Polymer Capital Management (HK) LTD
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Polymer Capital Management (HK) LTD reported 128 stock positions worth $576.3 million. Its top holding was Tapestry (TPR) at 4.2% of the portfolio, followed by Meta Platforms Class A (META, 4.1%) and Qfin Holdings Inc.-ADR (QFIN, 4.0%). Compared with Q4 2024, it opened 36 new positions, sold out of 76, added to 52 and reduced 38. The biggest buy was a new position in Intel (INTC) and the biggest sale Amazon.com (AMZN, shares −97%).
- Most Recent 13F
- Q2 2026
- Location
- HONG KONG, K3
- CIK
- 0001970465
- Portfolio Value
- $576.3M (Q1 2025)
- SEC Filing
- 0001970465-25-000006 ↗ filed May 15, 2025
Holdings Value
Holdings 128 stocks · $576.3M
| TPR Tapestry Inc. | 4.19% | 342,932 | $24.1M | Add +113.9% |
| META Meta Platforms Inc. Class A | 4.12% | 41,219 | $23.8M | Add +93.1% |
| QFIN Qfin Holdings Inc.-ADR filed as QIFU TECHNOLOGY INC | 4.04% | 518,104 | $23.3M | Add +33.9% |
| AMD Advanced Micro Devices | 3.85% | 216,038 | $22.2M | Add +590.2% |
| BABA Alibaba Group Holding-SP ADR | 3.78% | 164,948 | $21.8M | Add +213.6% |
| INTC Intel Corp. | 3.37% | 855,842 | $19.4M | New |
| TAL Tal Education Group- ADR | 3.28% | 1,430,298 | $18.9M | Add +53.4% |
| PDD PDD Holdings Inc. | 3.08% | 149,883 | $17.7M | Add +6.2% |
| GLD SPDR Gold Shares | 2.97% | 59,400 | $17.1M | Add +268.9% |
| GDX Vaneck Gold Miners ETF | 2.74% | 343,500 | $15.8M | New |
| NVDA Nvidia Corp. | 2.67% | 142,201 | $15.4M | Add +9.2% |
| XLF SS Financial Select Sector | 2.65% | 306,563 | $15.3M | Add +221.6% |
| BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC | 2.43% | 696,000 | $14.0M | Add +23.2% |
| AAPL Apple Inc. | 2.22% | 57,654 | $12.8M | Add +182.0% |
| TSM Taiwan Semiconductor-SP ADR | 2.20% | 76,448 | $12.7M | Reduce -11.6% |
| TLT iShares 20+ Year Treasury BD | 1.98% | 125,594 | $11.4M | Reduce -1.6% |
| ONON On Holding AG Class A filed as ON HLDG AG | 1.93% | 253,298 | $11.1M | Add +190.3% |
| BILI Bilibili Inc.-Sponsored ADR | 1.92% | 579,000 | $11.1M | Add +17.9% |
| EDU New Oriental Educatio-SP ADR | 1.88% | 226,704 | $10.8M | Add +173.1% |
| YMM Full Truck Alliance -SPN ADR | 1.85% | 833,398 | $10.6M | Add +93.5% |
| JD Jd.com Inc.-ADR | 1.72% | 241,013 | $9.9M | Reduce -48.7% |
| VIPS Vipshop Holdings Ltd. - ADR | 1.48% | 543,580 | $8.5M | Add +103.4% |
| SNDK Sandisk Corp. | 1.46% | 176,610 | $8.4M | Add +1457.6% |
| SE Sea Ltd.-ADR | 1.44% | 63,613 | $8.3M | Add +198.7% |
| AS Amer Sports Inc. | 1.36% | 293,985 | $7.9M | Reduce -74.0% |
| SMMT Summit Therapeutics Inc. | 1.33% | 396,175 | $7.6M | Add +80.2% |
| FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD | 1.25% | 70,404 | $7.2M | Reduce -53.6% |
| LX Lexinfintech Holdings L-ADR | 1.24% | 706,527 | $7.1M | New |
| MU Micron Technology Inc. | 1.19% | 78,900 | $6.9M | New |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 1.13% | 53,496 | $6.5M | New |
