Institutional Manager · CIK 0001028074

MATTHEWS INTERNATIONAL CAPITAL MANAGEMENT LLC

SAN FRANCISCO, CA · File #028-10629

Latest AUM

$329.4M

Positions

Top-10 Concentration

60.7%

Filings

Portfolio Value Over Time

2024-03

2024-06

2024-09

2024-12

2025-03

2025-06

2025-09

2025-12

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
ADD	FUTU HLDGS LTD	FUTU	+102,918	+$16.9M	-$465,484
REDUCE	PDD HOLDINGS INC	PDD	-123,162	-$14.0M	-$9.3M
REDUCE	TRIP COM GROUP LTD	TRPCF	-116,803	-$8.4M	-$1.3M
REDUCE	KE HLDGS INC	BEKE	-460,293	-$7.3M	-$2.4M
ADD	GRUPO FINANCIERO GALICIA	GGAL	+133,772	+$7.2M	+$1.9M
REDUCE	TENCENT MUSIC ENTMT GROUP	XHLD	-408,285	-$7.2M	-$3.8M
REDUCE	FULL TRUCK ALLIANCE CO LTD	YMM	-555,249	-$6.0M	-$4.1M
ADD	NU HLDGS LTD	NU	+296,385	+$5.0M	+$99,108
ADD	HDFC BANK LTD	HDB	+126,650	+$4.6M	+$517,093
REDUCE	MAKEMYTRIP LIMITED	MMYT	-53,650	-$4.4M	-$2.1M

Sector Allocation

Consumer Discretionary

32.0%$105.4M

Financials

20.8%$68.4M

Technology

7.9%$26.0M

Communication Services

6.4%$21.1M

Healthcare

6.3%$20.8M

Real Estate

1.3%$4.2M

Materials

0.6%$2.1M

Filing History

Jan 29, 202613F HOLDINGS REPORTQ/E Dec 202540 pos · $329.4M
Oct 17, 202513F HOLDINGS REPORTQ/E Sep 202540 pos · $429.5M
Jul 21, 202513F HOLDINGS REPORTQ/E Jun 202540 pos · $434.8M
Apr 21, 202513F HOLDINGS REPORTQ/E Mar 202537 pos · $484.4M
Jan 22, 202513F HOLDINGS REPORTQ/E Dec 202442 pos · $489.2M
Oct 15, 202413F HOLDINGS REPORTQ/E Sep 202442 pos · $607.2M
Jul 22, 202413F HOLDINGS REPORTQ/E Jun 202438 pos · $459.6M
Apr 15, 202413F HOLDINGS REPORTQ/E Mar 202438 pos · $507.6M
Oct 27, 202313F HOLDINGS REPORTQ/E Dec 202338 pos · $826.7M

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	PDD HOLDINGS INC	PDD	370,640	$42.0M	12.76%
2	FUTU HLDGS LTD	FUTU	150,906	$24.8M	7.52%
3	SEA LTD	SE	179,241	$22.9M	6.94%
4	LEGEND BIOTECH CORP	LEGN	956,824	$20.8M	6.31%
5	TRIP COM GROUP LTD	TRPCF	271,342	$19.5M	5.92%
6	KANZHUN LIMITED	BZ	829,409	$16.9M	5.13%
7	YUM CHINA HLDGS INC	YUMC	312,126	$14.9M	4.52%
8	FULL TRUCK ALLIANCE CO LTD	YMM	1,296,189	$13.9M	4.22%
9	HDFC BANK LTD	HDB	343,916	$12.6M	3.81%
10	GRAB HOLDINGS LIMITED	GRABW	2,367,470	$11.8M	3.59%
11	GRUPO FINANCIERO GALICIA	GGAL	206,929	$11.2M	3.39%
12	ICICI BANK LIMITED	IBN	369,492	$11.0M	3.34%
13	MAKEMYTRIP LIMITED	MMYT	126,471	$10.4M	3.15%
14	TAIWAN SEMICONDUCTOR MFG LTD	874039100	32,727	$9.9M	3.02%
15	COUPANG INC	CPNG	369,975	$8.7M	2.65%
16	ITAU UNIBANCO HLDG S A	465562106	1,149,948	$8.2M	2.50%
17	MICRON TECHNOLOGY INC	MU	27,726	$7.9M	2.40%
18	ZHIHU INC	ZHIHF	2,371,187	$7.8M	2.36%
19	ACM RESH INC	00108J109	187,250	$7.4M	2.24%
20	NU HLDGS LTD	NU	432,150	$7.2M	2.20%