TT International Asset Management LTD
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 23, 2026), TT International Asset Management LTD reported 41 stock positions worth $473.5 million. Its top holding was Alibaba Group Holding-SP ADR (BABA) at 13.2% of the portfolio, followed by Grupo Financiero Galicia-ADR (GGAL, 9.9%) and Banco Macro SA-ADR (BMA, 8.7%). Compared with Q3 2025, it opened 18 new positions, sold out of 14, added to 5 and reduced 18. The biggest buy was a new position in Grupo Financiero Galicia-ADR (GGAL) and the biggest sale Alibaba Group Holding-SP ADR (BABA, shares −55%).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001809187
- Portfolio Value
- $473.5M (Q4 2025)
- SEC Filing
- 0001809187-26-000002 ↗ filed Jan 23, 2026
Holdings Value
Holdings 41 stocks · $473.5M
| BABA Alibaba Group Holding-SP ADR | 13.15% | 424,818 | $62.3M | Reduce -54.9% |
| GGAL Grupo Financiero Galicia-ADR | 9.93% | 876,885 | $47.0M | New |
| BMA Banco Macro SA-ADR | 8.65% | 456,718 | $41.0M | Reduce -38.3% |
| BIDU Baidu Inc. - Spon ADR | 7.12% | 258,923 | $33.7M | New |
| PAM Pampa Energia SA-Spon ADR | 6.03% | 323,322 | $28.6M | Reduce -60.6% |
| EGO Eldorado Gold Corp. | 5.68% | 751,327 | $26.9M | Add +1730.8% |
| EQX Equinox Gold Corp. | 5.08% | 1,719,905 | $24.1M | New |
| KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC | 4.73% | 286,939 | $22.4M | New |
| ASHR Xtrackers Harvest Csi 300 CH | 4.31% | 621,592 | $20.4M | New |
| MELI MercadoLibre Inc. | 4.27% | 10,109 | $20.2M | New |
| ASX Ase Technology Holding -ADR | 4.19% | 1,236,070 | $19.8M | Add +69.8% |
| BSAC Banco Santander-Chile-ADR | 3.59% | 550,315 | $17.0M | Reduce -40.9% |
| BCH Banco DE Chile-ADR | 3.40% | 424,899 | $16.1M | Reduce -52.3% |
| XPEV Xpeng Inc. - ADR | 2.94% | 685,959 | $13.9M | New |
| BTG B2GOLD Corp. | 2.89% | 3,044,764 | $13.7M | New |
| ARIS Aris Mining Corp. filed as ARIS MNG CORP | 2.72% | 792,653 | $12.9M | New |
| TGS Transportador Gas-ADR SP B | 2.54% | 387,255 | $12.0M | Reduce -58.5% |
| IBN Icici Bank Ltd.-Spon ADR | 1.76% | 279,407 | $8.3M | New |
| TSM Taiwan Semiconductor-SP ADR | 1.60% | 25,479 | $7.6M | Add +93.1% |
| SE Sea Ltd.-ADR | 1.18% | 43,845 | $5.6M | Add +257.4% |
| TCOM Trip.com Group Ltd.-ADR | 0.69% | 45,163 | $3.2M | New |
| BBAR Bbva Argentina SA-ADR filed as BANCO BBVA ARGENTINA S A | 0.68% | 181,564 | $3.2M | Add +83.3% |
| CX Cemex Sab-Spons ADR Part Cer | 0.59% | 252,408 | $2.8M | New |
| NICE Nice Ltd. - Spon ADR | 0.36% | 14,914 | $1.7M | Reduce -50.1% |
| FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD | 0.24% | 6,856 | $1.1M | Reduce -96.9% |
| VIST Vista Energy Sab DE CV | 0.22% | 27,183 | $1.0M | Reduce -9.4% |
| COHR Coherent Corp. | 0.21% | 6,850 | $1.0M | Reduce -51.1% |
| YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA | 0.19% | 25,809 | $895K | New |
| BORR Borr Drilling Ltd. | 0.18% | 254,000 | $871K | New |
| ITUB Itau Unibanco H-Spon PRF ADR | 0.14% | 115,360 | $654K | Reduce -17.6% |
| AVPT Avepoint Inc. | 0.11% | 38,458 | $534K | Reduce -72.4% |
| ONTO Onto Innovation Inc. | 0.11% | 3,691 | $520K | Reduce -98.8% |
| DNLI Denali Therapeutics Inc. | 0.07% | 27,000 | $353K | Reduce -58.5% |
| CRDO Credo Technology Group Holdi | 0.07% | 2,800 | $319K | New |
| LITE Lumentum Holdings Inc. | 0.06% | 1,000 | $292K | New |
| TRU Transunion | 0.06% | 3,330 | $285K | New |
| AMD Advanced Micro Devices | 0.06% | 1,600 | $271K | Reduce -86.7% |
| FCN Fti Consulting Inc. | 0.06% | 1,574 | $268K | Reduce -90.0% |
| LPLA LPL Financial Holdings Inc. | 0.05% | 648 | $231K | Reduce -91.8% |
| SF Stifel Financial Corp. | 0.04% | 1,683 | $210K | Reduce -92.5% |
| QXO Qxo Inc. | 0.04% | 10,738 | $207K | New |
Portfolio Sells Q3 2025 → Q4 2025
| BABA Alibaba Group Holding-SP ADR | Reduce -54.9% | 13.15% | −19.46 |
| ONTO Onto Innovation Inc. | Reduce -98.8% | 0.11% | −7.41 |
| FUTU Futu Holdings Ltd.-ADR | Reduce -96.9% | 0.24% | −7.12 |
| BEKE Ke Holdings Inc.-ADR | Sold out | 0.00% | −5.08 |
| PAM Pampa Energia SA-Spon ADR | Reduce -60.6% | 6.03% | −3.52 |
| MAKEMYTRIP LIMITED MAURITIUS | Sold out | 0.00% | −2.85 |
| CYBR Cyberark Software Ltd./Israel | Sold out | 0.00% | −2.37 |
| BCH Banco DE Chile-ADR | Reduce -52.3% | 3.40% | −1.82 |
| TGS Transportador Gas-ADR SP B | Reduce -58.5% | 2.54% | −1.26 |
| BSAC Banco Santander-Chile-ADR | Reduce -40.9% | 3.59% | −1.19 |
| INTR Inter & Co. Inc. Class A | Sold out | 0.00% | −0.75 |
| BRBR Bellring Brands Inc. | Sold out | 0.00% | −0.67 |
| ICLR Icon PLC | Sold out | 0.00% | −0.67 |
| COCO The Vita Coco Co. Inc. | Sold out | 0.00% | −0.53 |
| ANGLOGOLD ASHANTI PLC | Sold out | 0.00% | −0.52 |
| NICE Nice Ltd. - Spon ADR | Reduce -50.1% | 0.36% | −0.48 |
| GMED Globus Medical Inc. Class A | Sold out | 0.00% | −0.47 |
| LPLA LPL Financial Holdings Inc. | Reduce -91.8% | 0.05% | −0.46 |
| DT Dynatrace Inc. | Sold out | 0.00% | −0.46 |
| SF Stifel Financial Corp. | Reduce -92.5% | 0.04% | −0.45 |
| CTRIP.COM INTERNATIONAL-ADR | Sold out | 0.00% | −0.44 |
