3968-HK-2

3968-HK-2

3968-HK-2

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q3	Sep 30, 2024	Platinum Global Fund (Long Only)	0.0%	-	005930.KS, 055550.KS, 0700.HK, 1109.HK, 1810.HK, 3968.HK, 6201.T, 6479.T, 7203.T, AVGO, DSV.CO, ICE, INDIGO.NS, JD, MCHP, MU, PING, TRIP, TSM, TU, UBS, ZTO	China, interest rates, Japan, Korea, Logistics, semiconductors, Stimulus, value	The most important event during the quarter was the combined statements from the Politburo and the People's Bank of China aimed at drawing a line under the property market and lifting the economy out of its slump. The breadth and tone of the announcements were notably more aggressive and in a surprise move they explicitly called out support for the domestic equity market. This has triggered a swift rally in Chinese stocks, with the mainland A-share index rising 25% in five days from the first announcement on September 23rd.		View
2024 Q3	Sep 30, 2024	Platinum Asia Fund	10.0%	-	000660.KS, 005930.KS, 0700.HK, 1109.HK, 1357.HK, 2269.HK, 2318.HK, 3968.HK, ALI.PS, ASII.JK, BABA, BILI, DDL, JD, MAPI.JK, MEGA.BK, PWON.JK, SPALI.BK, TSM	Asia, China, E-Commerce, emerging markets, Indonesia, Recovery, semiconductors, Stimulus	Chinese authorities announced comprehensive stimulus measures in late September including monetary policy easing, property market support, and explicit equity market encouragement. This triggered a sharp rally with mainland A-shares rising 25% in five days from September 23rd. The manager views this as potentially marking a turning point after years of economic weakness.		View
2024 Q2	Jun 30, 2024	Platinum Asia Fund	2.0%	-	000660.KS, 005930.KS, 021240.KS, 0700.HK, 1109.HK, 1357.HK, 3968.HK, 9961.HK, AAPL, CATL, GOOGL, INGVY, JD, NVDA, PDD, TSM, TSMC, ZTO	Asia, China, India, Property, semiconductors	Strong performance from semiconductor holdings TSMC and SK hynix driven by AI enthusiasm. TSMC up 25% and SK hynix up 28% during the quarter as markets focused on AI-exposed companies.		View
2025 Q1	Mar 31, 2025	abrdn Emerging Markets Fund	0.9%	0.9%	0700.HK, 1211.HK, 1810.HK, 2015.HK, 2222.SR, 2308.TW, 2317.TW, 2318.HK, 2327.TW, 2454.TW, 300274.SZ, 3968.HK, 4904.TW, ADIB.AD, ALDAR.AD, BABA, BAC, GLOB, INDHOTEL.NS, JBCHEPHARM.NS, POWERGRID.NS, TSM	AI, China, emerging markets, India, semiconductors, tariffs, technology	DeepSeek's AI model announcement triggered a sharp rally in Chinese tech stocks, particularly benefiting cloud providers like Alibaba and Tencent. However, concerns emerged that more efficient AI models might reduce demand and capex in the tech value chain, pressuring semiconductor and tech hardware stocks.		View
2023 Q1	Mar 31, 2023	Platinum Asia Fund	4.4%	4.4%	000338.SZ, 000660.KS, 005930.KS, 051910.KS, 0700.HK, 2689.HK, 3968.HK, 3988.HK, AVIA.JK, BABA, DADA, HTHT, INDIGO, JD, LODHA, MEITUAN, MWG.VN, PDD, SUPALAI.BK, TRIP, TSM, ZTO	Asia, China, E-Commerce, Reopening, semiconductors, Travel, Vietnam	China was a strong contributor to performance with reopening driving gains across travel and service-exposed areas. The economic recovery is occurring at a measured pace with domestic travel picking up dramatically and retail sales returning to growth.		View
