Polunin Capital Partners Ltd
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed April 26, 2024), Polunin Capital Partners Ltd reported 24 stock positions worth $657.4 million. Its top holding was Harmony Gold MNG-Spon ADR (HMY) at 13.8% of the portfolio, followed by Cia DE Minas Buenaventur-ADR (BVN, 11.7%) and Stoneco Class A (STNE, 9.3%). Compared with Q4 2023, it opened 3 new positions, sold out of 6, added to 13 and reduced 4. The biggest buy was a new position in Jd.com Inc.-ADR (JD) and the biggest sale an exit from Hello Group Inc. -SPN ADR (MOMO).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001629869
- Portfolio Value
- $657.4M (Q1 2024)
- SEC Filing
- 0001629869-24-000004 ↗ filed Apr 26, 2024
Holdings Value
Holdings 24 stocks · $657.4M
| HMY Harmony Gold MNG-Spon ADR | 13.77% | 11,083,569 | $90.6M | Add +10.0% |
| BVN Cia DE Minas Buenaventur-ADR filed as COMPANIA DE MINAS BUENAVENTU | 11.69% | 4,840,032 | $76.9M | Add +8.0% |
| STNE Stoneco Ltd. Class A | 9.30% | 3,681,947 | $61.2M | Add +10.5% |
| BRFS BRF SA-ADR | 8.90% | 17,945,401 | $58.5M | Add +10.3% |
| PAGS Pagseguro Digital Ltd. Class A | 8.88% | 4,088,380 | $58.4M | Add +12.3% |
| VIPS Vipshop Holdings Ltd. - ADR | 7.79% | 3,095,303 | $51.2M | Add +12.6% |
| JD Jd.com Inc.-ADR | 6.31% | 1,514,300 | $41.5M | New |
| KGC Kinross Gold Corp. | 6.17% | 6,620,126 | $40.6M | Add +12.3% |
| CIG Cia Energetica DE-Spon ADR | 5.00% | 13,302,290 | $32.9M | Add +12.5% |
| IAG Iamgold Corp. | 4.56% | 8,995,059 | $30.0M | Add +12.1% |
| ATHM Autohome Inc.-ADR | 4.36% | 1,093,815 | $28.7M | Add +12.3% |
| NTCOY Natura &co Holding-ADR | 4.07% | 3,737,864 | $26.8M | Add +12.3% |
| PAAS Pan American Silver Corp. | 3.98% | 1,736,962 | $26.2M | Add +12.3% |
| EQX Equinox Gold Corp. | 1.05% | 1,143,600 | $6.9M | Reduce -0.5% |
| MUX McEwen Inc. | 1.02% | 682,600 | $6.7M | New |
| JOYY Joyy Inc.-ADR | 0.83% | 176,500 | $5.4M | Add +59.3% |
| HSAI Hesai Group | 0.81% | 1,051,900 | $5.3M | New |
| CAN Canaan Inc. | 0.33% | 1,412,141 | $2.1M | No change |
| MX Magnachip Semiconductor Corp. | 0.32% | 375,495 | $2.1M | No change |
| NIU Niu Technologies-Spons ADR | 0.29% | 1,126,062 | $1.9M | No change |
| KWEB Kranesh Csi China Internet | 0.16% | 41,100 | $1.1M | Reduce -18.9% |
| TAL Tal Education Group- ADR | 0.16% | 92,426 | $1.0M | Reduce -3.1% |
| ASHR Xtrackers Harvest Csi 300 CH | 0.15% | 40,845 | $983K | Reduce -19.0% |
| HTT High Templar Tech Limited filed as QUDIAN INC | 0.09% | 241,154 | $603K | No change |
Portfolio Sells Q4 2023 → Q1 2024
| MOMO Hello Group Inc. -SPN ADR | Sold out | 0.00% | −0.98 |
| HIMX Himax Technologies Inc.-ADR | Sold out | 0.00% | −0.91 |
| HUYA Huya Inc.-ADR | Sold out | 0.00% | −0.85 |
| CGAU Centerra Gold Inc. | Sold out | 0.00% | −0.83 |
| DOUYU INTL HLDGS LTD | Sold out | 0.00% | −0.57 |
| UGP Ultrapar Particpac-Spon ADR | Sold out | 0.00% | −0.10 |
| KWEB Kranesh Csi China Internet | Reduce -18.9% | 0.16% | −0.09 |
| ASHR Xtrackers Harvest Csi 300 CH | Reduce -19.0% | 0.15% | −0.08 |
| TAL Tal Education Group- ADR | Reduce -3.1% | 0.16% | −0.07 |
| EQX Equinox Gold Corp. | Reduce -0.5% | 1.05% | −0.01 |
Portfolio Buys Q4 2023 → Q1 2024
| JD Jd.com Inc.-ADR | New | 6.31% | +6.31 |
| HMY Harmony Gold MNG-Spon ADR | Add +10.0% | 13.77% | +2.17 |
| MUX McEwen Inc. | New | 1.02% | +1.02 |
| HSAI Hesai Group | New | 0.81% | +0.81 |
| IAG Iamgold Corp. | Add +12.1% | 4.56% | +0.75 |
| BRFS BRF SA-ADR | Add +10.3% | 8.90% | +0.43 |
| PAGS Pagseguro Digital Ltd. Class A | Add +12.3% | 8.88% | +0.38 |
| JOYY Joyy Inc.-ADR | Add +59.3% | 0.83% | +0.00 |
| CIG Cia Energetica DE-Spon ADR | Add +12.5% | 5.00% | −0.14 |
| NTCOY Natura &co Holding-ADR | Add +12.3% | 4.07% | −0.19 |
| KGC Kinross Gold Corp. | Add +12.3% | 6.17% | −0.50 |
| PAAS Pan American Silver Corp. | Add +12.3% | 3.98% | −0.74 |
| ATHM Autohome Inc.-ADR | Add +12.3% | 4.36% | −0.76 |
| BVN Cia DE Minas Buenaventur-ADR | Add +8.0% | 11.69% | −1.10 |
| VIPS Vipshop Holdings Ltd. - ADR | Add +12.6% | 7.79% | −1.35 |
| STNE Stoneco Ltd. Class A | Add +10.5% | 9.30% | −1.94 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 19 | $407.4M | ACMR, JD, PAGS, STNE, BIDU |
| Q1 2026 | 16 | $385.4M | BABA, PAGS, STNE, DQ, BIDU |
| Q4 2025 | 24 | $649.1M | BABA, BIDU, JD, STNE, PAGS |
| Q3 2025 | 24 | $680.0M | BABA, JD, STNE, BIDU, YMM |
| Q2 2025 | 27 | $611.9M | BABA, BRFS, JD, STNE, YMM |
| Q1 2025 | 27 | $495.0M | BABA, JD, BRFS, STNE, YMM |
| Q4 2024 | 25 | $404.4M | JD, BRFS, YMM, BABA, STNE |
| Q3 2024 | 26 | $427.4M | JD, BRFS, BABA, STNE, PAGS |
| Q2 2024 | 27 | $586.7M | HMY, BVN, BRFS, KGC, PAGS |
| Q1 2024 | 24 | $657.4M | HMY, BVN, STNE, BRFS, PAGS |