| VNET Vnet Group Inc.-ADR | 1.08% | 761,775 | $6.2M | Add +283.5% |
| HDB HDFC Bank Ltd.-ADR | 1.07% | 92,929 | $6.2M | Reduce -22.3% |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.01% | 10,429 | $5.8M | Reduce -35.1% |
| PM Philip Morris International | 1.00% | 36,378 | $5.8M | New |
| DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE | 0.86% | 11,850 | $5.0M | Add +149.5% |
| ALNY Alnylam Pharmaceuticals Inc. | 0.83% | 17,804 | $4.8M | Add +72.6% |
| HWM Howmet Aerospace Inc. | 0.82% | 36,583 | $4.7M | New |
| LLY Eli Lilly & Co. | 0.79% | 5,528 | $4.6M | Add +11.5% |
| VNM Vaneck Vietnam ETF | 0.77% | 355,000 | $4.4M | Add +407.1% |
| HTHT H World Group Ltd.-ADR | 0.77% | 119,471 | $4.4M | Add +99.1% |
| WMT Walmart Inc. | 0.69% | 45,177 | $4.0M | Add +1.8% |
| TCOM Trip.com Group Ltd.-ADR | 0.64% | 58,328 | $3.7M | Reduce -47.6% |
| XLE SS Energy Select Sector | 0.64% | 39,586 | $3.7M | Reduce -14.1% |
| LI Li Auto Inc. - ADR | 0.61% | 139,500 | $3.5M | New |
| SITM Sitime Corp. | 0.58% | 22,032 | $3.4M | Reduce -35.9% |
| XLP SS Consumer Staples Sel Sect | 0.58% | 41,100 | $3.4M | Add +34.8% |
| QQQ Invesco QQQ Trust Series 1 | 0.57% | 6,967 | $3.3M | Add +18.7% |
| HLT Hilton Worldwide Holdings Inc. | 0.53% | 13,500 | $3.1M | Add +35.0% |
| RCL Royal Caribbean Cruises Ltd. | 0.53% | 14,950 | $3.1M | Add +66.1% |
| BZ Kanzhun Ltd. - ADR | 0.52% | 157,688 | $3.0M | Reduce -36.3% |
| CCL Carnival Corp. | 0.51% | 150,679 | $2.9M | Add +31.1% |
| FTAI Ftai Aviation Ltd. | 0.49% | 25,436 | $2.8M | New |
| FRO Frontline PLC | 0.47% | 182,146 | $2.7M | New |
| GDXJ Vaneck Junior Gold Miners | 0.46% | 46,800 | $2.7M | New |
| RL Ralph Lauren Corp. | 0.46% | 12,000 | $2.6M | Add +9.1% |
| ATAT Atour Lifestyle Holdings-ADR | 0.44% | 89,826 | $2.5M | Add +0.7% |
| IVV iShares Core S&P 500 ETF | 0.43% | 4,400 | $2.5M | Add +18.9% |
| BIRK Birkenstock Holding PLC | 0.42% | 53,200 | $2.4M | Add +903.8% |
| WYNN WYNN Resorts Ltd. | 0.41% | 28,000 | $2.3M | Add +75.0% |
| XLY SS Consumer Disc Select Sect | 0.38% | 11,000 | $2.2M | Reduce -47.6% |
| BA The Boeing Co. | 0.36% | 12,175 | $2.1M | Reduce -88.5% |
| SOXX iShares Semiconductor ETF | 0.35% | 10,760 | $2.0M | Reduce -59.9% |
| WDC Western Digital Corp. | 0.34% | 48,435 | $2.0M | Add +42.3% |
| GEV GE Vernova Inc. | 0.34% | 6,343 | $1.9M | Reduce -71.8% |
| LITE Lumentum Holdings Inc. | 0.28% | 25,585 | $1.6M | Reduce -33.4% |
| XLI SS Industrial Select Sector | 0.26% | 11,500 | $1.5M | Reduce -10.2% |
| AGI Alamos Gold Inc. Class A | 0.26% | 56,187 | $1.5M | New |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.25% | 18,384 | $1.4M | No change |
| ARM Arm Holdings PLC-ADR | 0.24% | 13,097 | $1.4M | New |
| XLK SS Technology Select Sector | 0.24% | 6,700 | $1.4M | Add +5.3% |
| TRML Tourmaline Bio Inc. | 0.23% | 86,934 | $1.3M | Add +9.5% |
| CRDO Credo Technology Group Holdi | 0.22% | 31,878 | $1.3M | Reduce -41.6% |
