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MICM

Matthews International Capital Management Portfolio holdings

AUM $292M
1-Year Est. Return 75.01%
This Fund
S&P 500
This Quarter Est. Return
+13.96%
1 Year Est. Return
+75.01%
3 Year Est. Return
+227.44%
5 Year Est. Return
+185.21%
10 Year Est. Return
+1,024.3%
AUM
$429M
AUM Growth
-$5.29M
Cap. Flow
-$52.8M
Cap. Flow %
-12.29%
Top 10 Hldgs %
65.15%
Holding
42
New
2
Increased
9
Reduced
24
Closed
2

Top Buys

Rank Stock Value
1
XP icon
XP
XP
+$5.74M
2
FUTU icon
Futu Holdings
FUTU
+$4.19M
3
QFIN icon
Qfin Holdings
QFIN
+$1.69M
4
BZ icon
Kanzhun
BZ
+$1.68M
5
CYD icon
China Yuchai International
CYD
+$1.66M

Top Sells

Rank Stock Value
1
SE icon
Sea Limited
SE
+$18.2M
2
YMM icon
Full Truck Alliance
YMM
+$14M
3
LEGN icon
Legend Biotech
LEGN
+$9.77M
4
NTES icon
NetEase
NTES
+$4.6M
5
TME icon
Tencent Music
TME
+$3.8M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 44.81%
2 Technology 16.75%
3 Communication Services 13.38%
4 Financials 12.24%
5 Healthcare 7.81%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
PDD icon
1
Pinduoduo
PDD
$131B
$65.3M 15.2%
493,802
-6,224
-1% -$737K
SE icon
2
Sea Limited
SE
$69.5B
$38.1M 8.87%
213,226
-106,055
-33% -$18.2M
LEGN icon
3
Legend Biotech
LEGN
$4.01B
$33.5M 7.81%
1,028,447
-264,605
-20% -$9.77M
TCOM icon
4
Trip.com Group
TCOM
$29.1B
$29.2M 6.8%
388,145
+3,271
+0.8% +$219K
BZ icon
5
Kanzhun
BZ
$7.36B
$24.1M 5.6%
1,029,811
+78,421
+8% +$1.68M
YMM icon
6
Full Truck Alliance
YMM
$9.99B
$24M 5.59%
1,851,438
-1,128,394
-38% -$14M
GRAB icon
7
Grab
GRAB
$14.9B
$18.8M 4.37%
3,116,032
-552,754
-15% -$2.93M
MMYT icon
8
MakeMyTrip
MMYT
$5.64B
$16.9M 3.93%
180,121
-3,694
-2% -$359K
TME icon
9
Tencent Music
TME
$15.6B
$15.1M 3.51%
646,353
-163,910
-20% -$3.8M
CPNG icon
10
Coupang
CPNG
$29.2B
$14.9M 3.48%
463,589
+42,732
+10% +$1.29M
ZH
11
Zhihu
ZH
$279M
$14.7M 3.42%
2,898,565
-676,073
-19% -$3.2M
BEKE icon
12
KE Holdings
BEKE
$18.8B
$13.9M 3.23%
729,686
-83,229
-10% -$1.56M
YUMC icon
13
Yum China
YUMC
$16.3B
$13.4M 3.11%
311,290
-12,676
-4% -$576K
IBN icon
14
ICICI Bank
IBN
$108B
$11.2M 2.6%
369,773
-14,876
-4% -$486K
TSM icon
15
TSMC
TSM
$2.18T
$10.1M 2.35%
36,135
-10,317
-22% -$2.52M
QFIN icon
16
Qfin Holdings
QFIN
$1.61B
$9.29M 2.16%
322,848
+49,707
+18% +$1.69M
FUTU icon
17
Futu Holdings
FUTU
$15.3B
$8.35M 1.94%
47,988
+25,257
+111% +$4.19M
ITUB icon
18
Itaú Unibanco
ITUB
$87.5B
$8.15M 1.9%
1,144,015
-16,646
-1% -$110K
ACMR icon
19
ACM Research
ACMR
$5.79B
$7.96M 1.85%
203,511
-17,784
-8% -$528K
HDB icon
20
HDFC Bank
HDB
$121B
$7.42M 1.73%
217,266
-20,406
-9% -$752K
ATAT icon
21
Atour Lifestyle Holdings
ATAT
$4.8B
$7.36M 1.71%
195,739
-1,011
-0.5% -$36.9K
MU icon
22
Micron Technology
MU
$991B
$6.08M 1.42%
36,344
+4,533
+14% +$580K
XP icon
23
XP
XP
$8.39B
$6.01M 1.4%
+320,053
New +$5.74M
MELI icon
24
Mercado Libre
MELI
$92.3B
$3.84M 0.9%
1,645
-36
-2% -$86.4K
NTES icon
25
NetEase
NTES
$84.7B
$3.6M 0.84%
23,675
-33,452
-59% -$4.6M
1
2

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DIGDR
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PPC
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BCM
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DP
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NC
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Matthews International Capital Management's Q3 2025 Portfolio in Review

As of Q3 2025, Matthews International Capital Management held 42 positions worth $429M, down 1.2% from $435M the previous quarter. Its ten largest holdings account for 65% of the portfolio.

Matthews International Capital Management withdrew a net $52.8M in Q3 2025, closing 2 positions and reducing 24 holdings. Its most notable exit was Infosys, an estimated $2.76M position sold in full.

By sector, the portfolio is most concentrated in Consumer Discretionary at 45% of assets, up from 42% a quarter earlier, followed by Technology and Communication Services.

Against the trend, Matthews International Capital Management opened a new position in XP worth $6.01M.

  • Matthews International Capital Management's largest Q3 2025 buy was XP: 320,053 shares worth $6.01M.
  • Matthews International Capital Management added most to Futu Holdings in Q3 2025, an estimated $4.19M increase.
  • Matthews International Capital Management's biggest Q3 2025 reduction was Sea Limited, cutting an estimated $18.2M.
  • Matthews International Capital Management fully exited Infosys in Q3 2025, selling an estimated $2.76M.
  • Matthews International Capital Management's ten largest holdings make up 65% of its $429M portfolio in Q3 2025.
  • Matthews International Capital Management opened 2 new positions and closed 2 in Q3 2025.
  • Matthews International Capital Management's portfolio value fell 1.2% quarter-over-quarter to $429M.

Based on Matthews International Capital Management's 13F filing for Q3 2025, filed 17 Oct 2025.