Nipun Capital, L.P.

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 10, 2025), Nipun Capital, L.P. reported 8 stock positions worth $154.9 million. Its top holding was iShares MSCI India ETF (INDA) at 54.8% of the portfolio, followed by iShares MSCI China ETF (MCHI, 22.3%) and iShares China Large-Cap ETF (FXI, 9.8%). Compared with Q3 2024, it opened 2 new positions, sold out of 1, added to 3 and reduced 2. The biggest buy was iShares MSCI India Small-Cap (SMIN, shares +285%) and the biggest sale an exit from iShares MSCI Emerging Market (EEM).

Most Recent 13F
Q2 2026
Location
Foster City, CA
CIK
0001781566
Portfolio Value
$154.9M (Q4 2024)
SEC Filing
0001667731-25-000235 ↗ filed Feb 10, 2025

Holdings Value

0$50.0M$100.0M$150.0M$200.0M$250.0M Q1 2024: $112.9M Q1 2024 Q2 2024: $140.2M Q2 2024 Q3 2024: $158.3M Q3 2024 Q4 2024: $154.9M $154.9M Q4 2024 Q1 2025: $170.5M Q1 2025 Q2 2025: $184.3M Q2 2025 Q3 2025: $158.3M Q3 2025 Q4 2025: $219.1M Q4 2025 Q1 2026: $202.1M Q1 2026 Q2 2026: $214.5M Q2 2026

Holdings 8 stocks · $154.9M
INDA iShares MSCI India ETF 54.83% 1,613,345 $84.9M Add +1.2%
MCHI iShares MSCI China ETF 22.33% 738,200 $34.6M Add +2.3%
FXI iShares China Large-Cap ETF 9.81% 499,350 $15.2M Reduce -7.3%
SMIN iShares MSCI India Small-Cap 7.59% 153,854 $11.8M Add +285.1%
VWO Vanguard Ftse Emerging Marke 3.13% 110,200 $4.9M New
TSM Taiwan Semiconductor-SP ADR 1.10% 8,600 $1.7M No change
PDD PDD Holdings Inc. 0.98% 15,700 $1.5M Reduce -7.1%
IFS Intercorp Financial Services 0.22% 11,500 $337K New

Portfolio Sells Q3 2024 → Q4 2024
EEM iShares MSCI Emerging Market Sold out 0.00% −2.50
FXI iShares China Large-Cap ETF Reduce -7.3% 9.81% −0.99
PDD PDD Holdings Inc. Reduce -7.1% 0.98% −0.46

Portfolio Buys Q3 2024 → Q4 2024
SMIN iShares MSCI India Small-Cap Add +285.1% 7.59% +5.42
VWO Vanguard Ftse Emerging Marke New 3.13% +3.13
IFS Intercorp Financial Services New 0.22% +0.22
MCHI iShares MSCI China ETF Add +2.3% 22.33% −0.87
INDA iShares MSCI India ETF Add +1.2% 54.83% −4.11

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 8$214.5MINDA, MCHI, TSM, FXI, VWO
Q1 2026 8$202.1MINDA, MCHI, FXI, TSM, VWO
Q4 2025 11$219.1MINDA, MCHI, FXI, TSM, VWO
Q3 2025 7$158.3MINDA, MCHI, FXI, EEM, SMIN
Q2 2025 12$184.3MINDA, MCHI, FXI, SMIN, VWO
Q1 2025 10$170.5MINDA, MCHI, FXI, SMIN, VWO
Q4 2024 8$154.9MINDA, MCHI, FXI, SMIN, VWO
Q3 2024 7$158.3MINDA, MCHI, FXI, EEM, SMIN
Q2 2024 7$140.2MINDA, MCHI, FXI, SMIN, PDD
Q1 2024 7$112.9MINDA, MCHI, FXI, SMIN, PDD