Insightful Analysis of Matthews Pacific Tiger Fund (Trades, Portfolio)'s Latest 13F Filing for Q4 2023
Matthews Pacific Tiger Fund (Trades, Portfolio), known for its strategic investments in Asia Ex Japan, has revealed its N-PORT filing for the fourth quarter of 2023. The fund, which launched in September 1994, adheres to a bottom-up, fundamental investment philosophy, focusing on long-term performance. With a belief that many of Asia's indices do not reflect future success stories, Matthews Pacific Tiger Fund (Trades, Portfolio) seeks out companies with unrecognized potential. Their long-term approach, grounded in over three decades of experience, aims to capitalize on Asia's evolution. The firm's rigorous bottom-up research process involves thousands of company meetings annually, allowing them to identify sustainable growth prospects, strong business models, quality management, and reasonable valuations. Matthews Pacific Tiger Fund (Trades, Portfolio) also defines Asia investment strategies, offering investors a range of options across the risk-reward spectrum.
Summary of New Buys
Matthews Pacific Tiger Fund (Trades, Portfolio) expanded its portfolio with 7 new stocks in the fourth quarter. Noteworthy additions include:
- DBS Group Holdings Ltd (SGX:D05, Financial), purchasing 1,168,600 shares, making up 1.51% of the portfolio, valued at S$29.55 million.
- Mahindra & Mahindra Ltd (NSE:M&M), acquiring 749,511 shares, which represent 0.79% of the portfolio, with a total investment of ₹155.66 million.
- Tencent Music Entertainment Group (TME, Financial), adding 1,699,698 shares, accounting for 0.78% of the portfolio, valued at $15.31 million.
Key Position Increases
The fund also bolstered its stakes in 2 existing holdings:
- Orion Corp (Spin Co) (XKRX:271560, Financial) saw an additional 150,441 shares, bringing the total to 240,146 shares. This represents a 167.71% increase in share count, impacting the portfolio by 0.69%, with a total value of â‚©21.55 million.
- Shenzhen Mindray Bio-Medical Electronics Co Ltd (SZSE:300760, Financial) increased by 159,800 shares, totaling 830,320 shares. This adjustment marks a 23.83% increase in share count, valued at ¥33.89 million.
Summary of Sold Out Positions
The fund exited 5 holdings entirely in the last quarter:
- Dabur India Ltd (BOM:500096, Financial): All 6,944,091 shares were sold, impacting the portfolio by -1.6%.
- WuXi Biologics (Cayman) Inc (HKSE:02269, Financial): The complete liquidation of 6,077,500 shares resulted in a -1.23% portfolio impact.
Key Position Reductions
Matthews Pacific Tiger Fund (Trades, Portfolio) reduced its positions in 41 stocks. The most significant reductions include:
- Meituan (HKSE:03690, Financial) by 6,492,800 shares, leading to an -81.57% decrease in shares and a -3.27% impact on the portfolio. The stock's average trading price was HK$101.63 during the quarter, with a -41.44% return over the past 3 months and -22.77% year-to-date.
- Alibaba Group Holding Ltd (HKSE:09988, Financial) by 6,013,600 shares, resulting in a -50.47% reduction and a -2.27% impact on the portfolio. The stock traded at an average price of HK$77.37 during the quarter, with a -10.96% return over the past 3 months and -6.48% year-to-date.
Portfolio Overview
As of the fourth quarter of 2023, Matthews Pacific Tiger Fund (Trades, Portfolio)'s portfolio comprised 51 stocks. The top holdings included 9.01% in Samsung Electronics Co Ltd (XKRX:005930, Financial), 8.92% in Taiwan Semiconductor Manufacturing Co Ltd (TPE:2330, Financial), 5.13% in Tencent Holdings Ltd (HKSE:00700, Financial), 3.58% in ICICI Bank Ltd (NSE:ICICIBANK, Financial), and 3.31% in Central Pattana PCL (BKK:CPN, Financial). The investments are predominantly spread across 10 industries, including Technology, Financial Services, Consumer Cyclical, and more, reflecting the fund's diverse approach to capturing growth across Asia's dynamic markets.
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.
