Nan Fung Trinity (hk) Ltd.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 8, 2025), Nan Fung Trinity (hk) Ltd. reported 59 stock positions worth $835.8 million. Its top holding was iShares MSCI South Korea ETF (EWY) at 7.9% of the portfolio, followed by Baidu Inc. - Spon ADR (BIDU, 5.0%) and Amcor (AMCR, 4.7%). Compared with Q1 2025, it opened 28 new positions, sold out of 8, added to 15 and reduced 6. The biggest buy was a new position in iShares MSCI Brazil ETF (EWZ) and the biggest sale an exit from Vaneck JPM Em Local Curr BND (EMLC).
- Most Recent 13F
- Q2 2026
- Location
- CENTRAL, HONG KONG, K3
- CIK
- 0001781880
- Portfolio Value
- $835.8M (Q2 2025)
- SEC Filing
- 0001420506-25-001773 ↗ filed Aug 8, 2025
Holdings Value
Holdings 59 stocks · $835.8M
| EWY iShares MSCI South Korea ETF | 7.91% | 920,800 | $66.1M | No change |
| BIDU Baidu Inc. - Spon ADR | 4.98% | 485,821 | $41.7M | No change |
| AMCR Amcor PLC | 4.66% | 4,238,180 | $38.9M | Add +29.6% |
| KRE SS SPDR S&P Regional Bank | 3.78% | 531,800 | $31.6M | No change |
| PPG PPG Industries Inc. | 3.38% | 248,100 | $28.2M | Add +14.4% |
| INTU Intuit Inc. | 3.37% | 35,770 | $28.2M | Add +32.1% |
| INTC Intel Corp. | 3.07% | 1,147,100 | $25.7M | Add +132.8% |
| EWW iShares MSCI Mexico ETF | 2.94% | 406,200 | $24.6M | Reduce -38.9% |
| EWZ iShares MSCI Brazil ETF | 2.92% | 847,100 | $24.4M | New |
| ECNS iShares MSCI China Small-Cap | 2.70% | 712,860 | $22.6M | No change |
| ZM Zoom Communications Inc. | 2.67% | 285,700 | $22.3M | No change |
| IJH iShares Core S&P Midcap ETF | 2.66% | 359,000 | $22.3M | Add +3.7% |
| KBE SS SPDR S&P Bank ETF | 2.59% | 388,500 | $21.7M | No change |
| PYPL PayPal Holdings Inc. | 2.48% | 278,700 | $20.7M | Add +64.9% |
| NVDA Nvidia Corp. | 2.46% | 130,400 | $20.6M | Reduce -26.7% |
| MSFT Microsoft Corp. | 2.32% | 39,000 | $19.4M | No change |
| ARCC Ares Capital Corp. | 2.24% | 852,100 | $18.7M | Add +31.5% |
| HON Honeywell International Inc. | 2.22% | 79,600 | $18.5M | No change |
| DOW Dow Inc. | 2.11% | 665,000 | $17.6M | Add +18.7% |
| APD Air Products & Chemicals Inc. | 2.07% | 61,300 | $17.3M | Add +65.2% |
| ACN Accenture PLC Class A | 2.05% | 57,200 | $17.1M | New |
| CCK Crown Holdings Inc. | 2.05% | 166,000 | $17.1M | Reduce -25.1% |
| Z Zillow Group Inc. Class C | 1.97% | 235,540 | $16.5M | Reduce -39.9% |
| BXSL Blackstone Secured Lending F | 1.95% | 530,268 | $16.3M | Add +57.3% |
| VRNA Verona Pharma Ltd. | 1.89% | 166,620 | $15.8M | New |
| W Wayfair Inc. Class A | 1.85% | 302,500 | $15.5M | Add +17.4% |
| BZ Kanzhun Ltd. - ADR | 1.74% | 814,000 | $14.5M | Reduce -22.9% |
