TCEHY

TCEHY

TCEHY

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 9, 2025	ClearBridge Investments International Growth ADR Strategy	-	-	8035.T, AEM, AIR.PA, ARGX, AZN, BAESY, CFRUY, CRH, EONGY, LVMUY, MHVYF, MUFG, NRI, NVO, PUBGY, SAF.PA, SMEGF, TCEHY, TKOMY, TSCDY, TSM	AI, defense, energy, Europe, growth, international, Japan	NATO members pledged to increase defense spending to 5% of GDP, with Germany, France and the U.K. committing to raise defense outlays as the U.S. pulls back from its lead military role. Companies tied to increasing defense spending in Europe and Japan were among the Strategy's leading contributors including Mitsubishi Heavy Industries, Safran, Airbus, and BAE Systems.	MC FP AEM CN EOAN GR TSCO LN 7011 JP	View
2024 Q2	Jul 11, 2024	JB Global Capital	7.3%	8.1%	AAPL, AMZN, AVGO, BABA, GOOGL, JD, META, MSFT, NVDA, PYPL, STNE, TCEHY	AI, Buybacks, China, payments, technology, value	The fund holds significant positions in payment processors including PayPal and StoneCo. PayPal is trading at historically low valuations despite maintaining 45% global market share and strong fundamentals. StoneCo was sold after achieving 61.4% returns as the risk/reward profile deteriorated with rising valuations.	PYPL STNE	View
2024 Q2	Jun 30, 2024	Platinum Global Fund (Long Only)	-2.0%	-	005930.KS, AAPL, ADBE, AMZN, AVGO, GOOGL, JD, META, MSFT, NFLX, NKE, NVDA, PUMA.DE, TCEHY, TRIP, TSM, UBS, UPM.HE, WIZZ.L, ZTO	AI, China, global, semiconductors, technology, value	AI-related companies enjoyed several positive developments with TSMC raising prices for leading-edge nodes used to make AI chips. Apple highlighted that AI functionality will be the next competitive battleground for smartphones, boosting DRAM producers as new phones would likely need 10-12GB of RAM to handle AI tasks.		View
2025 Q1	Apr 12, 2025	Longleaf Partners International Fund	0.7%	0.7%	1910.HK, AC.PA, CFR.SW, CUERVO.MX, DPZ.L, ERF.PA, GLB, GRUMA.MX, HDFCBANK.NS, HTHT, JFC.PS, LXS.DE, MILC.ST, PFD.L, PRN.L, TCEHY	AI, defense, Europe, geopolitics, international, SMID Cap, tariffs, value	US President Trump announced reciprocal tariffs under the International Emergency Economic Powers Act, with baseline 10% tariffs on all countries and higher rates for specific nations including 34% for China and 20% for the EU. This represents a simultaneous trade war against all key economies globally and has caused sharp selloffs in equity markets. The fund has consciously repositioned to more domestically focused names to avoid geopolitical risks.	1910.HK JFC.PS CUERVO.MX GLB.L CFR.SW LXS.DE PRX TIGO	View
2025 Q1	Mar 31, 2025	Pzena Investment Management	-	-	005930.KS, AKE.PA, BABA, BAER.SW, BAX, BIRG.L, CABK.MC, CVS, DOW, GSK.L, HUN, KOP, ML.PA, NVDA, NVTA, SBRY.L, TCEHY, TESCO.L, TSM, TSMC, UIS	AI, Banking, Chemicals, Europe, risk management, semiconductors, tariffs, value	Broad-based tariffs announced in April created significant market volatility and uncertainty. The firm uses its risk framework to assess tariff impacts on portfolio companies, examining business models, balance sheets, and competitive positioning. Many holdings have reduced Chinese exposure since 2018-2019 tariffs.	005930.KS	View
2025 Q1	Mar 31, 2025	Platinum International Fund	0.2%	0.2%	ABBV, AZN, BABA, BYD, FANUY, GOOGL, JD, KYCCF, MRK, MUFG, NESN.SW, NTDOY, NVS, SONY, TCEHY, TM, TSM, UBS	China, defensives, Europe, Overweight, Pharmaceuticals, Quality, tariffs, volatility	The Fund maintained an overweight position in Chinese stocks throughout the quarter, benefiting from strong performance in February and early March. Good returns from Chinese holdings led to some profit-taking while retaining strong overweight positioning based on continued economic recovery.		View
2024 Q4	Dec 31, 2024	Platinum Global Fund (Long Only)	1.0%	5.0%	005930.KS, ALLFG.L, AVGO, CFR.SW, DSV.CO, GOOGL, NICE, SLB, STJ.L, TCEHY, TCOM, TRU, TSM, UPM-KY.HE, VLO, ZTO	AI, China, global, Luxury, technology, underperformance	Fund holds AI-themed investments primarily in hardware/semiconductor manufacturers who will power AI models. NICE provides cloud-based contact centre software with AI modules that create tangible savings for customers. Broadcom's custom AI chip division serves players like Google and Meta with revenue expected to rise to $40-50bn by 2027.		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	Oct 3, 2025	Van Der Mandele Arar Fund	9.8%	15.6%	000660.KS, 066570.KS, BABA, IMPP, JFIN, JXN, STLA, TCEHY	China, emerging markets, global, Gold Miners, Political Risk, small caps, value	Fund continues to reap extraordinary benefits from goldminer investments, though exited Orezone due to escalating nationalization risks in Burkina Faso despite attractive valuations below 2.5x forward P/E. Gold continues making new highs amid political uncertainty.		View