| FCN Fti Consulting Inc. | Reduce -90.0% | 0.06% | −0.44 |
| BLD Topbuild Corp. | Sold out | 0.00% | −0.41 |
| H Hyatt Hotels Corp. Class A | Sold out | 0.00% | −0.39 |
| AMD Advanced Micro Devices | Reduce -86.7% | 0.06% | −0.32 |
| AVPT Avepoint Inc. | Reduce -72.4% | 0.11% | −0.29 |
| COHR Coherent Corp. | Reduce -51.1% | 0.21% | −0.29 |
| GILD Gilead Sciences Inc. | Sold out | 0.00% | −0.19 |
| DNLI Denali Therapeutics Inc. | Reduce -58.5% | 0.07% | −0.11 |
| ITUB Itau Unibanco H-Spon PRF ADR | Reduce -17.6% | 0.14% | −0.06 |
| VIST Vista Energy Sab DE CV | Reduce -9.4% | 0.22% | +0.02 |
| BMA Banco Macro SA-ADR | Reduce -38.3% | 8.65% | +2.59 |
Portfolio Buys Q3 2025 → Q4 2025
| GGAL Grupo Financiero Galicia-ADR | New | 9.93% | +9.93 |
| BIDU Baidu Inc. - Spon ADR | New | 7.12% | +7.12 |
| EGO Eldorado Gold Corp. | Add +1730.8% | 5.68% | +5.45 |
| EQX Equinox Gold Corp. | New | 5.08% | +5.08 |
| KSPI JSC Kaspi.kz ADR | New | 4.73% | +4.73 |
| ASHR Xtrackers Harvest Csi 300 CH | New | 4.31% | +4.31 |
| MELI MercadoLibre Inc. | New | 4.27% | +4.27 |
| XPEV Xpeng Inc. - ADR | New | 2.94% | +2.94 |
| BTG B2GOLD Corp. | New | 2.89% | +2.89 |
| ARIS Aris Mining Corp. | New | 2.72% | +2.72 |
| ASX Ase Technology Holding -ADR | Add +69.8% | 4.19% | +2.63 |
| IBN Icici Bank Ltd.-Spon ADR | New | 1.76% | +1.76 |
| TSM Taiwan Semiconductor-SP ADR | Add +93.1% | 1.60% | +0.89 |
| SE Sea Ltd.-ADR | Add +257.4% | 1.18% | +0.76 |
| TCOM Trip.com Group Ltd.-ADR | New | 0.69% | +0.69 |
| CX Cemex Sab-Spons ADR Part Cer | New | 0.59% | +0.59 |
| BBAR Bbva Argentina SA-ADR | Add +83.3% | 0.68% | +0.52 |
| YPF YPF S.A.-Sponsored ADR | New | 0.19% | +0.19 |
| BORR Borr Drilling Ltd. | New | 0.18% | +0.18 |
| CRDO Credo Technology Group Holdi | New | 0.07% | +0.07 |
| LITE Lumentum Holdings Inc. | New | 0.06% | +0.06 |
| TRU Transunion | New | 0.06% | +0.06 |
| QXO Qxo Inc. | New | 0.04% | +0.04 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 49 | $783.3M | BAP, TSM, ONTO, EGO, IBN |
| Q1 2026 | 48 | $916.0M | BABA, ITUB, ARIS, VIST, BIDU |
| Q4 2025 | 41 | $473.5M | BABA, GGAL, BMA, BIDU, PAM |
| Q3 2025 | 37 | $516.4M | BABA, PAM, ONTO, FUTU, BMA |
| Q2 2025 | 49 | $524.8M | MAKEMYTRIP LIMITED MAURITIUS, PAM, BABA, BMA, RNW |
| Q1 2025 | 54 | $669.6M | PAM, BMA, BABA, MAKEMYTRIP LIMITED MAURITIUS, BEKE |
| Q4 2024Amended | 56 | $693.7M | BMA, PAM, TSM, YPF, TAL |
| Q3 2024 | 56 | $814.9M | YPF, VIST, AU, PDD, TAL |
| Q2 2024 | 55 | $800.2M | YPF, HDB, VIST, MELI, NTES |
| Q1 2024 | 44 | $1.1B | MELI, YPF, VIST, NU, TBBB |