On October 16, 2025, Matthews Worldwide Capital Administration disclosed the sale of 106,055 shares of Sea Restricted (SE -1.60%) in Q3 2025.
This was an estimated $18.17 million commerce primarily based on common quarterly pricing for Q3 2025.
What occurred
Based on a submitting with the Securities and Alternate Fee dated October 16, 2025, Matthews Worldwide Capital Administration offered 106,055 shares of Sea Restricted in Q3 2025.
The estimated worth of the transaction was $18.17 million.
Following the commerce, the fund’s place in Sea Restricted stood at 213,226 shares as of September 30, 2025, valued at $38.11 million at quarter-end.
What else to know
The fund diminished its stake in Sea Restricted to eight.87% of 13F AUM, sustaining it as its 2nd-largest holding.
Matthews’ prime holdings after the submitting:
- PDD Holdings: $65.27 million (15.3% of AUM)
- Sea Restricted:SE: $38.11 million (8.9% of AUM)
- Legend Biotech: $33.54 million (7.9% of AUM)
- Journey.com Group: $29.19 million (6.8% of AUM) as of September 30, 2025
- Kanzhun: $24.06 million (5.6% of AUM) as of September 30, 2025
As of October 16, 2025, shares of Sea Restricted had been priced at $162.65, up 63.68% over the past 12 months, outperforming the S&P 500 by 54 share factors over the identical interval.
Firm overview
MetricValuePrice (as of market shut 2025-10-16)$162.65Market Capitalization$95.24 billionRevenue (TTM)$19.42 billionNet Earnings (TTM)$1.20 billion
Firm snapshot
Sea Restricted operates in three fundamental segments: digital leisure (Garena), e-commerce (Shopee), and digital monetary companies (SeaMoney).
Its major buyer base consists of shoppers and small-to-medium companies in Southeast Asia, Latin America, and different worldwide markets searching for digital leisure, on-line procuring, and monetary options.
The corporate is headquartered in Singapore and employs greater than 80,000 individuals worldwide.
Sea Restricted is a number one digital platform firm with important scale in Southeast Asia and an increasing world attain. Its built-in ecosystem of gaming, e-commerce, and digital monetary companies presents diversified income streams.
Silly take
Matthews Worldwide Capital Administration loaded up on Sea Restricted inventory in early 2024 when it traded between $50 and $70 per share, making it a 9% place at the moment.
Since then, Sea’s inventory has tripled, and Matthews has diminished the variety of shares it owns within the firm by two-thirds.
Regardless of this heavy promoting after Sea’s ascension, the inventory nonetheless accounts for 9% of Matthews’ portfolio. With this attitude in thoughts, it appears to be like like Matthews’ promoting was extra about rebalancing its portfolio than it was an indictment of Sea’s operations.
Had the agency not offered any of its Sea shares from 2023, the corporate would account for almost one-fourth of its AUM at the moment.
That mentioned, Sea nonetheless stays an essential holding for Matthews as its second-largest place.
There’s a lot to like in regards to the firm, because it jogs my memory of a Southeast Asian model of MercadoLibre — however with the added bonus of a gaming phase.
Rising gross sales by 29% over the past 12 months and now persistently producing constructive internet revenue and free money stream, Sea stays a promising progress inventory, so it is smart for Matthews to maintain holding its remaining shares.
Buying and selling at 41 occasions ahead earnings, Sea is barely costly, however might shortly outgrow this valuation, particularly as it’s firing on all cylinders proper now.
Glossary
13F: A quarterly SEC submitting by institutional funding managers disclosing their fairness holdings.
Belongings Underneath Administration (AUM): The entire market worth of investments managed on behalf of purchasers by a fund or agency.
Reportable 13F property: The portion of a fund’s property that should be disclosed in 13F filings, usually U.S.-listed equities.
Quarter-end: The ultimate day of a fiscal quarter, typically used as a reference level for monetary reporting.
Outperforming: Reaching the next return than a benchmark index or comparable funding.
Submitting: An official doc submitted to a regulatory authority, such because the SEC, containing required disclosures.
Digital monetary companies: Monetary services delivered by means of digital platforms, similar to on-line funds or digital wallets.
Built-in ecosystem: A gaggle of interconnected services or products designed to work collectively inside an organization.
TTM: The 12-month interval ending with the newest quarterly report.
