MI
Matthews International Capital Management LLC — 13F Filing & Top Stock Positions (Q2 2026)
Matthews International Capital Management LLCCIK: 0001028074
Momentum followerSector-focusedQuality / disciplined sizing
Total reported value
$291.7M
Reporting period: 2026-06-30 · Number of holdings: 32
MATTHEWS INTERNATIONAL CAPITAL MANAGEMENT LLC disclosed 32 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $291.7M and a quarterly turnover rate of 53.1%.
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Personality snowflake
- Concentration
- 23.73
- Portfolio Stability
- 53.11
- Momentum
- 100
- Sector conviction
- 90.01
- Diversification
- 64
- Sizing Uniformity
- 90.37
Matthews International Capital Management LLC's disclosed holdings carry a Herfindahl concentration index of 0.059 — mathematically equivalent to about 17 equally-sized positions, well below its 32 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.96), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 46% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govAdd UMC
+49.9% $31.1M
Trim YUMC
-33.1% -$11.9M
Trim PDD
-33.9% -$10.3M
Sold out FUTU
Add ACMR
-4.6% $11.3M
Add MU
-41.8% $9.7M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | UMC | United Microelectron-sp Adr | Stock-Other | 13.67% | +10.11% | +49.92% | |
| 2 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 9.59% | +1.02% | -6.24% | |
| 3 | LEGN | Legend Biotech Corp-adr | Stock-Other | 9.08% | +2.28% | -0.93% | |
| 4 | MU | Micron Technology Inc | Stock-Tech | 6.71% | +2.72% | -41.84% | |
| 5 | ACMR | Acm Research Inc-class A | Stock-Other | 5.76% | +3.54% | -4.62% | |
| 6 | YUMC | Yum China Holdings Inc | Stock-Consumer Disc | 5.20% | -5.78% | -33.11% | |
| 7 | ATAT | Atour Lifestyle Holdings-adr | Stock-Other | 3.82% | +0.54% | +59.82% | |
| 8 | ITUB | Itau Unibanco H-spon Prf Adr | Stock-Financials | 3.80% | +0.51% | +40.08% | |
| 9 | CYD | China Yuchai International Limited | Stock-Other | 3.49% | -1.57% | -33.77% | |
| 10 | BZ | Kanzhun LTD - Adr | Stock-Other | 3.48% | -0.30% | +13.08% | |
| 11 | PDD | Pdd Holdings Inc | Stock-Consumer Disc | 3.44% | -4.81% | -33.90% | |
| 12 | LRCXEUR | Lam Research CORP | Stock-Tech | 3.01% | +0.57% | -27.87% | |
| 13 | ✓ | Grupo Financiero Galicia | Stock-Other | 2.56% | -0.61% | -10.79% | |
| 14 | YMM | Full Truck Alliance -spn Adr | Stock-Other | 2.41% | +1.54% | +236.39% | |
| 15 | NU | Nu Holdings Ltd. | Stock-Financials | 2.31% | -0.64% | -0.32% | |
| 16 | IBN | Icici Bank Ltd-spon Adr | Stock-Financials | 2.16% | -0.96% | -26.72% | |
| 17 | FCX | Freeport-mcmoran Inc | Stock-Materials | 2.15% | +0.05% | +13.37% | |
| 18 | QFIN | Qfin Holdings Inc-adr | Stock-Other | 2.02% | +0.57% | +34.25% | |
| 19 | BVN | Cia De Minas Buenaventur-adr | Stock-Other | 1.76% | -0.13% | +35.72% | |
