Polunin Capital Partners Ltd
In its 13F for Q2 2024 (holdings as of June 30, 2024, filed July 24, 2024), Polunin Capital Partners Ltd reported 27 stock positions worth $586.7 million. Its top holding was Harmony Gold MNG-Spon ADR (HMY) at 17.1% of the portfolio, followed by Cia DE Minas Buenaventur-ADR (BVN, 13.8%) and BRF SA-ADR (BRFS, 12.3%). Compared with Q1 2024, it opened 6 new positions, sold out of 3, added to 3 and reduced 11. The biggest buy was a new position in Himax Technologies Inc.-ADR (HIMX) and the biggest sale an exit from Vipshop Holdings Ltd. - ADR (VIPS).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001629869
- Portfolio Value
- $586.7M (Q2 2024)
- SEC Filing
- 0001629869-24-000005 ↗ filed Jul 24, 2024
Holdings Value
Holdings 27 stocks · $586.7M
| HMY Harmony Gold MNG-Spon ADR | 17.10% | 10,942,069 | $100.3M | Reduce -1.3% |
| BVN Cia DE Minas Buenaventur-ADR filed as COMPANIA DE MINAS BUENAVENTU | 13.78% | 4,770,532 | $80.9M | Reduce -1.4% |
| BRFS BRF SA-ADR | 12.29% | 17,715,101 | $72.1M | Reduce -1.3% |
| KGC Kinross Gold Corp. | 9.25% | 6,523,426 | $54.3M | Reduce -1.5% |
| PAGS Pagseguro Digital Ltd. Class A | 8.03% | 4,028,680 | $47.1M | Reduce -1.5% |
| STNE Stoneco Ltd. Class A | 7.43% | 3,633,447 | $43.6M | Reduce -1.3% |
| JD Jd.com Inc.-ADR | 7.10% | 1,611,653 | $41.6M | Add +6.4% |
| IAG Iamgold Corp. | 5.65% | 8,836,459 | $33.1M | Reduce -1.8% |
| CIG Cia Energetica DE-Spon ADR | 5.11% | 17,037,637 | $30.0M | Add +28.1% |
| ATHM Autohome Inc.-ADR | 5.05% | 1,078,415 | $29.6M | Reduce -1.4% |
| HIMX Himax Technologies Inc.-ADR | 1.08% | 800,768 | $6.4M | New |
| MUX McEwen Inc. | 1.07% | 681,300 | $6.3M | Reduce -0.2% |
| EQX Equinox Gold Corp. | 1.02% | 1,141,500 | $6.0M | Reduce -0.2% |
| JOYY Joyy Inc.-ADR | 0.90% | 176,200 | $5.3M | Reduce -0.2% |
| HUYA Huya Inc.-ADR | 0.88% | 1,307,800 | $5.2M | New |
| MOMO Hello Group Inc. -SPN ADR | 0.78% | 746,095 | $4.6M | New |
| HSAI Hesai Group | 0.75% | 1,051,900 | $4.4M | No change |
| CGAU Centerra Gold Inc. | 0.64% | 558,815 | $3.8M | New |
| DOYU Douyu International Hold-ADR | 0.60% | 320,830 | $3.5M | New |
| NIU Niu Technologies-Spons ADR | 0.34% | 1,129,762 | $2.0M | Add +0.3% |
| MX Magnachip Semiconductor Corp. | 0.31% | 375,495 | $1.8M | No change |
| CAN Canaan Inc. | 0.24% | 1,412,141 | $1.4M | No change |
| KWEB Kranesh Csi China Internet | 0.19% | 41,100 | $1.1M | No change |
| TAL Tal Education Group- ADR | 0.17% | 92,426 | $986K | No change |
| ASHR Xtrackers Harvest Csi 300 CH | 0.16% | 40,845 | $963K | No change |
| HTT High Templar Tech Limited filed as QUDIAN INC | 0.08% | 241,154 | $477K | No change |
| QIWI Qiwi PLC-Sponsored ADR | 0.00% | 533,524 | $0 | New |
Portfolio Sells Q1 2024 → Q2 2024
| VIPS Vipshop Holdings Ltd. - ADR | Sold out | 0.00% | −7.79 |
| NTCOY Natura &co Holding-ADR | Sold out | 0.00% | −4.07 |
| PAAS Pan American Silver Corp. | Sold out | 0.00% | −3.98 |
| STNE Stoneco Ltd. Class A | Reduce -1.3% | 7.43% | −1.88 |
| PAGS Pagseguro Digital Ltd. Class A | Reduce -1.5% | 8.03% | −0.85 |
| EQX Equinox Gold Corp. | Reduce -0.2% | 1.02% | −0.03 |
| MUX McEwen Inc. | Reduce -0.2% | 1.07% | +0.04 |
| JOYY Joyy Inc.-ADR | Reduce -0.2% | 0.90% | +0.08 |
| ATHM Autohome Inc.-ADR | Reduce -1.4% | 5.05% | +0.68 |
| IAG Iamgold Corp. | Reduce -1.8% | 5.65% | +1.09 |
| BVN Cia DE Minas Buenaventur-ADR | Reduce -1.4% | 13.78% | +2.09 |
| KGC Kinross Gold Corp. | Reduce -1.5% | 9.25% | +3.08 |
| HMY Harmony Gold MNG-Spon ADR | Reduce -1.3% | 17.10% | +3.33 |
| BRFS BRF SA-ADR | Reduce -1.3% | 12.29% | +3.39 |
Portfolio Buys Q1 2024 → Q2 2024
| HIMX Himax Technologies Inc.-ADR | New | 1.08% | +1.08 |
| HUYA Huya Inc.-ADR | New | 0.88% | +0.88 |
| JD Jd.com Inc.-ADR | Add +6.4% | 7.10% | +0.79 |
| MOMO Hello Group Inc. -SPN ADR | New | 0.78% | +0.78 |
| CGAU Centerra Gold Inc. | New | 0.64% | +0.64 |
| DOYU Douyu International Hold-ADR | New | 0.60% | +0.60 |
| CIG Cia Energetica DE-Spon ADR | Add +28.1% | 5.11% | +0.11 |
| NIU Niu Technologies-Spons ADR | Add +0.3% | 0.34% | +0.05 |
| QIWI Qiwi PLC-Sponsored ADR | New | 0.00% | 0.00 |
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 |