Polymer Capital Management (HK) LTD

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Polymer Capital Management (HK) LTD reported 244 stock positions worth $718.9 million. Its top holding was Nvidia (NVDA) at 5.3% of the portfolio, followed by Eli Lilly (LLY, 5.1%) and Alphabet Class C (GOOG, 3.6%). Compared with Q2 2025, it opened 142 new positions, sold out of 46, added to 40 and reduced 49. The biggest buy was Alphabet Class C (GOOG, shares +473%) and the biggest sale an exit from Amer Sports (AS).

Most Recent 13F
Q2 2026
Location
HONG KONG, K3
CIK
0001970465
Portfolio Value
$718.9M (Q3 2025)
SEC Filing
0001970465-25-000012 ↗ filed Nov 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 Q2 2025 Q3 2025: $718.9M $718.9M Q3 2025 Q4 2025: $642.5M Q4 2025 Q1 2026: $713.5M Q1 2026 Q2 2026: $984.8M Q2 2026

Holdings 244 stocks · $718.9M
NVDA Nvidia Corp. 5.34% 205,691 $38.4M Add +8.1%
LLY Eli Lilly & Co. 5.09% 47,915 $36.6M Add +156.3%
GOOG Alphabet Inc. Class C 3.60% 106,399 $25.9M Add +473.2%
GLD SPDR Gold Shares 3.54% 71,639 $25.5M Add +43.4%
PDD PDD Holdings Inc. 3.35% 182,184 $24.1M Add +10.8%
TSLA Tesla Inc. 2.77% 44,721 $19.9M Add +1725.3%
WDC Western Digital Corp. 2.71% 162,562 $19.5M Reduce -8.1%
MAGS Roundhill Magnificent Seven 2.71% 300,700 $19.5M New
BABA Alibaba Group Holding-SP ADR 2.66% 106,953 $19.1M Add +871.7%
SMMT Summit Therapeutics Inc. 2.35% 817,276 $16.9M Reduce -8.2%
TPR Tapestry Inc. 2.17% 137,988 $15.6M Reduce -22.4%
UNH Unitedhealth Group Inc. 1.87% 38,936 $13.4M New
ALNY Alnylam Pharmaceuticals Inc. 1.83% 28,900 $13.2M Add +0.1%
AAPL Apple Inc. 1.74% 49,188 $12.5M Add +1721.8%
ALAB Astera Labs Inc. 1.69% 61,972 $12.1M Add +1493.9%
AVGO Broadcom Inc. 1.67% 36,341 $12.0M Reduce -10.6%
VIPS Vipshop Holdings Ltd. - ADR 1.60% 585,100 $11.5M Add +10.5%
FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD 1.60% 66,010 $11.5M Reduce -42.2%
BILI Bilibili Inc.-Sponsored ADR 1.51% 385,401 $10.8M Reduce -54.3%
SNDK Sandisk Corp. 1.45% 93,063 $10.4M Reduce -35.4%
GIL Gildan Activewear Inc. 1.36% 169,582 $9.8M Add +16.8%
TSM Taiwan Semiconductor-SP ADR 1.35% 34,632 $9.7M Reduce -40.0%
CRDO Credo Technology Group Holdi 1.32% 65,363 $9.5M Add +11.3%
TER Teradyne Inc. 1.14% 59,510 $8.2M Add +384.7%
GRAB Grab Holdings Ltd. Class A 1.10% 1,307,864 $7.9M Add +46.7%
BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC 1.06% 400,000 $7.6M Reduce -39.6%
RBLX Roblox Corp. Class A 1.06% 54,794 $7.6M Reduce -65.3%
ONON On Holding AG Class A filed as ON HLDG AG 0.99% 168,625 $7.1M Add +170.8%
SPY SS SPDR S&P 500 ETF Trust-US 0.97% 10,429 $6.9M No change
LITE Lumentum Holdings Inc. 0.94% 41,622 $6.8M Add +22.9%
INSM Insmed Inc. 0.89% 44,416 $6.4M Add +653.8%
FIX Comfort Systems USA Inc. 0.86% 7,472 $6.2M Add +636.9%
AMD Advanced Micro Devices 0.85% 37,696 $6.1M Reduce -81.3%
COHR Coherent Corp. 0.83% 55,387 $6.0M New
GDX Vaneck Gold Miners ETF 0.82% 77,447 $5.9M New
APP AppLovin Corp. Class A 0.82% 8,164 $5.9M New
MNSO Miniso Group Holding Ltd.-ADR 0.78% 248,907 $5.6M Reduce -4.3%
RL Ralph Lauren Corp. 0.78% 17,847 $5.6M New
IREN Iren Ltd. filed as IREN LIMITED 0.77% 118,356 $5.6M Reduce -60.3%
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 0.76% 11,850 $5.5M No change