| 20 | BAP | Credicorp Ltd. | Stock-Financials | 1.71% | -0.06% | -0.18% | |
| 21 | HDB | Hdfc Bank Ltd-adr | Stock-Financials | 1.67% | -1.22% | -34.32% | |
| 22 | IFS | Intercorp Financial Services Inc. | Stock-Other | 1.60% | +0.13% | +13.20% | |
| 23 | PBR | Petroleo Brasileiro-spon Adr | Stock-Energy | 1.58% | -0.82% | -0.17% | |
| 24 | KC | Kingsoft Cloud Holdings-adr | Stock-Other | 1.48% | +0.29% | +116.82% | |
| 25 | FMX | Fomento Economico Mex-sp Adr | Stock-Other | 1.38% | -0.04% | -0.18% | |
| 26 | XPEV | XPeng Inc. | Stock-Other | 1.09% | +1.09% | NEW | |
| 27 | CPNG | Coupang Inc | Stock-Consumer Disc | 1.06% | -0.29% | +0.84% | |
| 28 | GRAB | Grab Holdings Limited | Stock-Tech | 0.69% | -1.20% | +63.31% | |
| 29 | VALE | Vale Sa-sp Adr | Stock-Materials | 0.69% | -0.18% | -0.41% | |
| 30 | BIDU | Baidu Inc - Spon Adr | Stock-Comm Services | 0.45% | -0.61% | -51.38% | |
| 31 | MKOR | Matthews Korea Active ETF | ETF-Other | 0.11% | +0.02% | — | |
| 32 | ADVE | Matthews Asia Dividend ETF | ETF-Other | 0.08% | — | — |
Portfolio Performance
Performance for Q3 2026
-3.7%
Performance Last 4 Quarters
-22.9%
- Stdev
- +20.3%
- Beta
- +0.64
- Alpha
- -10.3%
- Max Drawdown
- -29.6%
- Annualized Perf
- +0.5%
- Batting Avg vs S&P
- +30.6%
- Sortino
- +0.19
- Stutzer
- +0.04
- Treynor
- +0.04
- Sterling
- +0.02
- Calmar
- +0.02
- Information Ratio
- -0.92
- Tracking Error
- +19.1%
- Stdev Down
- +13.4%
- Winning Months %
- +52.8%
- Losing Months %
- +47.2%
- Best 12 Months
- +41.2%
- Worst 12 Months
- -22.9%
- Efficiency Ratio
- +0.01
- Sharpe
- +0.12
- Stdev Sectors
- +14.9%
- Skewness
- +0.34
- Kurtosis
- +0.91
- Upside Potential
- +2.09
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 32 | $291.7M | 53 | ||
| 2026 Q1 | 37 | $246.5M | 83 | ||
| 2025 Q4 | 40 | $329.4M | 49 | ||
| 2025 Q3 | 40 | $429.5M | 38 | ||
| 2025 Q2 | 40 | $434.8M | 0 | ||
| 2025 Q1 | 37 | $484.4M | 100 | ||
| 2024 Q4 | 42 | $489.2M | 0 | ||
| 2024 Q3 | 42 | $607.2M | 0 | ||
| 2024 Q2 | 38 | $459.6M | 0 | ||
| 2024 Q1 | 38 | $507.6M | 0 | ||
| 2023 Q4 | 36 | $711.8M | 0 | ||
| 2023 Q3 | 38 | $826.7M | 0 | ||
| 2023 Q2 | 45 | $853.6M | 0 | ||
| 2023 Q1 | 43 | $1.0B | 0 | ||
| 2022 Q4 | 39 | $846.0M | 0 | ||
| 2022 Q3 | 38 | $688.2M | 0 | ||
| 2022 Q2 | 41 | $696.5M | 0 | ||
| 2022 Q1 | 38 | $721.8M | 0 | ||
| 2021 Q4 | 38 | $957.6M | 0 | ||
| 2021 Q3 | 41 | $1.6B | 0 | ||
| 2021 Q2 | 49 | $2.4B | 100 | ||
| 2021 Q1 | 51 | $2.4B | 44 | ||
| 2020 Q4 | 40 | $1.9B | 60 | ||
| 2020 Q3 | 35 | $1.5B | 42 | ||
| 2020 Q2 | 35 | $1.3B | 76 | ||
| 2020 Q1 | 33 | $1.6B | 37 | ||
| 2019 Q4 | 31 | $2.1B | 38 | ||
| 2019 Q3 | 33 | $2.2B | 21 | ||
| 2019 Q2 | 35 | $2.2B | 30 | ||
| 2019 Q1 | 35 | $2.1B | 30 | ||
| 2018 Q4 | 34 | $1.6B | 32 | ||
| 2018 Q3 | 35 | $2.1B | 28 | ||
| 2018 Q2 | 35 | $2.2B | 12 | ||
| 2018 Q1 | 37 | $2.2B | 25 | ||
