Kerrisdale Advisers, LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Kerrisdale Advisers, LLC reported 66 stock positions worth $191.7 million. Its top holding was Seagate Technology (STX) at 22.0% of the portfolio, followed by Unitedhealth (UNH, 6.4%) and MercadoLibre (MELI, 5.5%). Compared with Q1 2025, it opened 3 new positions, sold out of 18, added to 16 and reduced 17. The biggest buy was Unitedhealth (UNH, shares +4183%) and the biggest sale Diageo PLC-Sponsored ADR (DEO, shares −75%).
- Most Recent 13F
- Q2 2026
- Location
- Miami, FL
- CIK
- 0001569688
- Portfolio Value
- $191.7M (Q2 2025)
- SEC Filing
- 0001172661-25-003283 ↗ filed Aug 14, 2025
Holdings Value
Holdings 66 stocks · $191.7M
| STX Seagate Technology Holdings | 22.04% | 292,751 | $42.3M | Reduce -48.2% |
| UNH Unitedhealth Group Inc. | 6.43% | 39,485 | $12.3M | Add +4182.5% |
| MELI MercadoLibre Inc. | 5.48% | 4,022 | $10.5M | Reduce -38.0% |
| V Visa Inc. Class A | 5.07% | 27,384 | $9.7M | Reduce -39.2% |
| NE Noble Corp. PLC | 4.87% | 351,985 | $9.3M | Add +6.7% |
| SHC Sotera Health Co. | 4.61% | 795,312 | $8.8M | No change |
| DAVA Endava PLC- Spon ADR | 4.28% | 535,803 | $8.2M | Add +52.7% |
| ACMR Acm Research Inc. Class A | 3.87% | 286,497 | $7.4M | Add +33.6% |
| GOOGL Alphabet Inc. Class A | 3.12% | 33,927 | $6.0M | Reduce -47.6% |
| ZM Zoom Communications Inc. | 2.63% | 64,679 | $5.0M | Add +9.9% |
| WDC Western Digital Corp. | 2.46% | 73,577 | $4.7M | New |
| CIB Grupo Cibest SA-ADR | 2.42% | 100,462 | $4.6M | Reduce -21.9% |
| SYY Sysco Corp. | 2.23% | 56,438 | $4.3M | Reduce -49.7% |
| VAL Valaris Ltd. | 2.14% | 97,335 | $4.1M | No change |
| GTM Zoominfo Technologies Inc. | 1.81% | 342,298 | $3.5M | Add +17.8% |
| CPNG Coupang Inc. | 1.70% | 109,085 | $3.3M | Add +25.5% |
| UHAL.B U-Haul Holding Co.-Non Voting | 1.57% | 55,241 | $3.0M | No change |
| APPF Appfolio Inc. Class A | 1.55% | 12,942 | $3.0M | Add +32.8% |
| DEO Diageo PLC-Sponsored ADR | 1.51% | 28,758 | $2.9M | Reduce -75.0% |
| AMZN Amazon.com Inc. | 1.13% | 9,847 | $2.2M | Reduce -82.6% |
| IMXI International Money Express | 1.00% | 189,288 | $1.9M | No change |
| CCJ Cameco Corp. | 0.98% | 25,390 | $1.9M | No change |
| ATKR Atkore Inc. | 0.96% | 26,114 | $1.8M | Add +0.8% |
| WMG Warner Music Group Corp. Class A | 0.95% | 66,530 | $1.8M | No change |
| FTRE Fortrea Holdings Inc. | 0.92% | 358,191 | $1.8M | Add +30.1% |
| MSGE Madison Square Garden Entert | 0.91% | 43,495 | $1.7M | No change |
| RTO Rentokil Initial PLC-SP ADR | 0.86% | 68,778 | $1.7M | Reduce -46.4% |
| FOXF Fox Factory Holding Corp. | 0.77% | 57,094 | $1.5M | Add +56.7% |
| ADBE Adobe Inc. | 0.77% | 3,802 | $1.5M | Add +18.6% |
| PMTS Cpi Card Group Inc. | 0.75% | 60,796 | $1.4M | Reduce -2.3% |
| PBR Petroleo Brasileiro-Spon ADR | 0.73% | 111,126 | $1.4M | No change |
