Polymer Capital Management (HK) LTD

Name: Polymer Capital Management (HK) LTD 13F holdings, Q1 2025
Creator: Polymer Capital Management (HK) LTD
Published: 2025-05-15

Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q4 2024Q3 2024Q2 2024Q1 2024

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%
ASX Ase Technology Holding -ADR	0.12%	76,310	$668K	Reduce -75.0%
TERN Terns Pharmaceuticals Inc.	0.11%	239,110	$660K	Add +35.1%
FINV Finvolution Group-ADR	0.11%	66,813	$643K	New
V Visa Inc. Class A	0.11%	1,823	$639K	Add +82.3%
GOOGL Alphabet Inc. Class A	0.11%	4,129	$639K	Reduce -46.4%
CASY Casey's General Stores Inc.	0.09%	1,226	$532K	New
CRWD CrowdStrike Holdings Inc. Class A	0.09%	1,435	$506K	New
JBL Jabil Inc.	0.09%	3,705	$504K	New
NKE Nike Inc. Class B	0.09%	7,900	$501K	Reduce -83.8%
VSH Vishay Intertechnology Inc.	0.08%	30,205	$480K	Add +10.7%
CMG Chipotle Mexican Grill Inc.	0.08%	9,044	$454K	New
AOSL Alpha & Omega Semiconductor	0.08%	18,065	$449K	Reduce -63.4%
UBER Uber Technologies Inc.	0.07%	5,907	$430K	Add +18.1%
ZTO Zto Express Cayman Inc.-ADR	0.07%	21,300	$423K	Reduce -78.6%
SAP Sap SE-Sponsored ADR	0.07%	1,450	$389K	Reduce -19.4%
DASH DoorDash Inc. Class A	0.07%	2,102	$384K	Add +75.2%
SMH Vaneck Semiconductor ETF	0.06%	1,700	$359K	Reduce -55.3%
AAOI Applied Optoelectronics Inc.	0.05%	20,000	$307K	Reduce -33.1%
DDOG Datadog Inc. Class A	0.05%	2,700	$268K	Reduce -49.5%
GM General Motors Co.	0.04%	5,304	$249K	New
PYPL PayPal Holdings Inc.	0.04%	3,718	$243K	Reduce -47.6%
FOXA Fox Corp. Class A	0.04%	4,027	$228K	New
HD Home Depot Inc.	0.04%	621	$228K	New
CENX Century Aluminum Company	0.04%	12,200	$226K	New
FLUT Flutter Entertainment PLC-Di	0.04%	996	$221K	New
UAA Under Armour Inc. Class A	0.02%	18,281	$114K	Reduce -60.3%
NVTS Navitas Semiconductor Corp.	0.02%	46,131	$95K	New
LCID Lucid Group Inc.	0.00%	10,509	$25K	New

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