Polunin Capital Partners Ltd
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 7, 2025), Polunin Capital Partners Ltd reported 24 stock positions worth $680.0 million. Its top holding was Alibaba Group Holding-SP ADR (BABA) at 38.2% of the portfolio, followed by Jd.com Inc.-ADR (JD, 10.3%) and Stoneco Class A (STNE, 8.9%). Compared with Q2 2025, it opened 2 new positions, sold out of 5, added to 5 and reduced 11. The biggest buy was a new position in Daqo New Energy Corp.-ADR (DQ) and the biggest sale an exit from BRF SA-ADR (BRFS).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001629869
- Portfolio Value
- $680.0M (Q3 2025)
- SEC Filing
- 0001629869-25-000008 ↗ filed Oct 7, 2025
Holdings Value
Holdings 24 stocks · $680.0M
| BABA Alibaba Group Holding-SP ADR | 38.20% | 1,381,634 | $259.8M | Reduce -3.1% |
| JD Jd.com Inc.-ADR | 10.26% | 1,971,856 | $69.8M | Reduce -3.2% |
| STNE Stoneco Ltd. Class A | 8.88% | 3,359,188 | $60.4M | Reduce -3.0% |
| BIDU Baidu Inc. - Spon ADR | 8.61% | 412,368 | $58.6M | Add +19.9% |
| YMM Full Truck Alliance -SPN ADR | 6.19% | 3,145,346 | $42.1M | Reduce -3.1% |
| PAGS Pagseguro Digital Ltd. Class A | 6.10% | 4,433,460 | $41.5M | Add +15.6% |
| DQ Daqo New Energy Corp.-ADR | 5.47% | 1,283,958 | $37.2M | New |
| ATHM Autohome Inc.-ADR | 4.82% | 1,153,215 | $32.8M | Reduce -3.0% |
| RYAAY Ryanair Holdings PLC-SP ADR | 1.84% | 210,331 | $12.5M | No change |
| BVN Cia DE Minas Buenaventur-ADR filed as COMPANIA DE MINAS BUENAVENTU | 1.80% | 499,281 | $12.2M | No change |
| JOYY Joyy Inc.-ADR | 1.41% | 163,430 | $9.6M | Reduce -2.4% |
| HUYA Huya Inc.-ADR | 1.21% | 2,512,935 | $8.2M | Add +20.9% |
| MOMO Hello Group Inc. -SPN ADR | 0.98% | 889,369 | $6.6M | Add +25.9% |
| NIU Niu Technologies-Spons ADR | 0.97% | 1,460,883 | $6.6M | Add +36.3% |
| HIMX Himax Technologies Inc.-ADR | 0.94% | 739,368 | $6.4M | Reduce -2.5% |
| CGAU Centerra Gold Inc. | 0.86% | 515,715 | $5.9M | Reduce -2.5% |
| DOYU Douyu International Hold-ADR | 0.32% | 293,430 | $2.2M | Reduce -3.3% |
| KWEB Kranesh Csi China Internet | 0.26% | 41,100 | $1.8M | No change |
| CAN Canaan Inc. | 0.25% | 1,304,841 | $1.7M | Reduce -3.1% |
| ASHR Xtrackers Harvest Csi 300 CH | 0.20% | 40,845 | $1.3M | No change |
| MX Magnachip Semiconductor Corp. | 0.16% | 348,095 | $1.1M | Reduce -2.9% |
| HTT High Templar Tech Limited filed as QUDIAN INC | 0.16% | 241,154 | $1.1M | No change |
| BZUN Baozun Inc.-SPN ADR | 0.06% | 107,623 | $424K | New |
| LU Lufax Holding Ltd.-ADR | 0.05% | 89,626 | $359K | No change |
Portfolio Sells Q2 2025 → Q3 2025
| BRFS BRF SA-ADR | Sold out | 0.00% | −10.92 |
| UGP Ultrapar Particpac-Spon ADR | Sold out | 0.00% | −5.13 |
| HSAI Hesai Group | Sold out | 0.00% | −4.40 |
| WB Weibo Corp.-Spon ADR | Sold out | 0.00% | −0.90 |
| JD Jd.com Inc.-ADR | Reduce -3.2% | 10.26% | −0.63 |
| YMM Full Truck Alliance -SPN ADR | Reduce -3.1% | 6.19% | −0.55 |
| ATHM Autohome Inc.-ADR | Reduce -3.0% | 4.82% | −0.41 |
| STNE Stoneco Ltd. Class A | Reduce -3.0% | 8.88% | −0.36 |
| HIMX Himax Technologies Inc.-ADR | Reduce -2.5% | 0.94% | −0.20 |
| TAL Tal Education Group- ADR | Sold out | 0.00% | −0.16 |
| MX Magnachip Semiconductor Corp. | Reduce -2.9% | 0.16% | −0.07 |
| JOYY Joyy Inc.-ADR | Reduce -2.4% | 1.41% | −0.06 |
| DOYU Douyu International Hold-ADR | Reduce -3.3% | 0.32% | −0.03 |
| CAN Canaan Inc. | Reduce -3.1% | 0.25% | +0.09 |
| CGAU Centerra Gold Inc. | Reduce -2.5% | 0.86% | +0.25 |
| BABA Alibaba Group Holding-SP ADR | Reduce -3.1% | 38.20% | +13.02 |
Portfolio Buys Q2 2025 → Q3 2025
| DQ Daqo New Energy Corp.-ADR | New | 5.47% | +5.47 |
| BIDU Baidu Inc. - Spon ADR | Add +19.9% | 8.61% | +3.54 |
| HUYA Huya Inc.-ADR | Add +20.9% | 1.21% | +0.37 |
| NIU Niu Technologies-Spons ADR | Add +36.3% | 0.97% | +0.35 |
| PAGS Pagseguro Digital Ltd. Class A | Add +15.6% | 6.10% | +0.32 |
| BZUN Baozun Inc.-SPN ADR | New | 0.06% | +0.06 |
| MOMO Hello Group Inc. -SPN ADR | Add +25.9% | 0.98% | −0.04 |
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 |