Perseverance Asset Management International
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 14, 2026), Perseverance Asset Management International reported 21 stock positions worth $909.0 million. Its top holding was PDD (PDD) at 24.3% of the portfolio, followed by H World Group Ltd.-ADR (HTHT, 21.5%) and Taiwan Semiconductor-SP ADR (TSM, 16.6%). Compared with Q4 2025, it opened 10 new positions, sold out of 2, added to 5 and reduced 4. The biggest buy was Taiwan Semiconductor-SP ADR (TSM, shares +1454%) and the biggest sale H World Group Ltd.-ADR (HTHT, shares −25%).
- Most Recent 13F
- Q2 2026
- Location
- GEORGE TOWN, E9
- CIK
- 0001802695
- Portfolio Value
- $909.0M (Q1 2026)
- SEC Filing
- 0001802695-26-000002 ↗ filed May 14, 2026
Holdings Value
Holdings 21 stocks · $909.0M
| PDD PDD Holdings Inc. | 24.30% | 2,161,676 | $220.9M | Add +10.2% |
| HTHT H World Group Ltd.-ADR | 21.48% | 3,882,036 | $195.2M | Reduce -24.9% |
| TSM Taiwan Semiconductor-SP ADR | 16.60% | 446,505 | $150.9M | Add +1453.9% |
| BZ Kanzhun Ltd. - ADR | 6.32% | 4,287,565 | $57.4M | Add +1603.8% |
| NVDA Nvidia Corp. | 5.56% | 290,000 | $50.6M | New |
| YUMC Yum China Holdings Inc. | 3.83% | 713,999 | $34.8M | No change |
| TCOM Trip.com Group Ltd.-ADR | 3.70% | 674,999 | $33.6M | New |
| GOOG Alphabet Inc. Class C | 3.16% | 100,000 | $28.7M | Reduce -66.7% |
| BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC | 2.29% | 1,391,439 | $20.8M | Add +20.4% |
| FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD | 2.26% | 150,000 | $20.5M | New |
| NTES Netease Inc.-ADR | 2.09% | 170,000 | $19.0M | Add +54.5% |
| LITE Lumentum Holdings Inc. | 1.93% | 25,000 | $17.6M | New |
| RLX RLX Technology Inc.-ADR | 1.81% | 7,495,862 | $16.5M | Reduce -3.8% |
| XPEV Xpeng Inc. - ADR | 1.51% | 800,000 | $13.7M | New |
| MOS The Mosaic Co. | 0.84% | 300,000 | $7.7M | New |
| IQ Iqiyi Inc.-ADR | 0.71% | 4,800,000 | $6.5M | Reduce -29.4% |
| AMD Advanced Micro Devices | 0.67% | 30,000 | $6.1M | New |
| SNDK Sandisk Corp. | 0.38% | 5,479 | $3.5M | New |
| MU Micron Technology Inc. | 0.33% | 8,975 | $3.0M | New |
| YSG Yatsen Holding Ltd.-ADR | 0.18% | 529,993 | $1.6M | No change |
| NIO Nio Inc. - ADR | 0.05% | 72,094 | $435K | New |
Portfolio Sells Q4 2025 → Q1 2026
| HTHT H World Group Ltd.-ADR | Reduce -24.9% | 21.48% | −14.18 |
| GOOG Alphabet Inc. Class C | Reduce -66.7% | 3.16% | −10.64 |
| IQ Iqiyi Inc.-ADR | Reduce -29.4% | 0.71% | −1.20 |
| RLX RLX Technology Inc.-ADR | Reduce -3.8% | 1.81% | −0.85 |
| TLT iShares 20+ Year Treasury BD | Sold out | 0.00% | −0.75 |
| API Agora Inc.-ADR | Sold out | 0.00% | −0.42 |
Portfolio Buys Q4 2025 → Q1 2026
| TSM Taiwan Semiconductor-SP ADR | Add +1453.9% | 16.60% | +15.32 |
| BZ Kanzhun Ltd. - ADR | Add +1603.8% | 6.32% | +5.56 |
| NVDA Nvidia Corp. | New | 5.56% | +5.56 |
| TCOM Trip.com Group Ltd.-ADR | New | 3.70% | +3.70 |
| FUTU Futu Holdings Ltd.-ADR | New | 2.26% | +2.26 |
| LITE Lumentum Holdings Inc. | New | 1.93% | +1.93 |
| XPEV Xpeng Inc. - ADR | New | 1.51% | +1.51 |
| MOS The Mosaic Co. | New | 0.84% | +0.84 |
| AMD Advanced Micro Devices | New | 0.67% | +0.67 |
| SNDK Sandisk Corp. | New | 0.38% | +0.38 |
| MU Micron Technology Inc. | New | 0.33% | +0.33 |
| NIO Nio Inc. - ADR | New | 0.05% | +0.05 |
| NTES Netease Inc.-ADR | Add +54.5% | 2.09% | −0.12 |
| BEKE Ke Holdings Inc.-ADR | Add +20.4% | 2.29% | −0.38 |
| PDD PDD Holdings Inc. | Add +10.2% | 24.30% | −8.30 |
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 |