Charles-Lim Capital portfolio

What changed this quarter

7 positions with a change (2 new, 1 added to, 3 trimmed, 1 sold). 7 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• Hdfc Bank−38%fewer sharesReduced
  24.8% → 15.2%
• Coupang+626%more sharesIncreased
  1.6% → 9.9%
• Taiwan Semiconductor Manufacturing−23%fewer sharesReduced
  19.6% → 20.2%
• PDD Holdings−5.6 ppof portfolioSold out
  5.9% → —
• Visa+2.7 ppof portfolioNew
  — → 2.7%
• Sea−2.5%fewer sharesReduced
  48.1% → 51.2%
• Flutter Entertainment+0.9 ppof portfolioNew
  — → 0.9%

The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight?: what it bought or sold, excluding price effects.

Top holdings

• SeaSE51.2%Since Q4 2017 · 35 quartersDetails ▾
• Taiwan Semiconductor ManufacturingTSM20.2%Since Q2 2025 · 5 quartersDetails ▾
• Hdfc BankHDB15.2%Since at least Q4 2014 · 47 quartersDetails ▾
• CoupangCPNG9.9%Since Q1 2026 · 2 quartersDetails ▾
• VisaV2.7%Since Q2 2026 · 1 quarterDetails ▾
• Flutter EntertainmentFLUT0.9%Since Q2 2026 · 1 quarterDetails ▾

“Since”: first quarter of the current run, unbroken until today. In the details, prices are the quarter-end prices of the quarters in which it added shares, per the 13F. The manager may have bought at any price within each quarter; the SEC only publishes the value at quarter end.