Nan Fung Trinity (hk) Ltd.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 4, 2025), Nan Fung Trinity (hk) Ltd. reported 71 stock positions worth $1.0 billion. Its top holding was iShares MSCI South Korea ETF (EWY) at 7.4% of the portfolio, followed by iShares MSCI Brazil ETF (EWZ, 6.2%) and Amcor (AMCR, 3.8%). Compared with Q2 2025, it opened 17 new positions, sold out of 5, added to 13 and reduced 8. The biggest buy was a new position in Amazon.com (AMZN) and the biggest sale an exit from iShares MSCI Mexico ETF (EWW).

Most Recent 13F
Q2 2026
Location
CENTRAL, HONG KONG, K3
CIK
0001781880
Portfolio Value
$1.0B (Q3 2025)
SEC Filing
0001420506-25-002972 ↗ filed Nov 4, 2025

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $432.4M Q1 2024 Q2 2024: $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 $1.0B Q3 2025 Q4 2025: $1.3B Q4 2025 Q1 2026: $910.6M Q1 2026 Q2 2026: $1.0B Q2 2026

Holdings 71 stocks · $1.0B
EWY iShares MSCI South Korea ETF 7.36% 920,800 $73.8M No change
EWZ iShares MSCI Brazil ETF 6.20% 2,005,000 $62.2M Add +136.7%
AMCR Amcor PLC 3.78% 4,630,880 $37.9M Add +9.3%
AMZN Amazon.com Inc. 3.45% 157,608 $34.6M New
KRE SS SPDR S&P Regional Bank 3.36% 531,800 $33.7M No change
BIDU Baidu Inc. - Spon ADR 3.24% 246,421 $32.5M Reduce -49.3%
NVDA Nvidia Corp. 3.05% 164,040 $30.6M Add +25.8%
AMX America Movil Sab DE CV 3.01% 1,433,900 $30.1M Add +352.2%
INTU Intuit Inc. 2.66% 39,070 $26.7M Add +9.2%
PPG PPG Industries Inc. 2.60% 248,100 $26.1M No change
THD iShares MSCI Thailand ETF 2.52% 428,000 $25.2M Add +93.3%
ZM Zoom Communications Inc. 2.35% 285,700 $23.6M No change
IJH iShares Core S&P Midcap ETF 2.34% 359,000 $23.4M No change
GEHC GE Healthcare Technology 2.32% 309,000 $23.2M New
KBE SS SPDR S&P Bank ETF 2.30% 388,500 $23.1M No change
MSFT Microsoft Corp. 2.25% 43,512 $22.5M Add +11.6%
INTC Intel Corp. 2.22% 664,400 $22.3M Reduce -42.1%
BZ Kanzhun Ltd. - ADR 1.90% 814,000 $19.0M No change
PYPL PayPal Holdings Inc. 1.87% 278,700 $18.7M No change
Z Zillow Group Inc. Class C 1.81% 235,540 $18.1M No change
JD Jd.com Inc.-ADR 1.68% 480,700 $16.8M New
HON Honeywell International Inc. 1.67% 79,600 $16.8M No change
APD Air Products & Chemicals Inc. 1.67% 61,300 $16.7M No change
JOYY Joyy Inc.-ADR 1.62% 277,700 $16.3M No change
CCK Crown Holdings Inc. 1.60% 166,000 $16.0M No change
ORCL Oracle Corp. 1.53% 54,400 $15.3M New
DOW Dow Inc. 1.52% 665,000 $15.2M No change
ARE Alexandria Real Estate Equit 1.46% 175,949 $14.7M New
PDD PDD Holdings Inc. 1.43% 108,100 $14.3M No change
MRUS Merus NV 1.41% 150,338 $14.2M No change
ACN Accenture PLC Class A 1.41% 57,200 $14.1M No change
BXSL Blackstone Secured Lending F 1.36% 524,068 $13.7M Reduce -1.2%
ARCC Ares Capital Corp. 1.23% 604,000 $12.3M Reduce -29.1%
AMD Advanced Micro Devices 1.18% 73,000 $11.8M New
DHR Danaher Corp. 1.17% 59,100 $11.7M New
MIRM Mirum Pharmaceuticals Inc. 1.14% 156,265 $11.5M Add +6.5%
EIDO iShares MSCI Indonesia ETF 1.10% 629,100 $11.0M New
TRML Tourmaline Bio Inc. 1.08% 227,090 $10.9M No change
PTGX Protagonist Therapeutics Inc. 0.96% 144,892 $9.6M Add +7.3%
AKR Acadia Realty Trust 0.92% 458,100 $9.2M No change
ZLAB Zai Lab Ltd.-ADR 0.91% 269,975 $9.1M No change
ABVX Abivax SA-ADR 0.86% 101,365 $8.6M New
SLNO Soleno Therapeutics Inc. 0.84% 123,850 $8.4M Add +20.3%
VRNA Verona Pharma Ltd. 0.81% 76,320 $8.1M Reduce -54.2%
IMNM Immunome Inc. 0.69% 592,103 $6.9M Add +7.9%
BXP BXP Inc. 0.68% 91,224 $6.8M Add +94.9%
FRT Federal Realty Invs Trust 0.65% 64,000 $6.5M No change
XENE Xenon Pharmaceuticals Inc. 0.64% 158,605 $6.4M No change
ESRT Empire State Realty Trust-A 0.61% 801,300 $6.1M No change
BCAX Bicara Therapeutics Inc. 0.61% 384,885 $6.1M Add +12.3%
TGT Target Corp. 0.57% 64,000 $5.7M No change
AKRO Akero Therapeutics Inc. 0.52% 110,650 $5.3M No change
BAH Booz Allen Hamilton Holdings 0.49% 49,500 $4.9M New
IQ Iqiyi Inc.-ADR 0.46% 1,801,450 $4.6M Reduce -51.0%
VNO Vornado Realty Trust 0.40% 98,100 $4.0M Reduce -53.5%
PCVX Vaxcyte Inc. 0.37% 104,250 $3.8M No change
KRC Kilroy Realty Corp. 0.33% 77,400 $3.3M New
ABEO Abeona Therapeutics Inc. 0.30% 560,770 $3.0M No change
KURA Kura Oncology Inc. 0.20% 230,880 $2.0M New
REPL Replimune Group Inc. 0.19% 465,527 $2.0M No change
KALV Kalvista Pharmaceuticals Inc. 0.19% 154,522 $1.9M No change
GERN Geron Corp. 0.19% 1,373,550 $1.9M No change
EXEL Exelixis Inc. 0.14% 34,200 $1.4M Reduce -46.7%
SRRK Scholar Rock Holding Corp. 0.14% 37,642 $1.4M New
IDV iShares International Select 0.10% 27,000 $987K New
SPYD SS SPDR P S&P 500 Hi Div ETF 0.10% 22,300 $981K New
CLYM Climb Bio Inc. 0.09% 463,654 $932K No change
TRVI Trevi Therapeutics Inc. 0.08% 89,575 $820K New
DBVT DBV Technologies SA-Spon ADR 0.04% 37,095 $371K No change
RXRX Recursion Pharmaceuticals-A 0.03% 69,323 $338K New
ALXO Alx Oncology Holdings Inc. 0.01% 41,950 $77K No change