| CLS Celestica Inc. | 0.22% | 16,000 | $1.3M | New |
| LEGN Legend Biotech Corp.-ADR | 0.22% | 36,987 | $1.3M | Add +28.8% |
| HSAI Hesai Group | 0.21% | 81,541 | $1.2M | New |
| SHOP Shopify Inc. Class A | 0.21% | 12,500 | $1.2M | New |
| DELL Dell Technologies -C | 0.19% | 12,000 | $1.1M | Reduce -71.0% |
| APGE Apogee Therapeutics Inc. | 0.19% | 29,268 | $1.1M | New |
| MTUM iShares MSCI USA Momentum Fa | 0.19% | 5,300 | $1.1M | New |
| LVS Las Vegas Sands Corp. | 0.18% | 27,566 | $1.1M | Reduce -38.7% |
| DECK Deckers Outdoor Corp. | 0.18% | 9,150 | $1.0M | Reduce -75.8% |
| AMZN Amazon.com Inc. | 0.17% | 5,265 | $1.0M | Reduce -96.8% |
| T AT&T Inc. | 0.17% | 34,250 | $969K | Add +71.3% |
| CTSH Cognizant Tech Solutions-A | 0.17% | 12,600 | $964K | New |
| ZK Zeekr Intelligent Techno-ADR | 0.17% | 40,000 | $964K | Add +60.0% |
| RDDT Reddit Inc. Class A | 0.16% | 9,036 | $948K | Reduce -38.0% |
| IWM iShares Russell 2000 ETF | 0.16% | 4,640 | $926K | No change |
| APP AppLovin Corp. Class A | 0.15% | 3,342 | $886K | Reduce -42.4% |
| DKS Dick's Sporting Goods Inc. | 0.15% | 4,270 | $861K | Add +70.8% |
| MPWR Monolithic Power Systems Inc. | 0.14% | 1,426 | $827K | Reduce -65.2% |
| TSLA Tesla Inc. | 0.14% | 3,189 | $826K | Reduce -71.4% |
| PLTR Palantir Technologies Inc. Class A | 0.14% | 9,735 | $822K | Add +87.2% |
| EBAY eBay Inc. | 0.14% | 12,104 | $820K | New |
| JOYY Joyy Inc.-ADR | 0.14% | 19,076 | $801K | Add +52.6% |
| CRH CRH PLC | 0.14% | 9,064 | $797K | New |
| IQ Iqiyi Inc.-ADR | 0.14% | 352,075 | $796K | New |
| GWRE Guidewire Software Inc. | 0.13% | 4,136 | $775K | New |
| GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD | 0.13% | 30,000 | $760K | Reduce -60.1% |
| USFD US Foods Holding Corp. | 0.12% | 10,804 | $707K | New |
| NRIX Nurix Therapeutics Inc. | 0.12% | 58,898 | $700K | Add +17.6% |
Options reported separately and not counted above: APP puts ($5.3M), QQQ puts ($4.7M), AAOI calls ($461K).
Portfolio Sells Q4 2024 → Q1 2025
| AMZN Amazon.com Inc. | Reduce -96.8% | 0.17% | −6.07 |
| AS Amer Sports Inc. | Reduce -74.0% | 1.36% | −4.17 |
| BA The Boeing Co. | Reduce -88.5% | 0.36% | −2.93 |
| AVGO Broadcom Inc. | Sold out | 0.00% | −1.85 |
| DECK Deckers Outdoor Corp. | Reduce -75.8% | 0.18% | −1.17 |
| JD Jd.com Inc.-ADR | Reduce -48.7% | 1.72% | −1.13 |
| MRVL Marvell Technology Inc. | Sold out | 0.00% | −0.97 |
| GEV GE Vernova Inc. | Reduce -71.8% | 0.34% | −0.96 |
| FUTU Futu Holdings Ltd.-ADR | Reduce -53.6% | 1.25% | −0.88 |
| SPGI S&P Global Inc. | Sold out | 0.00% | −0.84 |
| MSFT Microsoft Corp. | Sold out | 0.00% | −0.80 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -11.6% | 2.20% | −0.79 |
| VST Vistra Corp. | Sold out | 0.00% | −0.72 |
| GOOG Alphabet Inc. Class C | Sold out | 0.00% | −0.71 |
| ARGT Global X MSCI Argentina ETF | Sold out | 0.00% | −0.71 |
| SITM Sitime Corp. | Reduce -35.9% | 0.58% | −0.71 |
