TT INTERNATIONAL

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CIK 1483532

13F portfolio (2020-Q3)

$1.9B

Positions

Implied 1Y CAGR

modeled · as filed

Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2020-Q2. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.

Implied return what this book implies · modeled, not advice methodology →

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As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).

Computing…

Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.

Exposures · what this manager owns, by sector & size (2020-Q3)

Holdings

Top 5

58.1%

Top 10

75.5%

Effective N

7.2

HHI

0.139

This quarter

60 new · 0 exit →

By sector

Industrials41.8%

Financials12.5%

Information Technology12.4%

Unclassified11.7%

Materials8.9%

Communication Services8.0%

Consumer Discretionary4.3%

Health Care0.4%

Other0.1%

By market cap

Unknown89.6%

Large ($10–200B)5.7%

Mega (>$200B)3.6%

Mid ($2–10B)1.2%

By region

North America44.3%

Asia-Pacific44.0%

Other11.7%

Africa0.0%

By industry group GICS — finer than sector

Industry group	Weight	Names
Commercial Services & Supplies	38.91%	5
Unclassified	12.81%	12
Metals & Mining	8.60%	4
Banks	8.54%	3
Software	6.07%	2
Software & IT Services	6.03%	3
Diversified Telecommunication Services	3.73%	2
Media & Entertainment	3.15%	2
Automobiles & Components	2.87%	2
Road & Rail	2.80%	1
Specialty Retail	1.41%	3
Insurance	1.37%	4
Semiconductors & Semiconductor Equipment	1.08%	3
Capital Markets	0.97%	2
Aerospace & Defense	0.49%	1
Chemicals	0.32%	2
Entertainment	0.31%	1
Health Care Equipment & Supplies	0.23%	1
Pharmaceuticals & Biotechnology	0.15%	3
Machinery	0.11%	2
Utilities	0.05%	1
Equity Real Estate Investment Trusts (REITs)	0.03%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	BABA	Alibaba Group Holding Ltd	Industrials	33.75%
2	VALE	Vale S.A.	Materials	8.20%
3	QFIN	Qfin Holdings, Inc.	Financials	6.67%
4	KC	Kingsoft Cloud Holdings Ltd	Information Technology	4.97%
5	VNET	VNET Group, Inc.	Information Technology	4.47%
6	IBN	ICICI BANK LIMITED	Unclassified	4.32%
7		ONECONNECT FINL TECHNOLOGY C	Unclassified	3.53%
8	SE	Sea Ltd	Industrials	3.45%
9	TME	Tencent Music Entertainment Group	Communication Services	3.12%
10	VEON	VEON Ltd.	Communication Services	3.02%

49/60 names classified · sector 88.3% of weight · industry 87.2% · mkt cap 10.4%; unclassified names shown, never dropped.

Sector allocation over time · how the GICS mix & top names shifted quarter by quarter

top 5/sector, rest → “Other” · 24 quarters

IndustrialsBABA, RYAAY, GPN, SE, ZTO · other

Health CareTEVA, GILD, JNJ, LLY, BMY · other

Information TechnologyAAOI, BIDU, TSM, KC, ATHM · other

FinancialsBMA, QFIN, LX, SUPV, HTT · other

MaterialsLOMA, TX, VALE, SMG, CX · other

Communication ServicesGOOG, VEON, TEO, TME, CHT · other

Consumer DiscretionarySHW, YUMC, YUM, GME, XPEV · other

UtilitiesPAM, BIPC

EnergyPBR, VIST

Consumer StaplesCVS, MNST

Real Estate

UnclassifiedRYANAIR HLDGS PLC, SINA CORP, IBN, DIRECTV, PROTECTIVE LIFE CORP COM · other

Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 88.3% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2020-Q3), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

Only 9% of book weight classified — the grid is NOT representative of the whole book.

holdings, colored by sector (24 classified)TT INTERNATIONAL centroid (Mid Core)

FinancialsCommunication ServicesIndustrialsConsumer DiscretionaryInformation TechnologyMaterialsHealth CareReal Estate

Style box summary for TT INTERNATIONAL: centroid Mid Core. Heaviest cells: Large Growth 3.3%, Large Value 1.6%, Mid Value 1.4%.

Classified: 9.2% of book weight (24/55 names) · unclassified 90.8%: BABA, VALE, QFIN, KC, VNET, , IBN, SE, TME, VEON +21 more. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.

Contribution holdings-based, any period

No contribution data for this period.

