North of South Capital LLP

CIK 2033334 · View on SEC EDGAR ↗

Portfolio value
$1.4B
#1,989 of 9,443 by 13F value · top 21.1%
Positions
28
As of
June 30, 2026

Portfolio value QoQ: +22.1% 13F does not disclose cash

Top 10 holdings weight
90.47%
Top 25 holdings weight
99.87%
Positions above 1%
13
Effective number of positions
9.5

Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)

Turnover Q2 2026: 7.92% Est. buys $274,740,062 · sells $97,888,712

Median holding: 5.0 quarters Tracked Q4 2024–Q2 2026 · 71.8% still held

New positions
3
Increased
11
Decreased
10
Closed
4
On this page

Performance vs S&P 500

Tracked Q4 2024–Q2 2026
+47.9%
S&P 500 total return (same window)
+28.1%
Excess return
+19.9%

Annualized: +29.9% · S&P 500: +18.0%

Approximates a buy-and-hold portfolio built from quarterly SEC 13F snapshots. Excludes cash, short positions, options/derivatives, and non-13(f) securities — reflects the disclosed long-equity book only, not total fund AUM. SEC filing lag is up to 45 days; this is not a real-time-copyable timing.

Priceable coverage: 99.8% · Options excluded: 0.0%

Sector breakdown

Financials
21.8%
Energy
15.7%
Retail
12.7%
Communication Services
12.7%
Technology
11.7%
Industrials
7.8%
Financial Services
6.3%
Consumer Discretionary
4.6%
Diversified Consumer Services
3.1%
Materials
2.2%
Telecommunication
0.4%
Utilities
0.1%
Other/Unmapped
0.8%

Full portfolio 28 positions

Type Streak 8Q trend
IBN ICICI Bank Limited Common Stock $252,283,705 18.57% 8,690,448 $33,688,430 Up ×5
YPF YPF Sociedad Anonima Common Stock $182,951,364 13.47% 4,023,562 $20,060,437 Up ×6
JD JD.com, Inc. - American Depositary Shares $169,743,811 12.49% 6,661,845 $39,290,404 Up ×6
TSM Taiwan Semiconductor Manufacturing Company Ltd. $158,055,134 11.63% 330,957 $20,382,077 Down ×3
YMM Full Truck Alliance Co. Ltd. American Depositary Shares (each representing 20 Class A Ordinary Shares) $105,040,694 7.73% 12,936,046 $12,760,273 Up ×6
BIDU Baidu, Inc. - American Depositary Shares, each representing 8 ordinary share $105,025,767 7.73% 918,941 $22,653,072 Up ×3
KSPI Joint Stock Company Kaspi.kz - American Depository Shares $85,547,470 6.30% 987,390 $43,351,198 Up ×2
ATHM Autohome Inc. American Depositary Shares, each representing four class A ordinary shares. $65,238,418 4.80% 3,428,188 $958,458 Down ×1
YUMC Yum China Holdings, Inc. Common Stock $62,795,978 4.62% 1,536,481 Up ×1
LAUR Laureate Education, Inc. - Common Stock $42,556,435 3.13% 1,171,708 $-10,640,482 Down ×3
HDB HDFC Bank Limited Common Stock $41,154,087 3.03% 1,593,267 Up ×1
PAAS Pan American Silver Corp. Common Stock $26,816,355 1.97% 598,713 $-36,068,784 Down ×3
TGS Transportadora de Gas del Sur SA TGS Common Stock $25,658,298 1.89% 863,044 $3,473,323 Up ×1
INDA $10,914,548 0.80% 220,987 $563,517
KT KT Corporation Common Stock $4,021,367 0.30% 232,718 $1,979,284 Up ×1
VIST Vista Energy S.A.B. de C.V. American Depositary Shares, each representing one series A share, with no par value $2,644,063 0.19% 41,443 $-489,376 Down ×1
JOYY JOYY Inc. - American Depositary Shares $2,618,549 0.19% 39,681 Up ×1
BABA Alibaba Group Holding Limited American Depositary Shares each representing eight Ordinary share $2,381,840 0.18% 24,816 $-2,141,494 Down ×2
HMY Harmony Gold Mining Company Limited $2,143,789 0.16% 140,946 $76,678 Up ×2
PBR Petroleo Brasileiro S.A. Petrobras ADS $2,128,514 0.16% 131,715 $-2,595,908 Down ×3
AXIA AXIA Energia American Depositary Shares (Each representing one Common Share) $1,872,679 0.14% 177,337 $176,043 Up ×2
BAP Credicorp Ltd. Common Stock $1,734,800 0.13% 4,453 $-644,209 Down ×2
UMC United Microelectronics Corporation (NEW) Common Stock $1,379,547 0.10% 50,700 $-2,258,027 Down ×1
LOMA Loma Negra Compania Industrial Argentina Sociedad Anonima ADS $1,239,314 0.09% 108,237 $-574,633 Down ×1
TLK PT Telekomunikasi Indonesia, Tbk $943,578 0.07% 70,259 $-342,447 Up ×1
MUX McEwen Inc. Common Stock $906,500 0.07% 50,000 $-114,500
BBAR Banco BBVA Argentina S.A. ADS $588,300 0.04% 30,000 $106,500
TV Grupo Televisa S.A.B. Common Stock $271,000 0.02% 100,000 $-20,000

Conviction holdings

Positions increased for 3+ consecutive quarters.

Share counts are as reported in 13F filings (not split-adjusted)

Security Value % of portfolio Streak
IBN $252,283,705 18.57% up ×5
YPF $182,951,364 13.47% up ×6
JD $169,743,811 12.49% up ×6
YMM $105,040,694 7.73% up ×6
BIDU $105,025,767 7.73% up ×3

Biggest new bets

New positions opened this quarter, largest first.

Security Value Shares % of portfolio
YUMC $62,795,978 1,536,481 4.62%
HDB $41,154,087 1,593,267 3.03%
JOYY $2,618,549 39,681 0.19%

Top movers (QoQ)

Security Action Shares Δ Value Δ
KSPI Bought more +418K +$43.4M
JD Bought more +2.3M +$39.3M
PAAS Trimmed -552K -$36.1M
IBN Bought more +250K +$33.7M
BIDU Bought more +180K +$22.7M
TSM Trimmed -76K +$20.4M
YPF Bought more +499K +$20.1M
YMM Bought more +1.8M +$12.8M
LAUR Trimmed -355K -$10.6M
TGS Bought more +222K +$3.5M

Exited positions

Includes corporate events (mergers, delistings) — not all exits are sells

Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.

SecurityQuarter Shares before Value before Price since exit
VIPS March 31, 2026 2,262,683 $40,026,862 -8.8%
VLRS March 31, 2026 3,996,297 $35,487,117 -4.5%
SQM March 31, 2025 597,057 $21,708,993 109.3%
LTM June 30, 2026 39,455 $1,950,655 -12.9%
TIGO March 31, 2026 27,054 $1,499,874 21.9%
SKM Dec. 31, 2025 52,439 $1,132,682 98.7%
AMX June 30, 2026 41,563 $1,059,025 -9.4%
TS June 30, 2026 18,087 $1,052,302 -4.1%
UMC March 31, 2025 160,509 $1,041,703 159.3%
TGS Sept. 30, 2025 37,000 $958,300 34.2%
SKM June 30, 2025 42,917 $912,415 74.7%
AUGO June 30, 2026 7,304 $596,006 42.0%
AXIAPRC March 31, 2026 72,335 $429,383 No longer tracked
EMBJ Sept. 30, 2025 2,400 $136,584 25.9%