| ANET Arista Networks Inc. | Sold out | 0.00% | −0.70 |
| TCOM Trip.com Group Ltd.-ADR | Reduce -47.6% | 0.64% | −0.70 |
| SOXX iShares Semiconductor ETF | Reduce -59.9% | 0.35% | −0.66 |
| TSLA Tesla Inc. | Reduce -71.4% | 0.14% | −0.65 |
| DELL Dell Technologies -C | Reduce -71.0% | 0.19% | −0.65 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -35.1% | 1.01% | −0.64 |
| APH Amphenol Corp. Class A | Sold out | 0.00% | −0.57 |
| NKE Nike Inc. Class B | Reduce -83.8% | 0.09% | −0.56 |
| URTY Proshares Ultrapro RUSS2000 | Sold out | 0.00% | −0.52 |
| IREN Iren Ltd. | Sold out | 0.00% | −0.51 |
| MLCO Melco Resorts & Entert-ADR | Sold out | 0.00% | −0.50 |
| HUBS HubSpot Inc. | Sold out | 0.00% | −0.48 |
| ALAB Astera Labs Inc. | Sold out | 0.00% | −0.47 |
| SPOT Spotify Technology SA | Sold out | 0.00% | −0.45 |
| SYF Synchrony Financial | Sold out | 0.00% | −0.45 |
| DDL Dingdong Cayman Ltd. -SPN ADR | Sold out | 0.00% | −0.45 |
| XLY SS Consumer Disc Select Sect | Reduce -47.6% | 0.38% | −0.45 |
| ASX Ase Technology Holding -ADR | Reduce -75.0% | 0.12% | −0.42 |
| CRDO Credo Technology Group Holdi | Reduce -41.6% | 0.22% | −0.42 |
| BKNG Booking Holdings Inc. | Sold out | 0.00% | −0.42 |
| GAP The Gap Inc. | Sold out | 0.00% | −0.41 |
| ON On Semiconductor | Sold out | 0.00% | −0.38 |
| CEG Constellation Energy | Sold out | 0.00% | −0.35 |
| SN Sharkninja Inc. | Sold out | 0.00% | −0.35 |
| PI Impinj Inc. | Sold out | 0.00% | −0.34 |
| IBKR Interactive Brokers Gro Class A | Sold out | 0.00% | −0.31 |
| CRM Salesforce Inc. | Sold out | 0.00% | −0.30 |
| LITE Lumentum Holdings Inc. | Reduce -33.4% | 0.28% | −0.29 |
| TER Teradyne Inc. | Sold out | 0.00% | −0.29 |
| MPWR Monolithic Power Systems Inc. | Reduce -65.2% | 0.14% | −0.28 |
| ZTO Zto Express Cayman Inc.-ADR | Reduce -78.6% | 0.07% | −0.27 |
| YUMC Yum China Holdings Inc. | Sold out | 0.00% | −0.27 |
| HDB HDFC Bank Ltd.-ADR | Reduce -22.3% | 1.07% | −0.27 |
| FOX Fox Corp. Class B | Sold out | 0.00% | −0.26 |
Portfolio Buys Q4 2024 → Q1 2025
| INTC Intel Corp. | New | 3.37% | +3.37 |
| AMD Advanced Micro Devices | Add +590.2% | 3.85% | +3.19 |
| BABA Alibaba Group Holding-SP ADR | Add +213.6% | 3.78% | +3.00 |
| GDX Vaneck Gold Miners ETF | New | 2.74% | +2.74 |
| TPR Tapestry Inc. | Add +113.9% | 4.19% | +2.35 |
| GLD SPDR Gold Shares | Add +268.9% | 2.97% | +2.29 |
| META Meta Platforms Inc. Class A | Add +93.1% | 4.12% | +1.93 |
| XLF SS Financial Select Sector | Add +221.6% | 2.65% | +1.84 |
| TAL Tal Education Group- ADR | Add +53.4% | 3.28% | +1.64 |
| QFIN Qfin Holdings Inc.-ADR | Add +33.9% | 4.04% | +1.44 |
| SNDK Sandisk Corp. | Add +1457.6% | 1.46% | +1.36 |
| AAPL Apple Inc. | Add +182.0% | 2.22% | +1.33 |
| LX Lexinfintech Holdings L-ADR | New | 1.24% | +1.24 |
| MU Micron Technology Inc. | New | 1.19% | +1.19 |
| TJX TJX Companies Inc. | New | 1.13% | +1.13 |
| ONON On Holding AG Class A | Add +190.3% | 1.93% | +1.09 |
| SE Sea Ltd.-ADR | Add +198.7% | 1.44% | +1.04 |
| YMM Full Truck Alliance -SPN ADR | Add +93.5% | 1.85% | +1.03 |
| PM Philip Morris International | New | 1.00% | +1.00 |
| EDU New Oriental Educatio-SP ADR | Add +173.1% | 1.88% | +0.95 |
| VNET Vnet Group Inc.-ADR | Add +283.5% | 1.08% | +0.92 |
| VIPS Vipshop Holdings Ltd. - ADR | Add +103.4% | 1.48% | +0.85 |
| HWM Howmet Aerospace Inc. | New | 0.82% | +0.82 |
| PDD PDD Holdings Inc. | Add +6.2% | 3.08% | +0.68 |
| SMMT Summit Therapeutics Inc. | Add +80.2% | 1.33% | +0.64 |
| VNM Vaneck Vietnam ETF | Add +407.1% | 0.77% | +0.63 |
| LI Li Auto Inc. - ADR | New | 0.61% | +0.61 |
| BEKE Ke Holdings Inc.-ADR | Add +23.2% | 2.43% | +0.60 |
| DIA SS SPDR Dow Jones Indus Avg | Add +149.5% | 0.86% | +0.51 |
| FTAI Ftai Aviation Ltd. | New | 0.49% | +0.49 |
| FRO Frontline PLC | New | 0.47% | +0.47 |
| GDXJ Vaneck Junior Gold Miners | New | 0.46% | +0.46 |
| HTHT H World Group Ltd.-ADR | Add +99.1% | 0.77% | +0.42 |
| ALNY Alnylam Pharmaceuticals Inc. | Add +72.6% | 0.83% | +0.41 |
| BIRK Birkenstock Holding PLC | Add +903.8% | 0.42% | +0.37 |
| BILI Bilibili Inc.-Sponsored ADR | Add +17.9% | 1.92% | +0.36 |
| AGI Alamos Gold Inc. Class A | New | 0.26% | +0.26 |
| ARM Arm Holdings PLC-ADR | New | 0.24% | +0.24 |
| CLS Celestica Inc. | New | 0.22% | +0.22 |
| HSAI Hesai Group | New | 0.21% | +0.21 |
| SHOP Shopify Inc. Class A | New | 0.21% | +0.21 |
| APGE Apogee Therapeutics Inc. | New | 0.19% | +0.19 |
| MTUM iShares MSCI USA Momentum Fa | New | 0.19% | +0.19 |
| RCL Royal Caribbean Cruises Ltd. | Add +66.1% | 0.53% | +0.17 |
| CTSH Cognizant Tech Solutions-A | New | 0.17% | +0.17 |
| WYNN WYNN Resorts Ltd. | Add +75.0% | 0.41% | +0.16 |
| XLP SS Consumer Staples Sel Sect | Add +34.8% | 0.58% | +0.16 |
| EBAY eBay Inc. | New | 0.14% | +0.14 |
| CRH CRH PLC | New | 0.14% | +0.14 |
| IQ Iqiyi Inc.-ADR | New | 0.14% | +0.14 |
Options Activity Q4 2024 → Q1 2025
| APP AppLovin Corp. Class A | put | New | 20,000 | $5.3M |
| QQQ Invesco QQQ Trust Series 1 | put | New | 10,000 | $4.7M |
| AMD Advanced Micro Devices | call | Sold out | 26,000 | $3.1Mbefore exit |
| AS Amer Sports Inc. | put | Sold out | 100,000 | $2.8Mbefore exit |
| AAOI Applied Optoelectronics Inc. | call | New | 30,000 | $461K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 140 | $984.8M | SNDK, LLY, NVDA, AMAT, MU |
| Q1 2026 | 147 | $713.5M | NVDA, PDD, LLY, SNDK, GLD |
| Q4 2025 | 126 | $642.5M | LLY, NVDA, PDD, GLD, TSM |
| Q3 2025 | 244 | $718.9M | NVDA, LLY, GOOG, GLD, PDD |
| Q2 2025 | 148 | $638.4M | AS, NVDA, AMD, META, SMMT |
| Q1 2025 | 128 | $576.3M | TPR, META, QFIN, AMD, BABA |
| Q4 2024 | 167 | $570.8M | AMZN, AS, BA, NVDA, TSM |
| Q3 2024 | 151 | $432.1M | JD, FUTU, BABA, GEV, PDD |
| Q2 2024 | 156 | $493.1M | AAPL, MSFT, AMZN, GOOG, NVDA |
| Q1 2024 | 194 | $397.2M | MSFT, NVDA, AMZN, VRT, PDD |