Perseverance Asset Management International
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Perseverance Asset Management International reported 19 stock positions worth $742.0 million. Its top holding was PDD (PDD) at 21.5% of the portfolio, followed by H World Group Ltd.-ADR (HTHT, 18.2%) and Ke Holdings Inc.-ADR (BEKE, 11.5%). Compared with Q3 2024, it opened 2 new positions, added to 5 and reduced 11. The biggest buy was Alphabet Class C (GOOG, shares +400%) and the biggest sale Netease Inc.-ADR (NTES, shares −66%).
- Most Recent 13F
- Q2 2026
- Location
- GEORGE TOWN, E9
- CIK
- 0001802695
- Portfolio Value
- $742.0M (Q4 2024)
- SEC Filing
- 0001802695-25-000003 ↗ filed Feb 14, 2025
Holdings Value
Holdings 19 stocks · $742.0M
| PDD PDD Holdings Inc. | 21.52% | 1,646,425 | $159.7M | Reduce -6.3% |
| HTHT H World Group Ltd.-ADR | 18.19% | 4,087,474 | $135.0M | Add +2.9% |
| BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC | 11.48% | 4,626,250 | $85.2M | Add +30.4% |
| YUMC Yum China Holdings Inc. | 9.97% | 1,536,064 | $74.0M | Reduce -4.8% |
| META Meta Platforms Inc. Class A | 5.92% | 75,000 | $43.9M | Add +7.1% |
| GOOG Alphabet Inc. Class C | 5.13% | 200,000 | $38.1M | Add +400.0% |
| TCOM Trip.com Group Ltd.-ADR | 4.79% | 517,219 | $35.5M | Reduce -17.9% |
| NTES Netease Inc.-ADR | 4.07% | 338,856 | $30.2M | Reduce -65.7% |
| RLX RLX Technology Inc.-ADR | 3.35% | 11,502,784 | $24.8M | Reduce -11.3% |
| ATAT Atour Lifestyle Holdings-ADR | 2.61% | 720,376 | $19.4M | Reduce -21.3% |
| ZTO Zto Express Cayman Inc.-ADR | 2.53% | 959,048 | $18.7M | Reduce -4.8% |
| TME Tencent Music Entertainm-ADR | 2.49% | 1,630,011 | $18.5M | Reduce -8.7% |
| V Visa Inc. Class A | 1.92% | 45,000 | $14.2M | New |
| BZ Kanzhun Ltd. - ADR | 1.71% | 920,817 | $12.7M | Add +26.1% |
| LI Li Auto Inc. - ADR | 1.54% | 477,861 | $11.5M | Reduce -9.8% |
| MSFT Microsoft Corp. | 1.14% | 20,000 | $8.4M | No change |
| TAL Tal Education Group- ADR | 0.95% | 700,000 | $7.0M | Reduce -5.8% |
| IQ Iqiyi Inc.-ADR | 0.42% | 1,538,405 | $3.1M | Reduce -82.8% |
| TSM Taiwan Semiconductor-SP ADR | 0.27% | 10,000 | $2.0M | New |
Portfolio Sells Q3 2024 → Q4 2024
| NTES Netease Inc.-ADR | Reduce -65.7% | 4.07% | −6.58 |
| PDD PDD Holdings Inc. | Reduce -6.3% | 21.52% | −5.79 |
| IQ Iqiyi Inc.-ADR | Reduce -82.8% | 0.42% | −2.54 |
| ZTO Zto Express Cayman Inc.-ADR | Reduce -4.8% | 2.53% | −0.35 |
| ATAT Atour Lifestyle Holdings-ADR | Reduce -21.3% | 2.61% | −0.12 |
| TAL Tal Education Group- ADR | Reduce -5.8% | 0.95% | −0.07 |
| LI Li Auto Inc. - ADR | Reduce -9.8% | 1.54% | −0.02 |
| TME Tencent Music Entertainm-ADR | Reduce -8.7% | 2.49% | +0.01 |
| TCOM Trip.com Group Ltd.-ADR | Reduce -17.9% | 4.79% | +0.47 |
| RLX RLX Technology Inc.-ADR | Reduce -11.3% | 3.35% | +0.64 |
| YUMC Yum China Holdings Inc. | Reduce -4.8% | 9.97% | +1.60 |
Portfolio Buys Q3 2024 → Q4 2024
| GOOG Alphabet Inc. Class C | Add +400.0% | 5.13% | +4.36 |
| BEKE Ke Holdings Inc.-ADR | Add +30.4% | 11.48% | +3.34 |
| V Visa Inc. Class A | New | 1.92% | +1.92 |
| META Meta Platforms Inc. Class A | Add +7.1% | 5.92% | +1.30 |
| HTHT H World Group Ltd.-ADR | Add +2.9% | 18.19% | +1.16 |
| TSM Taiwan Semiconductor-SP ADR | New | 0.27% | +0.27 |
| BZ Kanzhun Ltd. - ADR | Add +26.1% | 1.71% | +0.25 |
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 |