TENCENT MUSIC ENTMT GROUP

This quarter splits sharply between Tencent Music Entertainment's (TME) largest holder and several others heading for the exit, across a base of 26 institutional holders and $20.8 million in tracked value. Perpetual Ltd, already the dominant holder at 44% of institutional value, added 20.8% more shares (a genuine $1.59 million buy) — the only large-scale increase in the stock. In the opposite direction, Union Bancaire Privee cut its position by 99.1%, from 190,612 shares down to just 1,720 (a real $1.40 million reduction, effectively a full exit in substance), while Y-Intercept (Hong Kong) cut 70.2% ($4.48 million) and Swedbank cut 61% ($3.32 million). Harbour Capital Advisors and Ninety One UK both opened new positions ($427,394 and $336,005 respectively).