Polunin Capital Partners Ltd
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed April 15, 2026), Polunin Capital Partners Ltd reported 16 stock positions worth $385.4 million. Its top holding was Alibaba Group Holding-SP ADR (BABA) at 27.4% of the portfolio, followed by Pagseguro Digital Class A (PAGS, 13.8%) and Stoneco Class A (STNE, 12.4%). Compared with Q4 2025, it opened 1 new position, sold out of 9, added to 3 and reduced 8. The biggest buy was a new position in Acm Research Class A (ACMR) and the biggest sale an exit from Jd.com Inc.-ADR (JD).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001629869
- Portfolio Value
- $385.4M (Q1 2026)
- SEC Filing
- 0001629869-26-000003 ↗ filed Apr 15, 2026
Holdings Value
Holdings 16 stocks · $385.4M
| BABA Alibaba Group Holding-SP ADR | 27.38% | 862,604 | $105.5M | Reduce -37.7% |
| PAGS Pagseguro Digital Ltd. Class A | 13.80% | 5,004,811 | $53.2M | Add +12.5% |
| STNE Stoneco Ltd. Class A | 12.42% | 3,354,763 | $47.9M | Reduce -0.1% |
| DQ Daqo New Energy Corp.-ADR | 9.44% | 1,742,664 | $36.4M | Add +19.5% |
| BIDU Baidu Inc. - Spon ADR | 8.33% | 288,440 | $32.1M | Reduce -30.2% |
| ACMR Acm Research Inc. Class A | 8.25% | 763,318 | $31.8M | New |
| YMM Full Truck Alliance -SPN ADR | 6.77% | 3,152,833 | $26.1M | Add +0.0% |
| CSIQ Canadian Solar Inc. | 6.65% | 2,001,869 | $25.6M | Reduce -0.4% |
| ATHM Autohome Inc.-ADR | 5.18% | 1,142,966 | $20.0M | Reduce -0.1% |
| GAU Galiano Gold Inc. | 1.21% | 1,847,117 | $4.7M | Reduce -0.7% |
| ASHR Xtrackers Harvest Csi 300 CH | 0.19% | 23,183 | $749K | No change |
| KWEB Kranesh Csi China Internet | 0.14% | 19,226 | $541K | No change |
| CAN Canaan Inc. | 0.13% | 1,194,556 | $495K | No change |
| MX Magnachip Semiconductor Corp. | 0.04% | 57,011 | $164K | Reduce -83.0% |
| BZUN Baozun Inc.-SPN ADR | 0.04% | 60,222 | $153K | No change |
| DOYU Douyu International Hold-ADR | 0.02% | 12,198 | $59K | Reduce -95.6% |
Portfolio Sells Q4 2025 → Q1 2026
| JD Jd.com Inc.-ADR | Sold out | 0.00% | −8.67 |
| BABA Alibaba Group Holding-SP ADR | Reduce -37.7% | 27.38% | −7.88 |
| BVN Cia DE Minas Buenaventur-ADR | Sold out | 0.00% | −2.89 |
| JOYY Joyy Inc.-ADR | Sold out | 0.00% | −1.62 |
| HUYA Huya Inc.-ADR | Sold out | 0.00% | −1.55 |
| CGAU Centerra Gold Inc. | Sold out | 0.00% | −1.26 |
| BIDU Baidu Inc. - Spon ADR | Reduce -30.2% | 8.33% | −1.20 |
| HIMX Himax Technologies Inc.-ADR | Sold out | 0.00% | −0.94 |
| MOMO Hello Group Inc. -SPN ADR | Sold out | 0.00% | −0.92 |
| DOYU Douyu International Hold-ADR | Reduce -95.6% | 0.02% | −0.28 |
| MX Magnachip Semiconductor Corp. | Reduce -83.0% | 0.04% | −0.11 |
| CSIQ Canadian Solar Inc. | Reduce -0.4% | 6.65% | −0.08 |
| HTT High Templar Tech Limited | Sold out | 0.00% | −0.05 |
| LU Lufax Holding Ltd.-ADR | Sold out | 0.00% | −0.02 |
| GAU Galiano Gold Inc. | Reduce -0.7% | 1.21% | +0.41 |
| ATHM Autohome Inc.-ADR | Reduce -0.1% | 5.18% | +1.12 |
| STNE Stoneco Ltd. Class A | Reduce -0.1% | 12.42% | +4.93 |
Portfolio Buys Q4 2025 → Q1 2026
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 |