Perseverance Asset Management International
In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 13, 2024), Perseverance Asset Management International reported 19 stock positions worth $762.5 million. Its top holding was PDD (PDD) at 27.6% of the portfolio, followed by H World Group Ltd.-ADR (HTHT, 13.2%) and Netease Inc.-ADR (NTES, 10.1%). Compared with Q1 2024, it opened 1 new position, sold out of 3, added to 12 and reduced 4. The biggest buy was Meta Platforms Class A (META, shares +1900%) and the biggest sale Zto Express Cayman Inc.-ADR (ZTO, shares −48%).
- Most Recent 13F
- Q2 2026
- Location
- GEORGE TOWN, E9
- CIK
- 0001802695
- Portfolio Value
- $762.5M (Q2 2024)
- SEC Filing
- 0001802695-24-000006 ↗ filed Aug 13, 2024
Holdings Value
Holdings 19 stocks · $762.5M
| PDD PDD Holdings Inc. | 27.64% | 1,585,106 | $210.7M | Add +39.3% |
| HTHT H World Group Ltd.-ADR | 13.21% | 3,022,976 | $100.7M | Add +93.2% |
| NTES Netease Inc.-ADR | 10.07% | 802,943 | $76.7M | Add +124.2% |
| IQ Iqiyi Inc.-ADR | 6.70% | 13,920,207 | $51.1M | Add +18.1% |
| META Meta Platforms Inc. Class A | 6.61% | 100,000 | $50.4M | Add +1900.0% |
| TME Tencent Music Entertainm-ADR | 6.53% | 3,541,221 | $49.8M | Add +1.5% |
| YUMC Yum China Holdings Inc. | 5.35% | 1,321,849 | $40.8M | Add +90.5% |
| ZTO Zto Express Cayman Inc.-ADR | 4.60% | 1,690,592 | $35.1M | Reduce -47.8% |
| BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC | 4.11% | 2,214,554 | $31.3M | Add +86.0% |
| MSFT Microsoft Corp. | 3.81% | 65,000 | $29.1M | No change |
| RLX RLX Technology Inc.-ADR | 3.48% | 14,411,052 | $26.5M | Add +2.2% |
| TCOM Trip.com Group Ltd.-ADR | 2.90% | 470,081 | $22.1M | Add +77.0% |
| ATAT Atour Lifestyle Holdings-ADR | 2.20% | 914,813 | $16.8M | Add +13.0% |
| AS Amer Sports Inc. | 1.38% | 838,746 | $10.5M | Add +187.7% |
| GOOG Alphabet Inc. Class C | 0.48% | 20,000 | $3.7M | Reduce -55.6% |
| BABA Alibaba Group Holding-SP ADR | 0.37% | 38,838 | $2.8M | Reduce -33.7% |
| TAL Tal Education Group- ADR | 0.34% | 242,860 | $2.6M | Reduce -60.9% |
| EDU New Oriental Educatio-SP ADR | 0.20% | 19,602 | $1.5M | No change |
| LLY Eli Lilly & Co. | 0.03% | 287 | $260K | New |
Portfolio Sells Q1 2024 → Q2 2024
| ZTO Zto Express Cayman Inc.-ADR | Reduce -47.8% | 4.60% | −7.63 |
| TSLA Tesla Inc. | Sold out | 0.00% | −1.59 |
| BZ Kanzhun Ltd. - ADR | Sold out | 0.00% | −1.03 |
| TAL Tal Education Group- ADR | Reduce -60.9% | 0.34% | −0.93 |
| GOOG Alphabet Inc. Class C | Reduce -55.6% | 0.48% | −0.76 |
| BABA Alibaba Group Holding-SP ADR | Reduce -33.7% | 0.37% | −0.40 |
| BIDU Baidu Inc. - Spon ADR | Sold out | 0.00% | −0.22 |
Portfolio Buys Q1 2024 → Q2 2024
| META Meta Platforms Inc. Class A | Add +1900.0% | 6.61% | +6.17 |
| PDD PDD Holdings Inc. | Add +39.3% | 27.64% | +3.75 |
| NTES Netease Inc.-ADR | Add +124.2% | 10.07% | +3.37 |
| HTHT H World Group Ltd.-ADR | Add +93.2% | 13.21% | +2.28 |
| BEKE Ke Holdings Inc.-ADR | Add +86.0% | 4.11% | +1.16 |
| TCOM Trip.com Group Ltd.-ADR | Add +77.0% | 2.90% | +0.79 |
| AS Amer Sports Inc. | Add +187.7% | 1.38% | +0.52 |
| YUMC Yum China Holdings Inc. | Add +90.5% | 5.35% | +0.36 |
| LLY Eli Lilly & Co. | New | 0.03% | +0.03 |
| ATAT Atour Lifestyle Holdings-ADR | Add +13.0% | 2.20% | −0.42 |
| TME Tencent Music Entertainm-ADR | Add +1.5% | 6.53% | −0.53 |
| RLX RLX Technology Inc.-ADR | Add +2.2% | 3.48% | −1.41 |
| IQ Iqiyi Inc.-ADR | Add +18.1% | 6.70% | −2.30 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 18 | $977.3M | TSM, HTHT, PDD, BZ, TCOM |
| Q1 2026 | 21 | $909.0M | PDD, HTHT, TSM, BZ, NVDA |
| Q4 2025 | 13 | $682.5M | HTHT, PDD, GOOG, YUMC, BEKE |
| Q3 2025 | 15 | $582.0M | HTHT, PDD, GOOG, YUMC, RLX |
| Q2 2025 | 9 | $397.4M | HTHT, PDD, YUMC, AS, RLX |
| Q1 2025 | 22 | $765.5M | HTHT, PDD, BEKE, YUMC, BZ |
| Q4 2024 | 19 | $742.0M | PDD, HTHT, BEKE, YUMC, META |
| Q3 2024 | 17 | $867.8M | PDD, HTHT, NTES, YUMC, BEKE |
| Q2 2024 | 19 | $762.5M | PDD, HTHT, NTES, IQ, META |
| Q1 2024 | 21 | $553.8M | PDD, ZTO, HTHT, IQ, TME |