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North of South Capital LLP

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

Q4 2025 · Filed 2026-02-12
Market Value
$1.1B
+6.9%
Holdings
27
+2
New Purchases
4
Added To
9
Closed
1
Reduced
9
Top 10 Concentration
91.0%
Turnover
18.5%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
IBN 19.79% 9.41% +10.39% $220M
YPF 5.43% 3.78% +1.65% $60M
HMY 0.17% 0.00% +0.17% $2M
BAP 0.27% 0.10% +0.17% $3M
TSM 12.40% 12.25% +0.15% $138M
LOMA 0.14% 0.00% +0.14% $2M
KSPI 0.13% 0.00% +0.13% $1M
LTM 0.08% 0.00% +0.08% $904K
UMC 0.14% 0.09% +0.05% $2M
BBAR 0.05% 0.02% +0.02% $542K
TIGO 0.13% 0.13% +0.01% $1M
MUX 0.08% 0.08% +0.00% $926K
TV 0.03% 0.03% +0.00% $291K

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
YMM 10.46% 13.22% -2.76% $116M
VIPS 3.60% 6.33% -2.74% $40M
JD 10.97% 13.69% -2.72% $122M
ATHM 4.55% 6.27% -1.72% $51M
PAAS 10.00% 11.17% -1.16% $111M
AXIA 0.07% 0.42% -0.35% $778K
VLRS 3.19% 3.51% -0.32% $35M
KT 7.72% 8.03% -0.30% $86M
BIDU 5.00% 5.26% -0.25% $56M
LAUR 4.65% 4.87% -0.21% $52M
AUGO 0.13% 0.30% -0.17% $1M
SKM 0.00% 0.11% -0.11% $0
BABA 0.52% 0.60% -0.08% $6M
PBR 0.28% 0.35% -0.06% $3M

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 $144M 12.9%
Large Cap 14 $584M 52.5%
Mid Cap 6 $296M 26.6%
Small Cap 5 $89M 8.0%

Portfolio Analytics

Avg Market Cap
$109.7B
Median Market Cap
$14.5B
Avg P/E
20.1
Median P/E
15.8
Avg Dividend Yield
0.03%
Avg Beta
0.59
# Stocks
27
# ETFs / Funds
0

Top Holdings (27 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 IBN 19.79% 7,388,440 $220M $29.80 $122M +4,150,207 +128.2%
2 TSM 12.40% 453,780 $138M $303.89 $10M -2,565 -0.6%
3 JD 10.97% 4,253,012 $122M $28.70 -$20M +180,081 +4.4%
4 YMM 10.46% 10,847,821 $116M $10.73 -$21M +240,446 +2.3%
5 PAAS 10.00% 2,147,562 $111M $51.81 -$5M -852,494 -28.4%
6 KT 7.72% 4,529,411 $86M $18.97 $2M +246,124 +5.8%
7 YPF 5.43% 1,670,378 $60M $36.16 $21M +50,395 +3.1%
8 BIDU 5.00% 426,013 $56M $130.66 $946K +10,768 +2.6%
9 LAUR 4.65% 1,537,384 $52M $33.67 $1M -67,927 -4.2%
10 ATHM 4.55% 2,272,864 $51M $22.26 -$15M -12,075 -0.5%
11 VIPS 3.60% 2,262,683 $40M $17.69 -$26M -1,093,316 -32.6%
12 VLRS 3.19% 3,996,297 $35M $8.88 -$1000K -1,085,436 -21.4%
13 BABA 0.52% 39,398 $6M $146.58 -$481K +4,395 +12.6%
14 PBR 0.28% 265,853 $3M $11.85 -$462K -19,520 -6.8%
15 BAP 0.27% 10,519 $3M $287.00 $2M +6,519 +163.0%
16 HMY 0.17% 95,204 $2M $19.90 +95,204 NEW
17 UMC 0.14% 202,000 $2M $7.86 $640K +77,000 +61.6%
18 LOMA 0.14% 120,000 $2M $12.95 +120,000 NEW
19 TIGO 0.13% 27,054 $1M $55.44 $187K
20 KSPI 0.13% 18,237 $1M $78.13 +18,237 NEW
21 AUGO 0.13% 27,798 $1M $50.41 -$2M -55,188 -66.5%
22 MUX 0.08% 50,000 $926K $18.51 $70K
23 LTM 0.08% 16,743 $904K $54.01 +16,743 NEW
24 AXIA 0.07% 84,977 $778K $9.16 -$4M -354,705 -80.7%
25 BBAR 0.05% 30,000 $542K $18.07 $292K
26 TV 0.03% 100,000 $291K $2.91 $22K
27 SKM —% -$1M -52,439 -100.0% SOLD

New Positions

SymbolValue% Port
HMY $2M 0.17%
LOMA $2M 0.14%
KSPI $1M 0.13%
LTM $904K 0.08%

Sold Out Positions

SymbolValue% Port
SKM —%
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