In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 31, 2025), FACTORIAL MANAGEMENT Ltd reported 1 stock position worth $1.9 million. Its top holding was HDFC Bank Ltd.-ADR (HDB) at 100.0% of the portfolio. Compared with Q2 2025, it opened 1 new position and sold out of 2. The biggest buy was a new position in HDFC Bank Ltd.-ADR (HDB) and the biggest sale an exit from Kranesh Csi China Internet (KWEB).