MATTHEWS INTERNATIONAL CAPITAL MANAGEMENT LLC

SAN FRANCISCO, CA · CIK 1028074 · 13F filing filed 2023-08-10

SEC-registered investment adviser since 1996 · limited liability company

Assets managed$6.6bn
Staff83 · 22 in investment roles
Main clients (by assets)Mutual funds and ETFs 77%, Private funds 23%
Private funds2 · $100.4m gross assets
Form ADV · 2026-07-29SEC adviser record

Legal entityMATTHEWS INTERNATIONAL CAPITAL MANAGEMENT, LLC (US)

$853.6m reported value -14.8% vs Q1 2023

45positions

72.6%in top 10

8 new 18 added 18 reduced 6 sold out vs Q1 2023

Holdings, Q2 2023

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	YUM CHINA HLDGS INC COM YUMC	YUMC	3,029,502	$171.2m20.05%	20.05%	Reduced -41.8k	-41,808 -1.4%
2	KE HLDGS INC SPONSORED ADS BEKE	BEKE	7,113,463	$105.6m12.38%	12.38%	Added +317.9k	+317,914 4.7%
3	LEGEND BIOTECH CORP SPONSORED ADS LEGN	LEGN	1,123,692	$77.6m9.09%	9.09%	Reduced -183.0k	-182,976 -14.0%
4	PDD HOLDINGS INC SPONSORED ADS PDD	PDD	988,879	$68.4m8.01%	8.01%	Reduced -977.8k	-977,799 -49.7%
5	TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS TSM	TSM	567,723	$57.3m6.71%	6.71%	Added +147.3k	+147,311 35.0%
6	FULL TRUCK ALLIANCE CO LTD SPONSORED ADS YMM	YMM	6,490,404	$40.4m4.73%	4.73%	Added +1.3m	+1,303,158 25.1%
7	ALIBABA GROUP HLDG LTD SPONSORED ADS BABA	BABA	449,453	$37.5m4.39%	4.39%	Added +191.8k	+191,766 74.4%
8	BEIGENE LTD SPONSORED ADR ONC	ONC	127,737	$22.8m2.67%	2.67%	Reduced -9.2k	-9,221 -6.7%
9	NVIDIA CORPORATION COM NVDA	NVDA	47,921	$20.3m2.37%	2.37%	New
10	SEA LTD SPONSORD ADS SE	SE	327,641	$19.0m2.23%	2.23%	Reduced -91.3k	-91,257 -21.8%
11	ASML HOLDING N V N Y REGISTRY SHS ASML	ASML	25,993	$18.8m2.21%	2.21%	New
12	TRIP COM GROUP LTD ADS TCOM	TCOM	536,975	$18.8m2.20%	2.20%	Reduced -309.0k	-308,983 -36.5%
13	ZHIHU INC ADS ADS		14,543,461	$16.4m1.93%	1.93%	Added +5.4m	+5,410,252 59.2%
14	NETEASE INC SPONSORED ADS NTES	NTES	163,401	$15.8m1.85%	1.85%	Reduced -105.9k	-105,927 -39.3%
15	NETFLIX INC COM NFLX	NFLX	28,352	$12.5m1.46%	1.46%	New
16	BROADCOM INC COM AVGO	AVGO	14,352	$12.4m1.46%	1.46%	Reduced -34.1k	-34,123 -70.4%
17	H WORLD GROUP LTD SPONSORED ADS HTHT	HTHT	313,233	$12.1m1.42%	1.42%	Reduced -523.4k	-523,448 -62.6%
18	KANZHUN LIMITED SPONSORED ADS BZ	BZ	699,163	$10.5m1.23%	1.23%	Reduced -353.6k	-353,585 -33.6%
19	VISA INC COM CL A V	V	43,939	$10.4m1.22%	1.22%	Added +12.5k	+12,540 39.9%
20	ACM RESH INC COM CL A ACMR	ACMR	771,177	$10.1m1.18%	1.18%	Reduced -79.7k	-79,736 -9.4%
