North of South Capital LLP
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 8, 2025), North of South Capital LLP reported 21 stock positions worth $951.1 million. Its top holding was Alibaba Group Holding-SP ADR (BABA) at 25.0% of the portfolio, followed by Jd.com Inc.-ADR (JD, 13.6%) and Taiwan Semiconductor-SP ADR (TSM, 10.6%). Compared with Q1 2025, it opened 2 new positions, sold out of 1, added to 13 and reduced 3. The biggest buy was Taiwan Semiconductor-SP ADR (TSM, shares +1%) and the biggest sale Embraer SA-Spon ADR (EMBJ, shares −99%).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0002033334
- Portfolio Value
- $951.1M (Q2 2025)
- SEC Filing
- 0002033334-25-000003 ↗ filed Aug 8, 2025
Holdings Value
Holdings 21 stocks · $951.1M
| BABA Alibaba Group Holding-SP ADR | 24.95% | 2,092,869 | $237.4M | Add +14.4% |
| JD Jd.com Inc.-ADR | 13.64% | 3,974,215 | $129.7M | Add +19.9% |
| TSM Taiwan Semiconductor-SP ADR | 10.61% | 445,597 | $100.9M | Add +1.1% |
| YMM Full Truck Alliance -SPN ADR | 9.84% | 7,924,966 | $93.6M | Add +28.7% |
| KT KT Corp.-SP ADR | 9.13% | 4,180,113 | $86.9M | Add +9.1% |
| ATHM Autohome Inc.-ADR | 5.98% | 2,205,961 | $56.9M | Add +12.8% |
| BIDU Baidu Inc. - Spon ADR | 5.58% | 618,650 | $53.1M | Add +11.0% |
| YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA | 5.13% | 1,550,349 | $48.8M | Add +11.8% |
| VIPS Vipshop Holdings Ltd. - ADR | 5.10% | 3,224,215 | $48.5M | Reduce -19.3% |
| LAUR Laureate Education Inc. | 3.88% | 1,578,937 | $36.9M | Add +25.7% |
| VLRS Controladora Vuela Cia-ADR | 2.48% | 4,964,410 | $23.6M | Add +1.1% |
| PAAS Pan American Silver Corp. | 1.65% | 551,278 | $15.7M | New |
| IBN Icici Bank Ltd.-Spon ADR | 1.12% | 315,620 | $10.6M | Add +518.2% |
| TIGO Millicom Intl Cellular S.A. | 0.21% | 52,881 | $2.0M | Add +17.8% |
| BAP Credicorp Ltd. | 0.19% | 8,256 | $1.8M | New |
| AXIAY Axia Energia-ADR filed as CENTRAIS ELETRICAS BRASILEIR | 0.17% | 219,652 | $1.6M | No change |
| PBR Petroleo Brasileiro-Spon ADR | 0.15% | 113,724 | $1.4M | Reduce -36.2% |
| TGS Transportador Gas-ADR SP B | 0.10% | 37,000 | $958K | Add +48.0% |
| BBAR Bbva Argentina SA-ADR filed as BANCO BBVA ARGENTINA S A | 0.05% | 30,000 | $494K | No change |
| TV Grupo Televisa SA-Spon ADR | 0.02% | 100,000 | $219K | No change |
| EMBJ Embraer SA-Spon ADR | 0.01% | 2,400 | $137K | Reduce -99.5% |
Portfolio Sells Q1 2025 → Q2 2025
Portfolio Buys Q1 2025 → Q2 2025
| TSM Taiwan Semiconductor-SP ADR | Add +1.1% | 10.61% | +2.44 |
| PAAS Pan American Silver Corp. | New | 1.65% | +1.65 |
| KT KT Corp.-SP ADR | Add +9.1% | 9.13% | +1.55 |
| YMM Full Truck Alliance -SPN ADR | Add +28.7% | 9.84% | +1.06 |
| LAUR Laureate Education Inc. | Add +25.7% | 3.88% | +1.01 |
| IBN Icici Bank Ltd.-Spon ADR | Add +518.2% | 1.12% | +0.94 |
| BAP Credicorp Ltd. | New | 0.19% | +0.19 |
| TIGO Millicom Intl Cellular S.A. | Add +17.8% | 0.21% | +0.06 |
| TGS Transportador Gas-ADR SP B | Add +48.0% | 0.10% | +0.03 |
| ATHM Autohome Inc.-ADR | Add +12.8% | 5.98% | −0.07 |
| BIDU Baidu Inc. - Spon ADR | Add +11.0% | 5.58% | −0.15 |
| YPF YPF S.A.-Sponsored ADR | Add +11.8% | 5.13% | −0.30 |
| VLRS Controladora Vuela Cia-ADR | Add +1.1% | 2.48% | −0.38 |
| JD Jd.com Inc.-ADR | Add +19.9% | 13.64% | −1.59 |
| BABA Alibaba Group Holding-SP ADR | Add +14.4% | 24.95% | −2.06 |
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 |