2026 Q2 Portfolio Activity
In 2026 Q2, North of South Capital LLP maintained a portfolio of 32 distinct positions. The most significant new addition was YUM CHINA HO, now representing 4.62% of the total fund value. They heavily accumulated shares in JSC KASPI.KZ, increasing the position by 73.3%. The fund also reduced its exposure to PAN AMER SILVER by 48.0%.
Position History
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Total Positions
32
Quarter
2026 Q2
Top Holding
IBN (18.6%)
Top 10 Concentration
90.5%
Turnover Rate
23.4%
Sector HHI
0.18
Items per page:
Showing 1-32 of 32
North of South Capital LLP Full Holdings List — 2026 Q2
| Stock | History | Sector / Type | Port % | Prev % | Rank / Prev | Conviction | Change | % Change | Influence | Shares | Mkt Value | Avg Cost | Price Held | 1st Owned | Source | Source Date | Date Reported | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
IBN
ICICI BANK-ADR
|
Financial Services | 18.57% | 19.64% |
#1
Prev: #1
|
6.5 |
—
|
250,476 | 3.0% |
P
S
|
8,690,448 | $252,283,705 |
$29.31
+3.1%
|
2024 Q3 | 13F Filing | 2026-06-30 | 2026-07-30 | ||
|
YPF
YPF SA-ADR
|
Energy | 13.47% | 14.63% |
#2
Prev: #2
|
7.5 |
—
|
499,310 | 14.2% |
P
S
|
4,023,562 | $182,951,364 | 2024 Q2 | 13F Filing | 2026-06-30 | 2026-07-30 | |||
|
JD
JD.COM INC-ADR
|
Consumer Cyclical | 12.49% | 11.72% |
#3
1
Prev: #4
|
8.0 |
—
|
2,250,164 | 51.0% |
P
S
|
6,661,845 | $169,743,811 | 2024 Q2 | 13F Filing | 2026-06-30 | 2026-07-30 | |||
|
TSM
TAIWAN SEMIC-AD...
|
Technology | 11.63% | 12.37% |
#4
1
Prev: #3
|
5.0 |
—
|
-76,420 | -18.8% |
P
S
|
330,957 | $158,055,134 | 2024 Q2 | 13F Filing | 2026-06-30 | 2026-07-30 | |||
|
YMM
FULL TRUCK A-AD...
|
Technology | 7.73% | 8.29% |
#5
Prev: #5
|
5.6 |
—
|
1,817,923 | 16.4% |
P
S
|
12,936,046 | $105,040,694 | 2024 Q3 | 13F Filing | 2026-06-30 | 2026-07-30 | |||
|
BIDU
BAIDU INC-SP AD...
|
Communication Services | 7.73% | 7.40% |
#6
Prev: #6
|
5.6 |
—
|
179,642 | 24.3% |
P
S
|
918,941 | $105,025,767 | 2024 Q2 | 13F Filing | 2026-06-30 | 2026-07-30 | |||
|
KSPI
JSC KASPI.KZ
|
Technology | 6.30% | 3.79% |
#7
3
Prev: #10
|
5.5 |
—
|
417,709 | 73.3% |
P
S
|
987,390 | $85,547,470 | 2024 Q2 | 13F Filing | 2026-06-30 | 2026-07-30 | |||
|
ATHM
AUTOHOME INC-AD...
|
Communication Services | 4.80% | 5.77% |
#8
1
Prev: #7
|
2.4 |
—
|
-272,443 | -7.4% |
P
S
|
3,428,188 | $65,238,418 | 2024 Q2 | 13F Filing | 2026-06-30 | 2026-07-30 | |||
|
YUMC
YUM CHINA HO
|
Consumer Cyclical | 4.62% | — |
#9
Prev: #—
|
5.3 |
—
|
1,536,481 | — |
NEW
|
1,536,481 | $62,795,978 | 2026 Q2 | 13F Filing | 2026-06-30 | 2026-07-30 | |||
|
LAUR
LAUREATE EDUCAT...
|
Consumer Defensive | 3.13% | 4.78% |
#10
1
Prev: #9
|
1.3 |
—
|
-355,184 | -23.3% |
P
S
|
1,171,708 | $42,556,435 | 2024 Q4 | 13F Filing | 2026-06-30 | 2026-07-30 | |||
|
HDB
HDFC BANK-ADR
|
Financial Services | 3.03% | — |
#11
Prev: #—
|
4.7 |
—
|
1,593,267 | — |
NEW
|
1,593,267 | $41,154,087 | 2026 Q2 | 13F Filing | 2026-06-30 | 2026-07-30 | |||
|
PAAS
PAN AMER SILVER
|
Basic Materials | 1.97% | 5.65% |
#12
4
Prev: #8
|
0.8 |
—
|
-552,397 | -48.0% |
P
S
|
598,713 | $26,816,355 | 2025 Q2 | 13F Filing | 2026-06-30 | 2026-07-30 | |||
|
TGS
TRANSPORT GA-AD...
|
Energy | 1.89% | 1.99% |
#13
2
Prev: #11
|
3.3 |
—
|
222,045 | 34.6% |
P
S
|
863,044 | $25,658,298 | 2025 Q1 | 13F Filing | 2026-06-30 | 2026-07-30 | |||
|
INDA
ISHARES MSCI IN...
|
ETF | 0.80% | 0.93% |
#14
2
Prev: #12
|
1.3 |
—
|
no change | no change |
P
S
|
220,987 | $10,914,548 | 2026 Q1 | 13F Filing | 2026-06-30 | 2026-07-30 | |||
|
KT
KT CORP-ADR
|
Communication Services | 0.30% | 0.18% |
#15
4
Prev: #19
|
3.1 |
—
|
137,516 | 144.4% |
P
S
|
232,718 | $4,021,367 | 2024 Q2 | 13F Filing | 2026-06-30 | 2026-07-30 | |||
|
VIST
VISTA ENERGY SA...
