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North of South Capital LLP

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

Q1 2026 · Filed 2026-04-20
Market Value
$1.1B
Holdings
31
+4
New Purchases
5
Added To
12
Closed
3
Reduced
8
Top 10 Concentration
94.1%
Turnover
25.8%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
YPF 14.65% 5.43% +9.22% $163M
KSPI 3.79% 0.13% +3.67% $42M
BIDU 7.41% 5.00% +2.40% $82M
TGS 1.99% 0.00% +1.99% $22M
ATHM 5.78% 4.55% +1.23% $64M
INDA 0.93% 0.00% +0.93% $10M
JD 11.73% 10.97% +0.76% $130M
VIST 0.28% 0.00% +0.28% $3M
UMC 0.33% 0.14% +0.18% $4M
PBR 0.42% 0.28% +0.14% $5M
LAUR 4.78% 4.65% +0.13% $53M
TLK 0.12% 0.00% +0.12% $1M
TS 0.09% 0.00% +0.09% $1M
LTM 0.18% 0.08% +0.09% $2M
AXIA 0.15% 0.07% +0.08% $2M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
KT 0.18% 7.72% -7.54% $2M
PAAS 5.65% 10.00% -4.35% $63M
VIPS 0.00% 3.60% -3.60% $0
VLRS 0.00% 3.19% -3.19% $0
YMM 8.30% 10.46% -2.17% $92M
IBN 19.66% 19.79% -0.14% $219M
TIGO 0.00% 0.13% -0.13% $0
BABA 0.41% 0.52% -0.11% $5M
AUGO 0.05% 0.13% -0.07% $596K
BAP 0.21% 0.27% -0.06% $2M
TSM 12.38% 12.40% -0.02% $138M
BBAR 0.04% 0.05% -0.01% $482K

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 $142M 12.8%
Large Cap 15 $718M 64.6%
Mid Cap 9 $184M 16.6%
Small Cap 5 $67M 6.1%

Portfolio Analytics

Avg Market Cap
$97.3B
Median Market Cap
$14.4B
Avg P/E
17.7
Median P/E
15.0
Avg Dividend Yield
0.03%
Avg Beta
0.50
# Stocks
30
# ETFs / Funds
1

Top Holdings (31 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 IBN 19.66% 8,439,972 $219M $25.90 -$2M +1,051,532 +14.2%
2 YPF 14.65% 3,524,252 $163M $46.22 $102M +1,853,874 +111.0%
3 TSM 12.38% 407,377 $138M $337.95 -$226K -46,403 -10.2%
4 JD 11.73% 4,411,681 $130M $29.57 $8M +158,669 +3.7%
5 YMM 8.30% 11,118,123 $92M $8.30 -$24M +270,302 +2.5%
6 BIDU 7.41% 739,299 $82M $111.42 $27M +313,286 +73.5%
7 ATHM 5.78% 3,700,631 $64M $17.37 $14M +1,427,767 +62.8%
8 PAAS 5.65% 1,151,110 $63M $54.63 -$48M -996,452 -46.4%
9 LAUR 4.78% 1,526,892 $53M $34.84 $1M -10,492 -0.7%
10 KSPI 3.79% 569,681 $42M $74.07 $41M +551,444 +3023.8%
11 TGS 1.99% 640,999 $22M $34.61 +640,999 NEW
12 INDA 0.93% 220,987 $10M $46.84 +220,987 NEW
13 PBR 0.42% 227,683 $5M $20.75 $2M -38,170 -14.4%
14 BABA 0.41% 36,054 $5M $125.46 -$1M -3,344 -8.5%
15 UMC 0.33% 405,075 $4M $8.98 $2M +203,075 +100.5%
16 VIST 0.28% 41,519 $3M $75.47 +41,519 NEW
17 BAP 0.21% 7,014 $2M $339.18 -$640K -3,505 -33.3%
18 HMY 0.19% 134,490 $2M $15.37 $173K +39,286 +41.3%
19 KT 0.18% 95,202 $2M $21.45 -$84M -4,434,209 -97.9%
20 LTM 0.18% 39,455 $2M $49.44 $1M +22,712 +135.7%
21 LOMA 0.16% 163,566 $2M $11.09 $260K +43,566 +36.3%
22 AXIA 0.15% 150,411 $2M $11.28 $918K +65,434 +77.0%
23 TLK 0.12% 68,845 $1M $18.68 +68,845 NEW
24 TS 0.09% 18,087 $1M $58.18 +18,087 NEW
25 MUX 0.09% 50,000 $1M $20.42 $96K
26 AUGO 0.05% 7,304 $596K $81.60 -$805K -20,494 -73.7%
27 BBAR 0.04% 30,000 $482K $16.06 -$60K
28 TV 0.03% 100,000 $291K $2.91
29 VLRS —% -$35M -3,996,297 -100.0% SOLD
30 VIPS —% -$40M -2,262,683 -100.0% SOLD
31 TIGO —% -$1M -27,054 -100.0% SOLD

New Positions

SymbolValue% Port
TGS $22M 1.99%
INDA $10M 0.93%
VIST $3M 0.28%
TLK $1M 0.12%
TS $1M 0.09%

Sold Out Positions

SymbolValue% Port
VLRS —%
VIPS —%
TIGO —%
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