Charles-Lim Capital Ltd

2. Key Holdings

The portfolio is dominated by a near-equal weighting in three major financial services companies and a smaller position in technology.

• HDFC Bank Ltd (HDB): The largest position at $68.32 million (26.92% of the portfolio), consisting of 2.00 million shares. The fund significantly increased this stake by 33.3% during the quarter, adding $46.69 million in value.
• Visa Inc. (V): The second-largest holding at $68.28 million (26.91%), consisting of 200,000 shares. This was the most aggressive expansion during the quarter, with the stake growing by 166.7% via an injection of $41.65 million.
• ICICI Bank Ltd (IBN): The third-largest position at $68.02 million (26.80%), consisting of 2.25 million shares. This stake was increased by 80.0%, adding $25.97 million.
• Sea Limited (SE): The sole technology holding and the fourth position at $49.15 million (19.37%). This is the only position where the manager reduced exposure, cutting the stake by 57.7% (removing $54.81 million in value).