Polymer Capital Management (HK) LTD

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 14, 2026), Polymer Capital Management (HK) LTD reported 147 stock positions worth $713.5 million. Its top holding was Nvidia (NVDA) at 10.3% of the portfolio, followed by PDD (PDD, 5.9%) and Eli Lilly (LLY, 5.6%). Compared with Q4 2025, it opened 71 new positions, sold out of 50, added to 44 and reduced 22. The biggest buy was Nvidia (NVDA, shares +75%) and the biggest sale Summit Therapeutics (SMMT, shares −91%).

Most Recent 13F
Q2 2026
Location
HONG KONG, K3
CIK
0001970465
Portfolio Value
$713.5M (Q1 2026)
SEC Filing
0001970465-26-000004 ↗ filed May 14, 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 Q4 2025 Q1 2026: $713.5M $713.5M Q1 2026 Q2 2026: $984.8M Q2 2026

Holdings 147 stocks · $713.5M
NVDA Nvidia Corp. 10.29% 421,120 $73.4M Add +75.1%
PDD PDD Holdings Inc. 5.92% 413,457 $42.2M Add +9.2%
LLY Eli Lilly & Co. 5.60% 43,435 $40.0M Reduce -5.2%
SNDK Sandisk Corp. 5.52% 62,046 $39.4M Reduce -6.1%
GLD SPDR Gold Shares 4.65% 77,037 $33.1M Reduce -8.3%
TSM Taiwan Semiconductor-SP ADR 4.44% 93,706 $31.7M Reduce -9.2%
ALNY Alnylam Pharmaceuticals Inc. 2.68% 57,784 $19.1M Add +57.2%
VIPS Vipshop Holdings Ltd. - ADR 2.05% 932,000 $14.7M Reduce -0.0%
GIL Gildan Activewear Inc. 1.87% 239,355 $13.3M Add +185.4%
XLE SS Energy Select Sector 1.85% 215,689 $13.2M Add +175.9%
GOOG Alphabet Inc. Class C 1.80% 44,877 $12.9M Reduce -50.6%
PANW Palo Alto Networks Inc. 1.64% 72,921 $11.7M New
FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD 1.47% 76,838 $10.5M Add +34.3%
AMZN Amazon.com Inc. 1.39% 47,588 $9.9M Add +2027.3%
GLW Corning Inc. 1.39% 72,754 $9.9M Add +688.9%
FRO Frontline PLC 1.37% 280,005 $9.8M New
TPR Tapestry Inc. 1.37% 69,102 $9.8M Add +20.1%
ASX Ase Technology Holding -ADR 1.35% 443,215 $9.6M New
MU Micron Technology Inc. 1.34% 28,273 $9.6M New
SPY SS SPDR S&P 500 ETF Trust-US 1.31% 14,329 $9.3M Add +32.3%
AMD Advanced Micro Devices 1.22% 42,830 $8.7M Add +77.4%
IREN Iren Ltd. filed as IREN LIMITED 1.21% 252,605 $8.7M Add +1701.8%
AS Amer Sports Inc. 1.15% 249,279 $8.2M Reduce -1.3%
MOD Modine Manufacturing Co. 1.12% 36,772 $8.0M New
LITE Lumentum Holdings Inc. 1.04% 10,575 $7.4M Reduce -5.8%
JD Jd.com Inc.-ADR 1.01% 244,558 $7.2M Add +103.8%
COHR Coherent Corp. 1.01% 30,291 $7.2M Reduce -53.3%
AXTI Axt Inc. 0.92% 115,567 $6.6M New
GDX Vaneck Gold Miners ETF 0.90% 70,132 $6.4M Reduce -29.5%
BABA Alibaba Group Holding-SP ADR 0.88% 49,783 $6.2M Add +209.2%
EDU New Oriental Educatio-SP ADR 0.85% 107,713 $6.1M Add +8.3%
ERAS Erasca Inc. 0.81% 357,670 $5.8M New
TSEM Tower Semiconductor Ltd. 0.81% 32,826 $5.8M New
QQQ Invesco QQQ Trust Series 1 0.80% 9,934 $5.7M Add +19.8%
NVDY Yieldmax Nvda Option Inc. ETF 0.80% 441,100 $5.7M New
DIA SS SPDR Dow Jones Indus Avg filed as STATE STR SPDR DOW JONES IND 0.77% 11,850 $5.5M No change
WDC Western Digital Corp. 0.77% 20,191 $5.5M Reduce -66.8%
AVGO Broadcom Inc. 0.72% 16,711 $5.2M Reduce -65.8%
