North of South Capital LLP
In its 13F for Q2 2026 (holdings as of June 30, 2026, filed July 30, 2026), North of South Capital LLP reported 28 stock positions worth $1.4 billion. Its top holding was Icici Bank Ltd.-Spon ADR (IBN) at 18.6% of the portfolio, followed by YPF S.A.-Sponsored ADR (YPF, 13.5%) and Jd.com Inc.-ADR (JD, 12.5%). Compared with Q1 2026, it opened 3 new positions, sold out of 4, added to 11 and reduced 10. The biggest buy was a new position in Yum China (YUMC) and the biggest sale Pan American Silver (PAAS, shares −48%).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0002033334
- Portfolio Value
- $1.4B (Q2 2026)
- SEC Filing
- 0002033334-26-000003 ↗ filed Jul 30, 2026
Holdings Value
Holdings 28 stocks · $1.4B
| IBN Icici Bank Ltd.-Spon ADR | 18.57% | 8,690,448 | $252.3M | Add +3.0% |
| YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA | 13.47% | 4,023,562 | $183.0M | Add +14.2% |
| JD Jd.com Inc.-ADR | 12.49% | 6,661,845 | $169.7M | Add +51.0% |
| TSM Taiwan Semiconductor-SP ADR | 11.63% | 330,957 | $158.1M | Reduce -18.8% |
| YMM Full Truck Alliance -SPN ADR | 7.73% | 12,936,046 | $105.0M | Add +16.4% |
| BIDU Baidu Inc. - Spon ADR | 7.73% | 918,941 | $105.0M | Add +24.3% |
| KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC | 6.30% | 987,390 | $85.5M | Add +73.3% |
| ATHM Autohome Inc.-ADR | 4.80% | 3,428,188 | $65.2M | Reduce -7.4% |
| YUMC Yum China Holdings Inc. | 4.62% | 1,536,481 | $62.8M | New |
| LAUR Laureate Education Inc. | 3.13% | 1,171,708 | $42.6M | Reduce -23.3% |
| HDB HDFC Bank Ltd.-ADR | 3.03% | 1,593,267 | $41.2M | New |
| PAAS Pan American Silver Corp. | 1.97% | 598,713 | $26.8M | Reduce -48.0% |
| TGS Transportador Gas-ADR SP B | 1.89% | 863,044 | $25.7M | Add +34.6% |
| INDA iShares MSCI India ETF | 0.80% | 220,987 | $10.9M | No change |
| KT KT Corp.-SP ADR | 0.30% | 232,718 | $4.0M | Add +144.4% |
| VIST Vista Energy Sab DE CV | 0.19% | 41,443 | $2.6M | Reduce -0.2% |
| JOYY Joyy Inc.-ADR | 0.19% | 39,681 | $2.6M | New |
| BABA Alibaba Group Holding-SP ADR | 0.18% | 24,816 | $2.4M | Reduce -31.2% |
| HMY Harmony Gold MNG-Spon ADR | 0.16% | 140,946 | $2.1M | Add +4.8% |
| PBR Petroleo Brasileiro-Spon ADR | 0.16% | 131,715 | $2.1M | Reduce -42.1% |
| AXIAY Axia Energia-ADR | 0.14% | 177,337 | $1.9M | Add +17.9% |
| BAP Credicorp Ltd. | 0.13% | 4,453 | $1.7M | Reduce -36.5% |
| UMC United Microelectron-SP ADR | 0.10% | 50,700 | $1.4M | Reduce -87.5% |
| LOMA Loma Negra Cia Ind-Spon ADR | 0.09% | 108,237 | $1.2M | Reduce -33.8% |