| JOYY Joyy Inc.-ADR | 1.69% | 277,700 | $14.1M | New |
| DELL Dell Technologies -C | 1.67% | 114,085 | $14.0M | Reduce -27.0% |
| PDD PDD Holdings Inc. | 1.35% | 108,100 | $11.3M | New |
| THD iShares MSCI Thailand ETF | 1.34% | 221,400 | $11.2M | New |
| ZLAB Zai Lab Ltd.-ADR | 1.13% | 269,975 | $9.4M | New |
| SLNO Soleno Therapeutics Inc. | 1.03% | 102,950 | $8.6M | New |
| SLG SL Green Realty Corp. | 1.03% | 138,700 | $8.6M | Add +264.0% |
| AKR Acadia Realty Trust | 1.02% | 458,100 | $8.5M | Add +55.2% |
| VNO Vornado Realty Trust | 0.97% | 211,000 | $8.1M | Add +139.5% |
| MRUS Merus NV | 0.95% | 150,338 | $7.9M | New |
| MIRM Mirum Pharmaceuticals Inc. | 0.89% | 146,765 | $7.5M | New |
| PTGX Protagonist Therapeutics Inc. | 0.89% | 135,050 | $7.5M | New |
| IQ Iqiyi Inc.-ADR | 0.78% | 3,676,950 | $6.5M | No change |
| ESRT Empire State Realty Trust-A | 0.78% | 801,300 | $6.5M | New |
| TGT Target Corp. | 0.76% | 64,000 | $6.3M | Add +50.6% |
| FRT Federal Realty Invs Trust | 0.73% | 64,000 | $6.1M | No change |
| AKRO Akero Therapeutics Inc. | 0.71% | 110,650 | $5.9M | New |
| AMX America Movil Sab DE CV | 0.68% | 317,100 | $5.7M | New |
| IMNM Immunome Inc. | 0.61% | 548,850 | $5.1M | New |
| XENE Xenon Pharmaceuticals Inc. | 0.59% | 158,605 | $5.0M | New |
| REPL Replimune Group Inc. | 0.52% | 465,527 | $4.3M | New |
| TRML Tourmaline Bio Inc. | 0.43% | 227,090 | $3.6M | New |
| PCVX Vaxcyte Inc. | 0.41% | 104,250 | $3.4M | New |
| BCAX Bicara Therapeutics Inc. | 0.38% | 342,885 | $3.2M | New |
| ABEO Abeona Therapeutics Inc. | 0.38% | 560,770 | $3.2M | New |
| BXP BXP Inc. | 0.38% | 46,800 | $3.2M | New |
| EXEL Exelixis Inc. | 0.34% | 64,200 | $2.8M | New |
| GERN Geron Corp. | 0.23% | 1,373,550 | $1.9M | New |
| KALV Kalvista Pharmaceuticals Inc. | 0.21% | 154,522 | $1.7M | New |
| CLYM Climb Bio Inc. | 0.07% | 463,654 | $575K | New |
| DBVT DBV Technologies SA-Spon ADR | 0.04% | 37,095 | $340K | New |
| ALXO Alx Oncology Holdings Inc. | 0.00% | 41,950 | $17K | New |
Portfolio Sells Q1 2025 → Q2 2025
| EMLC Vaneck JPM Em Local Curr BND | Sold out | 0.00% | −3.91 |
| EWW iShares MSCI Mexico ETF | Reduce -38.9% | 2.94% | −2.43 |
| Z Zillow Group Inc. Class C | Reduce -39.9% | 1.97% | −2.28 |
| VZ Verizon Communications Inc. | Sold out | 0.00% | −1.80 |
| BZ Kanzhun Ltd. - ADR | Reduce -22.9% | 1.74% | −1.47 |
| T AT&T Inc. | Sold out | 0.00% | −1.38 |
| BIZD Vaneck BDC Income ETF | Sold out | 0.00% | −1.26 |
| CCK Crown Holdings Inc. | Reduce -25.1% | 2.05% | −1.09 |
| NTES Netease Inc.-ADR | Sold out | 0.00% | −0.82 |
| UDR Udr Inc. | Sold out | 0.00% | −0.68 |