| HSIC Henry Schein Inc. | 0.61% | 16,026 | $1.2M | Add +65.9% |
| ON On Semiconductor | 0.60% | 21,955 | $1.2M | Add +36.5% |
| JOE The St Joe Co. | 0.60% | 23,990 | $1.1M | No change |
| CRL Charles River Laboratories | 0.59% | 7,458 | $1.1M | Reduce -25.9% |
| KEYS Keysight Technologies Inc. | 0.57% | 6,613 | $1.1M | Add +55.1% |
| KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC | 0.49% | 11,050 | $938K | Add +325.0% |
| CRON Cronos Group Inc. | 0.47% | 468,786 | $895K | No change |
| KNX Knight-Swift Transportation | 0.46% | 19,982 | $884K | Reduce -23.5% |
| UHAL U-Haul Holding Co. | 0.40% | 12,714 | $770K | No change |
| KFY Korn Ferry | 0.40% | 10,488 | $769K | No change |
| PERI Perion Network Ltd. | 0.40% | 75,563 | $767K | Reduce -36.3% |
| EC Ecopetrol SA-Sponsored ADR | 0.31% | 67,555 | $598K | No change |
| PII Polaris Inc. | 0.30% | 14,065 | $572K | Reduce -6.7% |
| HDSN Hudson Technologies Inc. | 0.27% | 64,100 | $520K | No change |
| ACLS Axcelis Technologies Inc. | 0.26% | 7,265 | $506K | New |
| OBE Obsidian Energy Ltd. | 0.24% | 84,060 | $467K | No change |
| TENB Tenable Holdings Inc. | 0.21% | 11,720 | $396K | No change |
| QS Quantumscape Corp. | 0.20% | 58,375 | $392K | No change |
| CC The Chemours Co. | 0.19% | 31,563 | $361K | No change |
| NXE Nexgen Energy Ltd. | 0.18% | 50,883 | $354K | No change |
| MSFT Microsoft Corp. | 0.16% | 611 | $304K | Reduce -97.0% |
| RCMT RCM Technologies Inc. | 0.16% | 12,891 | $304K | No change |
| OXY Occidental Petroleum Corp. | 0.15% | 7,050 | $296K | No change |
| UNP Union Pacific Corp. | 0.14% | 1,142 | $263K | Reduce -58.9% |
| RDDT Reddit Inc. Class A | 0.13% | 1,715 | $258K | New |
| WAB Wabtec Corp. | 0.13% | 1,190 | $249K | Reduce -94.9% |
| AVAL Grupo Aval Acciones Y Valore | 0.11% | 75,000 | $211K | No change |
| BABA Alibaba Group Holding-SP ADR | 0.11% | 1,856 | $210K | No change |
| SSTK Shutterstock Inc. | 0.11% | 10,765 | $204K | No change |
| LESLIES INC | 0.10% | 476,238 | $200K | No change |
| PRTS Carparts.com Inc. | 0.10% | 252,495 | $187K | No change |
| MSOS Advisorshares Pure US Cann | 0.10% | 77,470 | $187K | No change |
| BOOM DMC Global Inc. | 0.09% | 20,492 | $165K | No change |
| DNN Denison Mines Corp. | 0.08% | 86,800 | $158K | No change |
| FIGS Figs Inc. Class A | 0.06% | 19,407 | $109K | No change |
Portfolio Sells Q1 2025 → Q2 2025
| DEO Diageo PLC-Sponsored ADR | Reduce -75.0% | 1.51% | −3.53 |
| AMZN Amazon.com Inc. | Reduce -82.6% | 1.13% | −3.38 |
| MSFT Microsoft Corp. | Reduce -97.0% | 0.16% | −3.02 |
| CSX CSX Corp. | Sold out | 0.00% | −2.63 |
| WAB Wabtec Corp. | Reduce -94.9% | 0.13% | −1.65 |
| V Visa Inc. Class A | Reduce -39.2% | 5.07% | −1.53 |
| SYY Sysco Corp. | Reduce -49.7% | 2.23% | −1.30 |
