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Polunin Capital Partners Ltd

10 CAVALRY SQUARE, LONDON, X0 SW3 4RB • 02078248800

Q4 2025 · Filed 2026-01-20
Market Value
$649M
-4.5%
Holdings
25
-3
New Purchases
2
Added To
7
Closed
2
Reduced
14
Top 10 Concentration
92.0%
Turnover
16.0%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
CSIQ 6.73% 0.00% +6.73% $44M
BVN 2.89% 1.80% +1.09% $19M
BIDU 9.53% 8.62% +0.91% $62M
PAGS 6.91% 6.10% +0.81% $45M
GAU 0.80% 0.00% +0.80% $5M
CGAU 1.26% 0.86% +0.40% $8M
HUYA 1.55% 1.21% +0.34% $10M
JOYY 1.62% 1.41% +0.21% $11M
DQ 5.66% 5.47% +0.19% $37M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
BABA 35.27% 38.22% -2.96% $229M
RYAAY 0.00% 1.84% -1.84% $0
JD 8.67% 10.27% -1.60% $56M
YMM 4.79% 6.19% -1.40% $31M
STNE 7.49% 8.88% -1.39% $49M
NIU 0.00% 0.97% -0.97% $0
ATHM 4.07% 4.82% -0.75% $26M
KWEB 0.11% 0.26% -0.15% $687K
CAN 0.15% 0.25% -0.11% $942K
QD 0.05% 0.16% -0.11% $342K
ASHR 0.12% 0.20% -0.08% $778K
MOMO 0.92% 0.98% -0.06% $6M
BZUN 0.03% 0.06% -0.04% $168K
DOYU 0.29% 0.32% -0.03% $2M
MX 0.16% 0.16% -0.01% $1M

Sector Allocation Over Time

Industry Breakdown

IndustryWeight
Technology 50.9%
Consumer Cyclical 27.4%
Communication Services 13.5%
Energy 6.6%
Basic Materials 1.2%

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 1 $229M 35.3%
Large Cap 3 $118M 18.2%
Mid Cap 9 $170M 26.1%
Small Cap 7 $128M 19.8%
Micro Cap 5 $4M 0.6%

Portfolio Analytics

Avg Market Cap
$18.7B
Median Market Cap
$2.5B
Avg P/E
16.9
Median P/E
8.4
Avg Dividend Yield
0.05%
Avg Beta
0.88
# Stocks
23
# ETFs / Funds
2

Top Holdings (25 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 BABA 35.27% 1,383,722 $229M $165.40 -$31M +2,088 +0.1%
2 BIDU 9.53% 413,496 $62M $149.53 $3M +1,128 +0.3%
3 JD 8.67% 1,947,668 $56M $28.90 -$14M -24,188 -1.2%
4 STNE 7.49% 3,356,763 $49M $14.49 -$12M -2,425 -0.1%
5 PAGS 6.91% 4,450,160 $45M $10.08 $3M +16,700 +0.4%
6 CSIQ 6.73% 2,009,769 $44M $21.74 +2,009,769 NEW
7 DQ 5.66% 1,458,705 $37M $25.18 -$453K +174,747 +13.6%
8 YMM 4.79% 3,152,133 $31M $9.86 -$11M +6,787 +0.2%
9 ATHM 4.07% 1,143,866 $26M $23.09 -$6M -9,349 -0.8%
10 BVN 2.89% 540,381 $19M $34.68 $7M +41,100 +8.2%
11 JOYY 1.62% 151,493 $11M $69.49 $932K -11,937 -7.3%
12 HUYA 1.55% 2,719,977 $10M $3.71 $2M +207,042 +8.2%
13 CGAU 1.26% 491,629 $8M $16.66 $2M -24,086 -4.7%
14 HIMX 0.94% 706,750 $6M $8.59 -$310K -32,618 -4.4%
15 MOMO 0.92% 853,219 $6M $6.99 -$680K -36,150 -4.1%
16 GAU 0.80% 1,860,217 $5M $2.78 +1,860,217 NEW
17 DOYU 0.29% 277,828 $2M $6.80 -$294K -15,602 -5.3%
18 MX 0.16% 335,148 $1M $3.03 -$99K -12,947 -3.7%
19 CAN 0.15% 1,194,556 $942K $0.79 -$767K -110,285 -8.4%
20 ASHR 0.12% 23,183 $778K $33.56 -$568K -17,662 -43.2%
21 KWEB 0.11% 19,226 $687K $35.73 -$1M -21,874 -53.2%
22 QD 0.05% 112,803 $342K $3.03 -$731K -128,351 -53.2%
23 BZUN 0.03% 60,222 $168K $2.79 -$256K -47,401 -44.0%
24 NIU —% -$7M -1,460,883 -100.0% SOLD
25 RYAAY —% -$13M -210,331 -100.0% SOLD

New Positions

SymbolValue% Port
CSIQ $44M 6.73%
GAU $5M 0.80%

Sold Out Positions

SymbolValue% Port
NIU —%
RYAAY —%
View SEC EDGAR Filings for Polunin Capital Partners Ltd →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms