TCEHY

TCEHY

TCEHY

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q3	Sep 30, 2025	Antipodes Global Fund	-	-	4063 JP, 6367 JP, 6702 JP, ASAIY, B, EAT, GMED, GOOG, MPNGY, MRK, NG, PCOR, TCEHY, UBS, VALT LN	AI, Capex, Cloud, Platforms, semiconductors	AI-driven equity momentum remains the dominant global market catalyst, influencing U.S. leadership, Chinas tech rally, and sector performance. The fund highlights both opportunity and risk in AI-related capital expenditure cycles, with concerns over circular investment dynamics. AI continues to shape earnings dispersion, regulatory focus, and positioning across global equities.		View
2025 Q3	Sep 30, 2025	Antipodes Global Value Fund	-	-	4063 JP, 6367 JP, 6702 JP, ASAIY, B, BABA, EAT, GMED, GOOG, MPNGY, MRK, PCOR, TCEHY, VALT LN	AI, China, Cloud, Platforms, semiconductors	AI optimism fuels U.S. tech strength and Chinas policy-supported chip and platform expansion, driving major contributors such as Alphabet, Tencent, and Alibaba. The fund emphasizes AI monetization across cloud, gaming, advertising, and silicon supply chains. AI remains a central multiyear growth engine shaping valuation, sector rotation, and capital allocation.	GOLD US 6367 JP GMED US PCOR US 4063 JP 300750 CH GOLD US	View
2024 Q1	May 21, 2024	Saltlight Capital	15.6%	35.6%	BLU SJ, TCEHY, TCP AJ, WBC SJ	-			View
2025 Q1	Apr 19, 2025	Polen Capital – International Growth	0.0%	0.0%	ADYEN NA, AON, GLOB, ICLR, LONN SW, MELI, NVO, SAP GR, TCEHY, TME, TSM, ULVR	-			View
2025 Q1	Mar 31, 2025	Baron Emerging Markets Fund	3.0%	3.0%	002472 CH, 002594 CH, 2423 HK, 9868 HK, KAYNES IN, KGDEY, KMB LN, SWIGGY IN, TCEHY, TSM	-			View
2025 Q1	Mar 31, 2025	Sands Capital Emerging Markets Growth Fund	2.5%	2.5%	1211 HK, 3690 HK, 5274 TT, APHS IN, ARHI, BAF IN, ETERNAL IN, FPTVN19 TB, GLOB, ICT PM, MELI, PHNX IN, SE, TCEHY, TCS IN, TSM, WALMEX MM, WEGZY	-			View
2024 Q4	Dec 31, 2024	Davis Global Fund	-	22.7%	005930 KS, 2318 HK, 3690 HK, AMAT, AMZN, BRK/A, COF, CVS, ENT LN, GOOG, HUM, META, MGM, TCEHY, TCOM	-			View
2022 Q4	Dec 31, 2022	Baron Emerging Markets Fund	9.0%	16.2%	268 HK, 587 HK, BAF IN, HAPVY, NHU SS, SMSN LN, TCEHY, TS, TSM	-			View
2022 Q4	Dec 31, 2022	Polen Capital – International Growth	9.2%	-30.0%	AON, BNZL LN, CAN, GLOB, SAP, SHOP, TCEHY, TEMN SW, ULVR LN	-			View
2025 Q3	Nov 7, 2025	Montaka Global Investments	-	-	DASH, FND, MC FP, MDB, SPOT, TCEHY	FreeCashFlow, global, moats, Quality, Resilience	Montaka focuses on high-quality global franchises with durable competitive advantages and strong free cash flow. The fund stresses patience through drawdowns as long-term fundamentals outweigh short-term sentiment shifts. Quality remains investable as capital concentrates in resilient business models.		View
2024 Q3	Nov 18, 2024	Saltlight Capital	15.6%	35.6%	APP, RBLX, SE, TCEHY	-			View
2024 Q3	Oct 8, 2024	Mawer International Equity Fund	6.9%	16.0%	005930 KR, BN, CACI, SPOT, TCEHY	-			View
2025 Q3	Oct 23, 2025	JDP Capital	12.8%	31.8%	300750 CH, BABA, CZR, SPOT, TCEHY	AI, Automation, compute, Platforms, productivity	The letter argues that declining compute costs and rapid model improvement are accelerating AI adoption beyond large incumbents. AI is reshaping competitive dynamics across logistics, consumer platforms, and automation by compressing costs and expanding addressable markets. AI remains a powerful secular theme as productivity gains compound faster than traditional growth drivers.	CZR TCEHY BABA 300750 CH SPOT	View
2025 Q3	Oct 20, 2025	Baillie Gifford – International Alpha	-0.3%	18.2%	DB1 GR, DSV DC, SEB, TCEHY, UOB SP	Artificial Intelligence, Asia, emerging markets, financials, industrials	The fund underperformed its benchmark amid weakness in European financials and industrials, offset by strength in Asian tech and Chinese internet holdings like Tencent and Samsung. Managers added B3, SEB Bank, and United Overseas Bank for exposure to structural financial growth and stable profitability. The portfolio remains positioned for long-term compounding from AI innovation and quality franchises in Asia.	UOB SEB B3 SA UOB SEB	View
