Matthews International Capital Management LLC
Matthews International Capital Management LLC, founded in 1991 and based in San Francisco, CA, is an asset management firm best known for its focus on Asian and emerging markets. The firm serves both institutional and individual investors, offering mutual funds and strategies specially tailored to international and emerging market equities. Matthews employs staff with expertise in regional and fundamental research and has remained independently managed, prioritizing deep regional knowledge for over three decades.
Investment Strategy
Matthews International Capital Management specializes in active management of Asian and emerging markets equities. The firm’s investment process is bottom-up, relying on fundamental research to identify high-quality companies with strong growth prospects, sustainable competitive advantages, and sound corporate governance. Matthews emphasizes on-the-ground research and cultural expertise, seeking long-term value creation in dynamic and under-researched markets. Portfolio construction prioritizes diversification and risk management, with a focus on sustainable, long-term results.
Latest 13F Filing Activity
Matthews International Capital Management LLC filed their most recent 13F report on Sep 30, 2025 disclosing 35 equity positions with a total 13F market value of $429M. The fund increased holdings in PDD Holdings Inc., Kanzhun Limited, Trip Com Group LTD among other positions. Matthews International Capital Management LLC reduced exposure to Sea LTD, Legend Biotech Corp., Full Truck Alliance Co. LTD among others.
Top Holdings
Equity Positions (35)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
P PDD | PDD HOLDINGS INC | 15.20% | $65.3M | 493,802 | $103.56 | $132.17 | +$12.9M |
S SE | SEA LTD | 8.87% | $38.1M | 213,226 | $65.09 | $178.73 | -$13.0M |
L LEGN | LEGEND BIOTECH CORP | 7.81% | $33.5M | 1,028,447 | $40.60 | $32.61 | -$12.4M |
T TCOM | TRIP COM GROUP LTD | 6.80% | $29.2M | 388,145 | $40.54 | $75.20 | +$6.6M |
B BZ | KANZHUN LIMITED | 5.60% | $24.1M | 1,029,811 | $17.32 | $23.36 | +$7.1M |
Industry Allocation
Investment Team (26)
| Name | Role | Location | |
|---|---|---|---|
 | Co-Portfolio Manager, Matthews Emerging Markets Fund | San Francisco, CA , United States | |
A Angela Wang | Vice President, National Accounts | San Francisco, CA , United States | |
 | Portfolio Manager | San Francisco, CA , United States | |
 | Vice President, Communications Strategist | CA , United States | |
J Jason Ng | Analyst | New York, NY , United States | |
J John McGowan | Senior Vice President | Danville, CA , United States | |
 | Vice President, Business Development | San Francisco, CA , United States | |
S Shuntaro Takeuchi | Portfolio Manager | San Francisco, CA , United States | |
 | Senior Research Analyst + Co-Portfolio Manager | CA , United States | |
| Healthcare Analyst | New York, NY , United States |