add +4.6% | 0.54% | −0.14 |
| VMRK Vivmark Residential | Add +3.6% | 0.62% | −0.15 |
| AMCR Amcor PLC | Add +20.2% | 5.03% | −0.20 |
| PPG PPG Industries Inc. | Add +26.4% | 3.76% | −0.42 |
| Z Zillow Group Inc. Class C | Add +25.7% | 4.26% | −0.45 |
| PYPL PayPal Holdings Inc. | Add +26.3% | 1.75% | −0.58 |
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 |