Kerrisdale Advisers, LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Kerrisdale Advisers, LLC reported 75 stock positions worth $192.9 million. Its top holding was Visa Class A (V) at 7.0% of the portfolio, followed by Sotera Health (SHC, 6.5%) and MercadoLibre (MELI, 6.2%). Compared with Q2 2025, it opened 10 new positions, sold out of 1, added to 14 and reduced 5. The biggest buy was Amazon.com (AMZN, shares +304%) and the biggest sale Seagate Technology (STX, shares −90%).

Most Recent 13F
Q2 2026
Location
Miami, FL
CIK
0001569688
Portfolio Value
$192.9M (Q3 2025)
SEC Filing
0001172661-25-004896 ↗ filed Nov 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 Q4 2024 Q1 2025: $239.0M Q1 2025 Q2 2025: $191.7M Q2 2025 Q3 2025: $192.9M $192.9M Q3 2025 Q4 2025: $212.3M Q4 2025 Q1 2026: $262.7M Q1 2026 Q2 2026: $399.2M Q2 2026

Holdings 75 stocks · $192.9M
V Visa Inc. Class A 7.02% 39,664 $13.5M Add +44.8%
SHC Sotera Health Co. 6.49% 795,312 $12.5M No change
MELI MercadoLibre Inc. 6.15% 5,076 $11.9M Add +26.2%
NE Noble Corp. PLC 5.16% 351,985 $10.0M No change
AMZN Amazon.com Inc. 4.53% 39,801 $8.7M Add +304.2%
SYY Sysco Corp. 4.33% 101,423 $8.4M Add +79.7%
GOOGL Alphabet Inc. Class A 4.28% 33,927 $8.2M No change
STX Seagate Technology Holdings 3.68% 30,058 $7.1M Reduce -89.7%
ACMR Acm Research Inc. Class A 3.58% 176,581 $6.9M Reduce -38.4%
ZM Zoom Communications Inc. 2.77% 64,679 $5.3M No change
DAVA Endava PLC- Spon ADR 2.72% 576,843 $5.2M Add +7.7%
CIB Grupo Cibest SA-ADR 2.69% 99,862 $5.2M Reduce -0.6%
WDC Western Digital Corp. 2.64% 42,454 $5.1M Reduce -42.3%
VAL Valaris Ltd. 2.46% 97,335 $4.7M No change
UNH Unitedhealth Group Inc. 2.33% 13,020 $4.5M Reduce -67.0%
APPF Appfolio Inc. Class A 2.11% 14,778 $4.1M Add +14.2%
UNP Union Pacific Corp. 2.01% 16,402 $3.9M Add +1336.3%
GTM Zoominfo Technologies Inc. 1.97% 348,428 $3.8M Add +1.8%
CPNG Coupang Inc. 1.82% 109,085 $3.5M No change
FTRE Fortrea Holdings Inc. 1.56% 358,191 $3.0M No change
DEO Diageo PLC-Sponsored ADR 1.54% 31,133 $3.0M Add +8.3%
UHAL.B U-Haul Holding Co.-Non Voting 1.46% 55,241 $2.8M No change
KVUE Kenvue Inc. 1.38% 164,220 $2.7M New
IMXI International Money Express 1.37% 189,288 $2.6M No change
MU Micron Technology Inc. 1.31% 15,059 $2.5M New
CART Maplebear Inc. 1.27% 66,545 $2.4M New
WMG Warner Music Group Corp. Class A 1.18% 66,530 $2.3M No change
CCJ Cameco Corp. 1.10% 25,390 $2.1M No change
MSGE Madison Square Garden Entert 1.02% 43,495 $2.0M No change
ON On Semiconductor 0.95% 37,210 $1.8M Add +69.5%
ATKR Atkore Inc. 0.91% 28,074 $1.8M Add +7.5%
RTO Rentokil Initial PLC-SP ADR 0.90% 68,778 $1.7M No change
SNPS Synopsys Inc. 0.83% 3,263 $1.6M New
WAB Wabtec Corp. 0.76% 7,295 $1.5M Add +513.0%
PBR Petroleo Brasileiro-Spon ADR 0.73% 111,126 $1.4M No change
FOXF Fox Factory Holding Corp. 0.72% 57,094 $1.4M No change
ADBE Adobe Inc. 0.70% 3,802 $1.3M No change
CRON Cronos Group Inc. 0.68% 468,786 $1.3M No change
JOE The St Joe Co. 0.62% 23,990 $1.2M No change
CRL Charles River Laboratories 0.61% 7,458 $1.2M No change
KEYS Keysight Technologies Inc. 0.60% 6,613 $1.2M No change
KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC 0.58% 13,665 $1.1M Add +23.7%
HSIC Henry Schein Inc. 0.55% 16,026 $1.1M No change
AMTM Amentum Holdings Inc. 0.49% 39,520 $947K New
BAH Booz Allen Hamilton Holdings 0.49% 9,452 $945K New
PMTS Cpi Card Group Inc. 0.48% 60,796 $920K No change
KNX Knight-Swift Transportation 0.46% 22,587 $892K Add +13.0%
PII Polaris Inc. 0.42% 14,065 $818K No change
KFY Korn Ferry 0.38% 10,488 $734K No change
UHAL U-Haul Holding Co. 0.38% 12,714 $726K No change
PERI Perion Network Ltd. 0.38% 75,563 $725K No change
ACLS Axcelis Technologies Inc. 0.37% 7,265 $709K No change
HDSN Hudson Technologies Inc. 0.33% 64,100 $637K No change
EC Ecopetrol SA-Sponsored ADR 0.32% 67,555 $622K No change
INTC Intel Corp. 0.30% 17,123 $574K New
OBE Obsidian Energy Ltd. 0.28% 84,060 $549K No change
CC The Chemours Co. 0.26% 31,563 $500K No change
NXE Nexgen Energy Ltd. 0.24% 50,883 $455K No change
RDDT Reddit Inc. Class A 0.20% 1,715 $394K No change
MSOS Advisorshares Pure US Cann 0.19% 77,470 $371K No change
DELL Dell Technologies -C 0.19% 2,543 $361K New
RCMT RCM Technologies Inc. 0.18% 12,891 $342K No change
TENB Tenable Holdings Inc. 0.18% 11,720 $342K No change
OXY Occidental Petroleum Corp. 0.17% 7,050 $333K No change
BABA Alibaba Group Holding-SP ADR 0.17% 1,856 $332K No change
MSFT Microsoft Corp. 0.16% 611 $316K No change
AVAL Grupo Aval Acciones Y Valore 0.13% 75,000 $248K No change
DNN Denison Mines Corp. 0.12% 86,800 $239K No change
SSTK Shutterstock Inc. 0.12% 10,765 $224K No change
LQDA Liquidia Corp. 0.11% 9,725 $221K New
NMM Navios Maritime Partners LP 0.11% 4,590 $207K New
PRTS Carparts.com Inc. 0.09% 252,495 $180K No change
BOOM DMC Global Inc. 0.09% 20,492 $173K No change
LESL Leslie's Inc. 0.07% 23,811 $131K No change
FIGS Figs Inc. Class A 0.07% 19,407 $130K No change