| VMRK Vivmark Residential | Sold out | 0.00% | −0.62 |
| NVDA Nvidia Corp. | Reduce -26.7% | 2.46% | −0.59 |
| DELL Dell Technologies -C | Reduce -27.0% | 1.67% | −0.59 |
| AVB Avalonbay Communities Inc. | Sold out | 0.00% | −0.54 |
Portfolio Buys Q1 2025 → Q2 2025
| EWZ iShares MSCI Brazil ETF | New | 2.92% | +2.92 |
| ACN Accenture PLC Class A | New | 2.05% | +2.05 |
| VRNA Verona Pharma Ltd. | New | 1.89% | +1.89 |
| JOYY Joyy Inc.-ADR | New | 1.69% | +1.69 |
| PDD PDD Holdings Inc. | New | 1.35% | +1.35 |
| THD iShares MSCI Thailand ETF | New | 1.34% | +1.34 |
| INTC Intel Corp. | Add +132.8% | 3.07% | +1.30 |
| ZLAB Zai Lab Ltd.-ADR | New | 1.13% | +1.13 |
| SLNO Soleno Therapeutics Inc. | New | 1.03% | +1.03 |
| MRUS Merus NV | New | 0.95% | +0.95 |
| MIRM Mirum Pharmaceuticals Inc. | New | 0.89% | +0.89 |
| PTGX Protagonist Therapeutics Inc. | New | 0.89% | +0.89 |
| ESRT Empire State Realty Trust-A | New | 0.78% | +0.78 |
| INTU Intuit Inc. | Add +32.1% | 3.37% | +0.73 |
| PYPL PayPal Holdings Inc. | Add +64.9% | 2.48% | +0.73 |
| AKRO Akero Therapeutics Inc. | New | 0.71% | +0.71 |
| AMX America Movil Sab DE CV | New | 0.68% | +0.68 |
| SLG SL Green Realty Corp. | Add +264.0% | 1.03% | +0.68 |
| IMNM Immunome Inc. | New | 0.61% | +0.61 |
| XENE Xenon Pharmaceuticals Inc. | New | 0.59% | +0.59 |
| W Wayfair Inc. Class A | Add +17.4% | 1.85% | +0.54 |
| REPL Replimune Group Inc. | New | 0.52% | +0.52 |
| VNO Vornado Realty Trust | Add +139.5% | 0.97% | +0.45 |
| TRML Tourmaline Bio Inc. | New | 0.43% | +0.43 |
| PCVX Vaxcyte Inc. | New | 0.41% | +0.41 |
| ABEO Abeona Therapeutics Inc. | New | 0.38% | +0.38 |
| BCAX Bicara Therapeutics Inc. | New | 0.38% | +0.38 |
| BXP BXP Inc. | New | 0.38% | +0.38 |
| EXEL Exelixis Inc. | New | 0.34% | +0.34 |
| APD Air Products & Chemicals Inc. | Add +65.2% | 2.07% | +0.33 |
| GERN Geron Corp. | New | 0.23% | +0.23 |
| BXSL Blackstone Secured Lending F | Add +57.3% | 1.95% | +0.22 |
| KALV Kalvista Pharmaceuticals Inc. | New | 0.21% | +0.21 |
| CLYM Climb Bio Inc. | New | 0.07% | +0.07 |
| TGT Target Corp. | Add +50.6% | 0.76% | +0.05 |
| DBVT DBV Technologies SA-Spon ADR | New | 0.04% | +0.04 |
| AKR Acadia Realty Trust | Add +55.2% | 1.02% | +0.04 |
| ALXO Alx Oncology Holdings Inc. | New | 0.00% | +0.00 |
| ARCC Ares Capital Corp. | Add +31.5% | 2.24% | −0.04 |
| AMCR Amcor PLC | Add +29.6% | 4.66% | −0.37 |
| PPG PPG Industries Inc. | Add +14.4% | 3.38% | −0.38 |
| IJH iShares Core S&P Midcap ETF | Add +3.7% | 2.66% | −0.54 |
| DOW Dow Inc. | Add +18.7% | 2.11% | −1.00 |
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 |