MRK Merck & Co. Inc. 0.72% 42,570 $5.1M New
ABNB Airbnb Inc. Class A 0.66% 37,411 $4.7M Add +33.5%
BILI Bilibili Inc.-Sponsored ADR 0.66% 208,223 $4.7M Reduce -41.2%
IONS Ionis Pharmaceuticals Inc. 0.64% 61,200 $4.6M New
SOXX iShares Semiconductor ETF 0.64% 13,959 $4.6M Add +15.8%
SE Sea Ltd.-ADR 0.64% 54,831 $4.5M Add +254.6%
IVV iShares Core S&P 500 ETF 0.59% 6,400 $4.2M Add +18.5%
GRAB Grab Holdings Ltd. Class A 0.55% 1,075,000 $3.9M Add +621.6%
META Meta Platforms Inc. Class A 0.54% 6,714 $3.8M Reduce -42.9%
XLF SS Financial Select Sector 0.48% 69,295 $3.4M Add +2.7%
GOOGL Alphabet Inc. Class A 0.47% 11,629 $3.3M Add +10.0%
ETN Eaton Corp. PLC 0.45% 9,049 $3.2M New
XLP SS Consumer Staples Sel Sect 0.43% 37,500 $3.1M No change
GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD 0.43% 76,211 $3.1M Add +891.8%
H Hyatt Hotels Corp. Class A 0.41% 20,202 $2.9M New
NOK Nokia Corp.-Spon ADR 0.40% 357,000 $2.9M New
AVBP Arrivent Biopharma Inc. 0.40% 122,276 $2.8M New
BE Bloom Energy Corp. Class A 0.38% 20,028 $2.7M New
CRVS Corvus Pharmaceuticals Inc. 0.38% 183,187 $2.7M New
IWM iShares Russell 2000 ETF 0.37% 10,520 $2.6M Add +85.3%
MANE Veradermics Inc. 0.37% 41,296 $2.6M New
SITM Sitime Corp. 0.36% 7,480 $2.6M New
SMMT Summit Therapeutics Inc. 0.35% 133,034 $2.5M Reduce -90.6%
TTWO Take-Two Interactive Softwre 0.35% 12,670 $2.5M Add +319.0%
DHT DHT Holdings Inc. 0.34% 133,963 $2.4M New
MPWR Monolithic Power Systems Inc. 0.34% 2,210 $2.4M Reduce -31.4%
XLY SS Consumer Disc Select Sect 0.34% 22,000 $2.4M No change
ARM Arm Holdings PLC-ADR 0.33% 15,411 $2.3M New
UNH Unitedhealth Group Inc. 0.32% 8,500 $2.3M New
RVMD Revolution Medicines Inc. 0.32% 23,227 $2.3M New
SN Sharkninja Inc. 0.30% 20,046 $2.1M New
INTC Intel Corp. 0.30% 47,792 $2.1M New
AAPL Apple Inc. 0.29% 8,088 $2.1M Add +127.5%
V Visa Inc. Class A 0.27% 6,350 $1.9M Add +520.7%
CTAS Cintas Corp. 0.26% 10,900 $1.8M New
SPOT Spotify Technology SA 0.25% 3,715 $1.8M Add +37.9%
XLK SS Technology Select Sector 0.25% 13,400 $1.8M No change
IBKR Interactive Brokers Gro Class A 0.24% 25,386 $1.7M Reduce -12.3%
XLI SS Industrial Select Sector 0.24% 10,500 $1.7M No change
XLU St Sr Utl SL SE SPDR ETF-Usd 0.24% 36,768 $1.7M No change
NET Cloudflare Inc. Class A 0.23% 7,781 $1.6M New
GNRC Generac Holdings Inc. 0.21% 7,850 $1.5M Add +161.7%
LIN Linde PLC 0.21% 3,040 $1.5M New
XPEV Xpeng Inc. - ADR 0.21% 87,151 $1.5M Add +214.6%
FSLY Fastly Inc. Class A 0.20% 50,000 $1.5M New
PAYP Paypay Corp. 0.20% 68,000 $1.5M New
DBVT DBV Technologies SA-Spon ADR 0.19% 64,500 $1.3M No change
ATAT Atour Lifestyle Holdings-ADR 0.18% 35,390 $1.3M New
YMM Full Truck Alliance -SPN ADR 0.17% 149,143 $1.2M New
UAL United Airlines Holdings Inc. 0.17% 13,325 $1.2M New
GFS Globalfoundries Inc. 0.17% 26,920 $1.2M New
FORM Formfactor Inc. 0.16% 11,900 $1.2M New
AMAT Applied Materials Inc. 0.16% 3,356 $1.1M New
JOYY Joyy Inc.-ADR 0.15% 18,532 $1.1M Add +18.4%
BKR Baker Hughes Co. 0.15% 17,285 $1.1M New
