Kerrisdale Advisers, LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Kerrisdale Advisers, LLC reported 81 stock positions worth $239.0 million. Its top holding was Seagate Technology (STX) at 20.1% of the portfolio, followed by Visa Class A (V, 6.6%) and MercadoLibre (MELI, 5.3%). Compared with Q4 2024, it opened 12 new positions, sold out of 17, added to 14 and reduced 35. The biggest buy was Seagate Technology (STX, shares +304%) and the biggest sale Acm Research Class A (ACMR, shares −89%).
- Most Recent 13F
- Q2 2026
- Location
- Miami, FL
- CIK
- 0001569688
- Portfolio Value
- $239.0M (Q1 2025)
- SEC Filing
- 0001172661-25-001941 ↗ filed May 15, 2025
Holdings Value
Holdings 81 stocks · $239.0M
| STX Seagate Technology Holdings | 20.09% | 565,083 | $48.0M | Add +304.4% |
| V Visa Inc. Class A | 6.61% | 45,049 | $15.8M | Reduce -14.1% |
| MELI MercadoLibre Inc. | 5.29% | 6,484 | $12.6M | Reduce -12.7% |
| DEO Diageo PLC-Sponsored ADR | 5.05% | 115,074 | $12.1M | Reduce -3.9% |
| AMZN Amazon.com Inc. | 4.50% | 56,566 | $10.8M | Add +29.4% |
| GOOGL Alphabet Inc. Class A | 4.19% | 64,752 | $10.0M | Reduce -18.3% |
| SHC Sotera Health Co. | 3.88% | 795,312 | $9.3M | No change |
| SYY Sysco Corp. | 3.53% | 112,283 | $8.4M | Reduce -52.2% |
| NE Noble Corp. PLC | 3.27% | 329,985 | $7.8M | No change |
| MSFT Microsoft Corp. | 3.18% | 20,261 | $7.6M | Add +15.1% |
| DAVA Endava PLC- Spon ADR | 2.86% | 350,872 | $6.8M | Reduce -2.5% |
| CSX CSX Corp. | 2.63% | 213,305 | $6.3M | Reduce -3.9% |
| BANCOLOMBIA S.A.-SPONS ADR | 2.16% | 128,642 | $5.2M | Reduce -41.5% |
| ACMR Acm Research Inc. Class A | 2.09% | 214,397 | $5.0M | Reduce -89.0% |
| ZM Zoom Communications Inc. | 1.82% | 58,839 | $4.3M | Add +17.5% |
| WAB Wabtec Corp. | 1.78% | 23,510 | $4.3M | Reduce -37.4% |
| VAL Valaris Ltd. | 1.60% | 97,335 | $3.8M | Reduce -3.9% |
| UHAL.B U-Haul Holding Co.-Non Voting | 1.37% | 55,241 | $3.3M | No change |
| RTO Rentokil Initial PLC-SP ADR | 1.23% | 128,228 | $2.9M | Add +13.6% |
| GTM Zoominfo Technologies Inc. | 1.22% | 290,548 | $2.9M | Reduce -6.7% |
| IMXI International Money Express | 1.00% | 189,288 | $2.4M | Add +9.2% |
| APPF Appfolio Inc. Class A | 0.90% | 9,748 | $2.1M | New |
| WMG Warner Music Group Corp. Class A | 0.87% | 66,530 | $2.1M | No change |
| FTRE Fortrea Holdings Inc. | 0.87% | 275,321 | $2.1M | New |
| EPAM Epam Systems Inc. | 0.85% | 12,094 | $2.0M | Add +64.7% |
| CRM Salesforce Inc. | 0.83% | 7,384 | $2.0M | Reduce -33.5% |
| BA The Boeing Co. | 0.80% | 11,265 | $1.9M | Reduce -24.2% |
| CPNG Coupang Inc. | 0.80% | 86,945 | $1.9M | Add +6.7% |
| PMTS Cpi Card Group Inc. | 0.76% | 62,196 | $1.8M | Reduce -28.0% |
| PBR Petroleo Brasileiro-Spon ADR | 0.67% | 111,126 | $1.6M | No change |
