Kerrisdale Advisers, LLC

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Kerrisdale Advisers, LLC reported 86 stock positions worth $296.0 million. Its top holding was Acm Research Class A (ACMR) at 9.9% of the portfolio, followed by Sysco (SYY, 6.1%) and Visa Class A (V, 5.6%). Compared with Q3 2024, it opened 5 new positions, sold out of 16, added to 23 and reduced 24. The biggest buy was Acm Research Class A (ACMR, shares +551%) and the biggest sale an exit from Celestica (CLS).

Most Recent 13F
Q2 2026
Location
Miami, FL
CIK
0001569688
Portfolio Value
$296.0M (Q4 2024)
SEC Filing
0001172661-25-000950 ↗ filed Feb 14, 2025

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $318.3M Q1 2024 Q2 2024: $319.5M Q2 2024 Q3 2024: $294.1M Q3 2024 Q4 2024: $296.0M $296.0M Q4 2024 Q1 2025: $239.0M Q1 2025 Q2 2025: $191.7M Q2 2025 Q3 2025: $192.9M Q3 2025 Q4 2025: $212.3M Q4 2025 Q1 2026: $262.7M Q1 2026 Q2 2026: $399.2M Q2 2026

Holdings 86 stocks · $296.0M
ACMR Acm Research Inc. Class A 9.94% 1,948,003 $29.4M Add +550.8%
SYY Sysco Corp. 6.07% 235,021 $18.0M Reduce -6.7%
V Visa Inc. Class A 5.60% 52,430 $16.6M Reduce -20.2%
DEO Diageo PLC-Sponsored ADR 5.14% 119,724 $15.2M Add +1.1%
GOOGL Alphabet Inc. Class A 5.07% 79,282 $15.0M Reduce -2.5%
MELI MercadoLibre Inc. 4.27% 7,427 $12.6M Add +119.0%
STX Seagate Technology Holdings 4.07% 139,746 $12.1M Add +54.4%
DAVA Endava PLC- Spon ADR 3.76% 359,942 $11.1M Add +18.7%
SHC Sotera Health Co. 3.68% 795,312 $10.9M No change
NE Noble Corp. PLC 3.50% 329,985 $10.4M No change
AMZN Amazon.com Inc. 3.24% 43,703 $9.6M No change
MSFT Microsoft Corp. 2.51% 17,599 $7.4M Add +9.2%
CSX CSX Corp. 2.42% 221,940 $7.2M No change
WAB Wabtec Corp. 2.41% 37,551 $7.1M Reduce -25.5%
BANCOLOMBIA S.A.-SPONS ADR 2.34% 220,025 $6.9M Add +5.5%
UNP Union Pacific Corp. 2.14% 27,717 $6.3M Add +5.0%
VAL Valaris Ltd. 1.51% 101,265 $4.5M Add +46.5%
ZM Zoom Communications Inc. 1.38% 50,089 $4.1M Reduce -44.5%
CRM Salesforce Inc. 1.25% 11,106 $3.7M Reduce -30.8%
IMXI International Money Express 1.22% 173,288 $3.6M Reduce -15.4%
BABA Alibaba Group Holding-SP ADR 1.21% 42,111 $3.6M Reduce -24.6%
UHAL.B U-Haul Holding Co.-Non Voting 1.20% 55,241 $3.5M No change
DE Deere & Co. 1.18% 8,238 $3.5M Reduce -13.3%
GTM Zoominfo Technologies Inc. 1.11% 311,343 $3.3M Reduce -14.3%
ASML ASML Holding NV-NY Reg SHS 1.03% 4,418 $3.1M Add +532.0%
RTO Rentokil Initial PLC-SP ADR 0.97% 112,895 $2.9M Add +51.8%
BA The Boeing Co. 0.89% 14,855 $2.6M Add +16.0%
PMTS Cpi Card Group Inc. 0.87% 86,408 $2.6M Reduce -26.7%
PNC PNC Financial Services Group 0.81% 12,455 $2.4M No change
GTX Garrett Motion Inc. 0.80% 262,402 $2.4M Reduce -10.9%
KNX Knight-Swift Transportation 0.71% 39,522 $2.1M Reduce -19.5%
HSIC Henry Schein Inc. 0.70% 29,941 $2.1M Add +7.8%
WMG Warner Music Group Corp. Class A 0.70% 66,530 $2.1M No change
