Cederberg Capital Ltd

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Cederberg Capital Ltd reported 8 stock positions worth $294.6 million. Its top holding was New Oriental Educatio-SP ADR (EDU) at 23.7% of the portfolio, followed by Netease Inc.-ADR (NTES, 21.0%) and PDD (PDD, 18.7%). Compared with Q3 2024, it sold out of 1 and added to 4. The biggest buy was Ke Holdings Inc.-ADR (BEKE, shares +4%) and the biggest sale an exit from Tal Education Group- ADR (TAL).

Most Recent 13F
Q2 2026
Location
LONDON, X0
CIK
0001861244
Portfolio Value
$294.6M (Q4 2024)
SEC Filing
0001861244-25-000001 ↗ filed Feb 14, 2025

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 Q3 2024 Q4 2024: $294.6M $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 8 stocks · $294.6M
EDU New Oriental Educatio-SP ADR 23.70% 1,088,050 $69.8M Add +0.5%
NTES Netease Inc.-ADR 20.97% 692,475 $61.8M No change
PDD PDD Holdings Inc. 18.71% 568,300 $55.1M No change
BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC 14.95% 2,390,900 $44.0M Add +3.8%
FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD 9.61% 353,900 $28.3M Add +3.8%
HTHT H World Group Ltd.-ADR 7.64% 681,500 $22.5M No change
BZ Kanzhun Ltd. - ADR 3.72% 794,954 $11.0M Add +11.2%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 0.70% 200,000 $2.1M No change

Portfolio Sells Q3 2024 → Q4 2024
TAL Tal Education Group- ADR Sold out 0.00% −11.28

Portfolio Buys Q3 2024 → Q4 2024
BEKE Ke Holdings Inc.-ADR Add +3.8% 14.95% +3.06
EDU New Oriental Educatio-SP ADR Add +0.5% 23.70% +2.42
FUTU Futu Holdings Ltd.-ADR Add +3.8% 9.61% +1.16
BZ Kanzhun Ltd. - ADR Add +11.2% 3.72% +0.51

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