North of South Capital LLP 13F holdings, Q4 2025
Holdings as of December 31, 2025 · filings on SEC EDGAR · latest filing →
North of South Capital LLP disclosed 27 US equity positions worth $1.1bn in its Q4 2025 13F filing. The largest position was IBN at 19.8% of the reported book, followed by TSM and JD. Against the Q3 2025 filing, it opened 5 new positions, added to 9 and reduced 9 among the top 27 holdings.
What did North of South Capital LLP own in Q4 2025? Top 27 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q3 2025 |
|---|---|---|---|---|---|---|---|
| 1 | IBN ICICI BANK-ADR | Financial Services | 19.8% | $220.2m | 7,388,440 | 128% | added |
| 2 | TSM TAIWAN SEMIC-ADR | Technology | 12.4% | $137.9m | 453,780 | -1% | reduced |
| 3 | JD JD.COM INC-ADR | Consumer Cyclical | 11.0% | $122.1m | 4,253,012 | 4% | added |
| 4 | YMM FULL TRUCK A-ADR | Technology | 10.5% | $116.4m | 10,847,821 | 2% | added |
| 5 | PAAS PAN AMER SILVER | Basic Materials | 10.0% | $111.3m | 2,147,562 | -28% | reduced |
| 6 | KT KT CORP-ADR | Communication Services | 7.7% | $85.9m | 4,529,411 | 6% | added |
| 7 | YPF YPF SA-ADR | Energy | 5.4% | $60.4m | 1,670,378 | 3% | added |
| 8 | BIDU BAIDU INC-SP ADR | Communication Services | 5.0% | $55.7m | 426,013 | 3% | added |
| 9 | LAUR LAUREATE EDUCATI | Consumer Defensive | 4.7% | $51.8m | 1,537,384 | -4% | reduced |
| 10 | ATHM AUTOHOME INC-ADR | Communication Services | 4.5% | $50.6m | 2,272,864 | -1% | reduced |
| 11 | VIPS VIPSHOP HOLD-ADR | Consumer Cyclical | 3.6% | $40.0m | 2,262,683 | -33% | reduced |
| 12 | VLRS CONTROLADORA-ADR | 3.2% | $35.5m | 3,996,297 | -21% | reduced | |
| 13 | BABA ALIBABA GRP-ADR | Consumer Cyclical | 0.5% | $5.8m | 39,398 | 13% | added |
| 14 | PBR PETROBRAS SA-ADR | Energy | 0.3% | $3.2m | 265,853 | -7% | reduced |
| 15 | BAP CREDICORP LTD | Financial Services | 0.3% | $3.0m | 10,519 | 163% | added |
| 16 | HMY HARMONY GOLD-ADR | Basic Materials | 0.2% | $1.9m | 95,204 | – | new |
| 17 | UMC UNITED MICRO-ADR | Technology | 0.1% | $1.6m | 202,000 | 62% | added |
| 18 | LOMA LOMA NEGRA C-ADR | 0.1% | $1.6m | 120,000 | – | new | |
| 19 | TIGO MILLICOM INTL | Communication Services | 0.1% | $1.5m | 27,054 | 0% | held |
| 20 | KSPI JSC KASPI.KZ | 0.1% | $1.4m | 18,237 | – | new | |
| 21 | AUGO AURA MINERALS | 0.1% | $1.4m | 27,798 | -67% | reduced | |
| 22 | MUX MCEWEN INC | 0.1% | $925.5k | 50,000 | 0% | held | |
| 23 | LTM LATAM AIRLINES G | Industrials | 0.1% | $904.3k | 16,743 | – | new |
| 24 | AXIAY AXIA ENERGIA-ADR | 0.1% | $778.4k | 84,977 | -81% | reduced | |
| 25 | BBAR BBVA ARGENT-ADR | 0.0% | $542.1k | 30,000 | 0% | held | |
| 26 | AXICY AXIA ENERGIA-ADR | 0.0% | $429.4k | 72,335 | – | new | |
| 27 | TV GRUPO TELEV-ADR | 0.0% | $291.0k | 100,000 | 0% | held |
Weights are shares of the reported long US equity book (options excluded). Values are as filed, normalised to whole dollars. Share changes compare against the immediately preceding filing only.