| GOOGL Alphabet Inc. Class A | Reduce -47.6% | 3.12% | −1.07 |
| EPAM Epam Systems Inc. | Sold out | 0.00% | −0.85 |
| CRM Salesforce Inc. | Sold out | 0.00% | −0.83 |
| BA The Boeing Co. | Sold out | 0.00% | −0.80 |
| UBER Uber Technologies Inc. | Sold out | 0.00% | −0.57 |
| BAC Bank of America Corp. | Sold out | 0.00% | −0.45 |
| USB US Bancorp | Sold out | 0.00% | −0.40 |
| RTO Rentokil Initial PLC-SP ADR | Reduce -46.4% | 0.86% | −0.37 |
| PNC PNC Financial Services Group | Sold out | 0.00% | −0.37 |
| NSC Norfolk Southern Corp. | Sold out | 0.00% | −0.34 |
| FBTC Fidelity Wise Origin Bitcoin | Sold out | 0.00% | −0.28 |
| WFC Wells Fargo & Co. | Sold out | 0.00% | −0.27 |
| BITB Bitwise Bitcoin ETF | Sold out | 0.00% | −0.24 |
| ARKB ARK 21SHARES Bitcoin ETF | Sold out | 0.00% | −0.22 |
| LW Lamb Weston Holdings Inc. | Sold out | 0.00% | −0.20 |
| DCTH Delcath Systems Inc. | Sold out | 0.00% | −0.20 |
| IBIT iShares Bitcoin Trust ETF | Sold out | 0.00% | −0.19 |
| UNP Union Pacific Corp. | Reduce -58.9% | 0.14% | −0.14 |
| GTLS Chart Industries Inc. | Sold out | 0.00% | −0.10 |
| GOLDEN OCEAN GROUP LTD | Sold out | 0.00% | −0.08 |
| CRL Charles River Laboratories | Reduce -25.9% | 0.59% | −0.04 |
| KNX Knight-Swift Transportation | Reduce -23.5% | 0.46% | −0.01 |
| PMTS Cpi Card Group Inc. | Reduce -2.3% | 0.75% | −0.01 |
| PERI Perion Network Ltd. | Reduce -36.3% | 0.40% | −0.00 |
| PII Polaris Inc. | Reduce -6.7% | 0.30% | +0.04 |
| MELI MercadoLibre Inc. | Reduce -38.0% | 5.48% | +0.19 |
| CIB Grupo Cibest SA-ADR | Reduce -21.9% | 2.42% | +0.26 |
| STX Seagate Technology Holdings | Reduce -48.2% | 22.04% | +1.95 |
Portfolio Buys Q1 2025 → Q2 2025
| UNH Unitedhealth Group Inc. | Add +4182.5% | 6.43% | +6.22 |
| WDC Western Digital Corp. | New | 2.46% | +2.46 |
| ACMR Acm Research Inc. Class A | Add +33.6% | 3.87% | +1.78 |
| NE Noble Corp. PLC | Add +6.7% | 4.87% | +1.60 |
| DAVA Endava PLC- Spon ADR | Add +52.7% | 4.28% | +1.42 |
| CPNG Coupang Inc. | Add +25.5% | 1.70% | +0.91 |
| ZM Zoom Communications Inc. | Add +9.9% | 2.63% | +0.81 |
| APPF Appfolio Inc. Class A | Add +32.8% | 1.55% | +0.66 |
| GTM Zoominfo Technologies Inc. | Add +17.8% | 1.81% | +0.59 |
| FOXF Fox Factory Holding Corp. | Add +56.7% | 0.77% | +0.42 |
| KSPI JSC Kaspi.kz ADR | Add +325.0% | 0.49% | +0.39 |
| HSIC Henry Schein Inc. | Add +65.9% | 0.61% | +0.33 |
| ON On Semiconductor | Add +36.5% | 0.60% | +0.33 |
| ATKR Atkore Inc. | Add +0.8% | 0.96% | +0.31 |
| KEYS Keysight Technologies Inc. | Add +55.1% | 0.57% | +0.30 |
| ACLS Axcelis Technologies Inc. | New | 0.26% | +0.26 |
| ADBE Adobe Inc. | Add +18.6% | 0.77% | +0.25 |
| RDDT Reddit Inc. Class A | New | 0.13% | +0.13 |
| FTRE Fortrea Holdings Inc. | Add +30.1% | 0.92% | +0.05 |
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 |