2025 Q3	Oct 20, 2025	Sands Capital Emerging Markets Growth Fund	5.0%	21.5%	000660 KS, 005930 KS, 6862 CH, BBCA IJ, BHARTI IN, CATL, DNOPY, GLOB, HDFCB IN, MELI, NU, RIGD LN, SE, TCEHY, TSM	Artificial Intelligence, E-Commerce, emerging markets, Fintech, semiconductors	The fund highlights how AI adoption and financial inclusion are reshaping emerging markets. Technology hardware and semiconductor exposure benefits from surging AI infrastructure demand in Taiwan and Korea, while digital finance platforms in Latin America drive inclusion-led growth. Consumer internet leaders continue expanding in e-commerce and payments across Asia and Latin America.		View
2025 Q3	Oct 19, 2025	Artisan International Fund	5.0%	34.0%	079550 KS, 300750 CH, A012450 KS, BABA, CRH, GALD SW, TCEHY, UCB	aerospace, defense, Electrification, Energy Storage, financials	Electrification is a central theme driven by EV demand, AI power needs, and grid expansion, benefiting holdings like CATL and Korea Electric Power. Rising global defense budgets support companies such as Hanwha Aerospace and LIG Nex1. Financial holdings like UBS and Lloyds gain from restructuring, dividends, and buybacks amid steady capital markets.	3750 HK 012450 KS UBSG SW UCB BB	View
2025 Q3	Oct 16, 2025	Polen Capital – International Growth	-4.5%	2.1%	ASM NA, ASML, DSY FP, ICLR, MNDY, SAP, SGE LN, SHOP, TCEHY	Artificial Intelligence, emerging markets, healthcare, semiconductors, software	The fund underperformed due to volatility in software and IT sectors but reinforced its conviction in AI-driven semiconductor and automation growth. Polen initiated positions in Disco Corp and ASM International to capture the AI semiconductor supply chain, while maintaining exposure to Tencent for emerging-market digital expansion. Managers expect AI and healthcare innovation to drive future international growth returns.	ASM NA 6902 JP SAP GR MNDY US SAGE LN ICON IE ASML NA SHOP CN	View
2025 Q4	Jan 30, 2026	Antipodes Global Fund	-	-	AAPL, AMD, AMZN, ASAI, BEKE, BMRI.JK, CRM, Gold, GOOGL, HON, HYMTF, JCI, LLY, META, MRK, SIEGY, STM, TCEHY	AI, cyclicals, financials, global, healthcare, industrials, materials, technology	Portfolio increased exposure to structural investment trends, namely software, while reducing hardware exposure. AMD benefited from landmark agreement with OpenAI to supply 6 gigawatts of high-performance graphics chips and broader investor rotation into AI infrastructure. Barrick Mining rose sharply underpinned by fresh wave of investor enthusiasm for gold, with record bullion prices boosting revenue, margin and earnings estimates. Portfolio reduced exposure to gold via exiting Valterra Platinum following rapid price moves. Amazon's AWS business re-accelerated growth to 20% year-on-year, the fastest pace in several years, as the company sees strong demand. Portfolio increased exposure to Amazon partly based on infrastructure business winning market share. STMicroelectronics detracted with sentiment dented by softer demand in key end markets, notably automotive and industrial chips. AMD surged on chipmaker's landmark agreement with OpenAI and broader AI infrastructure rotation.		View
2025 Q4	Jan 14, 2026	Horos Asset Management	0.0%	0.0%	0086.HK, AAPL, AMZN, ANE.PA, AYV.PA, AZM.MI, DIA.MC, ERG.MC, GEST.MC, GOOG, GOOGL, META, MSFT, NPSNY, NVDA, ONEX.TO, ORCL, TCEHY, TGS, TSLA	AI, Bubble, Concentration, Europe, gold, inflation, Passive investing, value	The manager discusses the massive investment in AI infrastructure by tech companies, warning of potential overinvestment and bubble dynamics. He compares the current AI race to a prisoner's dilemma where companies must invest aggressively to avoid being left behind, even at the risk of capital destruction. Private AI companies are raising capital at unprecedented valuations without