Cederberg Capital Ltd

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 18, 2026), Cederberg Capital Ltd reported 9 stock positions worth $308.0 million. Its top holding was PDD (PDD) at 27.8% of the portfolio, followed by Netease Inc.-ADR (NTES, 21.1%) and New Oriental Educatio-SP ADR (EDU, 16.1%). Compared with Q3 2025, it sold out of 1, added to 3 and reduced 3. The biggest buy was New Oriental Educatio-SP ADR (EDU, shares +11%) and the biggest sale Netease Inc.-ADR (NTES, shares −17%).

Most Recent 13F
Q2 2026
Location
LONDON, X0
CIK
0001861244
Portfolio Value
$308.0M (Q4 2025)
SEC Filing
0001861244-26-000002 ↗ filed Feb 18, 2026

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 Q3 2025 Q4 2025: $308.0M $308.0M Q4 2025 Q1 2026: $186.3M Q1 2026 Q2 2026: $100.4M Q2 2026

Holdings 9 stocks · $308.0M
PDD PDD Holdings Inc. 27.83% 755,900 $85.7M No change
NTES Netease Inc.-ADR 21.14% 473,175 $65.1M Reduce -16.9%
EDU New Oriental Educatio-SP ADR 16.08% 899,718 $49.5M Add +11.4%
ACMR Acm Research Inc. Class A 8.89% 693,900 $27.4M Add +39.8%
FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD 8.69% 162,905 $26.8M Reduce -10.1%
ATAT Atour Lifestyle Holdings-ADR 8.07% 630,500 $24.8M No change
YMM Full Truck Alliance -SPN ADR 6.37% 1,828,900 $19.6M Reduce -25.9%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 2.08% 382,900 $6.4M No change
SE Sea Ltd.-ADR 0.86% 20,700 $2.6M Add +17.6%

Portfolio Sells Q3 2025 → Q4 2025
NTES Netease Inc.-ADR Reduce -16.9% 21.14% −3.57
YMM Full Truck Alliance -SPN ADR Reduce -25.9% 6.37% −2.76
FINV Finvolution Group-ADR Sold out 0.00% −1.43
FUTU Futu Holdings Ltd.-ADR Reduce -10.1% 8.69% −0.31

Portfolio Buys Q3 2025 → Q4 2025
EDU New Oriental Educatio-SP ADR Add +11.4% 16.08% +3.84
ACMR Acm Research Inc. Class A Add +39.8% 8.89% +3.34
SE Sea Ltd.-ADR Add +17.6% 0.86% −0.04

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