# THOMAS WHITE INTERNATIONAL LTD

> Institutional holdings reported to the SEC as of Q2 2023 on Form 13F. CIK 1092351. Source: https://holderbook.com/funds/1092351-thomas-white-international-ltd/

- Reported value: $480.3M
- Positions: 258
- Weight of the ten largest: 21.5%
- Filed: 2023-08-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $20.1M | 199,314 | 4.2% | 19 |
| SHELL PLC | [SHEL](https://holderbook.com/stocks/SHEL/) | $12.5M | 207,097 | 2.6% | 5 |
| TENCENT HLDGS LTD ADR | [TCEHY](https://holderbook.com/stocks/TCEHY/) | $10.3M | 243,239 | 2.1% | 19 |
| HDFC BANK LTD | [HDB](https://holderbook.com/stocks/HDB/) | $10.0M | 143,388 | 2.1% | 19 |
| GLENCORE PLC UNSPONSORD ADR | [GLNCY](https://holderbook.com/stocks/GLNCY/) | $9.9M | 875,570 | 2.1% | 10 |
| ICICI BANK LIMITED | [IBN](https://holderbook.com/stocks/IBN/) | $8.7M | 378,607 | 1.8% | 19 |
| KB FINL GROUP INC | [KB](https://holderbook.com/stocks/KB/) | $8.6M | 235,530 | 1.8% | 19 |
| ALIBABA GROUP HLDG LTD | [BABA](https://holderbook.com/stocks/BABA/) | $8.0M | 96,153 | 1.7% | 19 |
| SK TELECOM CO LTD | [SKM](https://holderbook.com/stocks/SKM/) | $7.8M | 398,958 | 1.6% | 7 |
| STAR BULK CARRIERS CORP. | [SBLK](https://holderbook.com/stocks/SBLK/) | $7.5M | 421,984 | 1.6% | 9 |
| BYD Co Ltd | [BYDDY](https://holderbook.com/stocks/BYDDY/) | $6.9M | 107,401 | 1.4% | 7 |
| SUZANO S A | [SUZ](https://holderbook.com/stocks/SUZ/) | $6.5M | 709,622 | 1.4% | 3 |
| PDD HOLDINGS INC | [PDD](https://holderbook.com/stocks/PDD/) | $6.5M | 93,696 | 1.3% | 7 |
| PRUDENTIAL PLC | [PUK](https://holderbook.com/stocks/PUK/) | $6.4M | 226,395 | 1.3% | 3 |
| SILICON MOTION TECHNOLOGY CO | [SIMO](https://holderbook.com/stocks/SIMO/) | $6.2M | 85,983 | 1.3% | 12 |
| JBS SA | [JBSAY](https://holderbook.com/stocks/JBSAY/) | $6.1M | 845,513 | 1.3% | 13 |
| TOTALENERGIES SE | [TTE](https://holderbook.com/stocks/TTE/) | $6.0M | 104,224 | 1.3% | 13 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $5.9M | 30,635 | 1.2% | 19 |
| Deutsche Telekom AG ADR | [DTEGY](https://holderbook.com/stocks/DTEGY/) | $5.9M | 269,922 | 1.2% | 11 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $5.9M | 17,270 | 1.2% | 19 |
| INFOSYS LTD | [INFY](https://holderbook.com/stocks/INFY/) | $5.8M | 358,752 | 1.2% | 19 |
| PETROLEO BRASILEIRO S A | [PBR](https://holderbook.com/stocks/PBR/) | $5.4M | 392,156 | 1.1% | 19 |
| GALAXY ENTERTAINMENT | [GXYYY](https://holderbook.com/stocks/GXYYY/) | $5.4M | 170,005 | 1.1% | 2 |
| EMBRAER S.A. | [EMBJ](https://holderbook.com/stocks/EMBJ/) | $5.1M | 331,084 | 1.1% | 13 |
| RENESAS ELECTRONICS CORP | [RNECY](https://holderbook.com/stocks/RNECY/) | $4.9M | 526,208 | 1.0% | 9 |
