Matthews International Capital Management 13F annual report

Matthews International Capital Management is an investment fund managing more than $452 billion ran by John Kast. There are currently 37 companies in Mr. Kast’s portfolio. The largest investments include PDD Inc and Full Truck Alliance Co, together worth $116 billion.

Limited to 30 biggest holdings

$452 billion Assets Under Management (AUM)

As of 15th July 2024, Matthews International Capital Management’s top holding is 455,484 shares of PDD Inc currently worth over $60.6 billion and making up 13.4% of the portfolio value. Relative to the number of outstanding shares of PDD Inc, Matthews International Capital Management owns more than approximately 0.1% of the company. In addition, the fund holds 6,936,769 shares of Full Truck Alliance Co worth $55.8 billion, whose value grew 24.6% in the past six months. The third-largest holding is Legend Biotech Corp worth $45.3 billion and the next is Sea Ltd worth $42.9 billion, with 601,345 shares owned.

Currently, Matthews International Capital Management's portfolio is worth at least $452 billion. The total portfolio value may be much higher due to cash assets that are not publicly disclosed such as fixed income, real estate, or cash equivalents.

Careers at Matthews International Capital Management

The Matthews International Capital Management office and employees reside in San Francisco, California. According to the last 13-F report filed with the SEC, John Kast serves as the Chief Compliance Officer at Matthews International Capital Management.

Recent trades

In the most recent 13F filing, Matthews International Capital Management revealed that it had opened a new position in Bilibili Inc and bought 411,030 shares worth $6.35 billion. This means they effectively own approximately 0.1% of the company. Bilibili Inc makes up 5.9% of the fund's Technology sector allocation and has decreased its share price by approximately 0.1% in the past year.

The investment fund also strengthened its position in PDD Inc by buying 94,791 additional shares. This makes their stake in PDD Inc total 455,484 shares worth $60.6 billion. PDD Inc dropped approximately 0.1% in the past year.

On the other hand, there are companies that Matthews International Capital Management is getting rid of from its portfolio. Matthews International Capital Management closed its position in NVIDIA Corp on 22nd July 2024. It sold the previously owned 30,331 shares for $27.4 billion. John Kast also disclosed a decreased stake in Full Truck Alliance Co by approximately 0.1%. This leaves the value of the investment at $55.8 billion and 6,936,769 shares.

One of the average hedge funds

The two most similar investment funds to Matthews International Capital Management are Iowa State Bank and Cheviot Value Management. They manage $452 billion and $452 billion respectively.

John Kast investment strategy

Matthews International Capital Management’s portfolio is diversified across 9 sectors. Currently, their heaviest sector is Consumer Discretionary — making up 25.1% of the total portfolio value. The fund focuses on investments in the China as 21.6% of the portfolio companies are based in the China.

The majority of the companies in the fund’s portfolio are large-cap stocks. Stocks with a size of more than $10 billion in market cap make up 43% of the total holdings value. On the other hand, small-cap stocks make up only 2.7% of the portfolio. The average market cap of the portfolio companies is close to $41.9 billion.

The complete list of Matthews International Capital Management trades based on 13F SEC filings

These positions were updated on July 22nd based on the fund’s latest 13F filing. Quickly find out what the most recently closed or increased positions are.

Security	Shares Owned	Value	Allocation
PDD Holdings Inc	26.28% 455,484	$60,556,598,000	13.40%
Full Truck Alliance Co. Ltd.	0.75% 6,936,769	$55,771,623,000	12.34%
Legend Biotech Corp	36.02% 1,022,780	$45,298,926,000	10.02%
Sea Ltd	92.97% 601,345	$42,948,060,000	9.50%
KE Holdings Inc.	35.57% 2,369,481	$33,528,156,000	7.42%
Taiwan Semiconductor Mfg Ltd	2.49% 169,557	$29,470,702,000	6.52%
NVIDIA Corp	Closed 30,331	$27,405,878,000
Trip.com Group Ltd	13.01% 560,670	$26,351,490,000	5.83%
Yum China Holdings Inc	13.71% 779,238	$24,031,700,000	5.32%
Zhihu Inc.	83.54% 5,359,714	$14,632,019,000	3.24%
Lam Research Corp.	6.66% 13,339	$14,204,034,000	3.14%
JD.com Inc	Closed 447,150	$12,247,439,000
Micron Technology Inc.	7.91% 83,315	$10,958,422,000	2.42%
Kanzhun Limited	16.27% 581,437	$10,936,830,000	2.42%
Broadcom Inc.	46.84% 6,451	$10,357,274,000	2.29%
Nu Hldgs Ltd	0.65% 669,807	$8,633,812,000	1.91%
Acm Resh Inc	1.16% 360,131	$8,304,621,000	1.84%
NetEase Inc	7.39% 82,913	$7,924,825,000	1.75%
Bilibili Inc	Opened 411,030	$6,346,303,000	1.40%
Icici Bank Limited	76.32% 192,652	$5,550,304,000	1.23%
Tencent Music Entmt Group	80.23% 357,808	$5,027,202,000	1.11%
Asml Holding N V	70.73% 4,459	$4,560,353,000	1.01%
New Oriental Ed & Technology	40.73% 56,253	$4,372,546,000	0.97%
Atour Lifestyle Hldgs Ltd	Opened 234,955	$4,311,424,000	0.95%
Alibaba Group Hldg Ltd	45.38% 37,162	$2,675,664,000	0.59%
Miniso Group Hldg Ltd	4.09% 131,941	$2,516,115,000	0.56%
HDFC Bank Ltd.	36.93% 38,331	$2,465,833,000	0.55%
Zto Express Cayman Inc	Closed 109,932	$2,301,976,000
Kaspi Kz Jsc	Opened 13,376	$1,725,638,000	0.38%
Credicorp Ltd	51.06% 9,964	$1,607,492,000	0.36%
MercadoLibre Inc	10.20% 616	$1,012,334,000	0.22%
Coupang, Inc.	17.69% 41,781	$875,312,000	0.19%
TotalEnergies SE	36.59% 12,927	$861,972,000	0.19%
Petroleo Brasileiro Sa Petro	Opened 59,348	$859,953,000	0.19%
Freeport-McMoRan Inc	59.58% 17,026	$827,464,000	0.18%
Globant S.A.	48.83% 4,533	$808,053,000	0.18%
Infosys Ltd	26.36% 39,169	$729,327,000	0.16%
Despegar.com Corp	111.47% 52,782	$698,306,000	0.15%
Vale S.A.	62.35% 14,610	$163,194,000	0.04%
Applied Matls Inc	Closed 679	$140,030,000
Sk Telecom Ltd	No change 1,259	$26,351,000	0.01%
No transactions found
Showing first 500 out of 41 holdings