Cederberg Capital Ltd
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Cederberg Capital Ltd reported 11 stock positions worth $186.3 million. Its top holding was Netease Inc.-ADR (NTES) at 21.6% of the portfolio, followed by PDD (PDD, 21.0%) and Atour Lifestyle Holdings-ADR (ATAT, 17.8%). Compared with Q4 2025, it opened 4 new positions, sold out of 2, added to 1 and reduced 6. The biggest buy was a new position in Silvercorp Metals (SVM) and the biggest sale New Oriental Educatio-SP ADR (EDU, shares −92%).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001861244
- Portfolio Value
- $186.3M (Q1 2026)
- SEC Filing
- 0001861244-26-000003 ↗ filed May 15, 2026
Holdings Value
Holdings 11 stocks · $186.3M
| NTES Netease Inc.-ADR | 21.61% | 359,675 | $40.3M | Reduce -24.0% |
| PDD PDD Holdings Inc. | 21.01% | 383,100 | $39.1M | Reduce -49.3% |
| ATAT Atour Lifestyle Holdings-ADR | 17.79% | 900,600 | $33.2M | Add +42.8% |
| SVM Silvercorp Metals Inc. | 12.79% | 2,219,100 | $23.8M | New |
| ACMR Acm Research Inc. Class A | 12.65% | 599,200 | $23.6M | Reduce -13.7% |
| CYD China Yuchai Intl Ltd. | 6.67% | 322,913 | $12.4M | New |
| EDU New Oriental Educatio-SP ADR | 2.22% | 73,048 | $4.1M | Reduce -91.9% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 2.05% | 266,300 | $3.8M | Reduce -30.4% |
| PBR.A Petroleo Brasil-SP Pref ADR | 1.50% | 149,400 | $2.8M | New |
| AU Anglogold Ashanti PLC | 1.04% | 19,900 | $1.9M | New |
| SE Sea Ltd.-ADR | 0.65% | 14,700 | $1.2M | Reduce -29.0% |
Portfolio Sells Q4 2025 → Q1 2026
| EDU New Oriental Educatio-SP ADR | Reduce -91.9% | 2.22% | −13.86 |
| FUTU Futu Holdings Ltd.-ADR | Sold out | 0.00% | −8.69 |
| PDD PDD Holdings Inc. | Reduce -49.3% | 21.01% | −6.82 |
| YMM Full Truck Alliance -SPN ADR | Sold out | 0.00% | −6.37 |
| SE Sea Ltd.-ADR | Reduce -29.0% | 0.65% | −0.20 |
| NU Nu Holdings Ltd./Cayman Isl-A | Reduce -30.4% | 2.05% | −0.03 |
| NTES Netease Inc.-ADR | Reduce -24.0% | 21.61% | +0.47 |
| ACMR Acm Research Inc. Class A | Reduce -13.7% | 12.65% | +3.77 |
Portfolio Buys Q4 2025 → Q1 2026
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 10 | $100.4M | ACMR, NTES, CYD, SVM, ATAT |
| Q1 2026 | 11 | $186.3M | NTES, PDD, ATAT, SVM, ACMR |
| Q4 2025Amended | 9 | $308.0M | PDD, NTES, EDU, ACMR, FUTU |
| Q3 2025 | 10 | $350.2M | PDD, NTES, EDU, YMM, FUTU |
| Q2 2025 | 8 | $272.3M | NTES, PDD, EDU, FUTU, HTHT |
| Q1 2025 | 8 | $258.9M | NTES, PDD, EDU, FUTU, YMM |
| Q4 2024 | 8 | $294.6M | EDU, NTES, PDD, BEKE, FUTU |
| Q3 2024 | 9 | $386.0M | EDU, PDD, NTES, BEKE, TAL |
| Q2 2024 | 5 | $304.2M | PDD, EDU, NTES, TAL, NU |
| Q1 2024 | 6 | $360.7M | PDD, EDU, NTES, TAL, NU |