Indus Capital Partners, LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Indus Capital Partners, LLC reported 5 stock positions worth $105.9 million. Its top holding was HDFC Bank Ltd.-ADR (HDB) at 52.4% of the portfolio, followed by GDS Holdings Ltd. - ADR (GDS, 32.1%) and H World Group Ltd.-ADR (HTHT, 13.4%). Compared with Q4 2024, it opened 1 new position, sold out of 1 and reduced 3. The biggest buy was a new position in H World Group Ltd.-ADR (HTHT) and the biggest sale an exit from Ke Holdings Inc.-ADR (BEKE).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001350879
- Portfolio Value
- $105.9M (Q1 2025)
- SEC Filing
- 0000919574-25-003011 ↗ filed May 14, 2025
Holdings Value
Holdings 5 stocks · $105.9M
| HDB HDFC Bank Ltd.-ADR | 52.36% | 834,677 | $55.5M | Reduce -8.3% |
| GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD | 32.10% | 1,342,258 | $34.0M | Reduce -23.1% |
| HTHT H World Group Ltd.-ADR | 13.39% | 383,200 | $14.2M | New |
| PDD PDD Holdings Inc. | 1.08% | 9,700 | $1.1M | No change |
| BEDU Bright Scholar Education-ADR | 1.06% | 670,589 | $1.1M | Reduce -0.0% |
Portfolio Sells Q4 2024 → Q1 2025
Portfolio Buys Q4 2024 → Q1 2025
| HTHT H World Group Ltd.-ADR | New | 13.39% | +13.39 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 2 | $29.9M | HTHT, KT |
| Q1 2026 | 2 | $39.7M | HTHT, KT |
| Q4 2025 | 2 | $30.9M | HTHT, KT |
| Q3 2025 | 3 | $29.7M | HTHT, KT, BEDU |
| Q2 2025 | 4 | $79.9M | HDB, HTHT, KT, BEDU |
| Q1 2025 | 5 | $105.9M | HDB, GDS, HTHT, PDD, BEDU |
| Q4 2024 | 5 | $139.1M | HDB, GDS, BEKE, BEDU, PDD |
| Q3 2024 | 5 | $149.4M | HDB, BEKE, GDS, CTSH, BEDU |
| Q2 2024 | 5 | $163.3M | HDB, YMM, BEKE, CTSH, BEDU |
| Q1 2024 | 5 | $160.9M | HDB, YMM, BEKE, CTSH, BEDU |