Polymer Capital Management (HK) LTD
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Polymer Capital Management (HK) LTD reported 148 stock positions worth $638.4 million. Its top holding was Amer Sports (AS) at 5.7% of the portfolio, followed by Nvidia (NVDA, 4.7%) and Advanced Micro Devices (AMD, 4.5%). Compared with Q1 2025, it opened 63 new positions, sold out of 43, added to 33 and reduced 41. The biggest buy was Amer Sports (AS, shares +218%) and the biggest sale Alibaba Group Holding-SP ADR (BABA, shares −93%).
- Most Recent 13F
- Q2 2026
- Location
- HONG KONG, K3
- CIK
- 0001970465
- Portfolio Value
- $638.4M (Q2 2025)
- SEC Filing
- 0001970465-25-000008 ↗ filed Aug 14, 2025
Holdings Value
Holdings 148 stocks · $638.4M
| AS Amer Sports Inc. | 5.67% | 934,324 | $36.2M | Add +217.8% |
| NVDA Nvidia Corp. | 4.71% | 190,318 | $30.1M | Add +33.8% |
| AMD Advanced Micro Devices | 4.48% | 201,696 | $28.6M | Reduce -6.6% |
| META Meta Platforms Inc. Class A | 3.31% | 28,654 | $21.1M | Reduce -30.5% |
| SMMT Summit Therapeutics Inc. | 2.97% | 890,029 | $18.9M | Add +124.7% |
| BILI Bilibili Inc.-Sponsored ADR | 2.83% | 843,057 | $18.1M | Add +45.6% |
| PDD PDD Holdings Inc. | 2.70% | 164,500 | $17.2M | Add +9.8% |
| RBLX Roblox Corp. Class A | 2.61% | 158,094 | $16.6M | New |
| TPR Tapestry Inc. | 2.45% | 177,916 | $15.6M | Reduce -48.1% |
| GLD SPDR Gold Shares | 2.38% | 49,945 | $15.2M | Reduce -15.9% |
| LLY Eli Lilly & Co. | 2.28% | 18,694 | $14.6M | Add +238.2% |
| SE Sea Ltd.-ADR | 2.28% | 91,066 | $14.6M | Add +43.2% |
| FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD | 2.21% | 114,128 | $14.1M | Add +62.1% |
| TSM Taiwan Semiconductor-SP ADR | 2.05% | 57,768 | $13.1M | Reduce -24.4% |
| MRVL Marvell Technology Inc. | 1.98% | 163,294 | $12.6M | New |
| QFIN Qfin Holdings Inc.-ADR filed as QIFU TECHNOLOGY INC | 1.90% | 279,036 | $12.1M | Reduce -46.1% |
| BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC | 1.84% | 662,700 | $11.8M | Reduce -4.8% |
| WDC Western Digital Corp. | 1.77% | 176,785 | $11.3M | Add +265.0% |
| AVGO Broadcom Inc. | 1.75% | 40,640 | $11.2M | New |
| HOOD Robinhood Markets Inc. Class A | 1.72% | 116,977 | $11.0M | New |
| SPOT Spotify Technology SA | 1.68% | 13,987 | $10.7M | New |
| INTC Intel Corp. | 1.54% | 439,598 | $9.8M | Reduce -48.6% |
| ALNY Alnylam Pharmaceuticals Inc. | 1.47% | 28,869 | $9.4M | Add +62.1% |
| VIPS Vipshop Holdings Ltd. - ADR | 1.25% | 529,613 | $8.0M | Reduce -2.6% |
| VST Vistra Corp. | 1.24% | 40,879 | $7.9M | New |
| GEV GE Vernova Inc. | 1.17% | 14,155 | $7.5M | Add +123.2% |