Portfolio Sells Q2 2025 → Q3 2025
EWW iShares MSCI Mexico ETF Sold out 0.00% −2.94
ECNS iShares MSCI China Small-Cap Sold out 0.00% −2.70
W Wayfair Inc. Class A Sold out 0.00% −1.85
BIDU Baidu Inc. - Spon ADR Reduce -49.3% 3.24% −1.74
DELL Dell Technologies -C Sold out 0.00% −1.67
VRNA Verona Pharma Ltd. Reduce -54.2% 0.81% −1.07
SLG SL Green Realty Corp. Sold out 0.00% −1.03
ARCC Ares Capital Corp. Reduce -29.1% 1.23% −1.01
INTC Intel Corp. Reduce -42.1% 2.22% −0.85
BXSL Blackstone Secured Lending F Reduce -1.2% 1.36% −0.59
VNO Vornado Realty Trust Reduce -53.5% 0.40% −0.57
IQ Iqiyi Inc.-ADR Reduce -51.0% 0.46% −0.32
EXEL Exelixis Inc. Reduce -46.7% 0.14% −0.20

Portfolio Buys Q2 2025 → Q3 2025
AMZN Amazon.com Inc. New 3.45% +3.45
EWZ iShares MSCI Brazil ETF Add +136.7% 6.20% +3.28
AMX America Movil Sab DE CV Add +352.2% 3.01% +2.32
GEHC GE Healthcare Technology New 2.32% +2.32
JD Jd.com Inc.-ADR New 1.68% +1.68
ORCL Oracle Corp. New 1.53% +1.53
ARE Alexandria Real Estate Equit New 1.46% +1.46
AMD Advanced Micro Devices New 1.18% +1.18
THD iShares MSCI Thailand ETF Add +93.3% 2.52% +1.18
DHR Danaher Corp. New 1.17% +1.17
EIDO iShares MSCI Indonesia ETF New 1.10% +1.10
ABVX Abivax SA-ADR New 0.86% +0.86
NVDA Nvidia Corp. Add +25.8% 3.05% +0.59
BAH Booz Allen Hamilton Holdings New 0.49% +0.49
KRC Kilroy Realty Corp. New 0.33% +0.33
BXP BXP Inc. Add +94.9% 0.68% +0.30
MIRM Mirum Pharmaceuticals Inc. Add +6.5% 1.14% +0.25
BCAX Bicara Therapeutics Inc. Add +12.3% 0.61% +0.23
KURA Kura Oncology Inc. New 0.20% +0.20
SRRK Scholar Rock Holding Corp. New 0.14% +0.14
IDV iShares International Select New 0.10% +0.10
SPYD SS SPDR P S&P 500 Hi Div ETF New 0.10% +0.10
TRVI Trevi Therapeutics Inc. New 0.08% +0.08
IMNM Immunome Inc. Add +7.9% 0.69% +0.08
PTGX Protagonist Therapeutics Inc. Add +7.3% 0.96% +0.07
RXRX Recursion Pharmaceuticals-A New 0.03% +0.03
MSFT Microsoft Corp. Add +11.6% 2.25% −0.07
SLNO Soleno Therapeutics Inc. Add +20.3% 0.84% −0.20
INTU Intuit Inc. Add +9.2% 2.66% −0.71
AMCR Amcor PLC Add +9.3% 3.78% −0.88

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