On May 12, 2026, Serenity Capital Management disclosed in a U.S. Securities and Exchange Commission (SEC) filing that it sold 383,611 shares of Mattel (NASDAQ:MAT) during the first quarter, an estimated $6.99 million transaction based on quarterly average pricing.

What happened

According to a SEC filing dated May 12, 2026, Serenity Capital Management reduced its position in Mattel (NASDAQ:MAT) by 383,611 shares during the first quarter. The estimated transaction value was $6.99 million, calculated using the mean unadjusted closing price for the quarter. At quarter end, the fund reported holding 2,002,032 shares, valued at $29.09 million.

What else to know

• Following the sale, Mattel represented 7.02% of Serenity Capital Management’s 13F reportable AUM as of March 31, 2026.

• Top holdings after the filing:

  • NYSE: ZTO: $127.28 million (30.7% of AUM)

  • NYSE: TAL: $53.78 million (13.0% of AUM)

  • NASDAQ: HTHT: $48.23 million (11.6% of AUM)

  • NYSE: EDU: $37.20 million (9.0% of AUM)

  • NASDAQ: PDD: $36.78 million (8.9% of AUM)

• As of May 11, 2026, Mattel shares were priced at $14.99, down 21.1% over the past year and underperforming the S&P 500 by 44.02 percentage points.

Company overview

Company snapshot

• Produces toys, dolls, action figures, vehicles, and games under brands such as Barbie, Hot Wheels, Fisher-Price, and American Girl, as well as licensed products for major entertainment partners.

• Generates revenue primarily through the sale of physical toys and consumer products, complemented by content, gaming, and digital experiences across global retail and direct-to-consumer channels.

• Targets children and families worldwide, serving both mass-market retailers and specialty stores, as well as direct customers through proprietary retail and online platforms.

Mattel is a global leader in the toy and family entertainment industry, leveraging a diverse brand portfolio and international distribution network. The company’s strategy centers on brand innovation, licensing partnerships, and expanding digital engagement to capture evolving consumer preferences. Scale, brand recognition, and a broad product mix provide Mattel with a competitive advantage in the consumer cyclical sector.

What this transaction means for investors

Serenity Capital Management runs a highly concentrated China-focused portfolio — nine of their 10 holdings are Chinese companies. Mattel is the outlier, representing just 7% of their assets. They established the position late last year, then trimmed it significantly one quarter later as tariff pressures squeezed profitability.