North of South Capital LLP
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed April 20, 2026), North of South Capital LLP reported 29 stock positions worth $1.1 billion. Its top holding was Icici Bank Ltd.-Spon ADR (IBN) at 19.6% of the portfolio, followed by YPF S.A.-Sponsored ADR (YPF, 14.6%) and Taiwan Semiconductor-SP ADR (TSM, 12.4%). Compared with Q4 2025, it opened 6 new positions, sold out of 4, added to 12 and reduced 8. The biggest buy was YPF S.A.-Sponsored ADR (YPF, shares +111%) and the biggest sale KT Corp.-SP ADR (KT, shares −98%).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0002033334
- Portfolio Value
- $1.1B (Q1 2026)
- SEC Filing
- 0002033334-26-000002 ↗ filed Apr 20, 2026
Holdings Value
Holdings 29 stocks · $1.1B
| IBN Icici Bank Ltd.-Spon ADR | 19.64% | 8,439,972 | $218.6M | Add +14.2% |
| YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA | 14.63% | 3,524,252 | $162.9M | Add +111.0% |
| TSM Taiwan Semiconductor-SP ADR | 12.37% | 407,377 | $137.7M | Reduce -10.2% |
| JD Jd.com Inc.-ADR | 11.72% | 4,411,681 | $130.5M | Add +3.7% |
| YMM Full Truck Alliance -SPN ADR | 8.29% | 11,118,123 | $92.3M | Add +2.5% |
| BIDU Baidu Inc. - Spon ADR | 7.40% | 739,299 | $82.4M | Add +73.5% |
| ATHM Autohome Inc.-ADR | 5.77% | 3,700,631 | $64.3M | Add +62.8% |
| PAAS Pan American Silver Corp. | 5.65% | 1,151,110 | $62.9M | Reduce -46.4% |
| LAUR Laureate Education Inc. | 4.78% | 1,526,892 | $53.2M | Reduce -0.7% |
| KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC | 3.79% | 569,681 | $42.2M | Add +3023.8% |
| TGS Transportador Gas-ADR SP B | 1.99% | 640,999 | $22.2M | New |
| INDA iShares MSCI India ETF | 0.93% | 220,987 | $10.4M | New |
| PBR Petroleo Brasileiro-Spon ADR | 0.42% | 227,683 | $4.7M | Reduce -14.4% |
| BABA Alibaba Group Holding-SP ADR | 0.41% | 36,054 | $4.5M | Reduce -8.5% |
| UMC United Microelectron-SP ADR | 0.33% | 405,075 | $3.6M | Add +100.5% |
| VIST Vista Energy Sab DE CV | 0.28% | 41,519 | $3.1M | New |
| BAP Credicorp Ltd. | 0.21% | 7,014 | $2.4M | Reduce -33.3% |
| HMY Harmony Gold MNG-Spon ADR | 0.19% | 134,490 | $2.1M | Add +41.3% |
| KT KT Corp.-SP ADR | 0.18% | 95,202 | $2.0M | Reduce -97.9% |
| LTM Latam Airlines Group SA-ADR | 0.18% | 39,455 | $2.0M | Add +135.7% |
| LOMA Loma Negra Cia Ind-Spon ADR | 0.16% | 163,566 | $1.8M | Add +36.3% |
| AXIAY Axia Energia-ADR filed as CENTRAIS ELET BRAS SA | 0.15% | 150,411 | $1.7M | Add +77.0% |
| TLK Telkom Indonesia Persero-ADR filed as TELEKOMUNIKASI IND | 0.12% | 68,845 | $1.3M | New |
| AMX America Movil Sab DE CV | 0.10% | 41,563 | $1.1M | New |
| TS Tenaris SA-ADR | 0.09% | 18,087 | $1.1M | New |
| MUX McEwen Inc. | 0.09% | 50,000 | $1.0M | No change |
| AUGO Aura Minerals Inc. | 0.05% | 7,304 | $596K | Reduce -73.7% |
| BBAR Bbva Argentina SA-ADR filed as BANCO BBVA ARGENTINA S A | 0.04% | 30,000 | $482K | No change |
| TV Grupo Televisa SA-Spon ADR | 0.03% | 100,000 | $291K | No change |
Portfolio Sells Q4 2025 → Q1 2026
| KT KT Corp.-SP ADR | Reduce -97.9% | 0.18% | −7.54 |
| PAAS Pan American Silver Corp. | Reduce -46.4% | 5.65% | −4.35 |
| VIPS Vipshop Holdings Ltd. - ADR | Sold out | 0.00% | −3.60 |
| VLRS Controladora Vuela Cia-ADR | Sold out | 0.00% | −3.19 |
| TIGO Millicom Intl Cellular S.A. | Sold out | 0.00% | −0.13 |
| BABA Alibaba Group Holding-SP ADR | Reduce -8.5% | 0.41% | −0.11 |
| AUGO Aura Minerals Inc. | Reduce -73.7% | 0.05% | −0.07 |
| BAP Credicorp Ltd. | Reduce -33.3% | 0.21% | −0.06 |
| AXICY Axia Energia-ADR Pref C | Sold out | 0.00% | −0.04 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -10.2% | 12.37% | −0.02 |
| LAUR Laureate Education Inc. | Reduce -0.7% | 4.78% | +0.13 |
| PBR Petroleo Brasileiro-Spon ADR | Reduce -14.4% | 0.42% | +0.14 |
Portfolio Buys Q4 2025 → Q1 2026
| YPF YPF S.A.-Sponsored ADR | Add +111.0% | 14.63% | +9.21 |
| KSPI JSC Kaspi.kz ADR | Add +3023.8% | 3.79% | +3.66 |
| BIDU Baidu Inc. - Spon ADR | Add +73.5% | 7.40% | +2.40 |
| TGS Transportador Gas-ADR SP B | New | 1.99% | +1.99 |
| ATHM Autohome Inc.-ADR | Add +62.8% | 5.77% | +1.23 |
| INDA iShares MSCI India ETF | New | 0.93% | +0.93 |
| JD Jd.com Inc.-ADR | Add +3.7% | 11.72% | +0.75 |
| VIST Vista Energy Sab DE CV | New | 0.28% | +0.28 |
| UMC United Microelectron-SP ADR | Add +100.5% | 0.33% | +0.18 |
| TLK Telkom Indonesia Persero-ADR | New | 0.12% | +0.12 |
| AMX America Movil Sab DE CV | New | 0.10% | +0.10 |
| TS Tenaris SA-ADR | New | 0.09% | +0.09 |
| LTM Latam Airlines Group SA-ADR | Add +135.7% | 0.18% | +0.09 |
| AXIAY Axia Energia-ADR | Add +77.0% | 0.15% | +0.08 |
| LOMA Loma Negra Cia Ind-Spon ADR | Add +36.3% | 0.16% | +0.02 |
| HMY Harmony Gold MNG-Spon ADR | Add +41.3% | 0.19% | +0.02 |
| IBN Icici Bank Ltd.-Spon ADR | Add +14.2% | 19.64% | −0.15 |
| YMM Full Truck Alliance -SPN ADR | Add +2.5% | 8.29% | −2.17 |
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 |