Cederberg Capital Ltd

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Cederberg Capital Ltd reported 8 stock positions worth $272.3 million. Its top holding was Netease Inc.-ADR (NTES) at 31.9% of the portfolio, followed by PDD (PDD, 19.7%) and New Oriental Educatio-SP ADR (EDU, 18.4%). Compared with Q1 2025, it added to 1 and reduced 4. The biggest buy was H World Group Ltd.-ADR (HTHT, shares +9%) and the biggest sale PDD (PDD, shares −3%).

Most Recent 13F
Q2 2026
Location
LONDON, X0
CIK
0001861244
Portfolio Value
$272.3M (Q2 2025)
SEC Filing
0001861244-25-000006 ↗ filed Aug 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 Q4 2024 Q1 2025: $258.9M Q1 2025 Q2 2025: $272.3M $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 · $272.3M
NTES Netease Inc.-ADR 31.87% 644,975 $86.8M No change
PDD PDD Holdings Inc. 19.68% 512,000 $53.6M Reduce -3.2%
EDU New Oriental Educatio-SP ADR 18.39% 928,518 $50.1M Reduce -2.1%
FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD 11.40% 251,305 $31.1M Reduce -13.7%
HTHT H World Group Ltd.-ADR 8.70% 698,200 $23.7M Add +8.5%
YMM Full Truck Alliance -SPN ADR 7.30% 1,684,300 $19.9M Reduce -15.1%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 1.77% 350,600 $4.8M No change
SE Sea Ltd.-ADR 0.89% 15,100 $2.4M No change

Portfolio Sells Q1 2025 → Q2 2025
PDD PDD Holdings Inc. Reduce -3.2% 19.68% −4.50
YMM Full Truck Alliance -SPN ADR Reduce -15.1% 7.30% −2.49
FUTU Futu Holdings Ltd.-ADR Reduce -13.7% 11.40% −0.11
EDU New Oriental Educatio-SP ADR Reduce -2.1% 18.39% +0.87

Portfolio Buys Q1 2025 → Q2 2025
HTHT H World Group Ltd.-ADR Add +8.5% 8.70% −0.50

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