2025 Q4	Dec 31, 2025	Fortress – Fixed Income Fund	0.6%	5.5%	005930.KS, 0700.HK, 1288.HK, 1585.HK, 1878.T, 2318.HK, 392.HK, 3968.HK, 6920.T, 8035.T, 916.HK, ACN, AMAT, AXP, BABA, BBDO, BNZL.L, BRK.B, BTI, CHTR, FMC, GMEXICOB.MX, GRMN, HSY, ITUB, IX, JNJ, LOGI, MC.PA, MRK, NTES, NVO, ORLY, PDD, PHM, ROG.SW, SBS, SNA, TSM, UNH, VALE, VRTX, WKL	AI, Bonds, emerging markets, healthcare, international, technology, Trade Policy, value	Artificial intelligence remained the primary focus for investors in U.S. markets, driving strength in technology names while masking moderation in other economic areas. The AI investment boom continued to power corporate capital expenditures and supply growth, though consumer confidence readings suggest potential underlying softness that could emerge if AI investment moderates. The manager sees excellent value opportunities globally, particularly in international and emerging markets despite strong recent performance. U.S. healthcare and consumer staples have been left behind by the AI frenzy and trade at appealing valuations. Portfolio companies show attractive price/earnings ratios with meaningful long-term return potential. Recent tariff policies continued to negatively impact U.S. consumers and companies throughout the year. However, international companies have been finding new trade arrangements and growth opportunities, benefiting from shifts in global trade patterns as the new U.S. administration alters terms of international cooperation.		View
2024 Q4	Dec 31, 2024	Platinum Asia Fund	0.3%	21.0%	000660.KS, 005930.KS, 0700.HK, 1024.HK, 1109.HK, 2057.HK, 2318.HK, 2330.TW, 3968.HK, ALI.PS, JD, MBMA.JK, MEGA.BK, MMYT, MWG.VN, PTBA.JK, TCOM	Asia, China, E-Commerce, semiconductors, Stimulus, technology, Travel	TSMC is an essential partner to Nvidia and most large businesses at the forefront of the AI revolution. The dominance of TSMC's position in this industry has been reinforced by recent turmoil at their closest competitors, Intel and Samsung. Global demand for AI and semiconductors that power AI products appears insatiable.		View
2025 Q4	Jan 21, 2026	Platinum Asia Fund	5.0%	24.0%	000338.SZ, 000660.KS, 005930.KS, 0700.HK, 1024.HK, 1109.HK, 3968.HK, 601318.SS, ASII.JK, BABA, BILI, IGOA.NS, JD, JFC.PS, MWG.HM, PONY, TCOM, TSM, VEI, ZTO	AI, Asia, China, Electric Vehicles, financials, semiconductors, technology	Asian markets driven by unflagging enthusiasm for AI businesses, with tech-heavy South Korea and Taiwan leading. Core semiconductor holdings SK hynix, Samsung Electronics and TSMC were major contributors. AI trade reaching unexpected corners of old economy, with companies like Weichai Power benefiting as inadvertent AI beneficiaries through industrial power generation for datacenters. Chinese financial holdings bounced back as fears of forced property sector support eased. Ping An Insurance and China Merchants Bank performed strongly after Shenzhen government indicated it wouldn't indefinitely bail out developers. This signals financial companies prioritizing their own balance sheets over socializing property sector losses, leading to re-rating of Chinese financials. Introduced position in Chinese autonomous vehicle company Pony AI. Autonomous vehicles are scaling rapidly with improving unit economics - fleet grew from 250 to 1,159 vehicles in 2025. Technology robustness has stepped up, with vehicles now working 24/7 in chaotic Beijing and Shanghai traffic. Fully equipped vehicle costs now under $50,000 with further 40% cost reduction targeted.	PONY 3968 HK 2318 HK 005930 KS 000660 KS TSM	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
No pitches found.

BSD Shareholders of 3968-HK-2

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
No investor data available.

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