Nipun Capital, L.P.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 12, 2026), Nipun Capital, L.P. reported 11 stock positions worth $219.1 million. Its top holding was iShares MSCI India ETF (INDA) at 41.4% of the portfolio, followed by iShares MSCI China ETF (MCHI, 23.0%) and iShares China Large-Cap ETF (FXI, 21.0%). Compared with Q3 2025, it opened 6 new positions, sold out of 2 and added to 5. The biggest buy was iShares China Large-Cap ETF (FXI, shares +124%) 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
- $219.1M (Q4 2025)
- SEC Filing
- 0002085853-26-000259 ↗ filed Feb 12, 2026
Holdings Value
Holdings 11 stocks · $219.1M
| INDA iShares MSCI India ETF | 41.43% | 1,679,555 | $90.8M | Add +5.3% |
| MCHI iShares MSCI China ETF | 22.96% | 837,600 | $50.3M | Add +16.1% |
| FXI iShares China Large-Cap ETF | 21.03% | 1,203,450 | $46.1M | Add +123.5% |
| TSM Taiwan Semiconductor-SP ADR | 10.17% | 73,360 | $22.3M | Add +753.0% |
| VWO Vanguard Ftse Emerging Marke | 2.26% | 92,200 | $5.0M | New |
| PDD PDD Holdings Inc. | 1.45% | 28,000 | $3.2M | Add +65.7% |
| IFS Intercorp Financial Services | 0.40% | 20,470 | $867K | New |
| TEN Tsakos Energy Navigation Ltd. | 0.11% | 10,500 | $235K | New |
| CMRE Costamare Inc. | 0.08% | 10,900 | $172K | New |
| GASS Stealthgas Inc. | 0.06% | 20,055 | $141K | New |
| IMPP Imperial Petroleum Inc. | 0.05% | 30,300 | $110K | New |
Portfolio Sells Q3 2025 → Q4 2025
Portfolio Buys Q3 2025 → Q4 2025
| FXI iShares China Large-Cap ETF | Add +123.5% | 21.03% | +10.22 |
| TSM Taiwan Semiconductor-SP ADR | Add +753.0% | 10.17% | +9.23 |
| VWO Vanguard Ftse Emerging Marke | New | 2.26% | +2.26 |
| IFS Intercorp Financial Services | New | 0.40% | +0.40 |
| TEN Tsakos Energy Navigation Ltd. | New | 0.11% | +0.11 |
| CMRE Costamare Inc. | New | 0.08% | +0.08 |
| GASS Stealthgas Inc. | New | 0.06% | +0.06 |
| IMPP Imperial Petroleum Inc. | New | 0.05% | +0.05 |
| PDD PDD Holdings Inc. | Add +65.7% | 1.45% | +0.01 |
| MCHI iShares MSCI China ETF | Add +16.1% | 22.96% | −0.24 |
| INDA iShares MSCI India ETF | Add +5.3% | 41.43% | −17.51 |
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 |