| ATKR Atkore Inc. | 0.65% | 25,914 | $1.6M | Add +44.0% |
| CRL Charles River Laboratories | 0.63% | 10,064 | $1.5M | Add +16.1% |
| MSGE Madison Square Garden Entert | 0.60% | 43,495 | $1.4M | No change |
| UBER Uber Technologies Inc. | 0.57% | 18,655 | $1.4M | Reduce -16.0% |
| ADBE Adobe Inc. | 0.51% | 3,207 | $1.2M | Add +26.5% |
| KNX Knight-Swift Transportation | 0.48% | 26,117 | $1.1M | Reduce -33.9% |
| JOE The St Joe Co. | 0.47% | 23,990 | $1.1M | No change |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.45% | 25,789 | $1.1M | Reduce -35.1% |
| CCJ Cameco Corp. | 0.44% | 25,390 | $1.0M | No change |
| PERI Perion Network Ltd. | 0.40% | 118,523 | $965K | No change |
| USB US Bancorp | 0.40% | 22,736 | $960K | Reduce -39.6% |
| PNC PNC Financial Services Group | 0.37% | 4,992 | $877K | Reduce -59.9% |
| FOXF Fox Factory Holding Corp. | 0.36% | 36,434 | $850K | No change |
| CRON Cronos Group Inc. | 0.35% | 468,786 | $849K | No change |
| UHAL U-Haul Holding Co. | 0.35% | 12,714 | $831K | No change |
| NSC Norfolk Southern Corp. | 0.34% | 3,473 | $823K | Reduce -12.6% |
| KFY Korn Ferry | 0.30% | 10,488 | $711K | Reduce -29.7% |
| EC Ecopetrol SA-Sponsored ADR | 0.30% | 67,555 | $705K | No change |
| FBTC Fidelity Wise Origin Bitcoin | 0.28% | 9,212 | $663K | Reduce -50.5% |
| HSIC Henry Schein Inc. | 0.28% | 9,661 | $662K | Reduce -67.7% |
| UNP Union Pacific Corp. | 0.27% | 2,777 | $656K | Reduce -90.0% |
| ON On Semiconductor | 0.27% | 16,090 | $655K | New |
| KEYS Keysight Technologies Inc. | 0.27% | 4,263 | $638K | No change |
| WFC Wells Fargo & Co. | 0.27% | 8,851 | $635K | Reduce -54.3% |
| PII Polaris Inc. | 0.26% | 15,080 | $617K | New |
| BITB Bitwise Bitcoin ETF | 0.24% | 12,873 | $578K | Reduce -47.1% |
| ARKB ARK 21SHARES Bitcoin ETF | 0.22% | 6,342 | $521K | Reduce -59.0% |
| OBE Obsidian Energy Ltd. | 0.21% | 84,060 | $493K | No change |
| UNH Unitedhealth Group Inc. | 0.20% | 922 | $483K | Reduce -50.2% |
| LW Lamb Weston Holdings Inc. | 0.20% | 8,775 | $468K | New |
| DCTH Delcath Systems Inc. | 0.20% | 36,645 | $466K | Reduce -45.0% |
| IBIT iShares Bitcoin Trust ETF | 0.19% | 9,545 | $447K | Reduce -41.1% |
| CC The Chemours Co. | 0.18% | 31,563 | $427K | Add +40.9% |
| TENB Tenable Holdings Inc. | 0.17% | 11,720 | $410K | No change |
| HDSN Hudson Technologies Inc. | 0.17% | 64,100 | $395K | No change |
| LESLIES INC | 0.15% | 476,238 | $350K | Add +196.8% |
| OXY Occidental Petroleum Corp. | 0.15% | 7,050 | $348K | No change |
| PRTS Carparts.com Inc. | 0.11% | 252,495 | $252K | Reduce -53.2% |
| GTLS Chart Industries Inc. | 0.10% | 1,735 | $250K | New |
| BABA Alibaba Group Holding-SP ADR | 0.10% | 1,856 | $245K | Reduce -95.6% |
| QS Quantumscape Corp. | 0.10% | 58,375 | $243K | New |
| KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC | 0.10% | 2,600 | $241K | New |
| NXE Nexgen Energy Ltd. | 0.10% | 50,883 | $228K | Reduce -34.8% |
| AVAL Grupo Aval Acciones Y Valore | 0.09% | 75,000 | $205K | No change |
| MSOS Advisorshares Pure US Cann | 0.08% | 77,470 | $202K | New |
| RCMT RCM Technologies Inc. | 0.08% | 12,891 | $201K | Add +9.8% |
| SSTK Shutterstock Inc. | 0.08% | 10,765 | $201K | New |
| GOLDEN OCEAN GROUP LTD | 0.08% | 25,000 | $200K | New |
| BOOM DMC Global Inc. | 0.07% | 20,492 | $173K | Reduce -22.9% |
| DNN Denison Mines Corp. | 0.05% | 86,800 | $113K | No change |
| FIGS Figs Inc. Class A | 0.04% | 19,407 | $89K | New |
Portfolio Sells Q4 2024 → Q1 2025
| ACMR Acm Research Inc. Class A | Reduce -89.0% | 2.09% | −7.84 |
| SYY Sysco Corp. | Reduce -52.2% | 3.53% | −2.55 |
| UNP Union Pacific Corp. | Reduce -90.0% | 0.27% | −1.86 |
| DE Deere & Co. | Sold out | 0.00% | −1.18 |
| BABA Alibaba Group Holding-SP ADR | Reduce -95.6% | 0.10% | −1.10 |
| ASML ASML Holding NV-NY Reg SHS | Sold out | 0.00% | −1.03 |
| DAVA Endava PLC- Spon ADR | Reduce -2.5% | 2.86% | −0.89 |
| GOOGL Alphabet Inc. Class A | Reduce -18.3% | 4.19% | −0.88 |
| GTX Garrett Motion Inc. | Sold out | 0.00% | −0.80 |
| WAB Wabtec Corp. | Reduce -37.4% | 1.78% | −0.62 |
| AON Aon PLC Class A | Sold out | 0.00% | −0.59 |
| MOS The Mosaic Co. | Sold out | 0.00% | −0.59 |
| NOC Northrop Grumman Corp. | Sold out | 0.00% | −0.49 |
| PNC PNC Financial Services Group | Reduce -59.9% | 0.37% | −0.44 |
| INTC Intel Corp. | Sold out | 0.00% | −0.43 |
| CRM Salesforce Inc. | Reduce -33.5% | 0.83% | −0.43 |
| HSIC Henry Schein Inc. | Reduce -67.7% | 0.28% | −0.42 |
| SPGI S&P Global Inc. | Sold out | 0.00% | −0.42 |
| MCO Moody's Corp. | Sold out | 0.00% | −0.33 |
| ARKB ARK 21SHARES Bitcoin ETF | Reduce -59.0% | 0.22% | −0.27 |
| FBTC Fidelity Wise Origin Bitcoin | Reduce -50.5% | 0.28% | −0.24 |
| KNX Knight-Swift Transportation | Reduce -33.9% | 0.48% | −0.23 |
| USB US Bancorp | Reduce -39.6% | 0.40% | −0.21 |
| CSTM Constellium SE | Sold out | 0.00% | −0.20 |
| WFC Wells Fargo & Co. | Reduce -54.3% | 0.27% | −0.19 |
| BANCOLOMBIA S.A.-SPONS ADR | Reduce -41.5% | 2.16% | −0.18 |
| BITB Bitwise Bitcoin ETF | Reduce -47.1% | 0.24% | −0.18 |
| CRH CRH PLC | Sold out | 0.00% | −0.14 |
| BAC Bank of America Corp. | Reduce -35.1% | 0.45% | −0.14 |
| TTI Tetra Technologies Inc. | Sold out | 0.00% | −0.13 |
| UNH Unitedhealth Group Inc. | Reduce -50.2% | 0.20% | −0.11 |
| PMTS Cpi Card Group Inc. | Reduce -28.0% | 0.76% | −0.11 |
| IBIT iShares Bitcoin Trust ETF | Reduce -41.1% | 0.19% | −0.10 |
| LYFT LYFT Inc. Class A | Sold out | 0.00% | −0.10 |
| DEO Diageo PLC-Sponsored ADR | Reduce -3.9% | 5.05% | −0.10 |
| PRTS Carparts.com Inc. | Reduce -53.2% | 0.11% | −0.09 |