2025 Q3	Oct 19, 2025	Harding Loevner Emerging Markets Equity	11.6%	24.4%	005930.KS, 1211.HK, 1398.HK, 2317.TW, 2454.TW, BABA, CATL, EPAM, GLOB, HDFCBANK.NS, ICICIBANK.NS, ITUB, MARUTI.NS, MELI, MMYT, TCEHY, TCS.NS, TRIP, TSM, WEGE3.SA	AI, Automation, China, competition, E-Commerce, emerging markets, Travel	Alibaba regained dominance in Chinese e-commerce through aggressive competition in food delivery and quick commerce, using AI tools and financial firepower to transform market structure. The company leveraged synergies across businesses and integrated management to outspend rivals and boost market share significantly.		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 16, 2026	Richie Capital Group	-	-	AAPL, AMZN, AZN, BABA, BHP, FMG, GOOGL, HD, IBE, LLY, META, MSFT, NFLX, NTDOY, NVDA, RHM, RIO, ROG, SK, SPOT, TCEHY, TM, TSM, XIAOF, XRO	AI, Data centers, emerging markets, geopolitics, rates, technology	The AI revolution is accelerating with technology companies pouring billions into data center construction. Investment in AI is surging but concerns exist that the relentless pace could trigger a sharp market correction. Growth is expected to be underpinned by ongoing AI integration across industries in 2026.		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
2024 Q4	Jan 10, 2025	The Bristlemoon Global Fund	10.4%	3.1%	APP, META, MTCH, PAR, PDD, PINS, TCEHY	Advertising, gaming, Portfolio Management, Position Sizing, risk management, Social Media, technology	The fund holds significant positions in social media platforms including Pinterest and Meta Platforms. Pinterest represents the fund's largest performance detractor since inception, with management acknowledging position sizing errors. The company is transitioning to lower-funnel ad products but has experienced revenue growth deceleration from 20%+ to 15-17% guidance.		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	Jul 25, 2023	Diamond Hill International	5.7%	12.4%	7974.T, ASHM.L, BABA, CS.TO, DNP.L, EPOKY, FERG.L, FFH.TO, FM.TO, FMX, SPOT, TCEHY, UHR	China, Copper, emerging markets, inflation, international, Mining, value	The fund initiated positions in two copper mining companies, First Quantum Minerals and Capstone Copper, anticipating meaningful long-term supply challenges in copper due to its heavy use in alternative energy sources. There has been a recent trend toward consolidation and M&A in the copper industry, and both companies could present attractive acquisition candidates for large mining companies seeking to increase their copper exposure.	CCS.TO AFM.TO FERG.L EPIA.ST DNP.WA ACGL\|CHH\|FDS\|GWRE\|IBKR\|IDXX\|MTN\|SPOT\|TSLA	View
2023 Q1	May 31, 2023	Harding Loevner Emerging Markets Equity	12.2%	11.6%	005930.KS, 1810.HK, 2269.HK, BABA, BBD, EPAM, GLOB, HDFCB.NS, ITUB, JD, KSPI.L, LONGI, MARUY, MELI, RENT3.SA, TCEHY, TCS, TSM	Banking, Capital Allocation, China, emerging markets, Fintech, semiconductors, value	EM banks proved resilient during the US/European banking crisis, with better risk management practices and shorter duration assets. Manager adjusted bank holdings based on valuations, adding to Banco Bradesco while trimming Itaú Unibanco and Kotak Mahindra Bank.	ARGX BB\|DAVA\|DDOG\|GLOB\|ILMN\|LOAR\|MELI\|NET\|NU\|NVDA\|TSM KSPI.L MARUTI.NS RENT3.SA	View
2025 Q1	Mar 31, 2025	Harding Loevner Emerging Markets Equity	1.3%	1.3%	005930.KS, ASIANPAINT.NS, BABA, CATL, CIB, EPAM, GLOB, HDFCBANK.NS, ICICIBANK.NS, ITUB, JD, MARUTI.NS, MELI, MINDRAY, SAFARICOM, SANY, SBUX, TCEHY, TCS, TSMC	AI, China, Electric Vehicles, emerging markets, India, productivity, technology, Trade Policy	China outperformed most major markets in Q1 as policymakers showed stronger support for private enterprise. The government has shifted from real estate-led growth to supporting innovative companies in AI, electric vehicles, and technology. This transition could lead to higher-quality, more productive economic growth similar to Taiwan's path rather than Japan's stagnation.	BAJAJ-AUTO.NS SUPREMEIND.NS	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
2023 Q4	Jan 31, 2024	Harding Loevner Emerging Markets Equity	12.2%	11.6%	005930.KS, 1211.HK, 1398.HK, 2015.HK, AIA, ASIANPAINT.NS, BABA, EPAM, FEMSA, GFNORTEO.MX, GLOB, HDFCBANK.NS, ITUB, JD, MARUTI.NS, TCEHY, TCS.NS, TENARIS, TSM, WALMEX.MX	China, Electric Vehicles, emerging markets, India, Manufacturing, technology, value	China performed poorly despite reopening optimism, falling 11% for the year due to real estate deleveraging, weak consumer confidence, and geopolitical tensions. However, the manager sees significant opportunities in Chinese companies with strong growth prospects and competitive advantages in manufacturing and technology.		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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