What smart money is saying about Sea Limited
10 funds in our archive have pitched Sea Limited, most recently Matthews Emerging Markets Equity Fund in September 2026.
Operating across Southeast Asia, Latin America, other parts of Asia, and various international markets, Sea Limited and its group of companies specialize in three core areas: digital entertainment, e-commerce, and digital financial services. Under its Garena brand, the company provides a comprehensive digital entertainment platform. This platform allows users to play a variety of online games on both mobile devices and personal computers, participate in eSports events, and access additional entertainment content. Key features include live-streamed gameplay, as well as social functionalities like user chat rooms and online forums. Furthermore, Sea Limited manages Shopee, a prominent e-commerce platform designed primarily for mobile users. Shopee functions as a marketplace, offering integrated payment solutions, robust logistics infrastructure, and a suite of services for its sellers. Its SeaMoney division delivers an array of digital financial services to both individual consumers and businesses. These services encompass offline and online mobile wallet facilities, payment processing, and various other financial products, such as credit, insurtech solutions, and digital banking. These offerings are brought to market through brands like ShopeePay, SPayLater, and SeaBank, among others. Notably, SeaMoney also handles the payment processing for the Shopee platform. Established in 2009, the firm initially operated as Garena Interactive Holding Limited before rebranding to Sea Limited in April 2017. Its global operations are directed from its headquarters in Singapore.
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Fund signal · last 12 months
19 lettersToo few moves on Sea Limited yet for a clear signal
Moves described in fund letters in our archive. A sentence published word for word by several funds of one house in the same quarter counts once.
Position history
Between Q4 2024 and Q3 2026, 24 fund letters reported a position in Sea Limited, with 2 buys (opened or added) and 1 sell (trimmed or exited).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 3 | 1 | 0 | 2 |
| Q2 2026 | 8 | 1 | 0 | 1 |
| Q1 2026 | 1 | 0 | 0 | 1 |
| Q4 2025 | 7 | 0 | 1 | 3 |
| Q3 2025 | 1 | 0 | 0 | 0 |
| Q2 2025 | 2 | 0 | 0 | 1 |
| Q1 2025 | 2 | 0 | 0 | 1 |
| Q4 2024 | 0 | 0 | 0 | 1 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 24 positions · 3 moves
- September 2026
Listed in Artisan Partners Developing World Strategy’s reported holdings.
Sea Limited - September 2026
“A single disproportionate equity outcome can change the entire trajectory of a portfolio or provide the staying power to see depressed but vibrant investments through. We have highlighted NVIDIA’s contributions to our investment program in previous periods. NVIDIA has contributed 3,449bps to performance since inception and remains a small holding in the current portfolio (a residual position in our parlance). Disproportionate equity outcomes have also been achieved by MercadoLibre (2,062bps since inception), Sea (1,709bps), and Visa (864bps).”
Sea Limited - New positionMatthews Emerging Markets Equity FundSeptember 2026
“During the quarter, the portfolio’s exposure to Industrials, Information Technology and Financials was reduced, while increasing Consumer Discretionary and Materials. The largest country-level change was a reduction in South Korea, particularly in technology, alongside increased exposure to China internet and consumer opportunities. We initiated positions in Sea Limited (Singapore) and Eternal Limited (India) to broaden the portfolio’s exposure to digital consumption.”
Sea Limited - AddedVision Capital FundJune 2026
“We had strong inflows in early Q2 from our largest investors (us included) seeking to take advantage of buying opportunities. We deployed some of that new capital to 10 of our existing positions (in alphabetical order): Cloudflare (NET), MercadoLibre (MELI), Meta (META), Nu (NU), Palantir (PLTR), Pro Medicus (PME), Sea Limited (SE), ServiceNow (NOW), Shopify (SHOP), and Zscaler (ZS).”
Sea Limited - June 2026
“A similar line of thinking could apply to other core investments including Tencent, MercadoLibre, Nubank, Grab, Adyen, MakeMyTrip, Eternal, and Paytm, all of which have declined (in some cases significantly) YTD.”
Sea Limited - June 2026
Listed in Coronation Global Equity Strategy’s reported holdings.
Sea Limited - June 2026
“In consumer internet, we continue to find businesses with durable networks, strong execution and large long-term market opportunities. While holdings such as Spotify, Shopify and Sea have underperformed in recent periods following strong multiyear gains, we believe patience remains warranted as these franchises have continued to execute well against large addressable markets.”
Sea Limited - June 2026
“While Internet holdings such as Spotify and Sea have underperformed in recent periods following strong multiyear runs, we believe patience will be rewarded as these unique franchises continue to execute well against large long-term market opportunities.”
Sea Limited - June 2026
Listed in Coronation Global Managed Strategy’s reported holdings.
Sea Limited - June 2026
“Other stocks where the markets seem to be taking a view that they could be long-term losers in an AI world are the ecommerce companies like MercadoLibre (6.6% of Strategy), Sea Limited (6.2%), and Coupang (4.1%). These are all very profitable businesses trading at low-teens multiples barely 2 years out, despite having a decade or more of well-above-normal growth ahead of them.”
Sea Limited Listed in Sustainable Growth Advisers Emerging Markets Growth Strategy’s reported holdings.
Sea Limited- March 2026
“• Sea Limited is a leading internet platform company in Southeast Asia with dominant positions in e-commerce through Shopee, digital financial services, and gaming. Shopee has emerged as the region’s largest e-commerce platform, with market share approaching half of the Southeast Asian market, while also establishing itself as a credible competitor in Brazil with meaningful room to improve unit economics as the business scales. We believe Sea represents a compelling long-duration growth compounder given its substantial market opportunity and expanding competitive advantages. During the quarter, shares detracted from performance despite the company delivering strong fiscal fourth-quarter e-commerce results that exceeded expectations and guiding to continued robust sales growth in the year ahead.”
