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

0$200.0M$400.0M$600.0M$800.0M$1.0B Q1 2024: $397.2M Q1 2024 Q2 2024: $493.1M Q2 2024 Q3 2024: $432.1M Q3 2024 Q4 2024: $570.8M Q4 2024 Q1 2025: $576.3M Q1 2025 Q2 2025: $638.4M $638.4M Q2 2025 Q3 2025: $718.9M Q3 2025 Q4 2025: $642.5M Q4 2025 Q1 2026: $713.5M Q1 2026 Q2 2026: $984.8M Q2 2026

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
CASY Casey's General Stores Inc. 0.12% 1,451 $740K Add +18.4%
BA The Boeing Co. 0.11% 3,485 $730K Reduce -71.4%
CRWV Coreweave Inc. Class A 0.11% 4,400 $717K New
NRIX Nurix Therapeutics Inc. 0.11% 58,898 $671K No change
MOMO Hello Group Inc. -SPN ADR 0.10% 74,813 $631K New
OKLO Oklo Inc. 0.10% 11,170 $625K New
WB Weibo Corp.-Spon ADR 0.10% 64,827 $618K New
GWRE Guidewire Software Inc. 0.10% 2,615 $616K Reduce -36.8%
INSM Insmed Inc. 0.09% 5,892 $593K New
AMZN Amazon.com Inc. 0.09% 2,539 $557K Reduce -51.8%
AAPL Apple Inc. 0.09% 2,700 $554K Reduce -95.3%
FIX Comfort Systems USA Inc. 0.09% 1,014 $544K New
CHWY Chewy Inc. Class A 0.08% 12,407 $529K New
PM Philip Morris International 0.08% 2,777 $506K Reduce -92.4%
FLEX Flex Ltd. 0.08% 9,865 $492K New
ZTO Zto Express Cayman Inc.-ADR 0.08% 27,067 $480K Add +27.1%
SMH Vaneck Semiconductor ETF 0.07% 1,700 $474K No change
SMR Nuscale Power Corp. 0.07% 11,791 $466K New
ONC Beone Medicines Ltd.-ADR 0.07% 1,900 $460K New
DDOG Datadog Inc. Class A 0.07% 3,302 $444K Add +22.3%
TTWO Take-Two Interactive Softwre 0.07% 1,800 $437K New
FCX Freeport-McMoran Inc. 0.07% 9,903 $429K New
MSTR Strategy Inc. filed as MICROSTRATEGY INC 0.07% 1,050 $424K New
VNET Vnet Group Inc.-ADR 0.06% 59,510 $411K Reduce -92.2%
FLUT Flutter Entertainment PLC-Di 0.06% 1,380 $394K Add +38.5%
DAL Delta Air Lines Inc. 0.06% 7,491 $368K New
MDB Mongodb Inc. 0.06% 1,746 $367K New
ALAB Astera Labs Inc. 0.06% 3,888 $352K New
UBER Uber Technologies Inc. 0.05% 3,752 $350K Reduce -36.5%
TT Trane Technologies PLC 0.05% 800 $350K New
EXPE Expedia Group Inc. 0.05% 2,000 $337K New
JD Jd.com Inc.-ADR 0.05% 10,000 $326K Reduce -95.8%
DASH DoorDash Inc. Class A 0.05% 1,200 $296K Reduce -42.9%
GIS General Mills Inc. 0.05% 5,707 $296K New
USFD US Foods Holding Corp. 0.05% 3,785 $291K Reduce -65.0%
NKE Nike Inc. Class B 0.05% 4,100 $291K Reduce -48.1%
DUOL Duolingo 0.04% 700 $287K New
LEU Centrus Energy Corp. Class A 0.04% 1,500 $275K New
VIK Viking Holdings Ltd. 0.04% 5,152 $275K New
KHC The Kraft Heinz Co. 0.04% 10,067 $260K New
GM General Motors Co. 0.04% 5,257 $259K Reduce -0.9%
TTMI TTM Technologies 0.04% 6,100 $249K New
XPEV Xpeng Inc. - ADR 0.04% 12,850 $230K New
PYPL PayPal Holdings Inc. 0.04% 3,031 $225K Reduce -18.5%
NET Cloudflare Inc. Class A 0.04% 1,150 $225K New
CVNA Carvana Co. 0.03% 648 $218K New
XYZ Block Inc. 0.03% 3,200 $217K New
TEM Tempus AI Inc. Class A 0.03% 3,200 $203K 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

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 140$984.8MSNDK, LLY, NVDA, AMAT, MU
Q1 2026 147$713.5MNVDA, PDD, LLY, SNDK, GLD
Q4 2025 126$642.5MLLY, NVDA, PDD, GLD, TSM
Q3 2025 244$718.9MNVDA, LLY, GOOG, GLD, PDD
Q2 2025 148$638.4MAS, NVDA, AMD, META, SMMT
Q1 2025 128$576.3MTPR, META, QFIN, AMD, BABA
Q4 2024 167$570.8MAMZN, AS, BA, NVDA, TSM
Q3 2024 151$432.1MJD, FUTU, BABA, GEV, PDD
Q2 2024 156$493.1MAAPL, MSFT, AMZN, GOOG, NVDA
Q1 2024 194$397.2MMSFT, NVDA, AMZN, VRT, PDD