# TT INTERNATIONAL

> Institutional holdings reported to the SEC as of Q3 2020 on Form 13F. CIK 1483532. Source: https://holderbook.com/funds/1483532-tt-international/

- Reported value: $1.9B
- Positions: 60
- Weight of the ten largest: 75.5%
- Filed: 2020-11-13

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 |
|---|---|---|---|---|---|
| ALIBABA GROUP HLDG LTD | [BABA](https://holderbook.com/stocks/BABA/) | $653.3M | 2,222,274 | 33.8% | 6 |
| VALE S A | [VALE](https://holderbook.com/stocks/VALE/) | $158.8M | 15,007,832 | 8.2% | 3 |
| QFIN HOLDINGS INC | [QFIN](https://holderbook.com/stocks/QFIN/) | $129.2M | 10,817,270 | 6.7% | 4 |
| KINGSOFT CLOUD HLDGS LTD | [KC](https://holderbook.com/stocks/KC/) | $96.3M | 3,260,559 | 5.0% | 1 |
| VNET GROUP INC | [VNET](https://holderbook.com/stocks/VNET/) | $86.5M | 3,735,628 | 4.5% | 1 |
| ICICI BANK LIMITED | [IBN](https://holderbook.com/stocks/IBN/) | $83.5M | 8,499,087 | 4.3% | 6 |
| ONECONNECT FINL TECHNOLOGY C | [OCFT](https://holderbook.com/stocks/OCFT/) | $68.3M | 3,205,146 | 3.5% | 1 |
| SEA LTD | [SE](https://holderbook.com/stocks/SE/) | $66.8M | 433,443 | 3.4% | 1 |
| TENCENT MUSIC ENTMT GROUP | [TME](https://holderbook.com/stocks/TME/) | $60.3M | 4,085,704 | 3.1% | 1 |
| VEON LTD | [VEONXXXX](https://holderbook.com/stocks/VEONXXXX/) | $58.5M | 46,451,327 | 3.0% | 4 |
| ZTO EXPRESS CAYMAN INC | [ZTO](https://holderbook.com/stocks/ZTO/) | $54.1M | 1,808,685 | 2.8% | 1 |
| XPENG INC | [XPEV](https://holderbook.com/stocks/XPEV/) | $47.7M | 2,375,539 | 2.5% | 1 |
| NEBIUS GROUP N.V. | [NBIS](https://holderbook.com/stocks/NBIS/) | $42.7M | 653,874 | 2.2% | 1 |
| HDFC BANK LTD | [HDB](https://holderbook.com/stocks/HDB/) | $30.8M | 617,326 | 1.6% | 6 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $22.0M | 103,382 | 1.1% | 6 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $21.1M | 100,428 | 1.1% | 6 |
| DAQO NEW ENERGY CORP | [DQ](https://holderbook.com/stocks/DQ/) | $19.1M | 141,018 | 1.0% | 1 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $15.6M | 10,608 | 0.8% | 6 |
| HUYA INC | [HUYA](https://holderbook.com/stocks/HUYA/) | $14.5M | 607,235 | 0.8% | 1 |
| DOLLAR GEN CORP | [DG](https://holderbook.com/stocks/DG/) | $13.8M | 65,745 | 0.7% | 6 |
| VERIZON COMMUNICATIONS INC | [VZ](https://holderbook.com/stocks/VZ/) | $13.7M | 231,066 | 0.7% | 5 |
| ICLICK INTERACTIVE ASIA GROU | [ICLK](https://holderbook.com/stocks/ICLK/) | $13.0M | 1,954,376 | 0.7% | 1 |
| HOLOGIC INC | [HOLX](https://holderbook.com/stocks/HOLX/) | $12.5M | 188,693 | 0.6% | 1 |
| FIDELITY NATL INFORMATION SV | [FIS](https://holderbook.com/stocks/FIS/) | $12.1M | 82,123 | 0.6% | 3 |
| FRONTDOOR INC | [FTDR](https://holderbook.com/stocks/FTDR/) | $11.6M | 297,312 | 0.6% | 1 |
| PROGRESSIVE CORP | [PGR](https://holderbook.com/stocks/PGR/) | $10.8M | 113,788 | 0.6% | 5 |
| NOAH HLDGS LTD | [NOAH](https://holderbook.com/stocks/NOAH/) | $10.4M | 399,694 | 0.5% | 2 |
| ELEVANCE HEALTH INC FORMERLY | [ELV](https://holderbook.com/stocks/ELV/) | $9.6M | 35,660 | 0.5% | 5 |
| L3HARRIS TECHNOLOGIES INC | [LHX](https://holderbook.com/stocks/LHX/) | $9.5M | 56,125 | 0.5% | 1 |
| SHERWIN WILLIAMS CO | [SHW](https://holderbook.com/stocks/SHW/) | $9.5M | 13,590 | 0.5% | 6 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $9.4M | 46,996 | 0.5% | 4 |
