Polunin Capital Partners Ltd
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed January 28, 2025), Polunin Capital Partners Ltd reported 25 stock positions worth $404.4 million. Its top holding was Jd.com Inc.-ADR (JD) at 19.5% of the portfolio, followed by BRF SA-ADR (BRFS, 16.0%) and Full Truck Alliance -SPN ADR (YMM, 9.2%). Compared with Q3 2024, it sold out of 1, added to 2 and reduced 8. The biggest buy was Hesai (HSAI, shares +18%) and the biggest sale Stoneco Class A (STNE, shares −1%).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001629869
- Portfolio Value
- $404.4M (Q4 2024)
- SEC Filing
- 0001629869-25-000001 ↗ filed Jan 28, 2025
Holdings Value
Holdings 25 stocks · $404.4M
| JD Jd.com Inc.-ADR | 19.52% | 2,024,517 | $78.9M | Reduce -1.7% |
| BRFS BRF SA-ADR | 15.97% | 17,229,964 | $64.6M | Reduce -0.9% |
| YMM Full Truck Alliance -SPN ADR | 9.21% | 3,308,322 | $37.2M | Reduce -0.9% |
| BABA Alibaba Group Holding-SP ADR | 8.77% | 416,576 | $35.4M | Reduce -1.6% |
| STNE Stoneco Ltd. Class A | 7.48% | 3,534,266 | $30.2M | Reduce -1.0% |
| ATHM Autohome Inc.-ADR | 7.33% | 1,037,821 | $29.7M | Reduce -1.4% |
| CIG Cia Energetica DE-Spon ADR | 7.07% | 16,538,771 | $28.6M | Reduce -0.8% |
| PAGS Pagseguro Digital Ltd. Class A | 6.51% | 3,920,754 | $26.3M | Reduce -1.3% |
| HSAI Hesai Group | 4.67% | 1,210,817 | $18.9M | Add +17.9% |
| JOYY Joyy Inc.-ADR | 1.82% | 171,800 | $7.4M | No change |
| HIMX Himax Technologies Inc.-ADR | 1.71% | 779,368 | $6.9M | No change |
| EQX Equinox Gold Corp. | 1.61% | 1,112,500 | $6.5M | No change |
| WB Weibo Corp.-Spon ADR | 1.38% | 575,750 | $5.6M | Add +14.6% |
| MOMO Hello Group Inc. -SPN ADR | 1.30% | 726,195 | $5.2M | No change |
| DOYU Douyu International Hold-ADR | 1.23% | 312,030 | $5.0M | No change |
| HUYA Huya Inc.-ADR | 1.04% | 1,274,300 | $4.2M | No change |
| CGAU Centerra Gold Inc. | 0.79% | 544,115 | $3.2M | No change |
| CAN Canaan Inc. | 0.69% | 1,380,741 | $2.8M | No change |
| NIU Niu Technologies-Spons ADR | 0.52% | 1,100,262 | $2.1M | No change |
| MX Magnachip Semiconductor Corp. | 0.38% | 367,195 | $1.5M | No change |
| KWEB Kranesh Csi China Internet | 0.30% | 41,100 | $1.2M | No change |
| ASHR Xtrackers Harvest Csi 300 CH | 0.26% | 40,845 | $1.1M | No change |
| TAL Tal Education Group- ADR | 0.23% | 92,426 | $912K | No change |
| HTT High Templar Tech Limited filed as QUDIAN INC | 0.17% | 241,154 | $689K | No change |
| LU Lufax Holding Ltd.-ADR | 0.06% | 89,626 | $226K | No change |
Portfolio Sells Q3 2024 → Q4 2024
| STNE Stoneco Ltd. Class A | Reduce -1.0% | 7.48% | −1.73 |
| MUX McEwen Inc. | Sold out | 0.00% | −1.70 |
| BRFS BRF SA-ADR | Reduce -0.9% | 15.97% | −1.47 |
| BABA Alibaba Group Holding-SP ADR | Reduce -1.6% | 8.77% | −1.37 |
| PAGS Pagseguro Digital Ltd. Class A | Reduce -1.3% | 6.51% | −1.31 |
| CIG Cia Energetica DE-Spon ADR | Reduce -0.8% | 7.07% | −0.45 |
| ATHM Autohome Inc.-ADR | Reduce -1.4% | 7.33% | −0.05 |
| JD Jd.com Inc.-ADR | Reduce -1.7% | 19.52% | +0.26 |
| YMM Full Truck Alliance -SPN ADR | Reduce -0.9% | 9.21% | +2.28 |
Portfolio Buys Q3 2024 → Q4 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 |