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Livermore
Livermore
ZHEN

Martin Currie Ltd

SEC CIK
0001094499
Latest filing
Aug 12, 2025

The latest 13F from Martin Currie Ltd covers Q2 2025 (filed Aug 12, 2025): 51 long positions worth $2.61B. The top 10 holdings make up 60.8% of the portfolio, and the largest is Taiwan Semiconductor Manufacturing Co Ltd (TSM) at 9.5%. Livermore has 19 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2025

Share counts compared with Q1 2025: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
2
Est. +$28.3M
Added
6
Est. +$63.9M
Reduced
43
Est. −$205.2M
Sold out
7
Est. −$36.0M

Top 5 holdings

Share of this quarter's portfolio value

  1. TSMTaiwan Semiconductor Manufacturing Co Ltd
    9.5%$249.0MHistory
  2. HDBHDFC Bank Ltd
    8.3%$217.7MHistory
  3. RACEFerrari N.V.
    7.0%$182.6MHistory
  4. MSFTMicrosoft Corp
    6.3%$165.6MHistory
  5. NVDANVIDIA Corp
    5.8%$152.4MHistory

Biggest buys

New and added positions, by estimated amount bought

  1. MSFTMicrosoft Corp
    +$31.4MAddedHistory
  2. INTRInter & Co, Inc.
    +$28.0MNewHistory
  3. iShares Tr46434V423
    +$23.2MAdded
  4. VVisa Inc.
    +$6.15MAddedHistory
  5. IDXXIDEXX Laboratories Inc
    +$1.63MAddedHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. MSFTMicrosoft Corp
    +2.26 pp4.1% → 6.3%History
  2. INTRInter & Co, Inc.
    +1.08 pp0.0% → 1.1%History
  3. iShares Tr46434V423
    +0.74 pp1.3% → 2.1%
  4. IDXXIDEXX Laboratories Inc
    +0.35 pp1.3% → 1.7%History
  5. VVisa Inc.
    +0.17 pp1.9% → 2.1%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. TSMTaiwan Semiconductor Manufacturing Co Ltd
    −$46.1MReducedHistory
  2. LULUlululemon athletica inc.
    −$26.6MSold outHistory
  3. TCOMTrip.com Group Ltd
    −$25.3MReducedHistory
  4. ADSKAutodesk, Inc.
    −$16.6MReducedHistory
  5. NVDANVIDIA Corp
    −$15.5MReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. BABAAlibaba Group Holding Ltd
    −1.89 pp7.6% → 5.7%History
  2. TCOMTrip.com Group Ltd
    −1.28 pp2.5% → 1.2%History
  3. LULUlululemon athletica inc.
    −1.07 pp1.1% → 0.0%History
  4. JDJD.com, Inc.
    −0.96 pp2.4% → 1.4%History
  5. GLOBGlobant S.A.
    −0.90 pp1.4% → 0.5%History

Metrics

13F metrics for Q2 2025, computed only from the numbers in the filings. Definitions below.

Portfolio value
$2.61B
+$128.1M (+5.2%) vs. prior quarter
Positions
51
−5 vs. prior quarter
Top 10 concentration
60.8%
Top 10 as share of value
Turnover
3.6%
Q2 2025, one quarter
Average holding period
14.4 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

18 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $3.61B (Q4 2021)

Q1 2021: $2.59BQ2 2021: $2.90BQ3 2021: $3.26BQ4 2021: $3.61BQ1 2022: $3.12BQ2 2022: $2.58BQ3 2022: $2.35BQ4 2022: $2.56BQ1 2023: $2.80BQ2 2023: $2.97BQ3 2023: $2.80BQ4 2023: $3.05BQ1 2024: $3.25BQ2 2024: $2.79BQ3 2024: $2.82BQ4 2024: $2.72BQ1 2025: $2.48BQ2 2025: $2.61B
Q1 2021Q2 2025
13F filings of Martin Currie Ltd by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2025Aug 12, 202551$2.61BTSMHDBRACEvs. Q1 2025SEC
Q1 2025May 13, 202556$2.48BTSMHDBBABAvs. Q4 2024SEC
Q4 2024Feb 12, 202553$2.72BTSMHDBRACEvs. Q3 2024SEC
Q3 2024Nov 12, 202451$2.82BTSMNVDARACEvs. Q2 2024SEC
Q2 2024Aug 14, 202454$2.79BTSMHDBNVDAvs. Q1 2024SEC
Q1 2024May 13, 202451$3.25BTSMNVDARACEvs. Q4 2023SEC
Q4 2023Feb 13, 202451$3.05BTSMHDBNVDAvs. Q3 2023SEC
Q3 2023Nov 13, 202346$2.80BTSMNVDAHDBvs. Q2 2023SEC
Q2 2023Aug 11, 202344$2.97BTSMHDBNVDAvs. Q1 2023SEC
Q1 2023May 12, 202336$2.80BTSMBABALINvs. Q4 2022SEC
Q4 2022Feb 10, 202335$2.56BTSMLINIBNvs. Q3 2022SEC
Q3 2022Nov 14, 202236$2.35BTSMLINIBNvs. Q2 2022SEC
Q2 2022Aug 11, 202236$2.58BTSMBABALINvs. Q1 2022SEC
Q1 2022May 26, 2022Amended35$3.12BTSMNVDALINvs. Q4 2021SEC
Q4 2021Feb 11, 202235$3.61BTSMEPAMNVDAvs. Q3 2021SEC
Q3 2021Nov 12, 202134$3.26BTSMEPAMBABAvs. Q2 2021SEC
Q2 2021Aug 13, 202135$2.90BTSMBABAEPAMvs. Q1 2021SEC
Q1 2021May 13, 202133$2.59BBABATSMEPAM–SEC