Polymer Capital Management (HK) LTD
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Polymer Capital Management (HK) LTD reported 126 stock positions worth $642.5 million. Its top holding was Eli Lilly (LLY) at 7.7% of the portfolio, followed by Nvidia (NVDA, 7.0%) and PDD (PDD, 6.7%). Compared with Q3 2025, it opened 37 new positions, sold out of 155, added to 38 and reduced 40. The biggest buy was Taiwan Semiconductor-SP ADR (TSM, shares +198%) and the biggest sale Tesla (TSLA, shares −90%).
- Most Recent 13F
- Q2 2026
- Location
- HONG KONG, K3
- CIK
- 0001970465
- Portfolio Value
- $642.5M (Q4 2025)
- SEC Filing
- 0001970465-26-000002 ↗ filed Feb 13, 2026
Holdings Value
Holdings 126 stocks · $642.5M
| LLY Eli Lilly & Co. | 7.66% | 45,810 | $49.2M | Reduce -4.4% |
| NVDA Nvidia Corp. | 6.98% | 240,480 | $44.8M | Add +16.9% |
| PDD PDD Holdings Inc. | 6.68% | 378,574 | $42.9M | Add +107.8% |
| GLD SPDR Gold Shares | 5.18% | 84,050 | $33.3M | Add +17.3% |
| TSM Taiwan Semiconductor-SP ADR | 4.88% | 103,140 | $31.3M | Add +197.8% |
| GOOG Alphabet Inc. Class C | 4.44% | 90,884 | $28.5M | Reduce -14.6% |
| SMMT Summit Therapeutics Inc. | 3.87% | 1,421,155 | $24.9M | Add +73.9% |
| AIQ Global X Art Intel & Tech | 2.68% | 338,000 | $17.2M | New |
| AVGO Broadcom Inc. | 2.63% | 48,844 | $16.9M | Add +34.4% |
| VIPS Vipshop Holdings Ltd. - ADR | 2.57% | 932,407 | $16.5M | Add +59.4% |
| SNDK Sandisk Corp. | 2.44% | 66,055 | $15.7M | Reduce -29.0% |
| ALNY Alnylam Pharmaceuticals Inc. | 2.28% | 36,765 | $14.6M | Add +27.2% |
| KBWB Invesco KBW Bank ETF | 2.01% | 153,000 | $12.9M | New |
| COHR Coherent Corp. | 1.86% | 64,898 | $12.0M | Add +17.2% |
| WDC Western Digital Corp. | 1.63% | 60,883 | $10.5M | Reduce -62.5% |
| AS Amer Sports Inc. | 1.47% | 252,526 | $9.4M | New |
| FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD | 1.46% | 57,226 | $9.4M | Reduce -13.3% |
| COPX Global X Copper Miners ETF | 1.44% | 128,459 | $9.2M | Add +326.8% |
| BIDU Baidu Inc. - Spon ADR | 1.40% | 68,800 | $9.0M | Add +307.3% |
| BILI Bilibili Inc.-Sponsored ADR | 1.35% | 353,870 | $8.7M | Reduce -8.2% |
| GDX Vaneck Gold Miners ETF | 1.33% | 99,479 | $8.5M | Add +28.4% |
| META Meta Platforms Inc. Class A | 1.21% | 11,763 | $7.8M | Add +337.1% |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.15% | 10,829 | $7.4M | Add +3.8% |
| TPR Tapestry Inc. | 1.14% | 57,519 | $7.3M | Reduce -58.3% |
| XBI SS SPDR S&P Biotech ETF | 0.91% | 48,200 | $5.9M | New |
| DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE | 0.89% | 11,850 | $5.7M | No change |