USB US Bancorp 0.61% 37,661 $1.8M No change
CPNG Coupang Inc. 0.60% 81,455 $1.8M New
AON Aon PLC Class A 0.59% 4,898 $1.8M Reduce -7.4%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.59% 39,759 $1.7M Reduce -53.3%
MOS The Mosaic Co. 0.59% 70,580 $1.7M No change
EPAM Epam Systems Inc. 0.58% 7,344 $1.7M Reduce -62.0%
CRL Charles River Laboratories 0.54% 8,665 $1.6M Add +33.2%
MSGE Madison Square Garden Entert 0.52% 43,495 $1.5M Reduce -44.2%
FBTC Fidelity Wise Origin Bitcoin 0.51% 18,612 $1.5M Reduce -47.1%
ATKR Atkore Inc. 0.51% 17,990 $1.5M Add +20.1%
NOC Northrop Grumman Corp. 0.49% 3,078 $1.4M No change
ARKB ARK 21SHARES Bitcoin ETF 0.49% 15,457 $1.4M No change
PBR Petroleo Brasileiro-Spon ADR 0.48% 111,126 $1.4M No change
WFC Wells Fargo & Co. 0.46% 19,346 $1.4M Reduce -30.1%
UBER Uber Technologies Inc. 0.45% 22,215 $1.3M Add +74.8%
CCJ Cameco Corp. 0.44% 25,390 $1.3M No change
INTC Intel Corp. 0.43% 63,550 $1.3M Add +291.4%
BITB Bitwise Bitcoin ETF 0.42% 24,358 $1.2M Reduce -46.5%
SPGI S&P Global Inc. 0.42% 2,475 $1.2M Add +14.6%
ADBE Adobe Inc. 0.38% 2,535 $1.1M Add +65.6%
FOXF Fox Factory Holding Corp. 0.37% 36,434 $1.1M No change
JOE The St Joe Co. 0.36% 23,990 $1.1M No change
KFY Korn Ferry 0.34% 14,910 $1.0M Reduce -57.6%
PERI Perion Network Ltd. 0.34% 118,523 $1.0M No change
MCO Moody's Corp. 0.33% 2,077 $983K No change
CRON Cronos Group Inc. 0.32% 468,786 $947K Add +2.3%
UNH Unitedhealth Group Inc. 0.32% 1,852 $937K Reduce -12.5%
NSC Norfolk Southern Corp. 0.32% 3,973 $932K No change
UHAL U-Haul Holding Co. 0.30% 12,714 $878K No change
IBIT iShares Bitcoin Trust ETF 0.29% 16,205 $860K No change
DCTH Delcath Systems Inc. 0.27% 66,645 $802K Add +270.9%
KEYS Keysight Technologies Inc. 0.23% 4,263 $685K No change
CSTM Constellium SE 0.20% 56,776 $583K New
PRTS Carparts.com Inc. 0.20% 539,257 $582K Add +19.0%
EC Ecopetrol SA-Sponsored ADR 0.18% 67,555 $535K No change
NXE Nexgen Energy Ltd. 0.17% 78,083 $515K No change
OBE Obsidian Energy Ltd. 0.16% 84,060 $487K No change
TENB Tenable Holdings Inc. 0.16% 11,720 $462K No change
CRH CRH PLC 0.14% 4,618 $427K Reduce -35.5%
TTI Tetra Technologies Inc. 0.13% 108,182 $387K Reduce -35.7%
CC The Chemours Co. 0.13% 22,403 $379K No change
LESLIES INC 0.12% 160,438 $358K Add +6.0%
HDSN Hudson Technologies Inc. 0.12% 64,100 $358K No change
OXY Occidental Petroleum Corp. 0.12% 7,050 $348K No change
LYFT LYFT Inc. Class A 0.10% 22,170 $286K New
CBRE CBRE Group Inc. Class A 0.09% 1,987 $261K No change
RCMT RCM Technologies Inc. 0.09% 11,737 $260K No change
BLK BlackRock Inc. 0.08% 225 $231K No change
VTLE Vital Energy Inc. 0.07% 6,591 $204K New
BOOM DMC Global Inc. 0.07% 26,583 $195K New
DNN Denison Mines Corp. 0.05% 86,800 $156K No change
AVAL Grupo Aval Acciones Y Valore 0.05% 75,000 $152K No change
CUTRQ Cutera Inc. 0.01% 84,205 $30K No change