21	TENCENT MUSIC ENTMT GROUP SPON ADS TME	TME	1,345,378	$9.9m1.16%	1.16%	New
22	BAIDU INC SPON ADR REP A BIDU	BIDU	58,262	$8.0m0.93%	0.93%	Reduced -4.3k	-4,347 -6.9%
23	MERCADOLIBRE INC COM MELI	MELI	6,397	$7.6m0.89%	0.89%	New
24	MONOLITHIC PWR SYS INC COM MPWR	MPWR	13,982	$7.6m0.88%	0.88%	New
25	MICRON TECHNOLOGY INC COM MU	MU	108,638	$6.9m0.80%	0.80%	Added +3.5k	+3,550 3.4%
26	ALLEGRO MICROSYSTEMS INC COM ALGM	ALGM	147,339	$6.7m0.78%	0.78%	New
27	LULULEMON ATHLETICA INC COM LULU	LULU	16,520	$6.3m0.73%	0.73%	New
28	STAAR SURGICAL CO COM PAR $0.01 STAA	STAA	101,938	$5.4m0.63%	0.63%	Reduced -18.9k	-18,927 -15.7%
29	LAM RESEARCH CORP COM COM		7,898	$5.1m0.59%	0.59%	Added +1.2k	+1,159 17.2%
30	MELCO RESORTS AND ENTMNT LTD ADR MLCO	MLCO	344,090	$4.2m0.49%	0.49%	Reduced -46.7k	-46,732 -12.0%
31	ZTO EXPRESS CAYMAN INC SPONSORED ADS A ZTO	ZTO	163,438	$4.1m0.48%	0.48%	Reduced -16.0k	-16,021 -8.9%
32	BILIBILI INC SPONS ADS REP Z BILI	BILI	269,675	$4.1m0.48%	0.48%	Reduced -394.5k	-394,493 -59.4%
33	HDFC BANK LTD SPONSORED ADS HDB	HDB	42,483	$3.0m0.35%	0.35%	Added +14.0k	+14,003 49.2%
34	ICICI BANK LIMITED ADR IBN	IBN	94,395	$2.2m0.26%	0.26%	Added +25.2k	+25,168 36.4%
35	NU HLDGS LTD ORD SHS CL A NU	NU	237,640	$1.9m0.22%	0.22%	Unchanged
36	INFOSYS LTD SPONSORED ADR INFY	INFY	116,396	$1.9m0.22%	0.22%	Added +38.1k	+38,139 48.7%
37	TOTALENERGIES SE SPONSORED ADS SPONSORED ADS		32,385	$1.9m0.22%	0.22%	Added +20.0k	+20,027 162.1%
38	APPLIED MATLS INC COM AMAT	AMAT	11,135	$1.6m0.19%	0.19%	Added +3.6k	+3,556 46.9%
39	COUPANG INC CL A CPNG	CPNG	86,555	$1.5m0.18%	0.18%	Reduced -747.5k	-747,465 -89.6%
40	GLOBANT S A COM GLOB	GLOB	8,002	$1.4m0.17%	0.17%	Added +2.6k	+2,568 47.3%
41	VINCI PARTNERS INVTS LTD COM CL A VINP	VINP	133,709	$1.2m0.15%	0.15%	Added +38.9k	+38,892 41.0%
42	GRUPO AEROPORTUARIO DEL SURE SPON ADR SER B ASR	ASR	4,385	$1.2m0.14%	0.14%	Added +939	+939 27.2%
43	VALE S A SPONSORED ADS VALE	VALE	83,510	$1.1m0.13%	0.13%	Added +32.1k	+32,128 62.5%
44	FREEPORT-MCMORAN INC CL B FCX	FCX	21,321	$852.8k0.10%	0.10%	Added +8.8k	+8,806 70.4%
45	TDCX INC ADS ADS		39,070	$309.0k0.04%	0.04%	Reduced -78.8k	-78,806 -66.9%

Sold out since Q1 2023

Security	Ticker	Shares held before	Value then
JD.COM INC JD	JD	333,071	$14.6m333.1k shares
GRAB HOLDINGS LIMITED GRAB	GRAB	4,732,480	$14.2m4.7m shares
META PLATFORMS INC META	META	36,851	$7.8m36.9k shares
COGNIZANT TECHNOLOGY SOLUTIO CTSH	CTSH	65,862	$4.0m65.9k shares
EXCELERATE ENERGY INC EE	EE	30,374	$672.5k30.4k shares
HEADHUNTER GROUP PLC		15,800	$31615.8k shares