| ONON On Holding AG Class A filed as ON HLDG AG | 0.85% | 117,995 | $5.5M | Reduce -30.0% |
| EDU New Oriental Educatio-SP ADR | 0.85% | 99,500 | $5.5M | Add +5.4% |
| GIL Gildan Activewear Inc. | 0.82% | 83,856 | $5.2M | Reduce -50.5% |
| MAGS Roundhill Magnificent Seven | 0.81% | 78,931 | $5.2M | Reduce -73.8% |
| AMD Advanced Micro Devices | 0.80% | 24,147 | $5.2M | Reduce -35.9% |
| QQQ Invesco QQQ Trust Series 1 | 0.79% | 8,295 | $5.1M | Add +19.1% |
| HTHT H World Group Ltd.-ADR | 0.79% | 108,200 | $5.1M | Add +1867.3% |
| CRDO Credo Technology Group Holdi | 0.76% | 33,980 | $4.9M | Reduce -48.0% |
| TCOM Trip.com Group Ltd.-ADR | 0.73% | 65,500 | $4.7M | New |
| RL Ralph Lauren Corp. | 0.67% | 12,233 | $4.3M | Reduce -31.5% |
| LITE Lumentum Holdings Inc. | 0.64% | 11,231 | $4.1M | Reduce -73.0% |
| YUMC Yum China Holdings Inc. | 0.64% | 86,654 | $4.1M | Add +140.7% |
| NTES Netease Inc.-ADR | 0.64% | 30,007 | $4.1M | Add +39.6% |
| ABNB Airbnb Inc. Class A | 0.59% | 28,023 | $3.8M | Add +16.8% |
| IVV iShares Core S&P 500 ETF | 0.58% | 5,400 | $3.7M | Add +22.7% |
| XLF SS Financial Select Sector | 0.58% | 67,471 | $3.7M | Add +3.7% |
| SOXX iShares Semiconductor ETF | 0.57% | 12,056 | $3.6M | Add +12.0% |
| FCX Freeport-McMoran Inc. | 0.56% | 70,466 | $3.6M | New |
| XLE SS Energy Select Sector | 0.54% | 78,172 | $3.5M | No change |
| JD Jd.com Inc.-ADR | 0.54% | 120,000 | $3.4M | Add +1900.0% |
| GOOGL Alphabet Inc. Class A | 0.52% | 10,573 | $3.3M | Reduce -0.4% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.47% | 19,522 | $3.0M | Reduce -17.6% |
| CAT Caterpillar Inc. | 0.47% | 5,223 | $3.0M | New |
| MPWR Monolithic Power Systems Inc. | 0.45% | 3,222 | $2.9M | New |
| XLP SS Consumer Staples Sel Sect | 0.45% | 37,500 | $2.9M | No change |
| MAR Marriott International Class A | 0.43% | 9,000 | $2.8M | New |
| URA Global X Uranium ETF | 0.43% | 65,300 | $2.8M | New |
| RCL Royal Caribbean Cruises Ltd. | 0.43% | 10,000 | $2.8M | New |
| CCL Carnival Corp. | 0.43% | 90,694 | $2.8M | Reduce -24.4% |
| NCLH Norwegian Cruise Line Holdin | 0.42% | 120,000 | $2.7M | Reduce -14.3% |
| HOOD Robinhood Markets Inc. Class A | 0.41% | 23,235 | $2.6M | Add +2.3% |
| XLY SS Consumer Disc Select Sect | 0.41% | 22,000 | $2.6M | No change |
| LVS Las Vegas Sands Corp. | 0.40% | 39,343 | $2.6M | Add +4.6% |
| BABA Alibaba Group Holding-SP ADR | 0.37% | 16,103 | $2.4M | Reduce -84.9% |
| TSLA Tesla Inc. | 0.33% | 4,688 | $2.1M | Reduce -89.5% |
| VSTM Verastem Inc. | 0.32% | 266,812 | $2.1M | Reduce -13.9% |
