Polunin Capital Partners Ltd
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 10, 2025), Polunin Capital Partners Ltd reported 27 stock positions worth $611.9 million. Its top holding was Alibaba Group Holding-SP ADR (BABA) at 25.2% of the portfolio, followed by BRF SA-ADR (BRFS, 10.9%) and Jd.com Inc.-ADR (JD, 10.9%). Compared with Q1 2025, it added to 4 and reduced 6. The biggest buy was Ultrapar Particpac-Spon ADR (UGP, shares +9%) and the biggest sale Autohome Inc.-ADR (ATHM, shares −0%).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001629869
- Portfolio Value
- $611.9M (Q2 2025)
- SEC Filing
- 0001629869-25-000007 ↗ filed Jul 10, 2025
Holdings Value
Holdings 27 stocks · $611.9M
| BABA Alibaba Group Holding-SP ADR | 25.18% | 1,426,634 | $154.1M | Add +7.7% |
| BRFS BRF SA-ADR | 10.92% | 16,829,511 | $66.8M | Reduce -0.2% |
| JD Jd.com Inc.-ADR | 10.89% | 2,037,856 | $66.6M | Add +1.8% |
| STNE Stoneco Ltd. Class A | 9.23% | 3,464,288 | $56.5M | Reduce -0.2% |
| YMM Full Truck Alliance -SPN ADR | 6.74% | 3,247,146 | $41.2M | Reduce -0.3% |
| PAGS Pagseguro Digital Ltd. Class A | 5.77% | 3,835,371 | $35.3M | Reduce -0.3% |
| ATHM Autohome Inc.-ADR | 5.23% | 1,189,315 | $32.0M | Reduce -0.2% |
| UGP Ultrapar Particpac-Spon ADR | 5.13% | 9,457,242 | $31.4M | Add +8.9% |
| BIDU Baidu Inc. - Spon ADR | 5.07% | 343,872 | $31.0M | Reduce -0.3% |
| HSAI Hesai Group | 4.40% | 1,180,242 | $26.9M | No change |
| RYAAY Ryanair Holdings PLC-SP ADR | 2.02% | 210,331 | $12.4M | No change |
| JOYY Joyy Inc.-ADR | 1.47% | 167,377 | $9.0M | No change |
| BVN Cia DE Minas Buenaventur-ADR filed as COMPANIA DE MINAS BUENAVENTU | 1.32% | 499,281 | $8.1M | No change |
| HIMX Himax Technologies Inc.-ADR | 1.14% | 758,268 | $7.0M | No change |
| MOMO Hello Group Inc. -SPN ADR | 1.01% | 706,495 | $6.2M | No change |
| WB Weibo Corp.-Spon ADR | 0.90% | 561,050 | $5.5M | No change |
| HUYA Huya Inc.-ADR | 0.84% | 2,078,672 | $5.1M | Add +67.5% |
| NIU Niu Technologies-Spons ADR | 0.62% | 1,072,062 | $3.8M | No change |
| CGAU Centerra Gold Inc. | 0.61% | 529,115 | $3.8M | No change |
| DOYU Douyu International Hold-ADR | 0.35% | 303,530 | $2.1M | No change |
| MX Magnachip Semiconductor Corp. | 0.24% | 358,495 | $1.4M | No change |
| KWEB Kranesh Csi China Internet | 0.23% | 41,100 | $1.4M | No change |
| ASHR Xtrackers Harvest Csi 300 CH | 0.19% | 40,845 | $1.1M | No change |
| TAL Tal Education Group- ADR | 0.16% | 92,426 | $966K | No change |
| CAN Canaan Inc. | 0.16% | 1,346,141 | $963K | No change |
| HTT High Templar Tech Limited filed as QUDIAN INC | 0.13% | 241,154 | $779K | No change |
| LU Lufax Holding Ltd.-ADR | 0.04% | 89,626 | $246K | No change |
Portfolio Sells Q1 2025 → Q2 2025
| ATHM Autohome Inc.-ADR | Reduce -0.2% | 5.23% | −0.50 |
| BIDU Baidu Inc. - Spon ADR | Reduce -0.3% | 5.07% | −0.28 |
| PAGS Pagseguro Digital Ltd. Class A | Reduce -0.3% | 5.77% | −0.14 |
| YMM Full Truck Alliance -SPN ADR | Reduce -0.3% | 6.74% | −0.08 |
| BRFS BRF SA-ADR | Reduce -0.2% | 10.92% | +0.32 |
| STNE Stoneco Ltd. Class A | Reduce -0.2% | 9.23% | +1.92 |
Portfolio Buys Q1 2025 → Q2 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 |