This article first appeared on GuruFocus .
Insights into the Fund's Fourth Quarter 2025 Investment Moves
Matthews Pacific Tiger Fund ( Trades , Portfolio ) recently submitted its N-PORT filing for the fourth quarter of 2025, revealing strategic investment decisions made during this period. Established in September 1994, the fund aims to achieve its investment objectives by allocating at least 80% of its net assets in common and preferred stocks of companies located in Asia, excluding Japan. The fund employs a bottom-up, fundamental investment philosophy with a focus on long-term performance. Matthews believes in active management, emphasizing that many regional indices are backward-looking and not representative of future successful industries. The firm has been investing in Asia since 1991, leveraging its experience to identify companies poised to benefit from the region's growth. Matthews conducts over 2,000 company meetings annually to identify firms with sustainable growth prospects, strong business models, and quality management teams.
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Summary of New Buy
Matthews Pacific Tiger Fund ( Trades , Portfolio ) added a total of three stocks to its portfolio. The most significant addition was Dongfang Electric Corp Ltd ( HKSE:01072 ), with 2,089,200 shares, accounting for 0.93% of the portfolio and valued at HK$6.71 million. The second largest addition was NAURA Technology Group Co Ltd ( SZSE:002371 ), consisting of 86,405 shares, representing approximately 0.79% of the portfolio, with a total value of 5.69 million. The third largest addition was Inventurus Knowledge Solutions Ltd ( NSE:IKS ), with 210,506 shares, accounting for 0.54% of the portfolio and a total value of ?3.88 million.
Key Position Increases
Matthews Pacific Tiger Fund ( Trades , Portfolio ) also increased stakes in a total of 14 stocks. The most notable increase was in Samsung C&T Corp ( XKRX:028260 ), with an additional 25,329 shares, bringing the total to 66,019 shares. This adjustment represents a significant 62.25% increase in share count, impacting the portfolio by 0.58%, with a total value of ?10.97 million. The second largest increase was in State Bank of India ( NSE:SBIN ), with an additional 264,703 shares, bringing the total to 531,421. This adjustment represents a significant 99.24% increase in share count, with a total value of ?5.81 million.
Summary of Sold Out
Matthews Pacific Tiger Fund ( Trades , Portfolio ) completely exited three holdings in the fourth quarter of 2025. The fund sold all 19,160 shares of Dixon Technologies (India) Ltd ( NSE:DIXON ), resulting in a -0.48% impact on the portfolio. Additionally, it liquidated all 519,300 shares of KE Holdings Inc ( HKSE:02423 ), causing a -0.46% impact on the portfolio.
Key Position Reduces
Matthews Pacific Tiger Fund ( Trades , Portfolio ) also reduced its position in 20 stocks. The most significant change was a reduction in Tencent Holdings Ltd ( HKSE:00700 ) by 88,500 shares, resulting in a -13.35% decrease in shares and a -1.03% impact on the portfolio. The stock traded at an average price of HK$626.82 during the quarter and has returned -11.29% over the past three months and -6.84% year-to-date. Additionally, the fund reduced its position in DiDi Global Inc ( DIDIY ) by 1,058,641 shares, resulting in a -43.17% reduction in shares and a -0.89% impact on the portfolio. The stock traded at an average price of $5.74 during the quarter and has returned -18.52% over the past three months and -12.50% year-to-date.
Portfolio Overview
As of the fourth quarter of 2025, Matthews Pacific Tiger Fund ( Trades , Portfolio )'s portfolio included 76 stocks. The top holdings were 13.5% in Taiwan Semiconductor Manufacturing Co Ltd ( TPE:2330 ), 6.1% in Tencent Holdings Ltd ( HKSE:00700 ), 5.93% in Samsung Electronics Co Ltd ( XKRX:005930 ), 4.25% in Alibaba Group Holding Ltd ( HKSE:09988 ), and 3.56% in SK Hynix Inc ( XKRX:000660 ).
The holdings are mainly concentrated in nine of the eleven industries: Technology, Financial Services, Consumer Cyclical, Communication Services, Industrials, Healthcare, Real Estate, Consumer Defensive, and Basic Materials.
