Matthews International Capital Management
SAN FRANCISCO, CAfiles as MATTHEWS INTERNATIONAL CAPITAL MANAGEMENT LLC
$292m in 32 US stocks at the end of 30 June 2026. The top 10 are 64.6% of the money. It changed about 25.0% of the portfolio this quarter.
Value
$292m
Stocks
32
Top 10 share
64.6%
Turnover
25.0%
What changed this quarter
New
Bought for the first time this quarter.
- XPXP1.1% of the fund
Added
Bought more of a stock they already held.
- United MicroelectronicsUMC13.7% of the fund+50%
- Atour Lifestyle HldgsATAT3.8% of the fund+60%
- Itau Unibanco Hldg S AITUB3.8% of the fund+40%
- KanzhunBZ3.5% of the fund+13%
- Full Truck AllianceYMM2.4% of the fund+236%
- Freeport-McMoRanFCX2.1% of the fund+13%
- Qfin HoldingsQFIN2.0% of the fund+34%
- Buenaventura MiningBVN1.8% of the fund+36%
- Intercorp Financial ServicesIFS1.6% of the fund+13%
- Kingsoft Cloud HldgsKC1.5% of the fund+117%
- Grab HoldingsGRAB0.7% of the fund+63%
Cut
Sold some of their stake.
- Taiwan Semiconductor ManufacturingTSM9.6% of the fund-6%
- Micron TechnologyMU6.7% of the fund-42%
- ACM ResearchACMR5.8% of the fund-5%
- Yum China HoldingsYUMC5.2% of the fund-33%
- China Yuchai InternationalCYD3.5% of the fund-34%
- PDD HoldingsPDD3.4% of the fund-34%
- Lam ResearchLRCX3.0% of the fund-28%
- Grupo Financiero Galicia2.6% of the fund-11%
- Icici BankIBN2.2% of the fund-27%
- HDFC BankHDB1.7% of the fund-34%
- BaiduBIDU0.4% of the fund-51%
Sold out
Sold their entire stake.
- Futu HldgsFUTU-100%
- SeaSE-100%
- Trip COM GroupTCOM-100%
- GlobantGLOB-100%
- SK TelecomSKM-100%
- AGIAGBK-100%
Holdings
- Legend BiotechLEGN
- Share
- 9.1%
- Value
- $26m
- Shares
- 917,266
Held
- Atour Lifestyle HldgsATAT
- Share
- 3.8%
- Value
- $11m
- Shares
- 350,616
+60%
- Itau Unibanco Hldg S AITUB
- Share
- 3.8%
- Value
- $11m
- Shares
- 1,356,913
+40%
- PDD HoldingsPDD
- Share
- 3.4%
- Value
- $10m
- Shares
- 131,480
-34%
- Grupo Financiero Galicia
- Share
- 2.6%
- Value
- $7m
- Shares
- 149,289
-11%
- Full Truck AllianceYMM
- Share
- 2.4%
- Value
- $7m
- Shares
- 867,295
+236%
- Qfin HoldingsQFIN
- Share
- 2.0%
- Value
- $6m
- Shares
- 372,081
+34%
- Kingsoft Cloud HldgsKC
- Share
- 1.5%
- Value
- $4m
- Shares
- 477,826
+117%
- Vale S AVALE
- Share
- 0.7%
- Value
- $2m
- Shares
- 133,528
Held
- BaiduBIDU
- Share
- 0.4%
- Value
- $1m
- Shares
- 11,360
-51%
- Matthews Asia FDSMKOR
- Share
- 0.1%
- Value
- $333,765
- Shares
- 5,032
Held
- Matthews Intl FDSADVE
- Share
- <0.1%
- Value
- $230,029
- Shares
- 5,000
Held
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| United MicroelectronicsUMC | 13.7% | $40m | 1,465,694 | +50% |
| Taiwan Semiconductor ManufacturingTSM | 9.6% | $28m | 58,609 | -6% |
| Legend BiotechLEGN | 9.1% | $26m | 917,266 | Held |
| Micron TechnologyMU | 6.7% | $20m | 16,950 | -42% |
| ACM ResearchACMR | 5.8% | $17m | 132,396 | -5% |
| Yum China HoldingsYUMC | 5.2% | $15m | 371,166 | -33% |
| Atour Lifestyle HldgsATAT | 3.8% | $11m | 350,616 | +60% |
| Itau Unibanco Hldg S AITUB | 3.8% | $11m | 1,356,913 | +40% |
| China Yuchai InternationalCYD | 3.5% | $10m | 214,620 | -34% |
| KanzhunBZ | 3.5% | $10m | 787,745 | +13% |
| PDD HoldingsPDD | 3.4% | $10m | 131,480 | -34% |
| Lam ResearchLRCX | 3.0% | $9m | 20,295 | -28% |
| Grupo Financiero Galicia | 2.6% | $7m | 149,289 | -11% |
| Full Truck AllianceYMM | 2.4% | $7m | 867,295 | +236% |
| Nu HoldingsNU | 2.3% | $7m | 504,130 | Held |
| Icici BankIBN | 2.2% | $6m | 217,511 | -27% |
| Freeport-McMoRanFCX | 2.1% | $6m | 99,691 | +13% |
| Qfin HoldingsQFIN | 2.0% | $6m | 372,081 | +34% |
| Buenaventura MiningBVN | 1.8% | $5m | 175,062 | +36% |
| CredicorpBAP | 1.7% | $5m | 12,817 | Held |
| HDFC BankHDB | 1.7% | $5m | 188,264 | -34% |
| Intercorp Financial ServicesIFS | 1.6% | $5m | 81,938 | +13% |
| Petrobras - Petroleo Brasileiro SAPBR | 1.6% | $5m | 284,705 | Held |
| Kingsoft Cloud HldgsKC | 1.5% | $4m | 477,826 | +117% |
| Mexican Economic DevelopmentFMX | 1.4% | $4m | 31,408 | Held |
| XPXP | 1.1% | $3m | 195,202 | New |
| CoupangCPNG | 1.1% | $3m | 177,538 | Held |
| Grab HoldingsGRAB | 0.7% | $2m | 2,079,000 | +63% |
| Vale S AVALE | 0.7% | $2m | 133,528 | Held |
| BaiduBIDU | 0.4% | $1m | 11,360 | -51% |
| Matthews Asia FDSMKOR | 0.1% | $333,765 | 5,032 | Held |
| Matthews Intl FDSADVE | <0.1% | $230,029 | 5,000 | Held |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is down 32.6% since 30 June 2025.
Where the money is
Technology37.2%
Financial services10.5%
Industrials9.2%
Retail & consumer6.3%
Materials3.9%
Energy1.6%
Everyday goods1.4%
Other29.9%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.