products or disclosed business plans. The manager highlights how passive investing has reached nearly 65% of US equity assets, contributing to market distortions including reduced liquidity, increased volatility, and further concentration in mega-cap stocks. US equity index funds attracted around $650 billion in 2025 while actively managed funds saw record outflows approaching $1 trillion. The manager emphasizes their value investing approach, seeking companies that are temporarily undervalued due to setbacks or negative sentiment. He illustrates this with examples like AerCap and Naspers, where the market failed to recognize underlying value, allowing for opportunistic investments with significant upside potential. The manager discusses rising inflation expectations reflected in elevated long-term government bond yields despite central bank rate cuts. He notes that precious metals experienced explosive rallies as investors sought protection against potential currency debasement and sovereign debt concerns. Gold posted gains of around 65% in 2025, with silver rising over 145% and platinum nearly 125%. The manager attributes these gains to growing perception of potential deterioration in financial solvency of major economies and the risk of persistent inflation as governments deal with rising structural debt levels.	TCEHY SDE CN PLX FP ZEG LN ZIG LN NPSNY AER	View
2023 Q3	Sep 30, 2023	Baron Emerging Markets Fund	9.0%	16.2%	600519 CH, 6861 JP, BC94 LN, MM IN, NU, SUZ, TCEHY, TCOM IN, TSM	-			View
2022 Q3	Sep 30, 2022	Baron Emerging Markets Fund	9.0%	16.2%	002271 CH, 002747 CH, BAF IN, BHARTI IN, BIDU, CPNG, TCEHY, TSM	-			View
2023 Q2	Aug 25, 2023	Hayden Capital	13.9%	37.6%	EDU, META, PDD, SE, TCEHY	-			View
2024 Q2	Jul 27, 2024	Baron Emerging Markets Fund	9.0%	16.2%	009540 KS, BBRI IJ, KKC IN, PWGR IN, SRF IN, SUZ, TCEHY, TSM, WEGZY, XP	-			View
2024 Q2	Jun 30, 2024	Loomis Sayles Global Growth Fund	3.5%	10.4%	ADYEY, CRSP, GOOG, RNA, SHOP, TCEHY	-			View
2025 Q1	Mar 31, 2025	Artisan International Fund	9.3%	9.3%	012450 KS, 7182 JP, AI FP, ARGX BB, DTE GR, TCEHY, TME, UCB BB	-			View
2023 Q1	Mar 31, 2023	Baron Emerging Markets Fund	9.0%	16.2%	000858 CH, 051910 KS, 268 HK, 3888 HK, 9618 HK, BAF IN, HUVR IN, RI AV, SMSN LN, SUZ, TCEHY, TS, TSM	-			View
2023 Q1	Mar 31, 2023	ClearBridge Investments International Growth ADR Strategy	5.7%	0.0%	AAGIY, AIA, ASML, BNP GR, CPU AU, CRH, CS, DTE GR, RCRT, SAP, TCEHY	-			View
2022 Q1	Mar 31, 2022	Baron Emerging Markets Fund	9.0%	16.2%	047810 KS, 1299 HK, BAP, BIDU, GLEN LN, TCEHY	-			View
2022 Q4	Mar 2, 2023	Saltlight Capital	15.6%	35.6%	BAM, RBLX, TCEHY	-			View
2024 Q4	Jan 23, 2025	Polen Capital – Global SMID Company Growth	7.4%	-2.4%	ALIT, BLD, CWAN, ELF, EXLS, FEVR, FIVE, GSHD, KNSL, MPWR, PGNY, RVLV, TCEHY, TTEK	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Feb 21, 2026	Fund Letters	Javier Ruiz	Tencent Holdings Ltd	Communication Services	Interactive Media & Services	Bull	New York Stock Exchange	cashflow, China, Gaming, platform, Regulation	View Pitch
Feb 4, 2026	Fund Letters	Jacob Mitchell	Tencent Holdings Limited	Communication Services	Interactive Media & Services	Bear	New York Stock Exchange	China, Internet, Liquidity, Regulation, Sentiment	View Pitch
Jan 28, 2026	Fund Letters	Thomas Küpfer	Tencent Holdings Ltd	Communication Services	Interactive Media & Services	Bull	New York Stock Exchange	cashflow, China Tech, Gaming, Platforms, Regulation	View Pitch
Jan 27, 2026	Fund Letters	Jeremy Deal	Tencent Holdings Ltd.	Communication Services	Interactive Media & Services	Bull	Dubai Financial Market	cashflow, China, Gaming, Platforms, Socialmedia	View Pitch
Jan 9, 2026	Fund Letters	Andrew Macken	Tencent Holdings Ltd	Communication Services	Interactive Media & Services	Bull		AI, Ecosystems, Flywheels, Margins, undervaluation	View Pitch

BSD Shareholders of TCEHY

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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