Portfolio Sells Q3 2024 → Q4 2024
CLS Celestica Inc. Sold out 0.00% −1.20
DBX Dropbox Inc. Class A Sold out 0.00% −0.93
LRCX Lam Research Corp. Sold out 0.00% −0.85
JD Jd.com Inc.-ADR Sold out 0.00% −0.83
BABA Alibaba Group Holding-SP ADR Reduce -24.6% 1.21% −0.81
ZM Zoom Communications Inc. Reduce -44.5% 1.38% −0.76
EPAM Epam Systems Inc. Reduce -62.0% 0.58% −0.73
WAB Wabtec Corp. Reduce -25.5% 2.41% −0.71
SYY Sysco Corp. Reduce -6.7% 6.07% −0.61
MSGE Madison Square Garden Entert Reduce -44.2% 0.52% −0.60
SMCI Super Micro Computer Inc. Sold out 0.00% −0.59
KFY Korn Ferry Reduce -57.6% 0.34% −0.56
BAC Bank of America Corp. Reduce -53.3% 0.59% −0.56
V Visa Inc. Class A Reduce -20.2% 5.60% −0.54
DOCU Docusign Inc. Sold out 0.00% −0.36
NMM Navios Maritime Partners LP Sold out 0.00% −0.33
FUTU Futu Holdings Ltd.-ADR Sold out 0.00% −0.28
PMTS Cpi Card Group Inc. Reduce -26.7% 0.87% −0.24
CRM Salesforce Inc. Reduce -30.8% 1.25% −0.24
KNX Knight-Swift Transportation Reduce -19.5% 0.71% −0.19
GTM Zoominfo Technologies Inc. Reduce -14.3% 1.11% −0.17
DE Deere & Co. Reduce -13.3% 1.18% −0.17
GTLS Chart Industries Inc. Sold out 0.00% −0.16
FBTC Fidelity Wise Origin Bitcoin Reduce -47.1% 0.51% −0.15
GPGI Gpgi Inc. Sold out 0.00% −0.15
AMAT Applied Materials Inc. Sold out 0.00% −0.14
WB Weibo Corp.-Spon ADR Sold out 0.00% −0.12
BITB Bitwise Bitcoin ETF Reduce -46.5% 0.42% −0.12
TIGR Up Fintech Holding Ltd. - ADR Sold out 0.00% −0.11
UNH Unitedhealth Group Inc. Reduce -12.5% 0.32% −0.10
ACLS Axcelis Technologies Inc. Sold out 0.00% −0.10
CRH CRH PLC Reduce -35.5% 0.14% −0.08
WFC Wells Fargo & Co. Reduce -30.1% 0.46% −0.07
KCCA Kraneshares California Carbo Sold out 0.00% −0.07
IMXI International Money Express Reduce -15.4% 1.22% −0.07
TTI Tetra Technologies Inc. Reduce -35.7% 0.13% −0.05
LEE Lee Enterprises Sold out 0.00% −0.04
AON Aon PLC Class A Reduce -7.4% 0.59% −0.03
GTX Garrett Motion Inc. Reduce -10.9% 0.80% −0.02
GOOGL Alphabet Inc. Class A Reduce -2.5% 5.07% +0.49

Portfolio Buys Q3 2024 → Q4 2024
ACMR Acm Research Inc. Class A Add +550.8% 9.94% +7.87
MELI MercadoLibre Inc. Add +119.0% 4.27% +1.90
DAVA Endava PLC- Spon ADR Add +18.7% 3.76% +1.13
ASML ASML Holding NV-NY Reg SHS Add +532.0% 1.03% +0.84
STX Seagate Technology Holdings Add +54.4% 4.07% +0.70
CPNG Coupang Inc. New 0.60% +0.60
RTO Rentokil Initial PLC-SP ADR Add +51.8% 0.97% +0.34
INTC Intel Corp. Add +291.4% 0.43% +0.30
BA The Boeing Co. Add +16.0% 0.89% +0.23
DCTH Delcath Systems Inc. Add +270.9% 0.27% +0.22
VAL Valaris Ltd. Add +46.5% 1.51% +0.20
CSTM Constellium SE New 0.20% +0.20
MSFT Microsoft Corp. Add +9.2% 2.51% +0.15
UBER Uber Technologies Inc. Add +74.8% 0.45% +0.13
BANCOLOMBIA S.A.-SPONS ADR Add +5.5% 2.34% +0.12
ADBE Adobe Inc. Add +65.6% 0.38% +0.11
CRL Charles River Laboratories Add +33.2% 0.54% +0.10
LYFT LYFT Inc. Class A New 0.10% +0.10
ATKR Atkore Inc. Add +20.1% 0.51% +0.08
VTLE Vital Energy Inc. New 0.07% +0.07
BOOM DMC Global Inc. New 0.07% +0.07
PRTS Carparts.com Inc. Add +19.0% 0.20% +0.06
SPGI S&P Global Inc. Add +14.6% 0.42% +0.04
HSIC Henry Schein Inc. Add +7.8% 0.70% +0.01
CRON Cronos Group Inc. Add +2.3% 0.32% −0.02
LESLIES INC Add +6.0% 0.12% −0.04
UNP Union Pacific Corp. Add +5.0% 2.14% −0.08
DEO Diageo PLC-Sponsored ADR Add +1.1% 5.14% −0.51

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 114$399.2MRRX, V, BDC, MELI, AMZN
Q1 2026 112$262.7MV, MELI, TDS, AMZN, MRVL
Q4 2025 76$212.3MTDS, MELI, SYY, V, ACMR
Q3 2025 75$192.9MV, SHC, MELI, NE, AMZN
Q2 2025 66$191.7MSTX, UNH, MELI, V, NE
Q1 2025 81$239.0MSTX, V, MELI, DEO, AMZN
Q4 2024 86$296.0MACMR, SYY, V, DEO, GOOGL
Q3 2024 97$294.1MSYY, V, DEO, GOOGL, SHC
Q2 2024 93$319.5MSYY, V, NE, DEO, GOOGL
Q1 2024 87$318.3MV, NE, SYY, DEO, WAB