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North of South Capital LLP

16 KINNERTON PLACE SOUTH, LONDON, X0 SW1X 8EH • 44 207 152 6061

Q3 2025 · Filed 2025-10-27
Market Value
$1.0B
+9.4%
Holdings
25
+3
New Purchases
4
Added To
13
Closed
2
Reduced
4
Top 10 Concentration
90.5%
Turnover
24.0%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
PAAS 11.17% 1.65% +9.52% $116M
IBN 9.41% 1.12% +8.29% $98M
YMM 13.22% 9.84% +3.38% $138M
TSM 12.25% 10.61% +1.64% $127M
VIPS 6.33% 5.10% +1.23% $66M
VLRS 3.51% 2.48% +1.03% $36M
LAUR 4.87% 3.88% +0.98% $51M
AUGO 0.30% 0.00% +0.30% $3M
ATHM 6.27% 5.98% +0.29% $65M
AXIA 0.42% 0.17% +0.25% $4M
PBR 0.35% 0.15% +0.20% $4M
SKM 0.11% 0.00% +0.11% $1M
UMC 0.09% 0.00% +0.09% $948K
MUX 0.08% 0.00% +0.08% $855K
JD 13.69% 13.64% +0.05% $142M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
BABA 0.60% 24.95% -24.35% $6M
YPF 3.78% 5.13% -1.34% $39M
KT 8.03% 9.13% -1.11% $84M
BIDU 5.26% 5.58% -0.32% $55M
TGS 0.00% 0.10% -0.10% $0
BAP 0.10% 0.19% -0.09% $1M
TIGO 0.13% 0.21% -0.08% $1M
BBAR 0.02% 0.05% -0.03% $250K
ERJ 0.00% 0.01% -0.01% $0

Sector Allocation Over Time

Industry Breakdown

IndustryWeight
Technology 24.8%
Financial Services 20.8%
Energy 17.4%
Communication Services 13.5%
Consumer Cyclical 12.1%

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 2 $134M 12.8%
Large Cap 12 $463M 44.5%
Mid Cap 7 $341M 32.8%
Small Cap 4 $103M 9.9%

Portfolio Analytics

Avg Market Cap
$118.8B
Median Market Cap
$14.5B
Avg P/E
20.7
Median P/E
16.7
Avg Dividend Yield
0.03%
Avg Beta
0.57
# Stocks
25
# ETFs / Funds
0

Top Holdings (25 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 JD 13.69% 4,072,931 $142M $34.98 $13M +98,716 +2.5%
2 YMM 13.22% 10,607,375 $138M $12.97 $44M +2,682,409 +33.9%
3 TSM 12.25% 456,345 $127M $279.29 $27M +10,748 +2.4%
4 PAAS 11.17% 3,000,056 $116M $38.73 $101M +2,448,778 +444.2%
5 IBN 9.41% 3,238,233 $98M $30.23 $87M +2,922,613 +926.0%
6 KT 8.03% 4,283,287 $84M $19.50 -$3M +103,174 +2.5%
7 VIPS 6.33% 3,355,999 $66M $19.64 $17M +131,784 +4.1%
8 ATHM 6.27% 2,284,939 $65M $28.55 $8M +78,978 +3.6%
9 BIDU 5.26% 415,245 $55M $131.77 $2M -203,405 -32.9%
10 LAUR 4.87% 1,605,311 $51M $31.54 $14M +26,374 +1.7%
11 YPF 3.78% 1,619,983 $39M $24.29 -$9M +69,634 +4.5%
12 VLRS 3.51% 5,081,733 $36M $7.18 $13M +117,323 +2.4%
13 BABA 0.60% 35,003 $6M $178.73 -$231M -2,057,866 -98.3%
14 AXIA 0.42% 439,682 $4M $9.92 $3M +220,030 +100.2%
15 PBR 0.35% 285,373 $4M $12.66 $2M +171,649 +150.9%
16 AUGO 0.30% 82,986 $3M $37.21 +82,986 NEW
17 TIGO 0.13% 27,054 $1M $48.54 -$668K -25,827 -48.8%
18 SKM 0.11% 52,439 $1M $21.60 +52,439 NEW
19 BAP 0.10% 4,000 $1M $266.28 -$780K -4,256 -51.5%
20 UMC 0.09% 125,000 $948K $7.58 +125,000 NEW
21 MUX 0.08% 50,000 $855K $17.10 +50,000 NEW
22 TV 0.03% 100,000 $269K $2.69 $50K
23 BBAR 0.02% 30,000 $250K $8.32 -$244K
24 TGS —% -$958K -37,000 -100.0% SOLD
25 ERJ —% -$137K -2,400 -100.0% SOLD

New Positions

SymbolValue% Port
AUGO $3M 0.30%
SKM $1M 0.11%
UMC $948K 0.09%
MUX $855K 0.08%

Sold Out Positions

SymbolValue% Port
TGS —%
ERJ —%
View SEC EDGAR Filings for North of South Capital LLP →

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