Q4 2025 · 13F-HR
Perseverance Asset Management Internationalholdings as filed
Filed 2026-02-12 · accession 0001802695-26-000001
$682.5M
Reported value
13
Positions
2025-12-31
Period end
The Brief · Perseverance Asset Management International · Q4 2025
AI · grounded in 13F
Perseverance Asset Management International closed its position in AS, reducing exposure by $18.88M. The fund significantly increased its stake in TSM, growing share count by 814.8%, and added 75.1% more shares of BEKE. New positions were established in API for $2.85M and YSG for $2.06M. Other exits included closing positions in GOOS and SMMT.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 44332N106 | HTHT | H WORLD GROUP LTD | $243.4M | 35.7% | 5,172,370 | Common | SOLE |
| 722304102 | PDD | PDD HOLDINGS INC | $222.5M | 32.6% | 1,962,092 | Common | SOLE |
| 02079K107 | GOOG | ALPHABET INC | $94.1M | 13.8% | 300,000 | Common | SOLE |
| 98850P109 | YUMC | YUM CHINA HLDGS INC | $34.1M | 4.99% | 713,999 | Common | NONE |
| 482497104 | BEKE | KE HLDGS INC | $18.2M | 2.67% | 1,155,439 | Common | SOLE |
| 74969N103 | RLX | RLX TECHNOLOGY INC | $18.2M | 2.66% | 7,790,928 | Common | SOLE |
| 64110W102 | NTES | NETEASE INC | $15.1M | 2.22% | 110,000 | Common | SOLE |
| 46267X108 | IQ | IQIYI INC | $13.1M | 1.91% | 6,800,000 | Common | SOLE |
| 874039100 | TSM | TAIWAN SEMICONDUCTOR MFG LTD | $8.7M | 1.28% | 28,734 | Common | SOLE |
| 464287432 | TLT | ISHARES TR | $5.2M | 0.75% | 59,100 | Common | SOLE |
| 48553T106 | BZ | KANZHUN LIMITED | $5.1M | 0.75% | 251,642 | Common | NONE |
| 00851L103 | API | AGORA INC | $2.8M | 0.42% | 700,000 | Common | SOLE |
| 985194208 | YSG | YATSEN HLDG LTD | $2.1M | 0.30% | 529,993 | Common | SOLE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.