| SHINHAN FINANCIAL GROUP CO L | [SHG](https://holderbook.com/stocks/SHG/) | $4.8M | 182,550 | 1.0% | 19 |
| BAIDU INC | [BIDU](https://holderbook.com/stocks/BIDU/) | $4.7M | 34,456 | 1.0% | 9 |
| Veolia Environnement SA | [VEOEY](https://holderbook.com/stocks/VEOEY/) | $4.5M | 286,146 | 0.9% | 4 |
| INPEX CORP ADR | [IPXHY](https://holderbook.com/stocks/IPXHY/) | $4.4M | 401,088 | 0.9% | 4 |
| HSBC HLDGS PLC | [HSBC](https://holderbook.com/stocks/HSBC/) | $4.4M | 111,793 | 0.9% | 3 |
| FREEPORT-MCMORAN INC | [FCX](https://holderbook.com/stocks/FCX/) | $4.4M | 109,563 | 0.9% | 4 |
| Hitachi Ltd | [HTHIY](https://holderbook.com/stocks/HTHIY/) | $4.3M | 34,551 | 0.9% | 8 |
| SIEMENS A G            FSPONSORED ADR           1 ADR REPS  0.5  ORD SHS | [SIEGY](https://holderbook.com/stocks/SIEGY/) | $4.1M | 49,734 | 0.9% | 19 |
| ASTRAZENECA PLC | [AZN](https://holderbook.com/stocks/AZN/) | $4.0M | 56,328 | 0.8% | 17 |
| DBS Group Holdings Ltd ADR | [DBSDY](https://holderbook.com/stocks/DBSDY/) | $4.0M | 43,228 | 0.8% | 5 |
| DR REDDYS LABS LTD | [RDY](https://holderbook.com/stocks/RDY/) | $3.9M | 61,850 | 0.8% | 5 |
| ASML HLDG NV | [ASML](https://holderbook.com/stocks/ASML/) | $3.9M | 5,318 | 0.8% | 14 |
| NESTLE SA ADR | [NSRGY](https://holderbook.com/stocks/NSRGY/) | $3.8M | 31,386 | 0.8% | 13 |
| China Construction Bank Corp | [CICHY](https://holderbook.com/stocks/CICHY/) | $3.6M | 280,705 | 0.8% | 19 |
| STANDARD CHARTERED- UNSP ADR | [SCBFY](https://holderbook.com/stocks/SCBFY/) | $3.6M | 205,964 | 0.7% | 1 |
| MS&AD Insurance Group Holdings Inc | [MSADY](https://holderbook.com/stocks/MSADY/) | $3.5M | 200,367 | 0.7% | 10 |
| TECHNIPFMC PLC | [FTI](https://holderbook.com/stocks/FTI/) | $3.5M | 210,807 | 0.7% | 1 |
| LVMH MOET HENNESSY LOU VUITTON ADR | [LVMUY](https://holderbook.com/stocks/LVMUY/) | $3.5M | 18,503 | 0.7% | 19 |
| JD.COM INC | [JD](https://holderbook.com/stocks/JD/) | $3.5M | 101,701 | 0.7% | 13 |
| LINDE PLC | [LIN](https://holderbook.com/stocks/LIN/) | $3.4M | 8,795 | 0.7% | 2 |
| Grupo Financiero Banorte S A B | [GBOOY](https://holderbook.com/stocks/GBOOY/) | $3.3M | 80,647 | 0.7% | 6 |
| TELEKOMUNIKASI IND | [TLK](https://holderbook.com/stocks/TLK/) | $3.2M | 118,517 | 0.7% | 4 |
| WASTE CONNECTIONS INC | [WCN](https://holderbook.com/stocks/WCN/) | $3.1M | 22,023 | 0.7% | 2 |
| Airbus Group Se | [EADSY](https://holderbook.com/stocks/EADSY/) | $3.0M | 84,461 | 0.6% | 15 |
| SANTOS LTD SPONSORED ADR | [SSLZY](https://holderbook.com/stocks/SSLZY/) | $3.0M | 608,329 | 0.6% | 2 |
| KERRY GROUP PLC SPONSORED ADR | [KRYAY](https://holderbook.com/stocks/KRYAY/) | $3.0M | 30,894 | 0.6% | 2 |
| Iberdrola SA | [IBDRY](https://holderbook.com/stocks/IBDRY/) | $3.0M | 57,639 | 0.6% | 5 |
