MATTHEWS INTERNATIONAL CAPITAL MANAGEMENT LLC

SAN FRANCISCO, CA · CIK 1028074 · 13F filing filed 2024-07-22

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)

Kindmutual funds
Others nearbySan Francisco, CA, London

As an employer

Offices in3 countries
Private fundsother private 2

Where they work

people there (dot area)number not reportedmain officeHover or tap a dot. Australian and UK companies are placed at their business or registered address, with their staff across the whole country.

Offices

From Form ADV: the main office and the other offices where it does advisory work (at most the 25 largest), with the people doing investment work at each. “About” is worked out: the firm's investment staff less its other offices. Each city links to the other managers there.

City	Country	People
San Francisco, CA (main office)United States	United States	about 16
AdmiraltyHong Kong	Hong Kong	5
LondonUnited Kingdom	United Kingdom	1

US visa salary filings

Filings FY20252
Median salary offered$500,000
Middle half$500,000 – $500,000
Job titles1
E-3 (Australians)1

Job title	Filings	Median	Range
Portfolio ManagerSan Francisco, CA	2	$500,000

Source: US Department of Labor, Labor Condition Application disclosure data (certified, full-time, yearly equivalent). These are the salaries the employer committed to pay the visa roles it filed for, at least the prevailing wage for the job and place; they are not the pay of all its staff. Filed by: Matthews International Capital Management, LLC.

Map: places from GeoNames (CC BY 4.0), outlines from Natural Earth.

