Polunin Capital Partners Ltd
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 20, 2026), Polunin Capital Partners Ltd reported 24 stock positions worth $649.1 million. Its top holding was Alibaba Group Holding-SP ADR (BABA) at 35.3% of the portfolio, followed by Baidu Inc. - Spon ADR (BIDU, 9.5%) and Jd.com Inc.-ADR (JD, 8.7%). Compared with Q3 2025, it opened 2 new positions, sold out of 2, added to 7 and reduced 15. The biggest buy was a new position in Canadian Solar (CSIQ) and the biggest sale an exit from Ryanair Holdings PLC-SP ADR (RYAAY).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001629869
- Portfolio Value
- $649.1M (Q4 2025)
- SEC Filing
- 0001629869-26-000001 ↗ filed Jan 20, 2026
Holdings Value
Holdings 24 stocks · $649.1M
| BABA Alibaba Group Holding-SP ADR | 35.26% | 1,383,722 | $228.9M | Add +0.1% |
| BIDU Baidu Inc. - Spon ADR | 9.53% | 413,496 | $61.8M | Add +0.3% |
| JD Jd.com Inc.-ADR | 8.67% | 1,947,668 | $56.3M | Reduce -1.2% |
| STNE Stoneco Ltd. Class A | 7.49% | 3,356,763 | $48.6M | Reduce -0.1% |
| PAGS Pagseguro Digital Ltd. Class A | 6.91% | 4,450,160 | $44.9M | Add +0.4% |
| CSIQ Canadian Solar Inc. | 6.73% | 2,009,769 | $43.7M | New |
| DQ Daqo New Energy Corp.-ADR | 5.66% | 1,458,705 | $36.7M | Add +13.6% |
| YMM Full Truck Alliance -SPN ADR | 4.79% | 3,152,133 | $31.1M | Add +0.2% |
| ATHM Autohome Inc.-ADR | 4.07% | 1,143,866 | $26.4M | Reduce -0.8% |
| BVN Cia DE Minas Buenaventur-ADR filed as COMPANIA DE MINAS BUENAVENTU | 2.89% | 540,381 | $18.7M | Add +8.2% |
| JOYY Joyy Inc.-ADR | 1.62% | 151,493 | $10.5M | Reduce -7.3% |
| HUYA Huya Inc.-ADR | 1.55% | 2,719,977 | $10.1M | Add +8.2% |
| CGAU Centerra Gold Inc. | 1.26% | 491,629 | $8.2M | Reduce -4.7% |
| HIMX Himax Technologies Inc.-ADR | 0.94% | 706,750 | $6.1M | Reduce -4.4% |
| MOMO Hello Group Inc. -SPN ADR | 0.92% | 853,219 | $6.0M | Reduce -4.1% |
| GAU Galiano Gold Inc. | 0.80% | 1,860,217 | $5.2M | New |
| DOYU Douyu International Hold-ADR | 0.29% | 277,828 | $1.9M | Reduce -5.3% |
| MX Magnachip Semiconductor Corp. | 0.16% | 335,148 | $1.0M | Reduce -3.7% |
| CAN Canaan Inc. | 0.15% | 1,194,556 | $942K | Reduce -8.4% |
| ASHR Xtrackers Harvest Csi 300 CH | 0.12% | 23,183 | $778K | Reduce -43.2% |
| KWEB Kranesh Csi China Internet | 0.11% | 19,226 | $687K | Reduce -53.2% |
| HTT High Templar Tech Limited | 0.05% | 112,803 | $342K | Reduce -53.2% |
| BZUN Baozun Inc.-SPN ADR | 0.03% | 60,222 | $168K | Reduce -44.0% |
| LU Lufax Holding Ltd.-ADR | 0.02% | 41,924 | $110K | Reduce -53.2% |
Portfolio Sells Q3 2025 → Q4 2025
| RYAAY Ryanair Holdings PLC-SP ADR | Sold out | 0.00% | −1.84 |
| JD Jd.com Inc.-ADR | Reduce -1.2% | 8.67% | −1.59 |
| STNE Stoneco Ltd. Class A | Reduce -0.1% | 7.49% | −1.38 |
| NIU Niu Technologies-Spons ADR | Sold out | 0.00% | −0.97 |
| ATHM Autohome Inc.-ADR | Reduce -0.8% | 4.07% | −0.75 |
| KWEB Kranesh Csi China Internet | Reduce -53.2% | 0.11% | −0.15 |
| CAN Canaan Inc. | Reduce -8.4% | 0.15% | −0.11 |
| HTT High Templar Tech Limited | Reduce -53.2% | 0.05% | −0.11 |
| ASHR Xtrackers Harvest Csi 300 CH | Reduce -43.2% | 0.12% | −0.08 |
| MOMO Hello Group Inc. -SPN ADR | Reduce -4.1% | 0.92% | −0.06 |
| BZUN Baozun Inc.-SPN ADR | Reduce -44.0% | 0.03% | −0.04 |
| LU Lufax Holding Ltd.-ADR | Reduce -53.2% | 0.02% | −0.04 |
| DOYU Douyu International Hold-ADR | Reduce -5.3% | 0.29% | −0.03 |
| MX Magnachip Semiconductor Corp. | Reduce -3.7% | 0.16% | −0.01 |
| HIMX Himax Technologies Inc.-ADR | Reduce -4.4% | 0.94% | −0.00 |
| JOYY Joyy Inc.-ADR | Reduce -7.3% | 1.62% | +0.21 |
| CGAU Centerra Gold Inc. | Reduce -4.7% | 1.26% | +0.40 |
Portfolio Buys Q3 2025 → Q4 2025
| CSIQ Canadian Solar Inc. | New | 6.73% | +6.73 |
| BVN Cia DE Minas Buenaventur-ADR | Add +8.2% | 2.89% | +1.09 |
| BIDU Baidu Inc. - Spon ADR | Add +0.3% | 9.53% | +0.92 |
| PAGS Pagseguro Digital Ltd. Class A | Add +0.4% | 6.91% | +0.82 |
| GAU Galiano Gold Inc. | New | 0.80% | +0.80 |
| HUYA Huya Inc.-ADR | Add +8.2% | 1.55% | +0.34 |
| DQ Daqo New Energy Corp.-ADR | Add +13.6% | 5.66% | +0.19 |
| YMM Full Truck Alliance -SPN ADR | Add +0.2% | 4.79% | −1.40 |
| BABA Alibaba Group Holding-SP ADR | Add +0.1% | 35.26% | −2.94 |
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 |