Kora Management LP

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Kora Management LP reported 8 stock positions worth $764.4 million. Its top holding was Sea Ltd.-ADR (SE) at 67.7% of the portfolio, followed by PDD (PDD, 7.0%) and Nebius (NBIS, 6.0%). Compared with Q4 2024, it opened 2 new positions, sold out of 1 and reduced 5. The biggest buy was a new position in Alibaba Group Holding-SP ADR (BABA) and the biggest sale Nebius (NBIS, shares −32%).

Most Recent 13F
Q2 2026
Location
BROOKLYN, NY
CIK
0001659815
Portfolio Value
$764.4M (Q1 2025)
SEC Filing
0000902664-25-002400 ↗ filed May 15, 2025

Holdings Value

0$200.0M$400.0M$600.0M$800.0M$1.0B Q1 2024: $482.9M Q1 2024 Q2 2024: $569.1M Q2 2024 Q3 2024: $687.8M Q3 2024 Q4 2024: $742.3M Q4 2024 Q1 2025: $764.4M $764.4M Q1 2025 Q2 2025: $813.7M Q2 2025 Q3 2025: $941.8M Q3 2025 Q4 2025: $750.7M Q4 2025 Q1 2026: $701.5M Q1 2026 Q2 2026: $843.0M Q2 2026

Holdings 8 stocks · $764.4M
SE Sea Ltd.-ADR 67.74% 3,968,088 $517.8M Reduce -6.5%
PDD PDD Holdings Inc. 7.02% 453,250 $53.6M No change
NBIS Nebius Group NV 5.99% 2,170,476 $45.8M Reduce -32.0%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 5.23% 3,902,000 $40.0M Reduce -16.1%
BABA Alibaba Group Holding-SP ADR 5.19% 300,000 $39.7M New
RBLX Roblox Corp. Class A 4.90% 642,000 $37.4M Reduce -16.1%
MELI MercadoLibre Inc. 2.42% 9,500 $18.5M Reduce -63.2%
U Unity Software Inc. 1.52% 591,500 $11.6M New

Portfolio Sells Q4 2024 → Q1 2025
NBIS Nebius Group NV Reduce -32.0% 5.99% −5.91
MELI MercadoLibre Inc. Reduce -63.2% 2.42% −3.49
GRAB Grab Holdings Ltd. Class A Sold out 0.00% −3.15
NU Nu Holdings Ltd./Cayman Isl-A Reduce -16.1% 5.23% −1.26
RBLX Roblox Corp. Class A Reduce -16.1% 4.90% −1.07
SE Sea Ltd.-ADR Reduce -6.5% 67.74% +7.08

Portfolio Buys Q4 2024 → Q1 2025
BABA Alibaba Group Holding-SP ADR New 5.19% +5.19
U Unity Software Inc. New 1.52% +1.52

Options Activity Q4 2024 → Q1 2025
BABA Alibaba Group Holding-SP ADR call Sold out 1,400,000 $118.7Mbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 10$843.0MSE, NBIS, NU, U, PDD
Q1 2026 9$701.5MSE, NBIS, NU, PDD, MELI
Q4 2025 9$750.7MSE, NU, NBIS, PDD, MELI
Q3 2025 7$941.8MSE, NU, NBIS, PDD, RBLX
Q2 2025 6$813.7MSE, NBIS, NU, RBLX, PDD
Q1 2025 8$764.4MSE, PDD, NBIS, NU, BABA
Q4 2024 7$742.3MSE, NBIS, NU, RBLX, PDD
Q3 2024 7$687.8MSE, NU, PDD, RBLX, MELI
Q2 2024 6$569.1MSE, NU, PDD, RBLX, MELI
Q1 2024 6$482.9MSE, NU, PDD, RBLX, MELI