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Matthews International Capital Management LLC

CIK 1028074 · latest 13F filed 4 November 2026 · Read the filing on EDGAR

Matthews International Capital Management LLC reported 32 US-listed holdings worth $240.6 million in its 13F for the quarter ended 30 September 2026, filed 4 November 2026. Its largest: NetEase, Inc. (16.9%), Taiwan Semiconductor Manufacturing Company Limited (11.1%) and Legend Biotech Corp. (7.6%). Against the quarter before, it opened 5 positions, added to 3, trimmed 19 and sold out of 5.

Reported holdings$240.6M-17.5% on Q2 2026
Positions32as many as Q2 2026
The largest ten68.5%of its reported holdings
Latest 13FQ3 2026filed 4 November 2026
Where the money is
OpenedAdded toHeldTrimmed
NTES16.9%TSM11.1%LEGN7.6%ATAT6.8%SE5.7%UMC4.7%ACMR4.5%YUMC3.8%AAOI3.7%NU3.7%YMM3.6%PDD2.9%Lam2.8%PBR2.4%18 more19.9%

The 14 largest of its 32 positions, each sized by its share of the reported holdings, coloured by the change in shares against Q2 2026.

Reported holdings, quarter by quarter
Q3 2024: $598.9 million in 41 positions$599MQ3 24Q4 2024: $482.7 million in 41 positions$483MQ4 24Q1 2025: $482.2 million in 36 positions$482MQ1 25Q2 2025: $432.6 million in 39 positions$433MQ2 25Q3 2025: $428.1 million in 39 positions$428MQ3 25Q4 2025: $329.4 million in 40 positions$329MQ4 25Q1 2026: $246.5 million in 37 positions$246MQ1 26Q2 2026: $291.7 million in 32 positions$292MQ2 26Q3 2026: $240.6 million in 32 positions$241MQ3 26

What the fund reported holding at each quarter's end; hover a bar for the number of positions

What its reported holdings returned

Held through each quarter, the holdings it reported returned +1.1% over the 8 quarters to 30 September 2026, against +32.9% for the S&P 500.

Its reported holdingsThe S&P 500
90105120135Q3 24Q4 24Q1 25Q2 25Q3 25Q4 25Q1 26Q2 26Q3 26Its holdings +1.1%S&P 500 +32.9%

Not the fund's own return: each 13F's holdings are kept unchanged until the next one, so trades inside a quarter, dividends, cash and fees are left out. A rough guide to how its picks have done over time.

What it did on the quarter

Opened 5Added 3Held 5Trimmed 19Sold out 5
Opened: 5Added: 3Held: 5Trimmed: 19Sold out: 5

Its positions against its 13F for the quarter to 30 June 2026; a change under 0.1% of a position counts as held

Opened 5

  1. NetEase, Inc. NTES$40.8 million
  2. Sea Limited SE$13.8 million
  3. Applied Optoelectronics, Inc. AAOI$8.9 million
  4. Matthews Emg Mrkts China Act E MEMX$5.6 million
  5. SK Hynix Inc. Fsponsored ADR 1 ADR Reps 0.1 Ord SHS SKHY$3.4 million

Added to 3

  1. Atour Lifestyle Hldgs Ltd ATAT+150,826 shares · +43%
  2. Nu Holdings Ltd. NU+194,636 shares · +39%
  3. Full Truck Alliance Co. Ltd YMM+187,054 shares · +22%

Trimmed 19

  1. United Microelectronics Corporation UMC-999,362 shares · -68%
  2. Itaú Unibanco Holding S.A. ITUB-1.1 million shares · -82%
  3. Yum China Holdings, Inc. YUMC-151,612 shares · -41%
  4. Kanzhun Limited BZ-408,696 shares · -52%
  5. Icici Bank ADR IBN-196,114 shares · -90%
  6. Freeport-McMoRan Inc. FCX-50,128 shares · -50%
  7. PDD Holdings Inc. PDD-43,186 shares · -33%
  8. Grupo Financiero Galicia-77,879 shares · -52%

and 11 more in the table below

Sold out of 5

  1. Micron Technology Inc. MU$19.6 million last quarter
  2. China Yuchai Intl Ltd CYD$10.2 million last quarter
  3. Kingsoft Cloud Hldgs Ltd KC$4.3 million last quarter
  4. XP Inc. XP$3.2 million last quarter
  5. Vale S.A. VALE$2.0 million last quarter

What it holds

CompanySharesValueOf its bookChange in shares
NetEase, Inc. NTES336.5K$40.8 million16.95%new
Taiwan Semiconductor Manufacturing Company Limited TSM58.5K$26.7 million11.09%-153
Legend Biotech Corp. LEGN914.8K$18.2 million7.56%-2.5K
Atour Lifestyle Hldgs Ltd ATAT501.4K$16.4 million6.80%+150.8K
Sea Limited SE141.3K$13.8 million5.72%new
United Microelectronics Corporation UMC466.3K$11.4 million4.75%-999.4K
ACM Research, Inc. ACMR132.4K$10.7 million4.45%no change
Yum China Holdings, Inc. YUMC219.6K$9.0 million3.75%-151.6K
Applied Optoelectronics, Inc. AAOI89.9K$8.9 million3.71%new
Nu Holdings Ltd. NU698.8K$8.8 million3.68%+194.6K
Full Truck Alliance Co. Ltd YMM1.1M$8.7 million3.62%+187.1K
PDD Holdings Inc. PDD88.3K$6.9 million2.86%-43.2K
Lam Research Corp.20.3K$6.7 million2.77%no change
Petróleo Brasileiro S.A. (Petrobras) PBR272.0K$5.7 million2.36%-12.7K
Kanzhun Limited BZ379.0K$5.6 million2.33%-408.7K
Matthews Emg Mrkts China Act E MEMX116.8K$5.6 million2.33%new
Intercorp Finl Svcs Inc. IFS81.5K$4.4 million1.84%-457
HDFC Bank Limited HDB188.0K$4.2 million1.75%-279
Credicorp Ltd BAP9.7K$3.7 million1.53%-3.1K
Fomento Economico Mexicano S FMX31.0K$3.7 million1.53%-393
Freeport-McMoRan Inc. FCX49.6K$3.5 million1.44%-50.1K
SK Hynix Inc. Fsponsored ADR 1 ADR Reps 0.1 Ord SHS SKHY18.4K$3.4 million1.41%new
Compania De Minas Buenaventu BVN99.3K$3.1 million1.30%-75.7K
Grupo Financiero Galicia71.4K$2.7 million1.11%-77.9K
Itaú Unibanco Holding S.A. ITUB247.7K$2.1 million0.88%-1.1M
Grab Holdings Limited GRAB2.1M$1.9 million0.80%no change
Qifu Technology Inc. QFIN217.7K$1.5 million0.61%-154.4K
Coupang, Inc. CPNG61.9K$858,6500.36%-115.6K
Baidu, Inc. BIDU6.9K$600,0980.25%-4.5K
Icici Bank ADR IBN21.4K$589,4870.25%-196.1K
Matthews Asia FDS MKOR5.0K$315,6100.13%no change
Matthews Intl FDS ADVE5.0K$231,4940.10%no change
Every US-listed position in the fund's 13F for the quarter ended 30 September 2026, by the value it reported.
Read moreChange is shares against its 13F for the quarter before; the 5 it sold out of are in the box above.