MP MP Materials Corp. 0.15% 21,600 $1.0M Add +116.0%
MDB Mongodb Inc. 0.14% 4,100 $1.0M Add +98.1%
HD Home Depot Inc. 0.14% 3,040 $1000K New
SNPS Synopsys Inc. 0.14% 2,467 $978K New
PSIX Power Solutions Internationa 0.14% 16,000 $974K New
REGN Regeneron Pharmaceuticals 0.14% 1,259 $973K New
PLTR Palantir Technologies Inc. Class A 0.14% 6,633 $970K New
CAT Caterpillar Inc. 0.14% 1,368 $969K Reduce -73.8%
MRVL Marvell Technology Inc. 0.14% 9,729 $964K Add +260.5%
ESLT Elbit Systems Ltd. 0.13% 1,131 $960K New
T AT&T Inc. 0.13% 33,000 $957K New
NRIX Nurix Therapeutics Inc. 0.13% 58,898 $913K No change
SEI Solaris Energy Infrastructur 0.13% 16,000 $904K Add +27.6%
AKAM Akamai Technologies Inc. 0.13% 7,811 $897K New
TLT iShares 20+ Year Treasury BD 0.13% 10,294 $892K No change
MSFT Microsoft Corp. 0.12% 2,395 $887K New
NVO Novo-Nordisk A/S-Spons ADR 0.12% 23,328 $857K New
HDB HDFC Bank Ltd.-ADR 0.12% 33,843 $842K New
SPGI S&P Global Inc. 0.11% 1,908 $812K Add +364.2%
RDW Redwire Corp. 0.11% 92,780 $789K New
ZTO Zto Express Cayman Inc.-ADR 0.11% 31,220 $786K New
NEM Newmont Corp. 0.10% 6,869 $744K New
TPG TPG Inc. 0.10% 17,139 $694K New
BIDU Baidu Inc. - Spon ADR 0.10% 6,216 $693K Reduce -91.0%
LASR Nlight Inc. 0.10% 12,000 $684K New
FIX Comfort Systems USA Inc. 0.10% 496 $684K New
EEM iShares MSCI Emerging Market 0.09% 11,523 $654K New
SMH Vaneck Semiconductor ETF 0.09% 1,700 $652K No change
FLEX Flex Ltd. filed as FLEXTRONICS INTL LTD 0.09% 9,477 $620K New
LI Li Auto Inc. - ADR 0.09% 34,200 $610K Add +107.3%
C Citigroup Inc. 0.08% 5,304 $602K New
MTUM iShares MSCI USA Momentum Fa 0.08% 2,500 $600K New
NIO Nio Inc. - ADR 0.08% 97,900 $590K Add +8.8%
TER Teradyne Inc. 0.08% 1,939 $575K New
ORCL Oracle Corp. 0.07% 3,551 $522K New
BZ Kanzhun Ltd. - ADR 0.07% 38,550 $516K Add +37.0%
JPM JPMorgan Chase & Co. 0.07% 1,659 $488K New
VEEV Veeva Systems Inc. Class A 0.07% 2,699 $474K New
BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC 0.06% 30,196 $452K New
MNSO Miniso Group Holding Ltd.-ADR 0.06% 26,457 $429K Add +122.3%
DQ Daqo New Energy Corp.-ADR 0.05% 17,526 $373K New
PPTA Perpetua Resources Corp. 0.05% 13,200 $371K New
CHA Chagee Holdings Ltd.-ADR 0.05% 36,800 $343K Add +140.5%
PONY Pony AI Inc. 0.05% 34,732 $328K New
CEG Constellation Energy 0.05% 1,160 $324K New
JBL Jabil Inc. 0.04% 1,076 $286K New
YUMC Yum China Holdings Inc. 0.04% 5,800 $283K Reduce -93.3%
TCOM Trip.com Group Ltd.-ADR 0.04% 5,664 $282K Reduce -91.3%
HUYA Huya Inc.-ADR 0.04% 81,816 $270K Add +145.9%
RLX RLX Technology Inc.-ADR 0.04% 116,842 $257K Add +18.3%
HTHT H World Group Ltd.-ADR 0.04% 5,000 $251K Reduce -95.4%
HL Hecla Mining Co. 0.04% 13,400 $250K New
GEV GE Vernova Inc. 0.03% 266 $232K New
TAL Tal Education Group- ADR filed as TAL ED GROUP 0.03% 19,080 $217K New

Options reported separately and not counted above: SMH puts ($309.6M), QQQ puts ($121.2M), SOXX puts ($4.9M), BABA calls ($3.1M), GLD calls ($2.2M), NVDA calls ($1.7M), AMZN calls ($1.0M).