| CLS Celestica Inc. | 1.15% | 47,050 | $7.3M | Add +194.1% |
| GIL Gildan Activewear Inc. | 1.12% | 145,253 | $7.2M | New |
| MSFT Microsoft Corp. | 1.07% | 13,686 | $6.8M | New |
| SNDK Sandisk Corp. | 1.02% | 144,064 | $6.5M | Reduce -18.4% |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.01% | 10,429 | $6.4M | No change |
| NFLX Netflix Inc. | 0.98% | 4,695 | $6.3M | New |
| EDU New Oriental Educatio-SP ADR | 0.93% | 110,183 | $5.9M | Reduce -51.4% |
| LEGN Legend Biotech Corp.-ADR | 0.90% | 162,055 | $5.8M | Add +338.1% |
| CRDO Credo Technology Group Holdi | 0.85% | 58,737 | $5.4M | Add +84.3% |
| HTHT H World Group Ltd.-ADR | 0.84% | 158,659 | $5.4M | Add +32.8% |
| HWM Howmet Aerospace Inc. | 0.84% | 28,777 | $5.4M | Reduce -21.3% |
| DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE | 0.82% | 11,850 | $5.2M | No change |
| CRCL Circle Internet Group Inc. | 0.81% | 28,565 | $5.2M | New |
| QQQ Invesco QQQ Trust Series 1 | 0.77% | 8,967 | $4.9M | Add +28.7% |
| MNSO Miniso Group Holding Ltd.-ADR | 0.74% | 260,053 | $4.7M | New |
| XLF SS Financial Select Sector | 0.72% | 88,028 | $4.6M | Reduce -71.3% |
| GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD | 0.71% | 147,552 | $4.5M | Add +391.8% |
| GRAB Grab Holdings Ltd. Class A | 0.70% | 891,774 | $4.5M | New |
| IREN Iren Ltd. filed as IREN LIMITED | 0.68% | 298,000 | $4.3M | New |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.67% | 34,890 | $4.3M | Reduce -34.8% |
| SOXX iShares Semiconductor ETF | 0.66% | 17,660 | $4.2M | Add +64.1% |
| LI Li Auto Inc. - ADR | 0.60% | 140,894 | $3.8M | Add +1.0% |
| YUMC Yum China Holdings Inc. | 0.57% | 82,044 | $3.7M | New |
| LULU Lululemon Athletica Inc. | 0.55% | 14,900 | $3.5M | New |
| XLE SS Energy Select Sector | 0.52% | 39,086 | $3.3M | Reduce -1.3% |
| GOOG Alphabet Inc. Class C | 0.52% | 18,562 | $3.3M | New |
| ONON On Holding AG Class A filed as ON HLDG AG | 0.51% | 62,258 | $3.2M | Reduce -75.4% |
| LITE Lumentum Holdings Inc. | 0.50% | 33,875 | $3.2M | Add +32.4% |
| BZ Kanzhun Ltd. - ADR | 0.50% | 179,600 | $3.2M | Add +13.9% |
| NTES Netease Inc.-ADR | 0.49% | 23,136 | $3.1M | New |
| WYNN WYNN Resorts Ltd. | 0.48% | 33,000 | $3.1M | Add +17.9% |
| XLP SS Consumer Staples Sel Sect | 0.48% | 37,500 | $3.0M | Reduce -8.8% |
| RCL Royal Caribbean Cruises Ltd. | 0.45% | 9,150 | $2.9M | Reduce -38.8% |
| IBKR Interactive Brokers Gro Class A | 0.45% | 51,600 | $2.9M | New |
| YMM Full Truck Alliance -SPN ADR | 0.44% | 238,324 | $2.8M | Reduce -71.4% |
| CCL Carnival Corp. | 0.44% | 100,000 | $2.8M | Reduce -33.6% |
| COPX Global X Copper Miners ETF | 0.44% | 62,300 | $2.8M | New |