LEGN Legend Biotech Corp.-ADR 0.74% 162,420 $5.3M Add +0.2%
EDU New Oriental Educatio-SP ADR 0.70% 94,367 $5.0M Reduce -14.3%
QQQ Invesco QQQ Trust Series 1 0.58% 6,967 $4.2M Reduce -22.3%
LHX L3HARRIS Technologies Inc. 0.57% 13,388 $4.1M New
MSFT Microsoft Corp. 0.56% 7,800 $4.0M Reduce -43.0%
FLEX Flex Ltd. 0.54% 66,398 $3.8M Add +573.1%
FN Fabrinet 0.50% 9,870 $3.6M New
CW Curtiss-Wright Corp. 0.49% 6,552 $3.6M Add +323.3%
XLF SS Financial Select Sector 0.49% 65,063 $3.5M Reduce -26.1%
XLE SS Energy Select Sector 0.49% 39,086 $3.5M No change
CCL Carnival Corp. 0.48% 120,000 $3.5M Add +20.0%
NCLH Norwegian Cruise Line Holdin 0.48% 140,000 $3.4M New
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.48% 23,693 $3.4M Reduce -32.1%
OKLO Oklo Inc. 0.47% 30,409 $3.4M Add +172.2%
NTES Netease Inc.-ADR 0.45% 21,500 $3.3M Reduce -7.1%
HOOD Robinhood Markets Inc. Class A 0.45% 22,718 $3.3M Reduce -80.6%
CIEN Ciena Corp. 0.44% 21,776 $3.2M New
CASY Casey's General Stores Inc. 0.43% 5,490 $3.1M Add +278.4%
ECHO Echostar Corp. Class A 0.43% 40,545 $3.1M New
IVV iShares Core S&P 500 ETF 0.41% 4,400 $2.9M No change
VNET Vnet Group Inc.-ADR 0.41% 284,851 $2.9M Add +378.7%
XLP SS Consumer Staples Sel Sect 0.41% 37,500 $2.9M No change
SOXX iShares Semiconductor ETF 0.41% 10,760 $2.9M Reduce -39.1%
ABNB Airbnb Inc. Class A 0.41% 24,000 $2.9M New
IBKR Interactive Brokers Gro Class A 0.39% 41,258 $2.8M Reduce -20.0%
VSTM Verastem Inc. 0.38% 309,780 $2.7M New
IONQ Ionq Inc. 0.38% 44,172 $2.7M New
TIGR Up Fintech Holding Ltd. - ADR 0.37% 247,228 $2.6M New
XLY SS Consumer Disc Select Sect 0.37% 11,000 $2.6M No change
GOOGL Alphabet Inc. Class A 0.36% 10,611 $2.6M Add +108.1%
SE Sea Ltd.-ADR 0.36% 14,380 $2.6M Reduce -84.2%
LI Li Auto Inc. - ADR 0.35% 100,460 $2.5M Reduce -28.7%
SPHY SS SPDR P High Yield ETF 0.33% 100,000 $2.4M New
SNPS Synopsys Inc. 0.33% 4,812 $2.4M New
TLN Talen Energy Corp. 0.32% 5,484 $2.3M New
NKE Nike Inc. Class B 0.32% 33,222 $2.3M Add +710.3%
COIN Coinbase Global Inc. Class A 0.32% 6,769 $2.3M New
BIDU Baidu Inc. - Spon ADR 0.31% 16,890 $2.2M New
VNM Vaneck Vietnam ETF 0.29% 116,467 $2.1M New
INTC Intel Corp. 0.29% 61,290 $2.1M Reduce -86.1%
LVS Las Vegas Sands Corp. 0.28% 37,613 $2.0M New
META Meta Platforms Inc. Class A 0.27% 2,691 $2.0M Reduce -90.6%
BE Bloom Energy Corp. Class A 0.27% 22,545 $1.9M New
XLK SS Technology Select Sector 0.26% 6,700 $1.9M No change
DKS Dick's Sporting Goods Inc. 0.25% 8,200 $1.8M No change
COPX Global X Copper Miners ETF 0.25% 30,100 $1.8M Reduce -51.7%
CLS Celestica Inc. 0.24% 7,100 $1.7M Reduce -84.9%
GWRE Guidewire Software Inc. 0.24% 7,410 $1.7M Add +183.4%
IWM iShares Russell 2000 ETF 0.23% 6,940 $1.7M Add +49.6%
CRCL Circle Internet Group Inc. 0.23% 12,375 $1.6M Reduce -56.7%
XLI SS Industrial Select Sector 0.23% 10,500 $1.6M No change
XLU St Sr Utl SL SE SPDR ETF-Usd 0.22% 18,384 $1.6M No change
GDXJ Vaneck Junior Gold Miners 0.22% 15,800 $1.6M New
SITM Sitime Corp. 0.22% 5,184 $1.6M New
YUMC Yum China Holdings Inc. 0.21% 36,000 $1.5M Reduce -56.1%
ORCL Oracle Corp. 0.21% 5,312 $1.5M Reduce -22.4%
SPOT Spotify Technology SA 0.20% 2,084 $1.5M Reduce -85.1%
NIO Nio Inc. - ADR 0.17% 161,000 $1.2M New
V Visa Inc. Class A 0.17% 3,531 $1.2M Add +59.2%
BA The Boeing Co. 0.16% 5,235 $1.1M Add +50.2%