| NUTRIEN LTD | [NTR](https://holderbook.com/stocks/NTR/) | $3.0M | 50,863 | 0.6% | 3 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $3.0M | 7,092 | 0.6% | 14 |
| DIAGEO PLC | [DEO](https://holderbook.com/stocks/DEO/) | $3.0M | 17,020 | 0.6% | 14 |
| ROCHE HLDG AG          FSPONSORED ADR           1 ADR RE  0.125  ORD SHS | [RHHBY](https://holderbook.com/stocks/RHHBY/) | $2.9M | 76,290 | 0.6% | 17 |
| Bidvest Group Ltd | [BDVSY](https://holderbook.com/stocks/BDVSY/) | $2.9M | 105,041 | 0.6% | 10 |
| ELBIT SYS LTD | [ESLT](https://holderbook.com/stocks/ESLT/) | $2.9M | 13,737 | 0.6% | 3 |
| CSL LTD ADR | [CSLLY](https://holderbook.com/stocks/CSLLY/) | $2.8M | 30,651 | 0.6% | 19 |
| Seven & i Holdings Co Ltd | [SVNDY](https://holderbook.com/stocks/SVNDY/) | $2.8M | 131,787 | 0.6% | 3 |
| PAN PACIFI | [DQJCY](https://holderbook.com/stocks/DQJCY/) | $2.7M | 153,722 | 0.6% | 2 |
| BAE Systems PLC | [BAESY](https://holderbook.com/stocks/BAESY/) | $2.7M | 56,298 | 0.6% | 11 |
| ARCELORMITTAL SA LUXEMBOURG | [MT](https://holderbook.com/stocks/MT/) | $2.6M | 96,742 | 0.6% | 8 |
| SUZUKI MOTOR CORP UNSPONSORD ADR | [SZKMY](https://holderbook.com/stocks/SZKMY/) | $2.6M | 18,201 | 0.5% | 3 |
| China Merchants Bank Co Ltd | [CIHKY](https://holderbook.com/stocks/CIHKY/) | $2.5M | 108,596 | 0.5% | 9 |
| BARCLAYS PLC | [BCS](https://holderbook.com/stocks/BCS/) | $2.5M | 313,689 | 0.5% | 10 |
| Unicredit Spa Unsponsord Adr | [UNCRY](https://holderbook.com/stocks/UNCRY/) | $2.5M | 212,529 | 0.5% | 6 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $2.4M | 18,720 | 0.5% | 19 |
| SUMITOMO MITSUI FIN GRP INC | [SMFG](https://holderbook.com/stocks/SMFG/) | $2.4M | 275,348 | 0.5% | 6 |
| WUXI BIOLOGICS CAYMAN INC ADR | [WXXWY](https://holderbook.com/stocks/WXXWY/) | $2.4M | 245,988 | 0.5% | 14 |
| WNS HLDGS LTD | [WNSXXXX](https://holderbook.com/stocks/WNSXXXX/) | $2.3M | 31,328 | 0.5% | 19 |
| London Stock Exchange Group PLC | [LNSTY](https://holderbook.com/stocks/LNSTY/) | $2.3M | 85,798 | 0.5% | 2 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $2.3M | 18,668 | 0.5% | 19 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $2.3M | 18,820 | 0.5% | 19 |
| STELLANTIS N.V | [STLA](https://holderbook.com/stocks/STLA/) | $2.2M | 126,606 | 0.5% | 10 |
| Central Japan Railway Co | [CJPRY](https://holderbook.com/stocks/CJPRY/) | $2.2M | 174,265 | 0.5% | 2 |
| Hoya Corp | [HOCPY](https://holderbook.com/stocks/HOCPY/) | $2.2M | 18,315 | 0.5% | 16 |
| SANOFI SA | [SNY](https://holderbook.com/stocks/SNY/) | $2.1M | 39,691 | 0.4% | 14 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $2.1M | 8,854 | 0.4% | 19 |
