Nipun Capital, L.P.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 8, 2025), Nipun Capital, L.P. reported 7 stock positions worth $158.3 million. Its top holding was iShares MSCI India ETF (INDA) at 58.9% of the portfolio, followed by iShares MSCI China ETF (MCHI, 23.2%) and iShares China Large-Cap ETF (FXI, 10.8%). Compared with Q2 2025, it opened 1 new position, sold out of 6 and reduced 5. The biggest buy was a new position in iShares MSCI Emerging Market (EEM) and the biggest sale iShares MSCI India Small-Cap (SMIN, shares −74%).
- Most Recent 13F
- Q2 2026
- Location
- Foster City, CA
- CIK
- 0001781566
- Portfolio Value
- $158.3M (Q3 2025)
- SEC Filing
- 0002085853-25-000024 ↗ filed Oct 8, 2025
Holdings Value
Holdings 7 stocks · $158.3M
| INDA iShares MSCI India ETF | 58.94% | 1,594,345 | $93.3M | Reduce -10.1% |
| MCHI iShares MSCI China ETF | 23.20% | 721,500 | $36.7M | Reduce -3.4% |
| FXI iShares China Large-Cap ETF | 10.81% | 538,450 | $17.1M | Reduce -1.0% |
| EEM iShares MSCI Emerging Market | 2.50% | 86,200 | $4.0M | New |
| SMIN iShares MSCI India Small-Cap | 2.17% | 39,954 | $3.4M | Reduce -74.0% |
| PDD PDD Holdings Inc. | 1.44% | 16,900 | $2.3M | Reduce -35.0% |
| TSM Taiwan Semiconductor-SP ADR | 0.94% | 8,600 | $1.5M | No change |
Portfolio Sells Q2 2025 → Q3 2025
| SMIN iShares MSCI India Small-Cap | Reduce -74.0% | 2.17% | −4.27 |
| VWO Vanguard Ftse Emerging Marke | Sold out | 0.00% | −2.96 |
| IFS Intercorp Financial Services | Sold out | 0.00% | −0.85 |
| YALA Yalla Group Ltd. | Sold out | 0.00% | −0.21 |
| KARO Karooooo Ltd. | Sold out | 0.00% | −0.15 |
| CINT Ci&t Inc./United States-A | Sold out | 0.00% | −0.06 |
| GASS Stealthgas Inc. | Sold out | 0.00% | −0.05 |
| FXI iShares China Large-Cap ETF | Reduce -1.0% | 10.81% | −0.04 |
| PDD PDD Holdings Inc. | Reduce -35.0% | 1.44% | −0.04 |
| MCHI iShares MSCI China ETF | Reduce -3.4% | 23.20% | +0.86 |
| INDA iShares MSCI India ETF | Reduce -10.1% | 58.94% | +5.38 |
Portfolio Buys Q2 2025 → Q3 2025
| EEM iShares MSCI Emerging Market | New | 2.50% | +2.50 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 8 | $214.5M | INDA, MCHI, TSM, FXI, VWO |
| Q1 2026 | 8 | $202.1M | INDA, MCHI, FXI, TSM, VWO |
| Q4 2025 | 11 | $219.1M | INDA, MCHI, FXI, TSM, VWO |
| Q3 2025 | 7 | $158.3M | INDA, MCHI, FXI, EEM, SMIN |
| Q2 2025 | 12 | $184.3M | INDA, MCHI, FXI, SMIN, VWO |
| Q1 2025 | 10 | $170.5M | INDA, MCHI, FXI, SMIN, VWO |
| Q4 2024 | 8 | $154.9M | INDA, MCHI, FXI, SMIN, VWO |
| Q3 2024 | 7 | $158.3M | INDA, MCHI, FXI, EEM, SMIN |
| Q2 2024 | 7 | $140.2M | INDA, MCHI, FXI, SMIN, PDD |
| Q1 2024 | 7 | $112.9M | INDA, MCHI, FXI, SMIN, PDD |