Show all 244 holdings

Options reported separately and not counted above: QQQ puts ($6.0M), ALAB calls ($392K).

Portfolio Sells Q2 2025 → Q3 2025
AS Amer Sports Inc. Sold out 0.00% −5.67
AMD Advanced Micro Devices Reduce -81.3% 0.85% −3.63
META Meta Platforms Inc. Class A Reduce -90.6% 0.27% −3.04
MRVL Marvell Technology Inc. Sold out 0.00% −1.98
SE Sea Ltd.-ADR Reduce -84.2% 0.36% −1.92
QFIN Qfin Holdings Inc.-ADR Reduce -92.8% 0.08% −1.81
RBLX Roblox Corp. Class A Reduce -65.3% 1.06% −1.55
SPOT Spotify Technology SA Reduce -85.1% 0.20% −1.48
BILI Bilibili Inc.-Sponsored ADR Reduce -54.3% 1.51% −1.33
HOOD Robinhood Markets Inc. Class A Reduce -80.6% 0.45% −1.26
INTC Intel Corp. Reduce -86.1% 0.29% −1.26
VST Vistra Corp. Sold out 0.00% −1.24
GEV GE Vernova Inc. Sold out 0.00% −1.17
NFLX Netflix Inc. Sold out 0.00% −0.98
CLS Celestica Inc. Reduce -84.9% 0.24% −0.91
HWM Howmet Aerospace Inc. Sold out 0.00% −0.84
HTHT H World Group Ltd.-ADR Reduce -96.5% 0.03% −0.81
BEKE Ke Holdings Inc.-ADR Reduce -39.6% 1.06% −0.78
TSM Taiwan Semiconductor-SP ADR Reduce -40.0% 1.35% −0.70
GDS GDS Holdings Ltd. - ADR Reduce -91.9% 0.06% −0.64
SMMT Summit Therapeutics Inc. Reduce -8.2% 2.35% −0.62
FUTU Futu Holdings Ltd.-ADR Reduce -42.2% 1.60% −0.61
CRCL Circle Internet Group Inc. Reduce -56.7% 0.23% −0.58
LULU Lululemon Athletica Inc. Sold out 0.00% −0.55
MSFT Microsoft Corp. Reduce -43.0% 0.56% −0.50
WYNN WYNN Resorts Ltd. Sold out 0.00% −0.48
RCL Royal Caribbean Cruises Ltd. Sold out 0.00% −0.45
RYAAY Ryanair Holdings PLC-SP ADR Sold out 0.00% −0.43
BIRK Birkenstock Holding PLC Sold out 0.00% −0.43
HLT Hilton Worldwide Holdings Inc. Sold out 0.00% −0.42
YMM Full Truck Alliance -SPN ADR Reduce -90.3% 0.04% −0.40
BZ Kanzhun Ltd. - ADR Reduce -81.6% 0.11% −0.39
YUMC Yum China Holdings Inc. Reduce -56.1% 0.21% −0.36
DECK Deckers Outdoor Corp. Sold out 0.00% −0.32
HERE Here Group Ltd. Reduce -91.2% 0.02% −0.30
ANET Arista Networks Inc. Reduce -84.4% 0.07% −0.30
TPR Tapestry Inc. Reduce -22.4% 2.17% −0.27
ATAT Atour Lifestyle Holdings-ADR Reduce -69.6% 0.12% −0.27
RLX RLX Technology Inc.-ADR Reduce -88.5% 0.04% −0.26
SOXX iShares Semiconductor ETF Reduce -39.1% 0.41% −0.25
LI Li Auto Inc. - ADR Reduce -28.7% 0.35% −0.24
TAL Tal Education Group- ADR Sold out 0.00% −0.24
XLF SS Financial Select Sector Reduce -26.1% 0.49% −0.23
EDU New Oriental Educatio-SP ADR Reduce -14.3% 0.70% −0.23
RDDT Reddit Inc. Class A Sold out 0.00% −0.22
TRML Tourmaline Bio Inc. Sold out 0.00% −0.22
TME Tencent Music Entertainm-ADR Reduce -83.5% 0.04% −0.21
APGE Apogee Therapeutics Inc. Sold out 0.00% −0.20
TJX TJX Companies Inc. Reduce -32.1% 0.48% −0.20
QQQ Invesco QQQ Trust Series 1 Reduce -22.3% 0.58% −0.19

