# Perseverance Asset Management International

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1802695. Source: https://holderbook.com/funds/1802695-perseverance-asset-management-international/

- Reported value: $979.0M
- Positions: 19
- Weight of the ten largest: 95.4%
- Filed: 2026-08-12

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/) | $238.1M | 498,500 | 24.3% | 4 |
| H WORLD GROUP LTD | [HTHT](https://holderbook.com/stocks/HTHT/) | $168.4M | 4,035,321 | 17.2% | 12 |
| PDD HOLDINGS INC | [PDD](https://holderbook.com/stocks/PDD/) | $165.0M | 2,163,479 | 16.9% | 26 |
| KANZHUN LIMITED | [BZ](https://holderbook.com/stocks/BZ/) | $151.8M | 11,798,246 | 15.5% | 8 |
| TRIP COM GROUP LTD | [TCOM](https://holderbook.com/stocks/TCOM/) | $41.2M | 1,034,085 | 4.2% | 2 |
| MICRON TECHNOLOGY INC | [MU](https://holderbook.com/stocks/MU/) | $39.7M | 34,417 | 4.1% | 2 |
| SANDISK CORP | [SNDK](https://holderbook.com/stocks/SNDK/) | $36.4M | 16,000 | 3.7% | 2 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $35.3M | 100,000 | 3.6% | 11 |
| YUM CHINA HLDGS INC | [YUMC](https://holderbook.com/stocks/YUMC/) | $34.2M | 837,114 | 3.5% | 11 |
| KE HLDGS INC | [BEKE](https://holderbook.com/stocks/BEKE/) | $24.0M | 1,652,669 | 2.5% | 4 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $16.0M | 80,000 | 1.6% | 2 |
| RLX TECHNOLOGY INC | [RLX](https://holderbook.com/stocks/RLX/) | $14.0M | 7,360,737 | 1.4% | 17 |
| NETEASE COM INC | [NTES](https://holderbook.com/stocks/NTES/) | $5.1M | 40,000 | 0.5% | 4 |
| IQIYI INC | [IQ](https://holderbook.com/stocks/IQ/) | $4.1M | 3,900,000 | 0.4% | 14 |
| YATSEN HLDG LTD | [YSG](https://holderbook.com/stocks/YSG/) | $1.7M | 529,993 | 0.2% | 3 |
| VERTIV HOLDINGS CO | [VRT](https://holderbook.com/stocks/VRT/) | $1.7M | 0 | 0.2% | 1 |
| WERIDE INC | [WRD](https://holderbook.com/stocks/WRD/) | $1.5M | 260,000 | 0.2% | 1 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $486.8K | 1,419 | 0.0% | 1 |
| ALIBABA GROUP HLDG LTD | [BABA](https://holderbook.com/stocks/BABA/) | $326.2K | 3,399 | 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 |
|---|---|---|---|---|
| Q2 2026 | -0.9% | +14.8% | -15.7% | 100% |
| Q1 2026 | -3.3% | -4.6% | +1.3% | 100% |
| Q4 2025 | +5.4% | +2.4% | +3.1% | 100% |
| Q3 2025 | +16.3% | +7.8% | +8.4% | 100% |
| Q2 2025 | -4.3% | +10.5% | -14.8% | 100% |
| Q1 2025 | +9.6% | -4.6% | +14.1% | 100% |
| Q4 2024 | -10.8% | +2.1% | -12.9% | 100% |
| Q3 2024 | +7.2% | +5.4% | +1.8% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $979.0M | 19 |
| Q1 2026 | $909.0M | 21 |
| Q4 2025 | $682.5M | 13 |
| Q3 2025 | $582.0M | 15 |
| Q2 2025 | $397.4M | 9 |
| Q1 2025 | $765.5M | 22 |
| Q4 2024 | $742.0M | 19 |
| Q3 2024 | $867.8M | 17 |
| Q2 2024 | $762.5M | 19 |
| Q1 2024 | $553.8M | 21 |
| Q4 2023 | $419.8M | 18 |
| Q3 2023 | $386.4M | 17 |