| RYAAY Ryanair Holdings PLC-SP ADR | 0.43% | 48,007 | $2.8M | New |
| IVV iShares Core S&P 500 ETF | 0.43% | 4,400 | $2.7M | No change |
| BIRK Birkenstock Holding PLC | 0.43% | 55,213 | $2.7M | Add +3.8% |
| HLT Hilton Worldwide Holdings Inc. | 0.42% | 10,000 | $2.7M | Reduce -25.9% |
| ATAT Atour Lifestyle Holdings-ADR | 0.40% | 78,104 | $2.5M | Reduce -13.1% |
| XLY SS Consumer Disc Select Sect | 0.37% | 11,000 | $2.4M | No change |
| ANET Arista Networks Inc. | 0.37% | 23,000 | $2.4M | New |
| HERE Here Group Ltd. filed as QUANTASING GROUP LTD | 0.32% | 217,400 | $2.1M | New |
| DECK Deckers Outdoor Corp. | 0.32% | 19,872 | $2.0M | Add +117.2% |
| RLX RLX Technology Inc.-ADR | 0.30% | 859,867 | $1.9M | New |
| XLK SS Technology Select Sector | 0.27% | 6,700 | $1.7M | No change |
| DKS Dick's Sporting Goods Inc. | 0.25% | 8,200 | $1.6M | Add +92.0% |
| TME Tencent Music Entertainm-ADR | 0.25% | 82,654 | $1.6M | New |
| TAL Tal Education Group- ADR | 0.24% | 151,731 | $1.6M | Reduce -89.4% |
| XLI SS Industrial Select Sector | 0.24% | 10,500 | $1.5M | Reduce -8.7% |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.24% | 18,384 | $1.5M | No change |
| ORCL Oracle Corp. | 0.23% | 6,841 | $1.5M | New |
| JOYY Joyy Inc.-ADR | 0.22% | 28,140 | $1.4M | Add +47.5% |
| RDDT Reddit Inc. Class A | 0.22% | 9,386 | $1.4M | Add +3.9% |
| TRML Tourmaline Bio Inc. | 0.22% | 86,934 | $1.4M | No change |
| APGE Apogee Therapeutics Inc. | 0.20% | 29,268 | $1.3M | No change |
| BABA Alibaba Group Holding-SP ADR | 0.20% | 11,007 | $1.2M | Reduce -93.3% |
| TER Teradyne Inc. | 0.17% | 12,277 | $1.1M | New |
| PLTR Palantir Technologies Inc. Class A | 0.17% | 7,824 | $1.1M | Reduce -19.6% |
| IWM iShares Russell 2000 ETF | 0.16% | 4,640 | $1.0M | No change |
| SNOW Snowflake Inc. | 0.14% | 4,068 | $910K | New |
| TLT iShares 20+ Year Treasury BD | 0.14% | 10,294 | $908K | Reduce -91.8% |
| GOOGL Alphabet Inc. Class A | 0.14% | 5,100 | $899K | Add +23.5% |
| RKLB Rocket Lab Corp. | 0.14% | 24,832 | $888K | New |
| AFRM Affirm Holdings Inc. | 0.14% | 12,760 | $882K | New |
| CCJ Cameco Corp. | 0.14% | 11,800 | $876K | New |
| RBRK Rubrik Inc. Class A | 0.13% | 9,242 | $828K | New |
| SOFI Sofi Technologies Inc. | 0.13% | 45,274 | $824K | New |
| V Visa Inc. Class A | 0.12% | 2,218 | $788K | Add +21.7% |
| TSLA Tesla Inc. | 0.12% | 2,450 | $778K | Reduce -23.2% |
| CW Curtiss-Wright Corp. | 0.12% | 1,548 | $756K | New |
| UUUU Energy Fuels Inc. | 0.12% | 129,958 | $747K | New |
Options reported separately and not counted above: IWM puts ($21.6M), IREN calls ($1.1M).
