SEC 13F Intelligence

Managers / Q2 2025 · view latest →

North of South Capital LLP

CIK 0002033334 · 16 KINNERTON PLACE SOUTH, LONDON, X0, SW1X 8EH · 44 207 152 6061

Reported Value
$951M
Q2 2025
Positions
21
Filings on Record
8
2019–present window
Filed
Aug 8, 2025
original filing

Summary

North Of South Capital LLP reported $951M in U.S.-listed holdings across 21 positions for Q2 2025.

The portfolio is heavily concentrated: BABA alone accounts for 25.0% of reported value.

Compared with Q1 2025, the fund opened 2 new positions and exited 1.

Portfolio Metrics

Turnover
+5.3%
vs prior filed quarter
Top-10 Concentration
+93.8%
share of reported value
Largest Position
+25.0%
Alibaba Grp Adr
New / Exited
2 / 1
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q2 ’24: $386MQ2 ’24Q3 ’24: $659MQ3 ’24Q4 ’24: $823MQ4 ’24Q1 ’25: $895MQ1 ’25Q2 ’25: $951MQ2 ’25Q3 ’25: $1.0BQ3 ’25Q4 ’25: $1.1BQ4 ’25Q1 ’26: $1.1BQ1 ’26filingsflow.com

Portfolio Composition

By security type
ADR: 94.1%Common Stock: 5.5%Other: 0.4%
  • ADR · 94.1% · $895M
  • Common Stock · 5.5% · $53M
  • Other · 0.4% · $4M

Quarter-over-Quarter Changes full breakdown →

vs Q1 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
PAASPAN AMER SILVERNEW+551.3K551.3K+$16M$16M
CREDICORP LTDNEW+8.3K8.3K+$2M$2M
IBNICICI BANK-ADRADDED+264.6K315.6K+$9M$11M
SKMSK TELEC-SPN ADRSOLD OUT−42.9K0−$912,415$0
EMBJEMBRAER SA-ADRTRIMMED−430.8K2.4K−$20M$136,584
TRANSPORT GA-ADRADDED+12.0K37.0K+$296,800$958,300
PBRPETROBRAS SA-ADRTRIMMED−64.6K113.7K−$1M$1M
YMMFULL TRUCK A-ADRADDED+1.77M7.92M+$15M$94M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q2 2025

21 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1BABAALIBABA GRP-ADRhistory →SPONSORED ADS24.95%$237M2.09M
2JDJD.COM INC-ADRhistory →SPON ADS CL A13.64%$130M3.97M
3TSMTAIWAN SEMIC-ADRhistory →SPONSORED ADS10.61%$101M445.6K
4YMMFULL TRUCK A-ADRhistory →SPONSORED ADS9.84%$94M7.92M
5KTKT CORP-ADRhistory →SPONSORED ADR9.13%$87M4.18M
6ATHMAUTOHOME INC-ADRhistory →SP ADS RP CL A5.98%$57M2.21M
7BIDUNBAIDU INC-SP ADRhistory →SPON ADR REP A5.58%$53M618.6K
8YPF SA-ADRSPON ADR CL D5.13%$49M1.55M
9VIPSVIPSHOP HOLD-ADRhistory →SPONSORED ADS A5.10%$49M3.22M
10LAURLAUREATE EDUCATIhistory →COMMON STOCK3.88%$37M1.58M
11VLRSCONTROLADORA-ADRhistory →SPON ADR RP 102.48%$24M4.96M
12PAASPAN AMER SILVERhistory →COMMON STOCK1.65%$16M551.3K
13IBNICICI BANK-ADRhistory →ADR1.12%$11M315.6K
14MILLICOM INTLCOMMON STOCK0.21%$2M52.9K
15CREDICORP LTDCOMMON STOCK0.19%$2M8.3K
16ELETROBRAS-ADRSPONSORED ADR0.17%$2M219.7K
17PBRPETROBRAS SA-ADRSPONSORED ADR0.15%$1M113.7K
18TRANSPORT GA-ADRSPONSORED ADS B0.10%$958,30037.0K
19BFPBBVA ARGENT-ADRSPONSORED ADS0.05%$493,80030.0K
20TLVGRUPO TELEV-ADRSPON ADR REP ORD0.02%$219,000100.0K
21EMBJEMBRAER SA-ADRSPONSORED ADS0.01%$136,5842.4K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$1.1B29Apr 20, 202613F-HRchanges · EDGAR ↗
Q4 2025$1.1B27Feb 12, 202613F-HRchanges · EDGAR ↗
Q3 2025$1.0B23Oct 27, 202513F-HRchanges · EDGAR ↗
Q2 2025$951M21Aug 8, 202513F-HRchanges · EDGAR ↗
Q1 2025$895M20Apr 28, 202513F-HRchanges · EDGAR ↗
Q4 2024$823M18Feb 3, 202513F-HRchanges · EDGAR ↗
Q3 2024$659M17Nov 12, 202413F-HRchanges · EDGAR ↗
Q2 2024$386M17Aug 13, 202413F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.