| TLK Telkom Indonesia Persero-ADR filed as TELEKOMUNIKASI IND | 0.07% | 70,259 | $944K | Add +2.0% |
| MUX McEwen Inc. | 0.07% | 50,000 | $907K | No change |
| BBAR Bbva Argentina SA-ADR filed as BANCO BBVA ARGENTINA S A | 0.04% | 30,000 | $588K | No change |
| TV Grupo Televisa SA-Spon ADR | 0.02% | 100,000 | $271K | No change |
Portfolio Sells Q1 2026 → Q2 2026
| PAAS Pan American Silver Corp. | Reduce -48.0% | 1.97% | −3.68 |
| LAUR Laureate Education Inc. | Reduce -23.3% | 3.13% | −1.65 |
| ATHM Autohome Inc.-ADR | Reduce -7.4% | 4.80% | −0.97 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -18.8% | 11.63% | −0.74 |
| PBR Petroleo Brasileiro-Spon ADR | Reduce -42.1% | 0.16% | −0.27 |
| BABA Alibaba Group Holding-SP ADR | Reduce -31.2% | 0.18% | −0.23 |
| UMC United Microelectron-SP ADR | Reduce -87.5% | 0.10% | −0.23 |
| LTM Latam Airlines Group SA-ADR | Sold out | 0.00% | −0.18 |
| AMX America Movil Sab DE CV | Sold out | 0.00% | −0.10 |
| TS Tenaris SA-ADR | Sold out | 0.00% | −0.09 |
| VIST Vista Energy Sab DE CV | Reduce -0.2% | 0.19% | −0.09 |
| BAP Credicorp Ltd. | Reduce -36.5% | 0.13% | −0.09 |
| LOMA Loma Negra Cia Ind-Spon ADR | Reduce -33.8% | 0.09% | −0.07 |
| AUGO Aura Minerals Inc. | Sold out | 0.00% | −0.05 |
Portfolio Buys Q1 2026 → Q2 2026
| YUMC Yum China Holdings Inc. | New | 4.62% | +4.62 |
| HDB HDFC Bank Ltd.-ADR | New | 3.03% | +3.03 |
| KSPI JSC Kaspi.kz ADR | Add +73.3% | 6.30% | +2.51 |
| JD Jd.com Inc.-ADR | Add +51.0% | 12.49% | +0.77 |
| BIDU Baidu Inc. - Spon ADR | Add +24.3% | 7.73% | +0.33 |
| JOYY Joyy Inc.-ADR | New | 0.19% | +0.19 |
| KT KT Corp.-SP ADR | Add +144.4% | 0.30% | +0.11 |
| AXIAY Axia Energia-ADR | Add +17.9% | 0.14% | −0.01 |
| HMY Harmony Gold MNG-Spon ADR | Add +4.8% | 0.16% | −0.03 |
| TLK Telkom Indonesia Persero-ADR | Add +2.0% | 0.07% | −0.05 |
| TGS Transportador Gas-ADR SP B | Add +34.6% | 1.89% | −0.10 |
| YMM Full Truck Alliance -SPN ADR | Add +16.4% | 7.73% | −0.56 |
| IBN Icici Bank Ltd.-Spon ADR | Add +3.0% | 18.57% | −1.07 |
| YPF YPF S.A.-Sponsored ADR | Add +14.2% | 13.47% | −1.17 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 28 | $1.4B | IBN, YPF, JD, TSM, YMM |
| Q1 2026 | 29 | $1.1B | IBN, YPF, TSM, JD, YMM |
| Q4 2025 | 27 | $1.1B | IBN, TSM, JD, YMM, PAAS |
| Q3 2025 | 23 | $1.0B | JD, YMM, TSM, PAAS, IBN |
| Q2 2025 | 21 | $951.1M | BABA, JD, TSM, YMM, KT |
| Q1 2025 | 20 | $895.2M | BABA, JD, YMM, TSM, KT |
| Q4 2024 | 18 | $823.4M | BABA, TSM, JD, KT, YMM |
| Q3 2024 | 17 | $659.4M | BABA, JD, TSM, VIPS, ATHM |
| Q2 2024 | 17 | $386.2M | TSM, BABA, BIDU, VIPS, JD |