$459.6m reported value -9.5% vs Q1 2024

38positions

75.5%in top 10

4 new 9 added 24 reduced 4 sold out vs Q1 2024

Holdings, Q2 2024

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	PDD HOLDINGS INC SPONSORED ADS PDD	PDD	455,484	$60.6m13.18%	13.18%	Added +94.8k	+94,791 26.3%
2	FULL TRUCK ALLIANCE CO LTD SPONSORED ADS YMM	YMM	6,936,769	$55.8m12.14%	12.14%	Reduced -52.5k	-52,525 -0.8%
3	LEGEND BIOTECH CORP SPONSORED ADS LEGN	LEGN	1,022,780	$45.3m9.86%	9.86%	Added +270.8k	+270,845 36.0%
4	SEA LTD SPONSORD ADS SE	SE	601,345	$42.9m9.35%	9.35%	Added +289.7k	+289,726 93.0%
5	KE HLDGS INC SPONSORED ADS BEKE	BEKE	2,369,481	$33.5m7.30%	7.30%	Reduced -1.3m	-1,308,000 -35.6%
6	TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS TSM	TSM	169,557	$29.5m6.41%	6.41%	Added +4.1k	+4,118 2.5%
7	TRIP COM GROUP LTD ADS TCOM	TCOM	560,670	$26.4m5.73%	5.73%	Reduced -83.9k	-83,871 -13.0%
8	YUM CHINA HLDGS INC COM YUMC	YUMC	779,238	$24.0m5.23%	5.23%	Reduced -123.8k	-123,763 -13.7%
9	ZHIHU INC ADS ADS		5,359,714	$14.6m3.18%	3.18%	Reduced -27.2m	-27,211,415 -83.5%
10	LAM RESEARCH CORP COM COM		13,339	$14.2m3.09%	3.09%	Reduced -951	-951 -6.7%
11	MICRON TECHNOLOGY INC COM MU	MU	83,315	$11.0m2.38%	2.38%	Reduced -7.2k	-7,152 -7.9%
12	KANZHUN LIMITED SPONSORED ADS BZ	BZ	581,437	$10.9m2.38%	2.38%	Reduced -113.0k	-113,004 -16.3%
13	BROADCOM INC COM AVGO	AVGO	6,451	$10.4m2.25%	2.25%	Reduced -5.7k	-5,684 -46.8%
14	NU HLDGS LTD ORD SHS CL A NU	NU	669,807	$8.6m1.88%	1.88%	Reduced -4.4k	-4,358 -0.7%
15	ACM RESH INC COM CL A ACMR	ACMR	360,131	$8.3m1.81%	1.81%	Reduced -4.2k	-4,213 -1.2%
16	NETEASE INC SPONSORED ADS NTES	NTES	82,913	$7.9m1.72%	1.72%	Added +5.7k	+5,707 7.4%
17	ZTO EXPRESS CAYMAN INC NOTE 1.500% 9/0 · principal ZTO 1.5 09.01.27 · principal	ZTO 1.5 09.01.27	7,789,000	$7.6m1.66%	1.66%	Reduced -254.0k	-254,000 -3.2%
18	BILIBILI INC SPONS ADS REP Z BILI	BILI	411,030	$6.3m1.38%	1.38%	New
19	ICICI BANK LIMITED ADR IBN	IBN	192,652	$5.6m1.21%	1.21%	Added +83.4k	+83,387 76.3%
20	TENCENT MUSIC ENTMT GROUP SPON ADS TME	TME	357,808	$5.0m1.09%	1.09%	Reduced -1.5m	-1,451,705 -80.2%
21	ASML HOLDING N V N Y REGISTRY SHS ASML	ASML	4,459	$4.6m0.99%	0.99%	Reduced -10.8k	-10,774 -70.7%
22	NEW ORIENTAL ED & TECHNOLOGY SPON ADR EDU	EDU	56,253	$4.4m0.95%	0.95%	Reduced -38.7k	-38,652 -40.7%
23	ATOUR LIFESTYLE HLDGS LTD SPONSORED ADS ATAT	ATAT	234,955	$4.3m0.94%	0.94%	New
24	ALIBABA GROUP HLDG LTD SPONSORED ADS BABA	BABA	37,162	$2.7m0.58%	0.58%	Reduced -30.9k	-30,874 -45.4%
25	MINISO GROUP HLDG LTD SPONSORED ADS MNSO	MNSO	131,941	$2.5m0.55%	0.55%	Added +5.2k	+5,185 4.1%
26	HDFC BANK LTD SPONSORED ADS HDB	HDB	38,331	$2.5m0.54%	0.54%	Reduced -22.4k	-22,447 -36.9%
27	KASPI KZ JSC SPONSORED ADS KSPI	KSPI	13,376	$1.7m0.38%	0.38%	New
28	CREDICORP LTD COM COM		9,964	$1.6m0.35%	0.35%	Added +3.4k	+3,368 51.1%
29	MERCADOLIBRE INC COM MELI	MELI	616	$1.0m0.22%	0.22%	Reduced -70	-70 -10.2%
30	COUPANG INC CL A CPNG	CPNG	41,781	$875.3k0.19%	0.19%	Reduced -9.0k	-8,980 -17.7%
31	TOTALENERGIES SE SPONSORED ADS SPONSORED ADS		12,927	$862.0k0.19%	0.19%	Reduced -7.5k	-7,459 -36.6%
32	PETROLEO BRASILEIRO SA PETRO SPONSORED ADR PBR	PBR	59,348	$860.0k0.19%	0.19%	New
33	FREEPORT-MCMORAN INC CL B FCX	FCX	17,026	$827.5k0.18%	0.18%	Reduced -25.1k	-25,097 -59.6%
34	GLOBANT S A COM GLOB	GLOB	4,533	$808.1k0.18%	0.18%	Reduced -4.3k	-4,326 -48.8%
35	INFOSYS LTD SPONSORED ADR INFY	INFY	39,169	$729.3k0.16%	0.16%	Reduced -14.0k	-14,022 -26.4%
36	DESPEGAR COM CORP ORD SHS DESP	DESP	52,782	$698.3k0.15%	0.15%	Added +27.8k	+27,823 111.5%
37	VALE S A SPONSORED ADS VALE	VALE	14,610	$163.2k0.04%	0.04%	Reduced -24.2k	-24,192 -62.4%
38	SK TELECOM CO LTD SPONSORED ADR SKM	SKM	1,259	$26.4k0.01%	0.01%	Unchanged

Sold out since Q1 2024

Security	Ticker	Shares held before	Value then
NVIDIA CORPORATION NVDA	NVDA	303,310	$27.4m303.3k shares
JD.COM INC JD	JD	447,150	$12.2m447.1k shares
ZTO EXPRESS CAYMAN INC ZTO	ZTO	109,932	$2.3m109.9k shares
APPLIED MATLS INC AMAT	AMAT	679	$140.0k679 shares