Sea Limited - December 2025
“The top individual absolute detractors were Roblox, Sea, Netflix, Spotify, and Microsoft. Roblox is a leading gaming development and distribution platform. Shares declined in the fourth quarter after management projected a notable increase in expenses and capital expenditures in 2026 and issued a cautious growth outlook, citing potential engagement risks from new age-based communication controls. This update amplified existing concerns that growth may normalize in the coming quarters, following an extraordinary 91 percent year-over-year engagement increase in the third quarter, driven by several hit game launches. While we continue to monitor engagement trends, we believe expectations have now reset to more appropriately conservative levels. Our research suggests that expanding engagement and monetization reflects Roblox’s evolution into a platform business, rather than a dependence on individual game successes. Sea is a Southeast Asian internet platform with businesses in gaming, ecommerce, and fintech. After seven consecutive quarters of exceeding consensus expectations and raising forward guidance, management shifted its focus to investing in logistics and user engagement.”
Sea Limited - December 2025
“Within these sectors, the largest detractors were Singapore-based e-commerce and fintech provider Sea Limited, U.S. online gaming platform Roblox and location software provider Life360. Shares of Sea had rallied roughly 80% through the first three quarters of the year but investor concern grew more recently around intensifying competition in several key markets, particularly Brazil and Taiwan. Some believe increased competition could constrain profitability, but we do not share this view and are already seeing evidence that Sea’s competitive position remains intact.”
Sea Limited - December 2025
“Sea Ltd. shares declined as expectations for margin expansion reset lower amid rising competition for the e- commerce giant.”
Sea Limited - TrimmedPolar Capital Emerging Market Stars FundDecember 2025
“Sea was the biggest detractor over the quarter, despite ending full-year 2025 with a positive contribution – we successfully trimmed our weighting.”
Sea Limited - December 2025
“Sea is a Southeast Asian internet platform with businesses in gaming, ecommerce, and fintech.”
Sea Limited - December 2025
“Sea is a Southeast Asian internet platform with businesses in gaming, ecommerce, and fintech.”
Sea Limited - December 2025
“Relative performance in the fourth quarter was negatively impacted by weakness in the consumer discretionary sector. Sea Limited, the Singapore-based e-commerce, gaming and fintech provider, was hurt by profit taking over potential increasing competitive concerns after the shares rose 80% in the first eight months of the year.”
Sea Limited - August 2025
“Long book performance was driven largely by strong earnings results from several of our long holdings, including Spirax Group, Millicom International, Melrose Industries, and Sea Ltd.”
Sea Limited - HoldsDavis Global FundJune 2025
“In communication services, Chinese technology company NetEase gained 54% and Southeast Asia’s dominant e-commerce platform, Sea Limited, was up 51% in the first half of 2025.”
Sea Limited - June 2025
“In communication services, Chinese technology company NetEase gained 54% and Southeast Asia’s dominant e-commerce platform, Sea Limited, was up 51% in the first half of 2025.”
Sea Limited - HoldsTouchstone Sands Capital Emerging Markets Growth FundMarch 2025
“Sea is an internet business in Southeast Asia that operates leading platforms for video games, ecommerce, and digital financial services. The business reported its fifth consecutive beat-and-raise quarter, with Shopee (ecommerce) growing gross merchandise volume 24% year-over-year while delivering positive EBITDA margin.”
Sea Limited - HoldsTouchstone Sands Capital Select Growth FundMarch 2025
“Among the top individual absolute contributors to Select Growth’s results were Spotify Technology S.A., Sea Ltd. (both Communication Services sector), Intercontinental Exchange Inc. (Financials sector), Uber Technologies Inc. (Industrials sector), and Cloudflare Inc. (Information Technology sector).”
Sea Limited
Fund coverage · 10 theses
- Matthews Emerging Markets Equity FundSeptember 2026
Sea Limited is a Southeast Asian consumer internet company, and the case centers on Shopee’s market position, improving profitability, and monetization opportunities.
Read the full thesis - Artisan Partners Developing World StrategySeptember 2026
Sea continues to show that scale advantages can support sustained growth and compounding.
Read the full thesis Sea is developing AI features in Shopee that could improve merchant value and increase take rates.
Read the full thesis- Hayden CapitalMarch 2026
Sea Limited is a profitable Southeast Asian ecommerce leader with accelerating growth, strong free cash flow, and a reinvestment-driven moat expansion story.
Read the full thesis - Hayden CapitalDecember 2025
Sea Limited is a dominant Southeast Asian e-commerce platform reinvesting offensively amid stabilizing competition, with attractive valuation and prospects for a wider moat and stronger long-term economics.
Read the full thesis - Sands Capital Select GrowthDecember 2025
Sea Limited is a Southeast Asian internet platform investing to strengthen competitiveness with potential for significant revenue and EBITDA growth by 2030.
Read the full thesis - Artisan Global Discovery StrategyDecember 2025
Sea Limited is a leading Southeast Asian internet platform with rational competition and profitability expected to trend toward global peers despite near-term margin investments.
Read the full thesis - Polen International GrowthJune 2025
Sea Ltd. is a leading e-commerce and fintech company in Southeast Asia and Taiwan, poised for significant growth with a projected revenue increase of ~20% and profit growth surpassing 30% over the next five years.
Read the full thesis - Hayden CapitalMarch 2025
Shopee is positioned for significant growth in Brazil, with potential for high returns on investment and plans to expand further into Latin America leveraging its established operations.
Read the full thesis - Hayden CapitalDecember 2024
Shopee is transforming into a logistics powerhouse with a ~$1.6BN investment in Shopee Express
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