| FTAI Ftai Aviation Ltd. | 0.32% | 10,400 | $2.0M | Add +183.5% |
| NKE Nike Inc. Class B | 0.32% | 32,000 | $2.0M | Reduce -3.7% |
| SE Sea Ltd.-ADR | 0.31% | 15,463 | $2.0M | Add +7.5% |
| XLK SS Technology Select Sector | 0.30% | 13,400 | $1.9M | No change |
| NFLX Netflix Inc. | 0.30% | 20,500 | $1.9M | New |
| COST Costco Wholesale Corp. | 0.30% | 2,200 | $1.9M | New |
| IBKR Interactive Brokers Gro Class A | 0.29% | 28,938 | $1.9M | Reduce -29.9% |
| XLI SS Industrial Select Sector | 0.25% | 10,500 | $1.6M | No change |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.24% | 36,768 | $1.6M | No change |
| SPOT Spotify Technology SA | 0.24% | 2,695 | $1.6M | Add +29.3% |
| ALAB Astera Labs Inc. | 0.23% | 8,803 | $1.5M | Reduce -85.8% |
| IWM iShares Russell 2000 ETF | 0.22% | 5,677 | $1.4M | Reduce -18.2% |
| SQM Quimica Y Minera Chil-SP ADR filed as SOCIEDAD QUIMICA Y MINERA DE | 0.21% | 19,555 | $1.3M | New |
| TERN Terns Pharmaceuticals Inc. | 0.21% | 33,070 | $1.3M | New |
| DBVT DBV Technologies SA-Spon ADR | 0.19% | 64,500 | $1.2M | New |
| NRIX Nurix Therapeutics Inc. | 0.17% | 58,898 | $1.1M | No change |
| WMT Walmart Inc. | 0.17% | 9,879 | $1.1M | New |
| PEPG Pepgen Inc. | 0.16% | 160,000 | $1.0M | New |
| JOYY Joyy Inc.-ADR | 0.16% | 15,654 | $1.0M | Add +154.7% |
| AAPL Apple Inc. | 0.15% | 3,555 | $966K | Reduce -92.8% |
| BA The Boeing Co. | 0.15% | 4,400 | $955K | Reduce -15.9% |
| TLT iShares 20+ Year Treasury BD | 0.14% | 10,294 | $897K | No change |
| U Unity Software Inc. | 0.14% | 20,000 | $883K | Add +258.2% |
| MDB Mongodb Inc. | 0.14% | 2,070 | $869K | Add +2.5% |
| GLW Corning Inc. | 0.13% | 9,222 | $807K | New |
| TTWO Take-Two Interactive Softwre | 0.12% | 3,024 | $774K | New |
| GRAB Grab Holdings Ltd. Class A | 0.12% | 148,974 | $743K | Reduce -88.6% |
| SGML Sigma Lithium Corp. | 0.10% | 50,000 | $660K | New |
| RBLX Roblox Corp. Class A | 0.10% | 8,047 | $652K | Reduce -85.3% |
| RYAAY Ryanair Holdings PLC-SP ADR | 0.10% | 8,707 | $629K | New |
| LYFT LYFT Inc. Class A | 0.10% | 32,158 | $623K | Add +3.8% |
| MLI Mueller Industries Inc. | 0.10% | 5,357 | $615K | Reduce -8.7% |
| FIG Figma Inc. Class A | 0.10% | 16,430 | $614K | New |
| SMH Vaneck Semiconductor ETF | 0.10% | 1,700 | $612K | No change |
| ADBE Adobe Inc. | 0.09% | 1,649 | $577K | New |
| SEI Solaris Energy Infrastructur | 0.09% | 12,540 | $576K | New |
| BZ Kanzhun Ltd. - ADR | 0.09% | 28,134 | $573K | Reduce -14.7% |
| XPEV Xpeng Inc. - ADR | 0.09% | 27,700 | $562K | Add +73.9% |
Options reported separately and not counted above: SMH puts ($60.5M).