|
Energy | 0.19% | 0.28% |
#16
Prev: #16
|
0.6 |
—
|
-76 | -0.2% |
P
S
|
41,443 | $2,644,063 | 2026 Q1 | 13F Filing | 2026-06-30 | 2026-07-30 | |||
|
JOYY
JOYY INC-ADR
|
ETF | 0.19% | — |
#17
Prev: #—
|
3.6 |
—
|
39,681 | — |
NEW
|
39,681 | $2,618,549 | 2026 Q2 | 13F Filing | 2026-06-30 | 2026-07-30 | |||
|
BABA
ALIBABA GRP-ADR
|
Consumer Cyclical | 0.18% | 0.41% |
#18
4
Prev: #14
|
0.1 |
—
|
-11,238 | -31.2% |
P
S
|
24,816 | $2,381,840 | 2024 Q2 | 13F Filing | 2026-06-30 | 2026-07-30 | |||
|
HMY
HARMONY GOLD-AD...
|
Basic Materials | 0.16% | 0.19% |
#19
1
Prev: #18
|
0.6 |
—
|
6,456 | 4.8% |
P
S
|
140,946 | $2,143,789 | 2025 Q4 | 13F Filing | 2026-06-30 | 2026-07-30 | |||
|
PBR
PETROBRAS SA-AD...
|
Energy | 0.16% | 0.42% |
#20
7
Prev: #13
|
0.1 |
—
|
-95,968 | -42.1% |
P
S
|
131,715 | $2,128,514 | 2024 Q2 | 13F Filing | 2026-06-30 | 2026-07-30 | |||
|
EBR
AXIA ENERGIA-AD...
|
Unknown | 0.14% | 0.15% |
#21
1
Prev: #22
|
2.1 |
—
|
26,926 | 17.9% |
P
S
|
177,337 | $1,872,679 | 2025 Q1 | 13F Filing | 2026-06-30 | 2026-07-30 | |||
|
BAP
CREDICORP LTD
|
Financial Services | 0.13% | 0.21% |
#22
5
Prev: #17
|
0.1 |
—
|
-2,561 | -36.5% |
P
S
|
4,453 | $1,734,800 | 2025 Q2 | 13F Filing | 2026-06-30 | 2026-07-30 | |||
|
UMC
UNITED MICRO-AD...
|
Technology | 0.10% | 0.33% |
#23
8
Prev: #15
|
0.0 |
—
|
-354,375 | -87.5% |
P
S
|
50,700 | $1,379,547 | 2024 Q2 | 13F Filing | 2026-06-30 | 2026-07-30 | |||
|
LOMA
LOMA NEGRA C-AD...
|
Basic Materials | 0.09% | 0.16% |
#24
3
Prev: #21
|
0.0 |
—
|
-55,329 | -33.8% |
P
S
|
108,237 | $1,239,314 | 2025 Q4 | 13F Filing | 2026-06-30 | 2026-07-30 | |||
|
TLK
TELEKOMUNIKA-AD...
|
Communication Services | 0.07% | 0.12% |
#25
2
Prev: #23
|
0.5 |
—
|
1,414 | 2.1% |
P
S
|
70,259 | $943,578 | 2026 Q1 | 13F Filing | 2026-06-30 | 2026-07-30 | |||
|
MUX
MCEWEN INC
|
Basic Materials | 0.07% | 0.09% |
#26
Prev: #26
|
1.0 |
—
|
no change | no change |
P
S
|
50,000 | $906,500 | 2025 Q3 | 13F Filing | 2026-06-30 | 2026-07-30 | |||
|
BBAR
BBVA ARGENT-ADR
|
Financial Services | 0.04% | 0.04% |
#27
1
Prev: #28
|
1.0 |
—
|
no change | no change |
P
S
|
30,000 | $588,300 | 2025 Q1 | 13F Filing | 2026-06-30 | 2026-07-30 | |||
|
TV
GRUPO TELEV-ADR
|
Communication Services | 0.02% | 0.03% |
#28
1
Prev: #29
|
1.0 |
—
|
no change | no change |
P
S
|
100,000 | $271,000 | 2024 Q2 | 13F Filing | 2026-06-30 | 2026-07-30 | |||
|
ORAAF
AURA MINERALS
|
Unknown | 0.00% | 0.05% |
Sold All 😨
(Was: #27) |
0.0 |
—
|
-7,304 | -100.0% |
CLOSED
|
— | $— | 2025 Q3 | 13F Filing | 2026-06-30 | 2026-07-30 | |||
|
TS
TENARIS-ADR
|
Energy | 0.00% | 0.09% |
Sold All 😨
(Was: #25) |
0.0 |
—
|
-18,087 | -100.0% |
CLOSED
|
— | $— | 2026 Q1 | 13F Filing | 2026-06-30 | 2026-07-30 | |||
|
AMX
AMERICA MOVIL S...
|
Communication Services | 0.00% | 0.10% |
Sold All 😨
(Was: #24) |
0.0 |
—
|
-41,563 | -100.0% |
CLOSED
|
— | $— | 2026 Q1 | 13F Filing | 2026-06-30 | 2026-07-30 | |||
|
LTM
LATAM AIRLINES ...
|
Industrials | 0.00% | 0.18% |
Sold All 😨
(Was: #20) |
0.0 |
—
|
-39,455 | -100.0% |
CLOSED
|
— | $— | 2025 Q4 | 13F Filing | 2026-06-30 | 2026-07-30 |
Showing 1-32 of 32 holdings