North of South Capital LLP
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 27, 2025), North of South Capital LLP reported 23 stock positions worth $1.0 billion. Its top holding was Jd.com Inc.-ADR (JD) at 13.7% of the portfolio, followed by Full Truck Alliance -SPN ADR (YMM, 13.2%) and Taiwan Semiconductor-SP ADR (TSM, 12.2%). Compared with Q2 2025, it opened 4 new positions, sold out of 2, added to 13 and reduced 4. The biggest buy was Pan American Silver (PAAS, shares +444%) and the biggest sale Alibaba Group Holding-SP ADR (BABA, shares −98%).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0002033334
- Portfolio Value
- $1.0B (Q3 2025)
- SEC Filing
- 0002033334-25-000007 ↗ filed Oct 27, 2025
Holdings Value
Holdings 23 stocks · $1.0B
| JD Jd.com Inc.-ADR | 13.69% | 4,072,931 | $142.5M | Add +2.5% |
| YMM Full Truck Alliance -SPN ADR | 13.22% | 10,607,375 | $137.6M | Add +33.9% |
| TSM Taiwan Semiconductor-SP ADR | 12.25% | 456,345 | $127.5M | Add +2.4% |
| PAAS Pan American Silver Corp. | 11.17% | 3,000,056 | $116.2M | Add +444.2% |
| IBN Icici Bank Ltd.-Spon ADR | 9.41% | 3,238,233 | $97.9M | Add +926.0% |
| KT KT Corp.-SP ADR | 8.03% | 4,283,287 | $83.5M | Add +2.5% |
| VIPS Vipshop Holdings Ltd. - ADR | 6.33% | 3,355,999 | $65.9M | Add +4.1% |
| ATHM Autohome Inc.-ADR | 6.27% | 2,284,939 | $65.2M | Add +3.6% |
| BIDU Baidu Inc. - Spon ADR | 5.26% | 415,245 | $54.7M | Reduce -32.9% |
| LAUR Laureate Education Inc. | 4.87% | 1,605,311 | $50.6M | Add +1.7% |
| YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA | 3.78% | 1,619,983 | $39.3M | Add +4.5% |
| VLRS Controladora Vuela Cia-ADR | 3.51% | 5,081,733 | $36.5M | Add +2.4% |
| BABA Alibaba Group Holding-SP ADR | 0.60% | 35,003 | $6.3M | Reduce -98.3% |
| AXIAY Axia Energia-ADR filed as CENTRAIS ELETRICAS BRASILEIR | 0.42% | 439,682 | $4.4M | Add +100.2% |
| PBR Petroleo Brasileiro-Spon ADR | 0.35% | 285,373 | $3.6M | Add +150.9% |
| AUGO Aura Minerals Inc. | 0.30% | 82,986 | $3.1M | New |
| TIGO Millicom Intl Cellular S.A. | 0.13% | 27,054 | $1.3M | Reduce -48.8% |
| SKM SK Telecom Co. Ltd.-Spon ADR | 0.11% | 52,439 | $1.1M | New |
| BAP Credicorp Ltd. | 0.10% | 4,000 | $1.1M | Reduce -51.5% |
| UMC United Microelectron-SP ADR | 0.09% | 125,000 | $948K | New |
| MUX McEwen Inc. | 0.08% | 50,000 | $855K | New |
| TV Grupo Televisa SA-Spon ADR | 0.03% | 100,000 | $269K | No change |
| BBAR Bbva Argentina SA-ADR filed as BANCO BBVA ARGENTINA S A | 0.02% | 30,000 | $250K | No change |
Portfolio Sells Q2 2025 → Q3 2025
| BABA Alibaba Group Holding-SP ADR | Reduce -98.3% | 0.60% | −24.35 |
| BIDU Baidu Inc. - Spon ADR | Reduce -32.9% | 5.26% | −0.32 |
| TGS Transportador Gas-ADR SP B | Sold out | 0.00% | −0.10 |
| BAP Credicorp Ltd. | Reduce -51.5% | 0.10% | −0.09 |
| TIGO Millicom Intl Cellular S.A. | Reduce -48.8% | 0.13% | −0.08 |
| EMBJ Embraer SA-Spon ADR | Sold out | 0.00% | −0.01 |
Portfolio Buys Q2 2025 → Q3 2025
| PAAS Pan American Silver Corp. | Add +444.2% | 11.17% | +9.52 |
| IBN Icici Bank Ltd.-Spon ADR | Add +926.0% | 9.41% | +8.29 |
| YMM Full Truck Alliance -SPN ADR | Add +33.9% | 13.22% | +3.38 |
| TSM Taiwan Semiconductor-SP ADR | Add +2.4% | 12.25% | +1.64 |
| VIPS Vipshop Holdings Ltd. - ADR | Add +4.1% | 6.33% | +1.23 |
| VLRS Controladora Vuela Cia-ADR | Add +2.4% | 3.51% | +1.03 |
| LAUR Laureate Education Inc. | Add +1.7% | 4.87% | +0.98 |
| AUGO Aura Minerals Inc. | New | 0.30% | +0.30 |
| ATHM Autohome Inc.-ADR | Add +3.6% | 6.27% | +0.29 |
| AXIAY Axia Energia-ADR | Add +100.2% | 0.42% | +0.25 |
| PBR Petroleo Brasileiro-Spon ADR | Add +150.9% | 0.35% | +0.20 |
| SKM SK Telecom Co. Ltd.-Spon ADR | New | 0.11% | +0.11 |
| UMC United Microelectron-SP ADR | New | 0.09% | +0.09 |
| MUX McEwen Inc. | New | 0.08% | +0.08 |
| JD Jd.com Inc.-ADR | Add +2.5% | 13.69% | +0.05 |
| KT KT Corp.-SP ADR | Add +2.5% | 8.03% | −1.11 |
| YPF YPF S.A.-Sponsored ADR | Add +4.5% | 3.78% | −1.34 |
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 |