Portfolio Sells Q1 2025 → Q2 2025
| BABA Alibaba Group Holding-SP ADR | Reduce -93.3% | 0.20% | −3.59 |
| TAL Tal Education Group- ADR | Reduce -89.4% | 0.24% | −3.04 |
| GDX Vaneck Gold Miners ETF | Sold out | 0.00% | −2.74 |
| QFIN Qfin Holdings Inc.-ADR | Reduce -46.1% | 1.90% | −2.14 |
| AAPL Apple Inc. | Reduce -95.3% | 0.09% | −2.14 |
| XLF SS Financial Select Sector | Reduce -71.3% | 0.72% | −1.93 |
| TLT iShares 20+ Year Treasury BD | Reduce -91.8% | 0.14% | −1.84 |
| INTC Intel Corp. | Reduce -48.6% | 1.54% | −1.83 |
| TPR Tapestry Inc. | Reduce -48.1% | 2.45% | −1.74 |
| JD Jd.com Inc.-ADR | Reduce -95.8% | 0.05% | −1.67 |
| ONON On Holding AG Class A | Reduce -75.4% | 0.51% | −1.42 |
| YMM Full Truck Alliance -SPN ADR | Reduce -71.4% | 0.44% | −1.41 |
| LX Lexinfintech Holdings L-ADR | Sold out | 0.00% | −1.24 |
| MU Micron Technology Inc. | Sold out | 0.00% | −1.19 |
| HDB HDFC Bank Ltd.-ADR | Sold out | 0.00% | −1.07 |
| VNET Vnet Group Inc.-ADR | Reduce -92.2% | 0.06% | −1.02 |
| EDU New Oriental Educatio-SP ADR | Reduce -51.4% | 0.93% | −0.95 |
| PM Philip Morris International | Reduce -92.4% | 0.08% | −0.92 |
| META Meta Platforms Inc. Class A | Reduce -30.5% | 3.31% | −0.81 |
| VNM Vaneck Vietnam ETF | Sold out | 0.00% | −0.77 |
| WMT Walmart Inc. | Sold out | 0.00% | −0.69 |
| TCOM Trip.com Group Ltd.-ADR | Sold out | 0.00% | −0.64 |
| GLD SPDR Gold Shares | Reduce -15.9% | 2.38% | −0.59 |
| BEKE Ke Holdings Inc.-ADR | Reduce -4.8% | 1.84% | −0.58 |
| SITM Sitime Corp. | Sold out | 0.00% | −0.58 |
| FTAI Ftai Aviation Ltd. | Sold out | 0.00% | −0.49 |
| FRO Frontline PLC | Sold out | 0.00% | −0.47 |
| GDXJ Vaneck Junior Gold Miners | Sold out | 0.00% | −0.46 |
| RL Ralph Lauren Corp. | Sold out | 0.00% | −0.46 |
| TJX TJX Companies Inc. | Reduce -34.8% | 0.67% | −0.46 |
| SNDK Sandisk Corp. | Reduce -18.4% | 1.02% | −0.44 |
| AGI Alamos Gold Inc. Class A | Sold out | 0.00% | −0.26 |
| BA The Boeing Co. | Reduce -71.4% | 0.11% | −0.25 |
| ARM Arm Holdings PLC-ADR | Sold out | 0.00% | −0.24 |
| VIPS Vipshop Holdings Ltd. - ADR | Reduce -2.6% | 1.25% | −0.23 |
| HSAI Hesai Group | Sold out | 0.00% | −0.21 |
| SHOP Shopify Inc. Class A | Sold out | 0.00% | −0.21 |
| DELL Dell Technologies -C | Sold out | 0.00% | −0.19 |
| MTUM iShares MSCI USA Momentum Fa | Sold out | 0.00% | −0.19 |
| LVS Las Vegas Sands Corp. | Sold out | 0.00% | −0.18 |
| T AT&T Inc. | Sold out | 0.00% | −0.17 |
| CTSH Cognizant Tech Solutions-A | Sold out | 0.00% | −0.17 |
| ZK Zeekr Intelligent Techno-ADR | Sold out | 0.00% | −0.17 |
| APP AppLovin Corp. Class A | Sold out | 0.00% | −0.15 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -24.4% | 2.05% | −0.15 |
| MPWR Monolithic Power Systems Inc. | Sold out | 0.00% | −0.14 |
| EBAY eBay Inc. | Sold out | 0.00% | −0.14 |
| CRH CRH PLC | Sold out | 0.00% | −0.14 |
| IQ Iqiyi Inc.-ADR | Sold out | 0.00% | −0.14 |
| XLE SS Energy Select Sector | Reduce -1.3% | 0.52% | −0.12 |
Portfolio Buys Q1 2025 → Q2 2025
| AS Amer Sports Inc. | Add +217.8% | 5.67% | +4.31 |
| RBLX Roblox Corp. Class A | New | 2.61% | +2.61 |