| 2017 Q4 | 38 | $2.1B | 20 | ||
| 2017 Q3 | 45 | $2.4B | 20 | ||
| 2017 Q2 | 39 | $2.2B | 16 | ||
| 2017 Q1 | 36 | $2.0B | 16 | ||
| 2016 Q4 | 38 | $1.9B | 34 | ||
| 2016 Q3 | 42 | $2.4B | 40 | ||
| 2016 Q2 | 35 | $2.3B | 34 | ||
| 2016 Q1 | 36 | $2.3B | 12 | ||
| 2015 Q4 | 37 | $2.2B | 17 | ||
| 2015 Q3 | 36 | $2.3B | 30 | ||
| 2015 Q2 | 40 | $2.9B | 12 | ||
| 2015 Q1 | 39 | $2.9B | 23 | ||
| 2014 Q4 | 41 | $2.4B | 42 | ||
| 2014 Q3 | 37 | $2.2B | 23 | ||
| 2014 Q2 | 35 | $1.8B | 38 | ||
| 2014 Q1 | 33 | $1.8B | 17 | ||
| 2013 Q4 | 30 | $2.0B | 8 | ||
| 2013 Q3 | 26 | $2.0B | 26 | ||
| 2013 Q2 | 26 | $1.8B | — |
Holding changes this quarter
Matthews International Capital Management LLC's most significant position changes for 2026-06-30: Sold out: Futu Holdings Ltd-adr (FUTU); New buy: XPeng Inc. (XPEV); Sold out: Sea Ltd-adr (SE); Sold out: Trip.com Group Ltd-adr (TCOM); Sold out: Globant S.A. (GLOB).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | UMC | United Microelectron-sp Adr | +10.1% | +49.92% | Add |
| 2 | ACMR | Acm Research Inc-class A | +3.5% | -4.62% | Trim |
| 3 | MU | Micron Technology Inc | +2.7% | -41.84% | Trim |
| 4 | LEGN | Legend Biotech Corp-adr | +2.3% | -0.93% | Trim |
| 5 | YMM | Full Truck Alliance -spn Adr | +1.5% | +236.39% | Add |
| 6 | XPEV | XPeng Inc. | +1.1% | NEW | New buy |
| 7 | TSM | Taiwan Semiconductor-sp Adr | +1% | -6.24% | Trim |
| 8 | LRCXEUR | Lam Research CORP | +0.6% | -27.87% | Trim |
| 9 | QFIN | Qfin Holdings Inc-adr | +0.6% | +34.25% | Add |
| 10 | ATAT | Atour Lifestyle Holdings-adr | +0.5% | +59.82% | Add |
| 11 | ITUB | Itau Unibanco H-spon Prf Adr | +0.5% | +40.08% | Add |
| 12 | KC | Kingsoft Cloud Holdings-adr | +0.3% | +116.82% | Add |
| 13 | IFS | Intercorp Financial Services Inc. | +0.1% | +13.20% | Add |
| 14 | FCX | Freeport-mcmoran Inc | +0.1% | +13.37% | Add |
| 15 | MKOR | Matthews Korea Active ETF | 0% | — | Unchanged |
| 16 | ADVE | Matthews Asia Dividend ETF | — | — | Unchanged |
| 17 | ✓ | Agi Inc | 0% | EXIT | Sold out |
| 18 | FMX | Fomento Economico Mex-sp Adr | 0% | -0.18% | Trim |
| 19 | SKM | Sk Telecom Co Ltd-spon Adr | 0% | EXIT | Sold out |
| 20 | BAP | Credicorp Ltd. | -0.1% | -0.18% | Trim |
| 21 | GLOB | Globant S.A. | -0.1% | EXIT | Sold out |
| 22 | BVN | Cia De Minas Buenaventur-adr | -0.1% | +35.72% | Add |
| 23 | VALE | Vale Sa-sp Adr | -0.2% | -0.41% | Trim |
| 24 | CPNG | Coupang Inc | -0.3% | +0.84% | Add |
| 25 | BZ | Kanzhun LTD - Adr | -0.3% | +13.08% | Add |
| 26 | BIDU | Baidu Inc - Spon Adr | -0.6% | -51.38% | Trim |
| 27 | ✓ | Grupo Financiero Galicia | -0.6% | -10.79% | Trim |
| 28 | NU | Nu Holdings Ltd. | -0.6% | -0.32% | Trim |
| 29 | TCOM | Trip.com Group Ltd-adr | -0.8% | EXIT | Sold out |
| 30 | PBR | Petroleo Brasileiro-spon Adr | -0.8% | -0.17% | Trim |
