Cederberg Capital Ltd

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Cederberg Capital Ltd reported 8 stock positions worth $258.9 million. Its top holding was Netease Inc.-ADR (NTES) at 25.6% of the portfolio, followed by PDD (PDD, 24.2%) and New Oriental Educatio-SP ADR (EDU, 17.5%). Compared with Q4 2024, it opened 2 new positions, sold out of 2, added to 1 and reduced 5. The biggest buy was a new position in Full Truck Alliance -SPN ADR (YMM) and the biggest sale an exit from Ke Holdings Inc.-ADR (BEKE).

Most Recent 13F
Q2 2026
Location
LONDON, X0
CIK
0001861244
Portfolio Value
$258.9M (Q1 2025)
SEC Filing
0001861244-25-000004 ↗ filed May 15, 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 Q4 2024 Q1 2025: $258.9M $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 · $258.9M
NTES Netease Inc.-ADR 25.64% 644,975 $66.4M Reduce -6.9%
PDD PDD Holdings Inc. 24.17% 528,700 $62.6M Reduce -7.0%
EDU New Oriental Educatio-SP ADR 17.53% 948,900 $45.4M Reduce -12.8%
FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD 11.52% 291,305 $29.8M Reduce -17.7%
YMM Full Truck Alliance -SPN ADR 9.79% 1,984,500 $25.3M New
HTHT H World Group Ltd.-ADR 9.20% 643,500 $23.8M Reduce -5.6%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 1.39% 350,600 $3.6M Add +75.3%
SE Sea Ltd.-ADR 0.76% 15,100 $2.0M New

Portfolio Sells Q4 2024 → Q1 2025
BEKE Ke Holdings Inc.-ADR Sold out 0.00% −14.95
EDU New Oriental Educatio-SP ADR Reduce -12.8% 17.53% −6.18
BZ Kanzhun Ltd. - ADR Sold out 0.00% −3.72
HTHT H World Group Ltd.-ADR Reduce -5.6% 9.20% +1.56
FUTU Futu Holdings Ltd.-ADR Reduce -17.7% 11.52% +1.91
NTES Netease Inc.-ADR Reduce -6.9% 25.64% +4.68
PDD PDD Holdings Inc. Reduce -7.0% 24.17% +5.46

Portfolio Buys Q4 2024 → Q1 2025
YMM Full Truck Alliance -SPN ADR New 9.79% +9.79
SE Sea Ltd.-ADR New 0.76% +0.76
NU Nu Holdings Ltd./Cayman Isl-A Add +75.3% 1.39% +0.68

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