Kora Management LP

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Kora Management LP reported 9 stock positions worth $750.7 million. Its top holding was Sea Ltd.-ADR (SE) at 53.3% of the portfolio, followed by Nu Holdings Ltd./Cayman Isl-A (NU, 16.2%) and Nebius (NBIS, 9.5%). Compared with Q3 2025, it opened 2 new positions, added to 4 and reduced 3. The biggest buy was Nu Holdings Ltd./Cayman Isl-A (NU, shares +2%) and the biggest sale Roblox Class A (RBLX, shares −58%).

Most Recent 13F
Q2 2026
Location
BROOKLYN, NY
CIK
0001659815
Portfolio Value
$750.7M (Q4 2025)
SEC Filing
0000902664-26-001139 ↗ filed Feb 17, 2026

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 Q1 2025 Q2 2025: $813.7M Q2 2025 Q3 2025: $941.8M Q3 2025 Q4 2025: $750.7M $750.7M Q4 2025 Q1 2026: $701.5M Q1 2026 Q2 2026: $843.0M Q2 2026

Holdings 9 stocks · $750.7M
SE Sea Ltd.-ADR 53.27% 3,135,091 $399.9M Add +1.6%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 16.20% 7,265,000 $121.6M Add +1.6%
NBIS Nebius Group NV 9.51% 852,816 $71.4M Add +15.8%
PDD PDD Holdings Inc. 7.41% 490,650 $55.6M Reduce -18.8%
MELI MercadoLibre Inc. 5.70% 21,257 $42.8M Add +38.4%
GGAL Grupo Financiero Galicia-ADR 3.87% 538,333 $29.0M New
RBLX Roblox Corp. Class A 2.10% 195,000 $15.8M Reduce -57.7%
KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC 1.76% 169,500 $13.2M New
U Unity Software Inc. 0.17% 28,227 $1.2M Reduce -91.7%

Portfolio Sells Q3 2025 → Q4 2025
RBLX Roblox Corp. Class A Reduce -57.7% 2.10% −4.68
U Unity Software Inc. Reduce -91.7% 0.17% −1.28
PDD PDD Holdings Inc. Reduce -18.8% 7.41% −1.07

Portfolio Buys Q3 2025 → Q4 2025
NU Nu Holdings Ltd./Cayman Isl-A Add +1.6% 16.20% +4.05
GGAL Grupo Financiero Galicia-ADR New 3.87% +3.87
MELI MercadoLibre Inc. Add +38.4% 5.70% +1.89
KSPI JSC Kaspi.kz ADR New 1.76% +1.76
NBIS Nebius Group NV Add +15.8% 9.51% +0.73
SE Sea Ltd.-ADR Add +1.6% 53.27% −5.28

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