Portfolio Sells Q2 2025 → Q3 2025
STX Seagate Technology Holdings Reduce -89.7% 3.68% −18.36
UNH Unitedhealth Group Inc. Reduce -67.0% 2.33% −4.09
ACMR Acm Research Inc. Class A Reduce -38.4% 3.58% −0.29
QS Quantumscape Corp. Sold out 0.00% −0.20
WDC Western Digital Corp. Reduce -42.3% 2.64% +0.19
CIB Grupo Cibest SA-ADR Reduce -0.6% 2.69% +0.27

Portfolio Buys Q2 2025 → Q3 2025
AMZN Amazon.com Inc. Add +304.2% 4.53% +3.40
SYY Sysco Corp. Add +79.7% 4.33% +2.10
V Visa Inc. Class A Add +44.8% 7.02% +1.95
UNP Union Pacific Corp. Add +1336.3% 2.01% +1.87
KVUE Kenvue Inc. New 1.38% +1.38
MU Micron Technology Inc. New 1.31% +1.31
CART Maplebear Inc. New 1.27% +1.27
SNPS Synopsys Inc. New 0.83% +0.83
MELI MercadoLibre Inc. Add +26.2% 6.15% +0.67
WAB Wabtec Corp. Add +513.0% 0.76% +0.63
APPF Appfolio Inc. Class A Add +14.2% 2.11% +0.56
AMTM Amentum Holdings Inc. New 0.49% +0.49
BAH Booz Allen Hamilton Holdings New 0.49% +0.49
ON On Semiconductor Add +69.5% 0.95% +0.35
INTC Intel Corp. New 0.30% +0.30
DELL Dell Technologies -C New 0.19% +0.19
GTM Zoominfo Technologies Inc. Add +1.8% 1.97% +0.16
LQDA Liquidia Corp. New 0.11% +0.11
NMM Navios Maritime Partners LP New 0.11% +0.11
KSPI JSC Kaspi.kz ADR Add +23.7% 0.58% +0.09
DEO Diageo PLC-Sponsored ADR Add +8.3% 1.54% +0.03
KNX Knight-Swift Transportation Add +13.0% 0.46% +0.00
ATKR Atkore Inc. Add +7.5% 0.91% −0.05
DAVA Endava PLC- Spon ADR Add +7.7% 2.72% −1.56

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