North of South Capital LLP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 12, 2026), North of South Capital LLP reported 27 stock positions worth $1.1 billion. Its top holding was Icici Bank Ltd.-Spon ADR (IBN) at 19.8% of the portfolio, followed by Taiwan Semiconductor-SP ADR (TSM, 12.4%) and Jd.com Inc.-ADR (JD, 11.0%). Compared with Q3 2025, it opened 5 new positions, sold out of 1, added to 9 and reduced 9. The biggest buy was Icici Bank Ltd.-Spon ADR (IBN, shares +128%) and the biggest sale Vipshop Holdings Ltd. - ADR (VIPS, shares −33%).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0002033334
- Portfolio Value
- $1.1B (Q4 2025)
- SEC Filing
- 0002033334-26-000001 ↗ filed Feb 12, 2026
Holdings Value
Holdings 27 stocks · $1.1B
| IBN Icici Bank Ltd.-Spon ADR | 19.79% | 7,388,440 | $220.2M | Add +128.2% |
| TSM Taiwan Semiconductor-SP ADR | 12.39% | 453,780 | $137.9M | Reduce -0.6% |
| JD Jd.com Inc.-ADR | 10.97% | 4,253,012 | $122.1M | Add +4.4% |
| YMM Full Truck Alliance -SPN ADR | 10.46% | 10,847,821 | $116.4M | Add +2.3% |
| PAAS Pan American Silver Corp. | 10.00% | 2,147,562 | $111.3M | Reduce -28.4% |
| KT KT Corp.-SP ADR | 7.72% | 4,529,411 | $85.9M | Add +5.8% |
| YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA | 5.43% | 1,670,378 | $60.4M | Add +3.1% |
| BIDU Baidu Inc. - Spon ADR | 5.00% | 426,013 | $55.7M | Add +2.6% |
| LAUR Laureate Education Inc. | 4.65% | 1,537,384 | $51.8M | Reduce -4.2% |
| ATHM Autohome Inc.-ADR | 4.55% | 2,272,864 | $50.6M | Reduce -0.5% |
| VIPS Vipshop Holdings Ltd. - ADR | 3.60% | 2,262,683 | $40.0M | Reduce -32.6% |
| VLRS Controladora Vuela Cia-ADR | 3.19% | 3,996,297 | $35.5M | Reduce -21.4% |
| BABA Alibaba Group Holding-SP ADR | 0.52% | 39,398 | $5.8M | Add +12.6% |
| PBR Petroleo Brasileiro-Spon ADR | 0.28% | 265,853 | $3.2M | Reduce -6.8% |
| BAP Credicorp Ltd. | 0.27% | 10,519 | $3.0M | Add +163.0% |
| HMY Harmony Gold MNG-Spon ADR | 0.17% | 95,204 | $1.9M | New |
| UMC United Microelectron-SP ADR | 0.14% | 202,000 | $1.6M | Add +61.6% |
| LOMA Loma Negra Cia Ind-Spon ADR | 0.14% | 120,000 | $1.6M | New |
| TIGO Millicom Intl Cellular S.A. | 0.13% | 27,054 | $1.5M | No change |
| KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC | 0.13% | 18,237 | $1.4M | New |
| AUGO Aura Minerals Inc. | 0.13% | 27,798 | $1.4M | Reduce -66.5% |
| MUX McEwen Inc. | 0.08% | 50,000 | $926K | No change |
| LTM Latam Airlines Group SA-ADR | 0.08% | 16,743 | $904K | New |
| AXIAY Axia Energia-ADR filed as CENTRAIS ELET BRAS SA | 0.07% | 84,977 | $778K | Reduce -80.7% |
| BBAR Bbva Argentina SA-ADR filed as BANCO BBVA ARGENTINA S A | 0.05% | 30,000 | $542K | No change |
| AXICY Axia Energia-ADR Pref C filed as CENTRAIS ELET BRAS SA | 0.04% | 72,335 | $429K | New |
| TV Grupo Televisa SA-Spon ADR | 0.03% | 100,000 | $291K | No change |
Portfolio Sells Q3 2025 → Q4 2025
| VIPS Vipshop Holdings Ltd. - ADR | Reduce -32.6% | 3.60% | −2.74 |
| ATHM Autohome Inc.-ADR | Reduce -0.5% | 4.55% | −1.72 |
| PAAS Pan American Silver Corp. | Reduce -28.4% | 10.00% | −1.17 |
| AXIAY Axia Energia-ADR | Reduce -80.7% | 0.07% | −0.35 |
| VLRS Controladora Vuela Cia-ADR | Reduce -21.4% | 3.19% | −0.32 |
| LAUR Laureate Education Inc. | Reduce -4.2% | 4.65% | −0.21 |
| AUGO Aura Minerals Inc. | Reduce -66.5% | 0.13% | −0.17 |
| SKM SK Telecom Co. Ltd.-Spon ADR | Sold out | 0.00% | −0.11 |
| PBR Petroleo Brasileiro-Spon ADR | Reduce -6.8% | 0.28% | −0.06 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -0.6% | 12.39% | +0.14 |
Portfolio Buys Q3 2025 → Q4 2025
| IBN Icici Bank Ltd.-Spon ADR | Add +128.2% | 19.79% | +10.38 |
| YPF YPF S.A.-Sponsored ADR | Add +3.1% | 5.43% | +1.65 |
| HMY Harmony Gold MNG-Spon ADR | New | 0.17% | +0.17 |
| BAP Credicorp Ltd. | Add +163.0% | 0.27% | +0.17 |
| LOMA Loma Negra Cia Ind-Spon ADR | New | 0.14% | +0.14 |
| KSPI JSC Kaspi.kz ADR | New | 0.13% | +0.13 |
| LTM Latam Airlines Group SA-ADR | New | 0.08% | +0.08 |
| UMC United Microelectron-SP ADR | Add +61.6% | 0.14% | +0.05 |
| AXICY Axia Energia-ADR Pref C | New | 0.04% | +0.04 |
| BABA Alibaba Group Holding-SP ADR | Add +12.6% | 0.52% | −0.08 |
| BIDU Baidu Inc. - Spon ADR | Add +2.6% | 5.00% | −0.26 |
| KT KT Corp.-SP ADR | Add +5.8% | 7.72% | −0.31 |
| JD Jd.com Inc.-ADR | Add +4.4% | 10.97% | −2.72 |
| YMM Full Truck Alliance -SPN ADR | Add +2.3% | 10.46% | −2.76 |
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 |