NAN FUNG TRINITY (HK) Ltd

The interesting part is where the money went instead — not out of emerging markets, but into a narrower, more specific slice of them. Nan Fung added 83% more shares of the iShares Indonesia ETF (EIDO, +$12.5 million) and 37% more of the iShares Thailand ETF (THD, +$13.1 million), building out direct exposure to two Southeast Asian markets rather than the broad Korea and Brazil baskets it just exited. Even more specific: the firm grew its direct stake in KT Corp, South Korea's dominant telecom operator, by 31% ($13.5 million) — a single-name Korean bet that survived, and grew, in the same quarter the broad Korea ETF was eliminated entirely. That's a clear statement about what kind of Korea exposure this manager wants: a specific operating company, not the index.

Beyond the country-allocation story, Nan Fung also cleaned out a cluster of US mega-cap and software names — Amazon ($42.2 million), Microsoft ($31.5 million), Intuit ($25.9 million), Zoom ($24.7 million), and Zillow ($21.3 million) all fully exited — alongside Chinese ADRs Baidu ($35.8 million) and JOYY ($18.0 million). In their place came a run of biotech additions (Protagonist Therapeutics, BridgeBio Pharma, Bicara Therapeutics) and new stakes in Target, Pinterest, and Microchip Technology.