Cederberg Capital Ltd

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), Cederberg Capital Ltd reported 9 stock positions worth $386.0 million. Its top holding was New Oriental Educatio-SP ADR (EDU) at 21.3% of the portfolio, followed by PDD (PDD, 19.8%) and Netease Inc.-ADR (NTES, 16.8%). Compared with Q2 2024, it opened 4 new positions, added to 2 and reduced 2. The biggest buy was a new position in Ke Holdings Inc.-ADR (BEKE) and the biggest sale PDD (PDD, shares −40%).

Most Recent 13F
Q2 2026
Location
LONDON, X0
CIK
0001861244
Portfolio Value
$386.0M (Q3 2024)
SEC Filing
0001861244-24-000006 ↗ filed Nov 14, 2024

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $360.7M Q1 2024 Q2 2024: $304.2M Q2 2024 Q3 2024: $386.0M $386.0M Q3 2024 Q4 2024: $294.6M Q4 2024 Q1 2025: $258.9M Q1 2025 Q2 2025: $272.3M Q2 2025 Q3 2025: $350.2M Q3 2025 Q4 2025: $308.0M Q4 2025 Q1 2026: $186.3M Q1 2026 Q2 2026: $100.4M Q2 2026

Holdings 9 stocks · $386.0M
EDU New Oriental Educatio-SP ADR 21.28% 1,083,050 $82.1M Add +1.0%
PDD PDD Holdings Inc. 19.85% 568,300 $76.6M Reduce -40.2%
NTES Netease Inc.-ADR 16.77% 692,475 $64.8M Reduce -2.5%
BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC 11.89% 2,304,400 $45.9M New
TAL Tal Education Group- ADR 11.28% 3,676,287 $43.5M Add +63.5%
FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD 8.45% 340,900 $32.6M New
HTHT H World Group Ltd.-ADR 6.57% 681,500 $25.4M New
BZ Kanzhun Ltd. - ADR 3.22% 715,000 $12.4M New
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 0.71% 200,000 $2.7M No change

Portfolio Sells Q2 2024 → Q3 2024
PDD PDD Holdings Inc. Reduce -40.2% 19.85% −21.71
NTES Netease Inc.-ADR Reduce -2.5% 16.77% −5.53

Portfolio Buys Q2 2024 → Q3 2024
BEKE Ke Holdings Inc.-ADR New 11.89% +11.89
FUTU Futu Holdings Ltd.-ADR New 8.45% +8.45
HTHT H World Group Ltd.-ADR New 6.57% +6.57
TAL Tal Education Group- ADR Add +63.5% 11.28% +3.39
BZ Kanzhun Ltd. - ADR New 3.22% +3.22
EDU New Oriental Educatio-SP ADR Add +1.0% 21.28% −6.13

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 10$100.4MACMR, NTES, CYD, SVM, ATAT
Q1 2026 11$186.3MNTES, PDD, ATAT, SVM, ACMR
Q4 2025Amended 9$308.0MPDD, NTES, EDU, ACMR, FUTU
Q3 2025 10$350.2MPDD, NTES, EDU, YMM, FUTU
Q2 2025 8$272.3MNTES, PDD, EDU, FUTU, HTHT
Q1 2025 8$258.9MNTES, PDD, EDU, FUTU, YMM
Q4 2024 8$294.6MEDU, NTES, PDD, BEKE, FUTU
Q3 2024 9$386.0MEDU, PDD, NTES, BEKE, TAL
Q2 2024 5$304.2MPDD, EDU, NTES, TAL, NU
Q1 2024 6$360.7MPDD, EDU, NTES, TAL, NU