Portfolio Sells Q3 2025 → Q4 2025
| TSLA Tesla Inc. | Reduce -89.5% | 0.33% | −2.44 |
| BABA Alibaba Group Holding-SP ADR | Reduce -84.9% | 0.37% | −2.29 |
| MAGS Roundhill Magnificent Seven | Reduce -73.8% | 0.81% | −1.90 |
| UNH Unitedhealth Group Inc. | Sold out | 0.00% | −1.87 |
| AAPL Apple Inc. | Reduce -92.8% | 0.15% | −1.59 |
| ALAB Astera Labs Inc. | Reduce -85.8% | 0.23% | −1.46 |
| TER Teradyne Inc. | Sold out | 0.00% | −1.14 |
| WDC Western Digital Corp. | Reduce -62.5% | 1.63% | −1.08 |
| BEKE Ke Holdings Inc.-ADR | Sold out | 0.00% | −1.06 |
| TPR Tapestry Inc. | Reduce -58.3% | 1.14% | −1.03 |
| GRAB Grab Holdings Ltd. Class A | Reduce -88.6% | 0.12% | −0.98 |
| RBLX Roblox Corp. Class A | Reduce -85.3% | 0.10% | −0.95 |
| INSM Insmed Inc. | Sold out | 0.00% | −0.89 |
| FIX Comfort Systems USA Inc. | Sold out | 0.00% | −0.86 |
| APP AppLovin Corp. Class A | Sold out | 0.00% | −0.82 |
| MNSO Miniso Group Holding Ltd.-ADR | Reduce -95.2% | 0.03% | −0.74 |
| LEGN Legend Biotech Corp.-ADR | Sold out | 0.00% | −0.74 |
| IREN Iren Ltd. | Reduce -88.2% | 0.08% | −0.69 |
| LHX L3HARRIS Technologies Inc. | Sold out | 0.00% | −0.57 |
| CRDO Credo Technology Group Holdi | Reduce -48.0% | 0.76% | −0.56 |
| MSFT Microsoft Corp. | Sold out | 0.00% | −0.56 |
| GIL Gildan Activewear Inc. | Reduce -50.5% | 0.82% | −0.55 |
| FLEX Flex Ltd. | Sold out | 0.00% | −0.54 |
| FN Fabrinet | Sold out | 0.00% | −0.50 |
| CW Curtiss-Wright Corp. | Sold out | 0.00% | −0.49 |
| OKLO Oklo Inc. | Sold out | 0.00% | −0.47 |
| CIEN Ciena Corp. | Sold out | 0.00% | −0.44 |
| CASY Casey's General Stores Inc. | Sold out | 0.00% | −0.43 |
| ECHO Echostar Corp. Class A | Sold out | 0.00% | −0.43 |
| VNET Vnet Group Inc.-ADR | Sold out | 0.00% | −0.41 |
| IONQ Ionq Inc. | Sold out | 0.00% | −0.38 |
| TIGR Up Fintech Holding Ltd. - ADR | Sold out | 0.00% | −0.37 |
| SPHY SS SPDR P High Yield ETF | Sold out | 0.00% | −0.33 |
| SNPS Synopsys Inc. | Sold out | 0.00% | −0.33 |
| TLN Talen Energy Corp. | Sold out | 0.00% | −0.32 |
| COIN Coinbase Global Inc. Class A | Sold out | 0.00% | −0.32 |
| LI Li Auto Inc. - ADR | Reduce -83.6% | 0.04% | −0.31 |
| LITE Lumentum Holdings Inc. | Reduce -73.0% | 0.64% | −0.30 |
| VNM Vaneck Vietnam ETF | Sold out | 0.00% | −0.29 |
| INTC Intel Corp. | Sold out | 0.00% | −0.29 |
| BE Bloom Energy Corp. Class A | Sold out | 0.00% | −0.27 |
| DKS Dick's Sporting Goods Inc. | Sold out | 0.00% | −0.25 |
| CLS Celestica Inc. | Sold out | 0.00% | −0.24 |
| GWRE Guidewire Software Inc. | Sold out | 0.00% | −0.24 |
| CRCL Circle Internet Group Inc. | Sold out | 0.00% | −0.23 |
| GDXJ Vaneck Junior Gold Miners | Sold out | 0.00% | −0.22 |
| SITM Sitime Corp. | Sold out | 0.00% | −0.22 |
| ORCL Oracle Corp. | Sold out | 0.00% | −0.21 |
| BILI Bilibili Inc.-Sponsored ADR | Reduce -8.2% | 1.35% | −0.15 |
| ZTO Zto Express Cayman Inc.-ADR | Sold out | 0.00% | −0.15 |
Portfolio Buys Q3 2025 → Q4 2025
| TSM Taiwan Semiconductor-SP ADR | Add +197.8% | 4.88% | +3.53 |
| PDD PDD Holdings Inc. | Add +107.8% | 6.68% | +3.33 |