Portfolio Sells Q4 2025 → Q1 2026
SMMT Summit Therapeutics Inc. Reduce -90.6% 0.35% −3.52
AIQ Global X Art Intel & Tech Sold out 0.00% −2.68
GOOG Alphabet Inc. Class C Reduce -50.6% 1.80% −2.63
LLY Eli Lilly & Co. Reduce -5.2% 5.60% −2.06
KBWB Invesco KBW Bank ETF Sold out 0.00% −2.01
AVGO Broadcom Inc. Reduce -65.8% 0.72% −1.91
COPX Global X Copper Miners ETF Sold out 0.00% −1.44
BIDU Baidu Inc. - Spon ADR Reduce -91.0% 0.10% −1.30
XBI SS SPDR S&P Biotech ETF Sold out 0.00% −0.91
WDC Western Digital Corp. Reduce -66.8% 0.77% −0.87
ONON On Holding AG Class A Sold out 0.00% −0.85
COHR Coherent Corp. Reduce -53.3% 1.01% −0.85
MAGS Roundhill Magnificent Seven Sold out 0.00% −0.81
CRDO Credo Technology Group Holdi Sold out 0.00% −0.76
HTHT H World Group Ltd.-ADR Reduce -95.4% 0.04% −0.76
BILI Bilibili Inc.-Sponsored ADR Reduce -41.2% 0.66% −0.70
TCOM Trip.com Group Ltd.-ADR Reduce -91.3% 0.04% −0.69
RL Ralph Lauren Corp. Sold out 0.00% −0.67
META Meta Platforms Inc. Class A Reduce -42.9% 0.54% −0.67
NTES Netease Inc.-ADR Sold out 0.00% −0.64
YUMC Yum China Holdings Inc. Reduce -93.3% 0.04% −0.60
FCX Freeport-McMoran Inc. Sold out 0.00% −0.56
GLD SPDR Gold Shares Reduce -8.3% 4.65% −0.54
VIPS Vipshop Holdings Ltd. - ADR Reduce -0.0% 2.05% −0.51
TJX TJX Companies Inc. Sold out 0.00% −0.47
TSM Taiwan Semiconductor-SP ADR Reduce -9.2% 4.44% −0.44
MAR Marriott International Class A Sold out 0.00% −0.43
URA Global X Uranium ETF Sold out 0.00% −0.43
RCL Royal Caribbean Cruises Ltd. Sold out 0.00% −0.43
CCL Carnival Corp. Sold out 0.00% −0.43
GDX Vaneck Gold Miners ETF Reduce -29.5% 0.90% −0.43
NCLH Norwegian Cruise Line Holdin Sold out 0.00% −0.42
HOOD Robinhood Markets Inc. Class A Sold out 0.00% −0.41
LVS Las Vegas Sands Corp. Sold out 0.00% −0.40
CAT Caterpillar Inc. Reduce -73.8% 0.14% −0.33
TSLA Tesla Inc. Sold out 0.00% −0.33
VSTM Verastem Inc. Sold out 0.00% −0.32
FTAI Ftai Aviation Ltd. Sold out 0.00% −0.32
AS Amer Sports Inc. Reduce -1.3% 1.15% −0.32
NKE Nike Inc. Class B Sold out 0.00% −0.32
NFLX Netflix Inc. Sold out 0.00% −0.30
COST Costco Wholesale Corp. Sold out 0.00% −0.30
ALAB Astera Labs Inc. Sold out 0.00% −0.23
SQM Quimica Y Minera Chil-SP ADR Sold out 0.00% −0.21
TERN Terns Pharmaceuticals Inc. Sold out 0.00% −0.21
WMT Walmart Inc. Sold out 0.00% −0.17
PEPG Pepgen Inc. Sold out 0.00% −0.16
BA The Boeing Co. Sold out 0.00% −0.15
U Unity Software Inc. Sold out 0.00% −0.14
MPWR Monolithic Power Systems Inc. Reduce -31.4% 0.34% −0.12

Portfolio Buys Q4 2025 → Q1 2026
NVDA Nvidia Corp. Add +75.1% 10.29% +3.31
