North of South Capital LLP
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 28, 2025), North of South Capital LLP reported 20 stock positions worth $895.2 million. Its top holding was Alibaba Group Holding-SP ADR (BABA) at 27.0% of the portfolio, followed by Jd.com Inc.-ADR (JD, 15.2%) and Full Truck Alliance -SPN ADR (YMM, 8.8%). Compared with Q4 2024, it opened 4 new positions, sold out of 2, added to 4 and reduced 8. The biggest buy was Jd.com Inc.-ADR (JD, shares +14%) and the biggest sale Taiwan Semiconductor-SP ADR (TSM, shares −15%).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0002033334
- Portfolio Value
- $895.2M (Q1 2025)
- SEC Filing
- 0002033334-25-000002 ↗ filed Apr 28, 2025
Holdings Value
Holdings 20 stocks · $895.2M
| BABA Alibaba Group Holding-SP ADR | 27.01% | 1,828,864 | $241.8M | Reduce -7.4% |
| JD Jd.com Inc.-ADR | 15.22% | 3,314,174 | $136.3M | Add +14.3% |
| YMM Full Truck Alliance -SPN ADR | 8.78% | 6,157,928 | $78.6M | Add +8.2% |
| TSM Taiwan Semiconductor-SP ADR | 8.17% | 440,807 | $73.2M | Reduce -14.6% |
| KT KT Corp.-SP ADR | 7.58% | 3,831,521 | $67.9M | Reduce -9.2% |
| VIPS Vipshop Holdings Ltd. - ADR | 6.99% | 3,993,198 | $62.6M | Add +5.1% |
| ATHM Autohome Inc.-ADR | 6.05% | 1,954,958 | $54.2M | Reduce -0.5% |
| BIDU Baidu Inc. - Spon ADR | 5.73% | 557,237 | $51.3M | Reduce -9.4% |
| YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA | 5.43% | 1,387,350 | $48.6M | Add +12.2% |
| LAUR Laureate Education Inc. | 2.87% | 1,256,065 | $25.7M | No change |
| VLRS Controladora Vuela Cia-ADR | 2.86% | 4,911,106 | $25.6M | Reduce -0.6% |
| EMBJ Embraer SA-Spon ADR | 2.24% | 433,241 | $20.0M | Reduce -50.5% |
| PBR Petroleo Brasileiro-Spon ADR | 0.29% | 178,360 | $2.6M | Reduce -10.1% |
| IBN Icici Bank Ltd.-Spon ADR | 0.18% | 51,055 | $1.6M | No change |
| AXIAY Axia Energia-ADR filed as CENTRAIS ELETRICAS BRASILEIR | 0.17% | 219,652 | $1.6M | New |
| TIGO Millicom Intl Cellular S.A. | 0.15% | 44,881 | $1.4M | New |
| SKM SK Telecom Co. Ltd.-Spon ADR | 0.10% | 42,917 | $912K | No change |
| TGS Transportador Gas-ADR SP B | 0.07% | 25,000 | $662K | New |
| BBAR Bbva Argentina SA-ADR filed as BANCO BBVA ARGENTINA S A | 0.06% | 30,000 | $544K | New |
| TV Grupo Televisa SA-Spon ADR | 0.02% | 100,000 | $175K | No change |
Portfolio Sells Q4 2024 → Q1 2025
| TSM Taiwan Semiconductor-SP ADR | Reduce -14.6% | 8.17% | −4.21 |
| SQM Quimica Y Minera Chil-SP ADR | Sold out | 0.00% | −2.64 |
| EMBJ Embraer SA-Spon ADR | Reduce -50.5% | 2.24% | −1.66 |
| VLRS Controladora Vuela Cia-ADR | Reduce -0.6% | 2.86% | −1.60 |
| BIDU Baidu Inc. - Spon ADR | Reduce -9.4% | 5.73% | −0.57 |
| KT KT Corp.-SP ADR | Reduce -9.2% | 7.58% | −0.37 |
| ATHM Autohome Inc.-ADR | Reduce -0.5% | 6.05% | −0.14 |
| UMC United Microelectron-SP ADR | Sold out | 0.00% | −0.13 |
| PBR Petroleo Brasileiro-Spon ADR | Reduce -10.1% | 0.29% | −0.02 |
| BABA Alibaba Group Holding-SP ADR | Reduce -7.4% | 27.01% | +6.67 |
Portfolio Buys Q4 2024 → Q1 2025
| JD Jd.com Inc.-ADR | Add +14.3% | 15.22% | +3.01 |
| YMM Full Truck Alliance -SPN ADR | Add +8.2% | 8.78% | +1.30 |
| VIPS Vipshop Holdings Ltd. - ADR | Add +5.1% | 6.99% | +0.78 |
| AXIAY Axia Energia-ADR | New | 0.17% | +0.17 |
| TIGO Millicom Intl Cellular S.A. | New | 0.15% | +0.15 |
| TGS Transportador Gas-ADR SP B | New | 0.07% | +0.07 |
| BBAR Bbva Argentina SA-ADR | New | 0.06% | +0.06 |
| YPF YPF S.A.-Sponsored ADR | Add +12.2% | 5.43% | −0.96 |
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 |