| RECKITT BENCKISER GROUP PLC ADR | [RBGLY](https://holderbook.com/stocks/RBGLY/) | $2.0M | 135,514 | 0.4% | 2 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $2.0M | 7,076 | 0.4% | 19 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $2.0M | 13,647 | 0.4% | 19 |
| ISHARES TR | [IWF](https://holderbook.com/stocks/IWF/) | $1.9M | 7,050 | 0.4% | 14 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $1.9M | 16,684 | 0.4% | 14 |
| ING GROEP N.V. | [ING](https://holderbook.com/stocks/ING/) | $1.9M | 142,094 | 0.4% | 19 |
| KLA CORP | [KLAC](https://holderbook.com/stocks/KLAC/) | $1.8M | 3,734 | 0.4% | 16 |
| GRUPO TELEVISA S A B | [TV](https://holderbook.com/stocks/TV/) | $1.8M | 352,353 | 0.4% | 1 |
| Lonza Group Ltd | [LZAGY](https://holderbook.com/stocks/LZAGY/) | $1.8M | 30,009 | 0.4% | 17 |
| SYNOPSYS INC | [SNPS](https://holderbook.com/stocks/SNPS/) | $1.8M | 4,103 | 0.4% | 16 |
| KT CORP | [KT](https://holderbook.com/stocks/KT/) | $1.8M | 155,823 | 0.4% | 8 |
| ENN Energy Holdings Ltd | [XNGSY](https://holderbook.com/stocks/XNGSY/) | $1.7M | 35,101 | 0.4% | 10 |
| CONTROLADORA VUELA COMP DE A | [VLRS](https://holderbook.com/stocks/VLRS/) | $1.7M | 121,624 | 0.4% | 1 |
| Nedbank Group Ltd | [NDBKY](https://holderbook.com/stocks/NDBKY/) | $1.7M | 139,541 | 0.4% | 4 |
| ZTO EXPRESS CAYMAN INC | [ZTO](https://holderbook.com/stocks/ZTO/) | $1.7M | 66,586 | 0.3% | 19 |
| TENARIS S A | [TS](https://holderbook.com/stocks/TS/) | $1.7M | 55,756 | 0.3% | 2 |
| CHINA LONGYUAN POWER-ADR | [CLPXY](https://holderbook.com/stocks/CLPXY/) | $1.6M | 157,389 | 0.3% | 8 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $1.6M | 6,572 | 0.3% | 14 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $1.6M | 3,281 | 0.3% | 19 |
| LI NING CO LTD UNSPON ADR | [LNNGY](https://holderbook.com/stocks/LNNGY/) | $1.6M | 11,651 | 0.3% | 6 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $1.5M | 10,286 | 0.3% | 19 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2023 | +0.3% | +8.3% | -8.0% | 96% |
| Q1 2023 | +5.7% | +7.0% | -1.3% | 94% |
| Q4 2022 | +12.9% | +7.1% | +5.9% | 94% |
| Q3 2022 | -14.0% | -5.3% | -8.7% | 98% |
| Q2 2022 | -22.1% | -16.5% | -5.7% | 108% |
| Q1 2022 | -24.5% | -4.9% | -19.6% | 130% |
| Q4 2021 | +117.5% | +10.7% | +106.8% | 97% |
| Q3 2021 | -7.4% | +0.3% | -7.7% | 96% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2023 | $480.3M | 258 |
| Q1 2023 | $473.4M | 269 |
| Q4 2022 | $454.5M | 282 |
| Q3 2022 | $426.9M | 283 |
| Q2 2022 | $498.5M | 288 |
| Q1 2022 | $596.6M | 283 |
| Q4 2021 | $632.9M | 296 |
| Q3 2021 | $688.3M | 312 |
| Q2 2021 | $729.0M | 310 |
| Q1 2021 | $672.7M | 312 |
| Q4 2020 | $639.8M | 312 |
| Q3 2020 | $541.3M | 289 |