Portfolio Buys Q2 2025 → Q3 2025
GOOG Alphabet Inc. Class C Add +473.2% 3.60% +3.09
LLY Eli Lilly & Co. Add +156.3% 5.09% +2.80
MAGS Roundhill Magnificent Seven New 2.71% +2.71
TSLA Tesla Inc. Add +1725.3% 2.77% +2.64
BABA Alibaba Group Holding-SP ADR Add +871.7% 2.66% +2.46
UNH Unitedhealth Group Inc. New 1.87% +1.87
AAPL Apple Inc. Add +1721.8% 1.74% +1.66
ALAB Astera Labs Inc. Add +1493.9% 1.69% +1.63
GLD SPDR Gold Shares Add +43.4% 3.54% +1.16
TER Teradyne Inc. Add +384.7% 1.14% +0.97
COHR Coherent Corp. New 0.83% +0.83
GDX Vaneck Gold Miners ETF New 0.82% +0.82
APP AppLovin Corp. Class A New 0.82% +0.82
INSM Insmed Inc. Add +653.8% 0.89% +0.80
RL Ralph Lauren Corp. New 0.78% +0.78
FIX Comfort Systems USA Inc. Add +636.9% 0.86% +0.77
PDD PDD Holdings Inc. Add +10.8% 3.35% +0.65
NVDA Nvidia Corp. Add +8.1% 5.34% +0.63
LHX L3HARRIS Technologies Inc. New 0.57% +0.57
FN Fabrinet New 0.50% +0.50
ONON On Holding AG Class A Add +170.8% 0.99% +0.49
NCLH Norwegian Cruise Line Holdin New 0.48% +0.48
CRDO Credo Technology Group Holdi Add +11.3% 1.32% +0.47
FLEX Flex Ltd. Add +573.1% 0.54% +0.46
CIEN Ciena Corp. New 0.44% +0.44
LITE Lumentum Holdings Inc. Add +22.9% 0.94% +0.44
ECHO Echostar Corp. Class A New 0.43% +0.43
ABNB Airbnb Inc. Class A New 0.41% +0.41
GRAB Grab Holdings Ltd. Class A Add +46.7% 1.10% +0.39
VSTM Verastem Inc. New 0.38% +0.38
IONQ Ionq Inc. New 0.38% +0.38
CW Curtiss-Wright Corp. Add +323.3% 0.49% +0.38
OKLO Oklo Inc. Add +172.2% 0.47% +0.37
TIGR Up Fintech Holding Ltd. - ADR New 0.37% +0.37
ALNY Alnylam Pharmaceuticals Inc. Add +0.1% 1.83% +0.36
VIPS Vipshop Holdings Ltd. - ADR Add +10.5% 1.60% +0.35
VNET Vnet Group Inc.-ADR Add +378.7% 0.41% +0.34
SPHY SS SPDR P High Yield ETF New 0.33% +0.33
SNPS Synopsys Inc. New 0.33% +0.33
TLN Talen Energy Corp. New 0.32% +0.32
COIN Coinbase Global Inc. Class A New 0.32% +0.32
CASY Casey's General Stores Inc. Add +278.4% 0.43% +0.32
BIDU Baidu Inc. - Spon ADR New 0.31% +0.31
VNM Vaneck Vietnam ETF New 0.29% +0.29
LVS Las Vegas Sands Corp. New 0.28% +0.28
NKE Nike Inc. Class B Add +710.3% 0.32% +0.28
BE Bloom Energy Corp. Class A New 0.27% +0.27
GIL Gildan Activewear Inc. Add +16.8% 1.36% +0.24
GOOGL Alphabet Inc. Class A Add +108.1% 0.36% +0.22
GDXJ Vaneck Junior Gold Miners New 0.22% +0.22

Options Activity Q2 2025 → Q3 2025
IWM iShares Russell 2000 ETF put Sold out 100,000 $21.6Mbefore exit
QQQ Invesco QQQ Trust Series 1 put New 10,000 $6.0M
IREN Iren Ltd. call Sold out 75,000 $1.1Mbefore exit
ALAB Astera Labs Inc. call New 2,000 $392K

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