| AIQ Global X Art Intel & Tech | New | 2.68% | +2.68 |
| KBWB Invesco KBW Bank ETF | New | 2.01% | +2.01 |
| NVDA Nvidia Corp. | Add +16.9% | 6.98% | +1.64 |
| GLD SPDR Gold Shares | Add +17.3% | 5.18% | +1.64 |
| SMMT Summit Therapeutics Inc. | Add +73.9% | 3.87% | +1.52 |
| AS Amer Sports Inc. | New | 1.47% | +1.47 |
| COPX Global X Copper Miners ETF | Add +326.8% | 1.44% | +1.18 |
| BIDU Baidu Inc. - Spon ADR | Add +307.3% | 1.40% | +1.09 |
| COHR Coherent Corp. | Add +17.2% | 1.86% | +1.03 |
| VIPS Vipshop Holdings Ltd. - ADR | Add +59.4% | 2.57% | +0.97 |
| AVGO Broadcom Inc. | Add +34.4% | 2.63% | +0.96 |
| META Meta Platforms Inc. Class A | Add +337.1% | 1.21% | +0.93 |
| XBI SS SPDR S&P Biotech ETF | New | 0.91% | +0.91 |
| HTHT H World Group Ltd.-ADR | Add +1867.3% | 0.79% | +0.76 |
| TCOM Trip.com Group Ltd.-ADR | New | 0.73% | +0.73 |
| FCX Freeport-McMoran Inc. | New | 0.56% | +0.56 |
| JD Jd.com Inc.-ADR | Add +1900.0% | 0.54% | +0.51 |
| GDX Vaneck Gold Miners ETF | Add +28.4% | 1.33% | +0.50 |
| CAT Caterpillar Inc. | New | 0.47% | +0.47 |
| MPWR Monolithic Power Systems Inc. | New | 0.45% | +0.45 |
| ALNY Alnylam Pharmaceuticals Inc. | Add +27.2% | 2.28% | +0.44 |
| MAR Marriott International Class A | New | 0.43% | +0.43 |
| URA Global X Uranium ETF | New | 0.43% | +0.43 |
| RCL Royal Caribbean Cruises Ltd. | New | 0.43% | +0.43 |
| YUMC Yum China Holdings Inc. | Add +140.7% | 0.64% | +0.43 |
| NFLX Netflix Inc. | New | 0.30% | +0.30 |
| COST Costco Wholesale Corp. | New | 0.30% | +0.30 |
| FTAI Ftai Aviation Ltd. | Add +183.5% | 0.32% | +0.23 |
| QQQ Invesco QQQ Trust Series 1 | Add +19.1% | 0.79% | +0.21 |
| SQM Quimica Y Minera Chil-SP ADR | New | 0.21% | +0.21 |
| TERN Terns Pharmaceuticals Inc. | New | 0.21% | +0.21 |
| DBVT DBV Technologies SA-Spon ADR | New | 0.19% | +0.19 |
| NTES Netease Inc.-ADR | Add +39.6% | 0.64% | +0.19 |
| ABNB Airbnb Inc. Class A | Add +16.8% | 0.59% | +0.19 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +3.8% | 1.15% | +0.18 |
| WMT Walmart Inc. | New | 0.17% | +0.17 |
| IVV iShares Core S&P 500 ETF | Add +22.7% | 0.58% | +0.17 |
| PEPG Pepgen Inc. | New | 0.16% | +0.16 |
| SOXX iShares Semiconductor ETF | Add +12.0% | 0.57% | +0.16 |
| EDU New Oriental Educatio-SP ADR | Add +5.4% | 0.85% | +0.16 |
| GLW Corning Inc. | New | 0.13% | +0.13 |
| TTWO Take-Two Interactive Softwre | New | 0.12% | +0.12 |
| LVS Las Vegas Sands Corp. | Add +4.6% | 0.40% | +0.12 |
| JOYY Joyy Inc.-ADR | Add +154.7% | 0.16% | +0.11 |
| U Unity Software Inc. | Add +258.2% | 0.14% | +0.11 |
| SGML Sigma Lithium Corp. | New | 0.10% | +0.10 |
| RYAAY Ryanair Holdings PLC-SP ADR | New | 0.10% | +0.10 |
| FIG Figma Inc. Class A | New | 0.10% | +0.10 |
Options Activity Q3 2025 → Q4 2025
| SMH Vaneck Semiconductor ETF | put | New | 168,000 | $60.5M |
| QQQ Invesco QQQ Trust Series 1 | put | Sold out | 10,000 | $6.0Mbefore exit |
| ALAB Astera Labs Inc. | call | Sold out | 2,000 | $392Kbefore 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 |