| NVDA Nvidia Corp. | Add +33.8% | 4.71% | +2.04 |
| MRVL Marvell Technology Inc. | New | 1.98% | +1.98 |
| AVGO Broadcom Inc. | New | 1.75% | +1.75 |
| HOOD Robinhood Markets Inc. Class A | New | 1.72% | +1.72 |
| SPOT Spotify Technology SA | New | 1.68% | +1.68 |
| SMMT Summit Therapeutics Inc. | Add +124.7% | 2.97% | +1.64 |
| LLY Eli Lilly & Co. | Add +238.2% | 2.28% | +1.49 |
| WDC Western Digital Corp. | Add +265.0% | 1.77% | +1.43 |
| VST Vistra Corp. | New | 1.24% | +1.24 |
| GIL Gildan Activewear Inc. | New | 1.12% | +1.12 |
| MSFT Microsoft Corp. | New | 1.07% | +1.07 |
| NFLX Netflix Inc. | New | 0.98% | +0.98 |
| FUTU Futu Holdings Ltd.-ADR | Add +62.1% | 2.21% | +0.96 |
| CLS Celestica Inc. | Add +194.1% | 1.15% | +0.93 |
| BILI Bilibili Inc.-Sponsored ADR | Add +45.6% | 2.83% | +0.91 |
| SE Sea Ltd.-ADR | Add +43.2% | 2.28% | +0.84 |
| GEV GE Vernova Inc. | Add +123.2% | 1.17% | +0.84 |
| CRCL Circle Internet Group Inc. | New | 0.81% | +0.81 |
| MNSO Miniso Group Holding Ltd.-ADR | New | 0.74% | +0.74 |
| GRAB Grab Holdings Ltd. Class A | New | 0.70% | +0.70 |
| LEGN Legend Biotech Corp.-ADR | Add +338.1% | 0.90% | +0.68 |
| IREN Iren Ltd. | New | 0.68% | +0.68 |
| ALNY Alnylam Pharmaceuticals Inc. | Add +62.1% | 1.47% | +0.64 |
| CRDO Credo Technology Group Holdi | Add +84.3% | 0.85% | +0.63 |
| GDS GDS Holdings Ltd. - ADR | Add +391.8% | 0.71% | +0.57 |
| YUMC Yum China Holdings Inc. | New | 0.57% | +0.57 |
| LULU Lululemon Athletica Inc. | New | 0.55% | +0.55 |
| GOOG Alphabet Inc. Class C | New | 0.52% | +0.52 |
| NTES Netease Inc.-ADR | New | 0.49% | +0.49 |
| IBKR Interactive Brokers Gro Class A | New | 0.45% | +0.45 |
| COPX Global X Copper Miners ETF | New | 0.44% | +0.44 |
| RYAAY Ryanair Holdings PLC-SP ADR | New | 0.43% | +0.43 |
| ANET Arista Networks Inc. | New | 0.37% | +0.37 |
| HERE Here Group Ltd. | New | 0.32% | +0.32 |
| SOXX iShares Semiconductor ETF | Add +64.1% | 0.66% | +0.31 |
| RLX RLX Technology Inc.-ADR | New | 0.30% | +0.30 |
| TME Tencent Music Entertainm-ADR | New | 0.25% | +0.25 |
| ORCL Oracle Corp. | New | 0.23% | +0.23 |
| LITE Lumentum Holdings Inc. | Add +32.4% | 0.50% | +0.23 |
| QQQ Invesco QQQ Trust Series 1 | Add +28.7% | 0.77% | +0.21 |
| TER Teradyne Inc. | New | 0.17% | +0.17 |
| DECK Deckers Outdoor Corp. | Add +117.2% | 0.32% | +0.14 |
| SNOW Snowflake Inc. | New | 0.14% | +0.14 |
| RKLB Rocket Lab Corp. | New | 0.14% | +0.14 |
| AFRM Affirm Holdings Inc. | New | 0.14% | +0.14 |
| CCJ Cameco Corp. | New | 0.14% | +0.14 |
| RBRK Rubrik Inc. Class A | New | 0.13% | +0.13 |
| SOFI Sofi Technologies Inc. | New | 0.13% | +0.13 |
Options Activity Q1 2025 → Q2 2025
| IWM iShares Russell 2000 ETF | put | New | 100,000 | $21.6M |
| APP AppLovin Corp. Class A | put | Sold out | 20,000 | $5.3Mbefore exit |
| QQQ Invesco QQQ Trust Series 1 | put | Sold out | 10,000 | $4.7Mbefore exit |
| IREN Iren Ltd. | call | New | 75,000 | $1.1M |
| AAOI Applied Optoelectronics Inc. | call | Sold out | 30,000 | $461Kbefore exit |
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 |