| CBRE CBRE Group Inc. Class A | Sold out | 0.00% | −0.09 |
| BA The Boeing Co. | Reduce -24.2% | 0.80% | −0.08 |
| NXE Nexgen Energy Ltd. | Reduce -34.8% | 0.10% | −0.08 |
| BLK BlackRock Inc. | Sold out | 0.00% | −0.08 |
| DCTH Delcath Systems Inc. | Reduce -45.0% | 0.20% | −0.08 |
| VTLE Vital Energy Inc. | Sold out | 0.00% | −0.07 |
| KFY Korn Ferry | Reduce -29.7% | 0.30% | −0.04 |
| CUTRQ Cutera Inc. | Sold out | 0.00% | −0.01 |
| BOOM DMC Global Inc. | Reduce -22.9% | 0.07% | +0.01 |
| NSC Norfolk Southern Corp. | Reduce -12.6% | 0.34% | +0.03 |
| VAL Valaris Ltd. | Reduce -3.9% | 1.60% | +0.09 |
| GTM Zoominfo Technologies Inc. | Reduce -6.7% | 1.22% | +0.11 |
| UBER Uber Technologies Inc. | Reduce -16.0% | 0.57% | +0.12 |
| CSX CSX Corp. | Reduce -3.9% | 2.63% | +0.21 |
Portfolio Buys Q4 2024 → Q1 2025
| STX Seagate Technology Holdings | Add +304.4% | 20.09% | +16.01 |
| AMZN Amazon.com Inc. | Add +29.4% | 4.50% | +1.26 |
| APPF Appfolio Inc. Class A | New | 0.90% | +0.90 |
| FTRE Fortrea Holdings Inc. | New | 0.87% | +0.87 |
| MSFT Microsoft Corp. | Add +15.1% | 3.18% | +0.68 |
| ZM Zoom Communications Inc. | Add +17.5% | 1.82% | +0.44 |
| EPAM Epam Systems Inc. | Add +64.7% | 0.85% | +0.27 |
| ON On Semiconductor | New | 0.27% | +0.27 |
| RTO Rentokil Initial PLC-SP ADR | Add +13.6% | 1.23% | +0.26 |
| PII Polaris Inc. | New | 0.26% | +0.26 |
| LW Lamb Weston Holdings Inc. | New | 0.20% | +0.20 |
| CPNG Coupang Inc. | Add +6.7% | 0.80% | +0.19 |
| ATKR Atkore Inc. | Add +44.0% | 0.65% | +0.14 |
| ADBE Adobe Inc. | Add +26.5% | 0.51% | +0.13 |
| GTLS Chart Industries Inc. | New | 0.10% | +0.10 |
| QS Quantumscape Corp. | New | 0.10% | +0.10 |
| KSPI JSC Kaspi.kz ADR | New | 0.10% | +0.10 |
| CRL Charles River Laboratories | Add +16.1% | 0.63% | +0.09 |
| MSOS Advisorshares Pure US Cann | New | 0.08% | +0.08 |
| SSTK Shutterstock Inc. | New | 0.08% | +0.08 |
| GOLDEN OCEAN GROUP LTD | New | 0.08% | +0.08 |
| CC The Chemours Co. | Add +40.9% | 0.18% | +0.05 |
| FIGS Figs Inc. Class A | New | 0.04% | +0.04 |
| LESLIES INC | Add +196.8% | 0.15% | +0.03 |
| RCMT RCM Technologies Inc. | Add +9.8% | 0.08% | −0.00 |
| IMXI International Money Express | Add +9.2% | 1.00% | −0.22 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 114 | $399.2M | RRX, V, BDC, MELI, AMZN |
| Q1 2026 | 112 | $262.7M | V, MELI, TDS, AMZN, MRVL |
| Q4 2025 | 76 | $212.3M | TDS, MELI, SYY, V, ACMR |
| Q3 2025 | 75 | $192.9M | V, SHC, MELI, NE, AMZN |
| Q2 2025 | 66 | $191.7M | STX, UNH, MELI, V, NE |
| Q1 2025 | 81 | $239.0M | STX, V, MELI, DEO, AMZN |
| Q4 2024 | 86 | $296.0M | ACMR, SYY, V, DEO, GOOGL |
| Q3 2024 | 97 | $294.1M | SYY, V, DEO, GOOGL, SHC |
| Q2 2024 | 93 | $319.5M | SYY, V, NE, DEO, GOOGL |
| Q1 2024 | 87 | $318.3M | V, NE, SYY, DEO, WAB |