Institutional Manager · CIK 0002033334
North of South Capital LLP
LONDON, X0 · File #028-24295
Latest AUM
$1.11B
Positions
27
Top-10 Concentration
91.0%
Filings
7
Portfolio Value Over Time
2024-06
2024-09
2024-12
2025-03
2025-06
2025-09
2025-12
Biggest QoQ Changes
Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.
| Action | Issuer | Ticker / CUSIP | Δ Shares | Flow ($) | Price Effect |
|---|---|---|---|---|---|
| ADD | ICICI BANK-ADR | IBN | +4,150,207 | +$123.7M | -$1.4M |
| REDUCE | PAN AMER SILVER | 697900108 | -852,494 | -$44.2M | +$39.2M |
| REDUCE | VIPSHOP HOLD-ADR | VIPS | -1,093,316 | -$19.3M | -$6.5M |
| REDUCE | CONTROLADORA-ADR | 21240E105 | -1,085,436 | -$9.6M | +$8.6M |
| ADD | JD.COM INC-ADR | JDCMF | +180,081 | +$5.2M | -$25.6M |
| ADD | KT CORP-ADR | KT | +246,124 | +$4.7M | -$2.3M |
| REDUCE | AXIA ENERGIA-ADR | 15234Q207 | -354,705 | -$3.2M | -$334,160 |
| REDUCE | AURA MINERALS | AUGO | -55,188 | -$2.8M | +$1.1M |
| ADD | FULL TRUCK A-ADR | YMM | +240,446 | +$2.6M | -$23.8M |
| REDUCE | LAUREATE EDUCATI | LAUR | -67,927 | -$2.3M | +$3.4M |
Sector Allocation
Filing History
- 13F HOLDINGS REPORTQ/E Dec 202527 pos · $1.11B
- 13F HOLDINGS REPORTQ/E Sep 202523 pos · $1.04B
- 13F HOLDINGS REPORTQ/E Jun 202521 pos · $951.1M
- 13F HOLDINGS REPORTQ/E Mar 202520 pos · $895.2M
- 13F HOLDINGS REPORTQ/E Dec 202418 pos · $823.4M
- 13F HOLDINGS REPORTQ/E Sep 202417 pos · $659.4M
- 13F HOLDINGS REPORTQ/E Jun 202417 pos · $386.2M
Top 20 Holdings — Dec 2025
| # | Issuer | Ticker | Shares | Value | % of Portfolio |
|---|---|---|---|---|---|
| 1 | ICICI BANK-ADR | IBN | 7,388,440 | $220.2M | 19.79% |
| 2 | TAIWAN SEMIC-ADR | 874039100 | 453,780 | $137.9M | 12.39% |
| 3 | JD.COM INC-ADR | JDCMF | 4,253,012 | $122.1M | 10.97% |
| 4 | FULL TRUCK A-ADR | YMM | 10,847,821 | $116.4M | 10.46% |
| 5 | PAN AMER SILVER | 697900108 | 2,147,562 | $111.3M | 10.00% |
| 6 | KT CORP-ADR | KT | 4,529,411 | $85.9M | 7.72% |
| 7 | YPF SA-ADR | YPF | 1,670,378 | $60.4M | 5.43% |
| 8 | BAIDU INC-SP ADR | BAIDF | 426,013 | $55.7M | 5.00% |
| 9 | LAUREATE EDUCATI | LAUR | 1,537,384 | $51.8M | 4.65% |
| 10 | AUTOHOME INC-ADR | ATHM | 2,272,864 | $50.6M | 4.55% |
| 11 | VIPSHOP HOLD-ADR | VIPS | 2,262,683 | $40.0M | 3.60% |
| 12 | CONTROLADORA-ADR | 21240E105 | 3,996,297 | $35.5M | 3.19% |
| 13 | ALIBABA GRP-ADR | BBAAY | 39,398 | $5.8M | 0.52% |
| 14 | PETROBRAS SA-ADR | 71654V408 | 265,853 | $3.2M | 0.28% |
| 15 | CREDICORP LTD | BAP | 10,519 | $3.0M | 0.27% |
| 16 | HARMONY GOLD-ADR | HGMCF | 95,204 | $1.9M | 0.17% |
| 17 | UNITED MICRO-ADR | UMC | 202,000 | $1.6M | 0.14% |
| 18 | LOMA NEGRA C-ADR | 54150E104 | 120,000 | $1.6M | 0.14% |
| 19 | MILLICOM INTL | L6388F110 | 27,054 | $1.5M | 0.13% |
| 20 | JSC KASPI.KZ | 48581R205 | 18,237 | $1.4M | 0.13% |