Polunin Capital Partners Ltd
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed October 24, 2024), Polunin Capital Partners Ltd reported 26 stock positions worth $427.4 million. Its top holding was Jd.com Inc.-ADR (JD) at 19.3% of the portfolio, followed by BRF SA-ADR (BRFS, 17.4%) and Alibaba Group Holding-SP ADR (BABA, 10.1%). Compared with Q2 2024, it opened 4 new positions, sold out of 5, added to 1 and reduced 17. The biggest buy was Jd.com Inc.-ADR (JD, shares +28%) and the biggest sale an exit from Harmony Gold MNG-Spon ADR (HMY).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001629869
- Portfolio Value
- $427.4M (Q3 2024)
- SEC Filing
- 0001629869-24-000007 ↗ filed Oct 24, 2024
Holdings Value
Holdings 26 stocks · $427.4M
| JD Jd.com Inc.-ADR | 19.25% | 2,058,917 | $82.3M | Add +27.8% |
| BRFS BRF SA-ADR | 17.44% | 17,380,664 | $74.5M | Reduce -1.9% |
| BABA Alibaba Group Holding-SP ADR | 10.14% | 423,176 | $43.3M | New |
| STNE Stoneco Ltd. Class A | 9.20% | 3,570,566 | $39.3M | Reduce -1.7% |
| PAGS Pagseguro Digital Ltd. Class A | 7.83% | 3,973,054 | $33.4M | Reduce -1.4% |
| CIG Cia Energetica DE-Spon ADR | 7.52% | 16,665,171 | $32.2M | Reduce -2.2% |
| ATHM Autohome Inc.-ADR | 7.38% | 1,052,721 | $31.6M | Reduce -2.4% |
| YMM Full Truck Alliance -SPN ADR | 6.93% | 3,337,424 | $29.6M | New |
| MUX McEwen Inc. | 1.70% | 664,300 | $7.3M | Reduce -2.5% |
| EQX Equinox Gold Corp. | 1.50% | 1,112,500 | $6.4M | Reduce -2.5% |
| HUYA Huya Inc.-ADR | 1.35% | 1,274,300 | $5.8M | Reduce -2.6% |
| JOYY Joyy Inc.-ADR | 1.35% | 171,800 | $5.8M | Reduce -2.5% |
| MOMO Hello Group Inc. -SPN ADR | 1.15% | 726,195 | $4.9M | Reduce -2.7% |
| HIMX Himax Technologies Inc.-ADR | 1.14% | 779,368 | $4.9M | Reduce -2.7% |
| HSAI Hesai Group | 1.07% | 1,027,400 | $4.6M | Reduce -2.3% |
| WB Weibo Corp.-Spon ADR | 1.07% | 502,338 | $4.6M | New |
| CGAU Centerra Gold Inc. | 0.95% | 544,115 | $4.1M | Reduce -2.6% |
| DOYU Douyu International Hold-ADR | 0.67% | 312,030 | $2.9M | Reduce -2.7% |
| NIU Niu Technologies-Spons ADR | 0.62% | 1,100,262 | $2.6M | Reduce -2.6% |
| MX Magnachip Semiconductor Corp. | 0.42% | 367,195 | $1.8M | Reduce -2.2% |
| CAN Canaan Inc. | 0.32% | 1,380,741 | $1.4M | Reduce -2.2% |
| KWEB Kranesh Csi China Internet | 0.31% | 41,100 | $1.3M | No change |
| ASHR Xtrackers Harvest Csi 300 CH | 0.27% | 40,845 | $1.1M | No change |
| TAL Tal Education Group- ADR | 0.22% | 92,426 | $959K | No change |
| HTT High Templar Tech Limited filed as QUDIAN INC | 0.13% | 241,154 | $535K | No change |
| LU Lufax Holding Ltd.-ADR | 0.07% | 89,626 | $283K | New |
Portfolio Sells Q2 2024 → Q3 2024
| HMY Harmony Gold MNG-Spon ADR | Sold out | 0.00% | −17.10 |
| BVN Cia DE Minas Buenaventur-ADR | Sold out | 0.00% | −13.78 |
| KGC Kinross Gold Corp. | Sold out | 0.00% | −9.25 |
| IAG Iamgold Corp. | Sold out | 0.00% | −5.65 |
| PAGS Pagseguro Digital Ltd. Class A | Reduce -1.4% | 7.83% | −0.20 |
| QIWI Qiwi PLC-Sponsored ADR | Sold out | 0.00% | 0.00 |
| HIMX Himax Technologies Inc.-ADR | Reduce -2.7% | 1.14% | +0.05 |
| DOYU Douyu International Hold-ADR | Reduce -2.7% | 0.67% | +0.07 |
| CAN Canaan Inc. | Reduce -2.2% | 0.32% | +0.08 |
| MX Magnachip Semiconductor Corp. | Reduce -2.2% | 0.42% | +0.11 |
| NIU Niu Technologies-Spons ADR | Reduce -2.6% | 0.62% | +0.28 |
| CGAU Centerra Gold Inc. | Reduce -2.6% | 0.95% | +0.31 |
| HSAI Hesai Group | Reduce -2.3% | 1.07% | +0.32 |
| MOMO Hello Group Inc. -SPN ADR | Reduce -2.7% | 1.15% | +0.37 |
| JOYY Joyy Inc.-ADR | Reduce -2.5% | 1.35% | +0.44 |
| HUYA Huya Inc.-ADR | Reduce -2.6% | 1.35% | +0.47 |
| EQX Equinox Gold Corp. | Reduce -2.5% | 1.50% | +0.48 |
| MUX McEwen Inc. | Reduce -2.5% | 1.70% | +0.63 |
| STNE Stoneco Ltd. Class A | Reduce -1.7% | 9.20% | +1.78 |
| ATHM Autohome Inc.-ADR | Reduce -2.4% | 7.38% | +2.34 |
| CIG Cia Energetica DE-Spon ADR | Reduce -2.2% | 7.52% | +2.41 |
| BRFS BRF SA-ADR | Reduce -1.9% | 17.44% | +5.15 |
Portfolio Buys Q2 2024 → Q3 2024
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 |