Insightful 13F Filing Analysis Reveals Strategic Portfolio Adjustments
Matthews Pacific Tiger Fund (Trades, Portfolio), known for its strategic investments in Asia Ex Japan, has made significant moves in the third quarter of 2023, as revealed in its latest 13F report. The fund, which launched in September 1994, adheres to a bottom-up, fundamental investment philosophy, focusing on long-term performance. With a belief that widely used indices do not fully represent future success stories, Matthews Pacific Tiger Fund (Trades, Portfolio) invests in companies poised for recognition by the market. Their long-term focus on Asia, coupled with extensive research involving over 2,000 company meetings annually, allows them to identify companies with sustainable growth, strong business models, and reasonable valuations. The firm offers a range of Asia strategies to investors, adapting to new opportunities as they arise.
Summary of New Buys
Matthews Pacific Tiger Fund (Trades, Portfolio) expanded its portfolio with 4 new stocks:
- The most significant addition was HDFC Bank Ltd (NSE:HDFCBANK, Financial), with 3,294,516 shares, accounting for 2.1% of the portfolio and a total value of ₹6,042.11 million.
- The second largest addition was Kuaishou Technology (HKSE:01024, Financial), with 4,452,000 shares, representing approximately 1.23% of the portfolio, and a total value of HK$35.42 million.
- The third largest addition was Shenzhen Mindray Bio-Medical Electronics Co Ltd (SZSE:300760, Financial), with 670,520 shares, accounting for 0.87% of the portfolio and a total value of ¥24.94 million.
Key Position Increases
The fund also increased stakes in 5 stocks, with notable increases in:
- Contemporary Amperex Technology Co Ltd (SZSE:300750, Financial), with an additional 813,228 shares, bringing the total to 1,595,979 shares. This represents a 103.89% increase in share count, a 0.79% impact on the current portfolio, and a total value of ¥44.62 million.
- FPT Corp (STC:FPT, Financial), with an additional 2,291,642 shares, bringing the total to 4,074,142. This represents a 128.56% increase in share count and a total value of â‚«15.53 million.
Summary of Sold Out Positions
Matthews Pacific Tiger Fund (Trades, Portfolio) exited 6 holdings in the third quarter of 2023, including:
- Housing Development Finance Corp Ltd (BOM:500010, Financial): The fund sold all 2,109,831 shares, resulting in a -1.94% impact on the portfolio.
- JD.com Inc (HKSE:09618, Financial): The fund liquidated all 3,650,157 shares, causing a -1.72% impact on the portfolio.
Key Position Reductions
The fund reduced positions in 32 stocks, with significant changes in:
- HL Mando Corp (XKRX:204320, Financial) by 1,339,294 shares, resulting in a -77.31% decrease in shares and a -1.4% impact on the portfolio. The stock traded at an average price of â‚©44,890.8 during the quarter and has returned -12.05% over the past 3 months and -9.43% year-to-date.
- ICICI Bank Ltd (NSE:ICICIBANK, Financial) by 3,776,348 shares, resulting in a -32.72% reduction in shares and a -1.25% impact on the portfolio. The stock traded at an average price of ₹968.44 during the quarter and has returned -4.64% over the past 3 months and 4.74% year-to-date.
Portfolio Overview
At the end of the third quarter of 2023, Matthews Pacific Tiger Fund (Trades, Portfolio)'s portfolio comprised 49 stocks. The top holdings included 7.22% in Samsung Electronics Co Ltd (XKRX:005930, Financial), 6.93% in Taiwan Semiconductor Manufacturing Co Ltd (TPE:2330, Financial), 4.84% in Tencent Holdings Ltd (HKSE:00700, Financial), 4.5% in Alibaba Group Holding Ltd (HKSE:09988, Financial), and 4.01% in Meituan (HKSE:03690, Financial). The holdings are mainly concentrated across 10 industries: Technology, Financial Services, Consumer Cyclical, Consumer Defensive, Real Estate, Industrials, Communication Services, Basic Materials, Healthcare, and Utilities.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