| 31 | SE | Sea Ltd-adr | -1% | EXIT | Sold out |
| 32 | IBN | Icici Bank Ltd-spon Adr | -1% | -26.72% | Trim |
| 33 | GRAB | Grab Holdings Limited | -1.2% | +63.31% | Add |
| 34 | HDB | Hdfc Bank Ltd-adr | -1.2% | -34.32% | Trim |
| 35 | CYD | China Yuchai International Limited | -1.6% | -33.77% | Trim |
| 36 | FUTU | Futu Holdings Ltd-adr | -3.8% | EXIT | Sold out |
| 37 | PDD | Pdd Holdings Inc | -4.8% | -33.90% | Trim |
| 38 | YUMC | Yum China Holdings Inc | -5.8% | -33.11% | Trim |
Filing History
FAQ
What is Matthews International Capital Management LLC and what type of investor is it?
Matthews International Capital Management LLC is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $291.7M, spread across 32 disclosed positions.
What are Matthews International Capital Management LLC's largest equity positions?
Based on the latest 13F filing, Matthews International Capital Management LLC's top holdings by market value are:
1. United Microelectron-sp Adr (UMC) — $39.9M (13.7%)
2. Taiwan Semiconductor-sp Adr (TSM) — $28.0M (9.6%)
3. Legend Biotech Corp-adr (LEGN) — $26.5M (9.1%)
4. Micron Technology Inc (MU) — $19.6M (6.7%)
5. Acm Research Inc-class A (ACMR) — $16.8M (5.8%)
What changes did Matthews International Capital Management LLC make in its most recent portfolio filing?
In the latest reported quarter, Matthews International Capital Management LLC made 36 notable position adjustments: 1 new positions were initiated, 12 existing holdings were added to, 17 positions were partially reduced, and 6 were completely exited. The largest of these moves: Sold out: Futu Holdings Ltd-adr (FUTU); New buy: XPeng Inc. (XPEV); Sold out: Sea Ltd-adr (SE); Sold out: Trip.com Group Ltd-adr (TCOM); Sold out: Globant S.A. (GLOB)
What sectors does Matthews International Capital Management LLC focus on?
Matthews International Capital Management LLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 43.3%
• Financials: 25.2%
• Consumer Discretionary: 21.0%
• Materials: 6.1%
• Energy: 3.4%
• Communication Services: 1.0%
Investment Profile
Matthews International Capital Management LLC returned an annualized 0.5% over the trailing 36 months — underperforming the S&P 500 by 10.3 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.64 (less volatile than the market) and a 31% quarterly batting average against the index.
Its portfolio is broadly diversified and moderately active, with 43.3% of the portfolio concentrated in Information Technology.
Its turnover score has risen from 0 to 53 over the past 4 quarters — a shift toward more active trading.
It has added to its TSM position over the past two quarters (+$18.0M, now $28.0M), while trimming PDD over the same stretch (-$32.0M, still holding $10.0M).
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Developer Access
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