Polunin Capital Partners Ltd
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 9, 2025), Polunin Capital Partners Ltd reported 27 stock positions worth $495.0 million. Its top holding was Alibaba Group Holding-SP ADR (BABA) at 26.6% of the portfolio, followed by Jd.com Inc.-ADR (JD, 13.4%) and BRF SA-ADR (BRFS, 10.6%). Compared with Q4 2024, it opened 4 new positions, sold out of 2, added to 2 and reduced 16. The biggest buy was Alibaba Group Holding-SP ADR (BABA, shares +218%) and the biggest sale an exit from Cia Energetica DE-Spon ADR (CIG).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001629869
- Portfolio Value
- $495.0M (Q1 2025)
- SEC Filing
- 0001629869-25-000004 ↗ filed Apr 9, 2025
Holdings Value
Holdings 27 stocks · $495.0M
| BABA Alibaba Group Holding-SP ADR | 26.60% | 1,325,120 | $131.7M | Add +218.1% |
| JD Jd.com Inc.-ADR | 13.36% | 2,002,109 | $66.1M | Reduce -1.1% |
| BRFS BRF SA-ADR | 10.60% | 16,867,111 | $52.5M | Reduce -2.1% |
| STNE Stoneco Ltd. Class A | 7.32% | 3,472,288 | $36.2M | Reduce -1.8% |
| YMM Full Truck Alliance -SPN ADR | 6.81% | 3,255,746 | $33.7M | Reduce -1.6% |
| PAGS Pagseguro Digital Ltd. Class A | 5.91% | 3,845,471 | $29.3M | Reduce -1.9% |
| ATHM Autohome Inc.-ADR | 5.73% | 1,192,015 | $28.4M | Add +14.9% |
| BIDU Baidu Inc. - Spon ADR | 5.36% | 344,972 | $26.5M | New |
| UGP Ultrapar Particpac-Spon ADR | 4.84% | 8,680,434 | $24.0M | New |
| HSAI Hesai Group | 3.15% | 1,180,242 | $15.6M | Reduce -2.5% |
| RYAAY Ryanair Holdings PLC-SP ADR | 1.69% | 210,331 | $8.3M | New |
| BVN Cia DE Minas Buenaventur-ADR filed as COMPANIA DE MINAS BUENAVENTU | 1.31% | 499,281 | $6.5M | New |
| JOYY Joyy Inc.-ADR | 1.29% | 167,377 | $6.4M | Reduce -2.6% |
| HIMX Himax Technologies Inc.-ADR | 0.90% | 758,268 | $4.5M | Reduce -2.7% |
| WB Weibo Corp.-Spon ADR | 0.89% | 561,050 | $4.4M | Reduce -2.5% |
| MOMO Hello Group Inc. -SPN ADR | 0.77% | 706,495 | $3.8M | Reduce -2.7% |
| HUYA Huya Inc.-ADR | 0.73% | 1,241,300 | $3.6M | Reduce -2.6% |
| NIU Niu Technologies-Spons ADR | 0.63% | 1,072,062 | $3.1M | Reduce -2.6% |
| CGAU Centerra Gold Inc. | 0.59% | 529,115 | $2.9M | Reduce -2.8% |
| DOYU Douyu International Hold-ADR | 0.37% | 303,530 | $1.8M | Reduce -2.7% |
| KWEB Kranesh Csi China Internet | 0.23% | 41,100 | $1.2M | No change |
| ASHR Xtrackers Harvest Csi 300 CH | 0.20% | 40,845 | $967K | No change |
| MX Magnachip Semiconductor Corp. | 0.19% | 358,495 | $950K | Reduce -2.4% |
| CAN Canaan Inc. | 0.19% | 1,346,141 | $947K | Reduce -2.5% |
| TAL Tal Education Group- ADR | 0.18% | 92,426 | $904K | No change |
| HTT High Templar Tech Limited filed as QUDIAN INC | 0.11% | 241,154 | $528K | No change |
| LU Lufax Holding Ltd.-ADR | 0.04% | 89,626 | $220K | No change |
Portfolio Sells Q4 2024 → Q1 2025
| CIG Cia Energetica DE-Spon ADR | Sold out | 0.00% | −7.07 |
| JD Jd.com Inc.-ADR | Reduce -1.1% | 13.36% | −6.16 |
| BRFS BRF SA-ADR | Reduce -2.1% | 10.60% | −5.37 |
| YMM Full Truck Alliance -SPN ADR | Reduce -1.6% | 6.81% | −2.40 |
| EQX Equinox Gold Corp. | Sold out | 0.00% | −1.61 |
| HSAI Hesai Group | Reduce -2.5% | 3.15% | −1.52 |
| DOYU Douyu International Hold-ADR | Reduce -2.7% | 0.37% | −0.86 |
| HIMX Himax Technologies Inc.-ADR | Reduce -2.7% | 0.90% | −0.80 |
| PAGS Pagseguro Digital Ltd. Class A | Reduce -1.9% | 5.91% | −0.60 |
| JOYY Joyy Inc.-ADR | Reduce -2.6% | 1.29% | −0.53 |
| MOMO Hello Group Inc. -SPN ADR | Reduce -2.7% | 0.77% | −0.53 |
| WB Weibo Corp.-Spon ADR | Reduce -2.5% | 0.89% | −0.49 |
| CAN Canaan Inc. | Reduce -2.5% | 0.19% | −0.49 |
| HUYA Huya Inc.-ADR | Reduce -2.6% | 0.73% | −0.31 |
| CGAU Centerra Gold Inc. | Reduce -2.8% | 0.59% | −0.20 |
| MX Magnachip Semiconductor Corp. | Reduce -2.4% | 0.19% | −0.19 |
| STNE Stoneco Ltd. Class A | Reduce -1.8% | 7.32% | −0.16 |
| NIU Niu Technologies-Spons ADR | Reduce -2.6% | 0.63% | +0.12 |
Portfolio Buys Q4 2024 → Q1 2025
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 |