| DOLBY LABORATORIES INC | [DLB](https://holderbook.com/stocks/DLB/) | $8.3M | 125,618 | 0.4% | 1 |
| NIU TECHNOLOGIES | [NIU](https://holderbook.com/stocks/NIU/) | $7.9M | 410,492 | 0.4% | 1 |
| NEWMONT CORP | [NEM](https://holderbook.com/stocks/NEM/) | $6.1M | 96,057 | 0.3% | 1 |
| DISNEY WALT CO | [DIS](https://holderbook.com/stocks/DIS/) | $6.0M | 48,444 | 0.3% | 6 |
| ECOLAB INC | [ECL](https://holderbook.com/stocks/ECL/) | $5.9M | 29,516 | 0.3% | 6 |
| AON PLC | [AON](https://holderbook.com/stocks/AON/) | $5.6M | 21,663 | 0.3% | 1 |
| LEXINFINTECH HLDGS LTD | [LX](https://holderbook.com/stocks/LX/) | $5.3M | 767,701 | 0.3% | 5 |
| BECTON DICKINSON & CO | [BDX](https://holderbook.com/stocks/BDX/) | $4.4M | 18,811 | 0.2% | 3 |
| JD.COM INC | [JD](https://holderbook.com/stocks/JD/) | $4.1M | 52,762 | 0.2% | 1 |
| NEW ORIENTAL ED & TECHNOLOGY | [EDU](https://holderbook.com/stocks/EDU/) | $4.0M | 27,024 | 0.2% | 1 |
| ACM RESH INC | [ACMR](https://holderbook.com/stocks/ACMR/) | $1.7M | 24,984 | 0.1% | 1 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $1.6M | 20,045 | 0.1% | 2 |
| BIONTECH SE | [BNTX](https://holderbook.com/stocks/BNTX/) | $1.1M | 16,000 | 0.1% | 1 |
| BRISTOL-MYERS SQUIBB CO | [BMY](https://holderbook.com/stocks/BMY/) | $964.0K | 16,000 | 0.0% | 1 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $919.0K | 10,500 | 0.0% | 3 |
| DRDGOLD LIMITED | [DRD](https://holderbook.com/stocks/DRD/) | $888.0K | 75,000 | 0.0% | 1 |
| BROOKFIELD INFRASTRUCTURE CO | [BIPC](https://holderbook.com/stocks/BIPC/) | $887.0K | 15,148 | 0.0% | 1 |
| SIBANYE STILLWATER LTD | [SBSW](https://holderbook.com/stocks/SBSW/) | $674.0K | 60,578 | 0.0% | 1 |
| LIBERTY BROADBAND CORP | [LBRDA](https://holderbook.com/stocks/LBRDA/) | $537.0K | 3,765 | 0.0% | 1 |
| IMMUNOMEDICS INC | [IMMU](https://holderbook.com/stocks/IMMU/) | $528.0K | 6,210 | 0.0% | 1 |
| WILLIS TOWERS WATSON PLC LTD | [WTW](https://holderbook.com/stocks/WTW/) | $522.0K | 2,500 | 0.0% | 1 |
| WEYERHAEUSER CO | [WY](https://holderbook.com/stocks/WY/) | $511.0K | 17,918 | 0.0% | 1 |
| TPI COMPOSITES INC | [TPICQ](https://holderbook.com/stocks/TPICQ/) | $494.0K | 17,078 | 0.0% | 1 |
| XYLEM INC | [XYL](https://holderbook.com/stocks/XYL/) | $396.0K | 4,715 | 0.0% | 1 |
| ADVANCED DRAIN SYS INC DEL | [WMS](https://holderbook.com/stocks/WMS/) | $295.0K | 4,726 | 0.0% | 1 |
| CHINA BIOLOGIC PRODS HLDGS I | [CBPO](https://holderbook.com/stocks/CBPO/) | $275.0K | 2,479 | 0.0% | 1 |
| SOLAREDGE TECHNOLOGIES INC | [SEDG](https://holderbook.com/stocks/SEDG/) | $269.0K | 1,131 | 0.0% | 1 |
| TIFFANY & CO NEW | [TIF](https://holderbook.com/stocks/TIF/) | $268.0K | 2,316 | 0.0% | 1 |
| VIA OPTRONICS AG | [VIAOY](https://holderbook.com/stocks/VIAOY/) | $222.0K | 25,000 | 0.0% | 1 |

## 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 |
|---|---|---|---|---|
| Q1 2020 | -22.6% | -19.9% | -2.6% | 100% |
| Q4 2019 | +15.3% | +8.5% | +6.8% | 100% |
| Q3 2019 | -9.9% | +1.3% | -11.1% | 90% |
| Q2 2019 | -2.6% | +3.7% | -6.3% | 95% |
| Q1 2019 | +12.5% | +13.0% | -0.5% | 97% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q3 2020 | $1.9B | 60 |
| Q4 2019 | $1.2B | 32 |
| Q3 2019 | $1.1B | 35 |
| Q2 2019 | $1.3B | 49 |
| Q1 2019 | $948.1M | 43 |
| Q4 2018 | $776.3M | 39 |