Holdings· 60 positions (2020-Q3) · largest first · Δ vs 2020-Q2

#	Security	Shares	Value	Weight	Δ QoQ
1	BABAALIBABA GROUP HLDG LTD	2,222,274	$653M	33.8%	NEW
2	VALEVALE S A	15,007,832	$159M	8.2%	NEW
3	QFINQFIN HOLDINGS INC	10,817,270	$129M	6.7%	NEW
4	KCKINGSOFT CLOUD HLDGS LTD	3,260,559	$96M	5.0%	NEW
5	VNETVNET GROUP INC	3,735,628	$87M	4.5%	NEW
6	IBNICICI BANK LIMITED	8,499,087	$84M	4.3%	NEW
7	ONECONNECT FINL TECHNOLOGY C	3,205,146	$68M	3.5%	NEW
8	SESEA LTD	433,443	$67M	3.4%	NEW
9	TMETENCENT MUSIC ENTMT GROUP	4,085,704	$60M	3.1%	NEW
10	VEONVEON LTD	46,451,327	$59M	3.0%	NEW
11	ZTOZTO EXPRESS CAYMAN INC	1,808,685	$54M	2.8%	NEW
12	XPEVXPENG INC	2,375,539	$48M	2.5%	NEW
13	NBISNEBIUS GROUP N.V.	653,874	$43M	2.2%	NEW
14	HDBHDFC BANK LTD	617,326	$31M	1.6%	NEW
15	BRK.BBERKSHIRE HATHAWAY INC DEL	103,382	$22M	1.1%	NEW
16	MSFTMICROSOFT CORP	100,428	$21M	1.1%	NEW
17	DQDAQO NEW ENERGY CORP	141,018	$19M	1.0%	NEW
18	GOOGALPHABET INC	10,608	$16M	0.8%	NEW
19	HUYAHUYA INC	607,235	$15M	0.8%	NEW
20	DGDOLLAR GEN CORP	65,745	$14M	0.7%	NEW
21	VZVERIZON COMMUNICATIONS INC	231,066	$14M	0.7%	NEW
22	AMBER INTL HLDG LTD SPON ADS NEW	1,954,376	$13M	0.7%	NEW
23	HOLXHOLOGIC INC	188,693	$13M	0.6%	NEW
24	FISFIDELITY NATL INFORMATION SV	82,123	$12M	0.6%	NEW
25	FTDRFRONTDOOR INC	297,312	$12M	0.6%	NEW
26	PGRPROGRESSIVE CORP	113,788	$11M	0.6%	NEW
27	NOAHNOAH HLDGS LTD	399,694	$10M	0.5%	NEW
28	ELVELEVANCE HEALTH INC FORMERLY	35,660	$10M	0.5%	NEW
29	LHXL3HARRIS TECHNOLOGIES INC	56,125	$10M	0.5%	NEW
30	SHWSHERWIN WILLIAMS CO	13,590	$9M	0.5%	NEW
31	VVISA INC	46,996	$9M	0.5%	NEW
32	DLBDOLBY LABORATORIES INC	125,618	$8M	0.4%	NEW
33	NIUNIU TECHNOLOGIES	410,492	$8M	0.4%	NEW
34	NEMNEWMONT CORP	96,057	$6M	0.3%	NEW
35	DISDISNEY WALT CO	48,444	$6M	0.3%	NEW
36	ECLECOLAB INC	29,516	$6M	0.3%	NEW
37	AONAON PLC	21,663	$6M	0.3%	NEW
38	LXLEXINFINTECH HLDGS LTD	767,701	$5M	0.3%	NEW
39	BDXBECTON DICKINSON & CO	18,811	$4M	0.2%	NEW
40	JDJD.COM INC	52,762	$4M	0.2%	NEW
41	NEW ORIENTAL ED & TECHNOLOGY	27,024	$4M	0.2%	NEW
42	ACMRACM RESH INC	24,984	$2M	0.1%	NEW
43	TSMTAIWAN SEMICONDUCTOR MFG LTD	20,045	$2M	0.1%	NEW
44	BNTXBIONTECH SE	16,000	$1M	0.1%	NEW
45	BMYBRISTOL-MYERS SQUIBB CO	16,000	$964,000	0.0%	NEW
46	ABBVABBVIE INC	10,500	$919,000	0.0%	NEW
47	DRDDRDGOLD LIMITED	75,000	$888,000	0.0%	NEW
48	BIPCBrookfield Infrastructure Corp	15,148	$887,000	0.0%	NEW
49	SBSWSIBANYE STILLWATER LTD	60,578	$674,000	0.0%	NEW
50	LBRDALIBERTY BROADBAND CORP	3,765	$537,000	0.0%	NEW
51	IMMUNOMEDICS INC	6,210	$528,000	0.0%	NEW
52	WTWWILLIS TOWERS WATSON PLC LTD	2,500	$522,000	0.0%	NEW
53	WYWEYERHAEUSER CO	17,918	$511,000	0.0%	NEW
54	TPICQTPI COMPOSITES INC	17,078	$494,000	0.0%	NEW
55	XYLXYLEM INC	4,715	$396,000	0.0%	NEW
56	WMSADVANCED DRAIN SYS INC DEL	4,726	$295,000	0.0%	NEW
57	CHINA BIOLOGIC PRODS HLDGS I	2,479	$275,000	0.0%	NEW
58	SEDGSOLAREDGE TECHNOLOGIES INC	1,131	$269,000	0.0%	NEW
59	TIFFANY & CO NEW	2,316	$268,000	0.0%	NEW
60	VIAOYVIA OPTRONICS AG	25,000	$222,000	0.0%	NEW

☆TT INTERNATIONAL