Cederberg Capital Ltd

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Cederberg Capital Ltd reported 10 stock positions worth $350.2 million. Its top holding was PDD (PDD) at 28.5% of the portfolio, followed by Netease Inc.-ADR (NTES, 24.7%) and New Oriental Educatio-SP ADR (EDU, 12.2%). Compared with Q2 2025, it opened 3 new positions, sold out of 1, added to 4 and reduced 3. The biggest buy was PDD (PDD, shares +48%) and the biggest sale an exit from H World Group Ltd.-ADR (HTHT).

Most Recent 13F
Q2 2026
Location
LONDON, X0
CIK
0001861244
Portfolio Value
$350.2M (Q3 2025)
SEC Filing
0001861244-25-000010 ↗ filed Nov 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 Q2 2025 Q3 2025: $350.2M $350.2M Q3 2025 Q4 2025: $308.0M Q4 2025 Q1 2026: $186.3M Q1 2026 Q2 2026: $100.4M Q2 2026

Holdings 10 stocks · $350.2M
PDD PDD Holdings Inc. 28.53% 755,900 $99.9M Add +47.6%
NTES Netease Inc.-ADR 24.71% 569,475 $86.6M Reduce -11.7%
EDU New Oriental Educatio-SP ADR 12.24% 807,718 $42.9M Reduce -13.0%
YMM Full Truck Alliance -SPN ADR 9.14% 2,467,000 $32.0M Add +46.5%
FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD 8.99% 181,105 $31.5M Reduce -27.9%
ATAT Atour Lifestyle Holdings-ADR 6.77% 630,500 $23.7M New
ACMR Acm Research Inc. Class A 5.55% 496,500 $19.4M New
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 1.75% 382,900 $6.1M Add +9.2%
FINV Finvolution Group-ADR 1.43% 680,600 $5.0M New
SE Sea Ltd.-ADR 0.90% 17,600 $3.1M Add +16.6%

Portfolio Sells Q2 2025 → Q3 2025
HTHT H World Group Ltd.-ADR Sold out 0.00% −8.70
NTES Netease Inc.-ADR Reduce -11.7% 24.71% −7.16
EDU New Oriental Educatio-SP ADR Reduce -13.0% 12.24% −6.15
FUTU Futu Holdings Ltd.-ADR Reduce -27.9% 8.99% −2.41

Portfolio Buys Q2 2025 → Q3 2025
PDD PDD Holdings Inc. Add +47.6% 28.53% +8.85
ATAT Atour Lifestyle Holdings-ADR New 6.77% +6.77
ACMR Acm Research Inc. Class A New 5.55% +5.55
YMM Full Truck Alliance -SPN ADR Add +46.5% 9.14% +1.83
FINV Finvolution Group-ADR New 1.43% +1.43
SE Sea Ltd.-ADR Add +16.6% 0.90% +0.01
NU Nu Holdings Ltd./Cayman Isl-A Add +9.2% 1.75% −0.02

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