PANW Palo Alto Networks Inc. New 1.64% +1.64
FRO Frontline PLC New 1.37% +1.37
ASX Ase Technology Holding -ADR New 1.35% +1.35
MU Micron Technology Inc. New 1.34% +1.34
AMZN Amazon.com Inc. Add +2027.3% 1.39% +1.31
XLE SS Energy Select Sector Add +175.9% 1.85% +1.31
GLW Corning Inc. Add +688.9% 1.39% +1.26
IREN Iren Ltd. Add +1701.8% 1.21% +1.13
MOD Modine Manufacturing Co. New 1.12% +1.12
GIL Gildan Activewear Inc. Add +185.4% 1.87% +1.05
AXTI Axt Inc. New 0.92% +0.92
ERAS Erasca Inc. New 0.81% +0.81
TSEM Tower Semiconductor Ltd. New 0.81% +0.81
NVDY Yieldmax Nvda Option Inc. ETF New 0.80% +0.80
MRK Merck & Co. Inc. New 0.72% +0.72
IONS Ionis Pharmaceuticals Inc. New 0.64% +0.64
BABA Alibaba Group Holding-SP ADR Add +209.2% 0.88% +0.51
JD Jd.com Inc.-ADR Add +103.8% 1.01% +0.48
ETN Eaton Corp. PLC New 0.45% +0.45
GRAB Grab Holdings Ltd. Class A Add +621.6% 0.55% +0.44
AMD Advanced Micro Devices Add +77.4% 1.22% +0.42
H Hyatt Hotels Corp. Class A New 0.41% +0.41
ALNY Alnylam Pharmaceuticals Inc. Add +57.2% 2.68% +0.40
NOK Nokia Corp.-Spon ADR New 0.40% +0.40
AVBP Arrivent Biopharma Inc. New 0.40% +0.40
GDS GDS Holdings Ltd. - ADR Add +891.8% 0.43% +0.39
BE Bloom Energy Corp. Class A New 0.38% +0.38
CRVS Corvus Pharmaceuticals Inc. New 0.38% +0.38
MANE Veradermics Inc. New 0.37% +0.37
SITM Sitime Corp. New 0.36% +0.36
DHT DHT Holdings Inc. New 0.34% +0.34
SE Sea Ltd.-ADR Add +254.6% 0.64% +0.33
ARM Arm Holdings PLC-ADR New 0.33% +0.33
UNH Unitedhealth Group Inc. New 0.32% +0.32
RVMD Revolution Medicines Inc. New 0.32% +0.32
SN Sharkninja Inc. New 0.30% +0.30
INTC Intel Corp. New 0.30% +0.30
CTAS Cintas Corp. New 0.26% +0.26
TTWO Take-Two Interactive Softwre Add +319.0% 0.35% +0.23
NET Cloudflare Inc. Class A New 0.23% +0.23
TPR Tapestry Inc. Add +20.1% 1.37% +0.22
V Visa Inc. Class A Add +520.7% 0.27% +0.21
LIN Linde PLC New 0.21% +0.21
FSLY Fastly Inc. Class A New 0.20% +0.20
PAYP Paypay Corp. New 0.20% +0.20
ATAT Atour Lifestyle Holdings-ADR New 0.18% +0.18
YMM Full Truck Alliance -SPN ADR New 0.17% +0.17
UAL United Airlines Holdings Inc. New 0.17% +0.17
GFS Globalfoundries Inc. New 0.17% +0.17

Options Activity Q4 2025 → Q1 2026
SMH Vaneck Semiconductor ETF put Add +380.6% 807,500 $309.6M
QQQ Invesco QQQ Trust Series 1 put New 210,000 $121.2M
SOXX iShares Semiconductor ETF put New 15,000 $4.9M
BABA Alibaba Group Holding-SP ADR call New 25,000 $3.1M
GLD SPDR Gold Shares call New 5,000 $2.2M
NVDA Nvidia Corp. call New 10,000 $1.7M
AMZN Amazon.com Inc. call New 5,000 $1.0M

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