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

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 Q3 2025 Q4 2025: $642.5M $642.5M Q4 2025 Q1 2026: $713.5M Q1 2026 Q2 2026: $984.8M Q2 2026

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%
TTAN Servicetitan Inc. Class A 0.09% 5,127 $546K Add +61.0%
CRM Salesforce Inc. 0.08% 2,059 $545K New
IREN Iren Ltd. filed as IREN LIMITED 0.08% 14,020 $530K Reduce -88.2%
AMZN Amazon.com Inc. 0.08% 2,237 $516K New
MP MP Materials Corp. 0.08% 10,000 $505K New
NIO Nio Inc. - ADR 0.07% 90,000 $459K Reduce -44.1%
GNRC Generac Holdings Inc. 0.06% 3,000 $409K New
IOT Samsara Inc. Class A 0.06% 11,500 $408K New
TME Tencent Music Entertainm-ADR 0.06% 20,800 $365K Add +53.0%
V Visa Inc. Class A 0.06% 1,023 $359K Reduce -71.0%
SNOW Snowflake Inc. 0.05% 1,600 $351K Reduce -8.6%
FRMI Fermi Inc. 0.04% 35,100 $281K New
LI Li Auto Inc. - ADR 0.04% 16,500 $279K Reduce -83.6%
GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD 0.04% 7,684 $268K Reduce -36.0%
VZ Verizon Communications Inc. 0.04% 6,000 $244K Reduce -64.6%
RLX RLX Technology Inc.-ADR 0.04% 98,800 $230K No change
MRVL Marvell Technology Inc. 0.04% 2,699 $229K New
LULU Lululemon Athletica Inc. 0.04% 1,095 $228K New
MNSO Miniso Group Holding Ltd.-ADR 0.03% 11,900 $223K Reduce -95.2%
ASML ASML Holding NV-NY Reg SHS 0.03% 203 $217K New
SPGI S&P Global Inc. 0.03% 411 $215K Reduce -72.3%
LNG Cheniere Energy Inc. 0.03% 1,095 $213K New
CHA Chagee Holdings Ltd.-ADR 0.03% 15,300 $178K Add +39.1%
SOUN Soundhound AI Inc. Class A 0.02% 12,233 $122K New
HUYA Huya Inc.-ADR 0.01% 33,270 $96K New
IQ Iqiyi Inc.-ADR 0.01% 32,559 $63K Add +17.4%

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

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