North of South Capital LLP
LONDON, X0
$1.4bn in 28 US stocks at the end of 30 June 2026. The top 10 are 90.5% of the money. It changed about 11.6% of the portfolio this quarter.
Value
$1.4bn
Stocks
28
Top 10 share
90.5%
Turnover
11.6%
What changed this quarter
New
Bought for the first time this quarter.
- Yum China HoldingsYUMC4.6% of the fund
- HDFC BankHDB3.0% of the fund
- JoyyJOYY0.2% of the fund
Added
Bought more of a stock they already held.
- Icici BankIBN18.6% of the fund+3%
- YPF Sociedad AnonimaYPF13.5% of the fund+14%
- Jd.comJD12.5% of the fund+51%
- Full Truck AllianceYMM7.7% of the fund+16%
- BaiduBIDU7.7% of the fund+24%
- Joint Stock Co Kaspi.kzKSPI6.3% of the fund+73%
- Gas Transporter of the SouthTGS1.9% of the fund+35%
- KTKT0.3% of the fund+144%
- Harmony Gold MiningHMY0.2% of the fund+5%
- Axia Energia SAAXIAY0.1% of the fund+18%
- Perusahaan Perseroan Persero PT Telekomunikasi Indonesia TBKTLK<0.1% of the fund+2%
Cut
Sold some of their stake.
- Taiwan Semiconductor ManufacturingTSM11.6% of the fund-19%
- AutohomeATHM4.8% of the fund-7%
- Laureate EducationLAUR3.1% of the fund-23%
- PAN American SilverPAAS2.0% of the fund-48%
- Alibaba Group HldgBABA0.2% of the fund-31%
- Petrobras - Petroleo Brasileiro SAPBR0.2% of the fund-42%
- CredicorpBAP0.1% of the fund-37%
- United MicroelectronicsUMC0.1% of the fund-87%
- Loma Negra Compania Industrial Argentina Sociedad AnonimaLOMA<0.1% of the fund-34%
Sold out
Sold their entire stake.
- Latam Airlines Group SALTM-100%
- America Movil SAB de CVAMX-100%
- Tenaris S ATS-100%
- Aura MineralsAUGO-100%
Holdings
- Jd.comJD
- Share
- 12.5%
- Value
- $170m
- Shares
- 6,661,845
+51%
- Full Truck AllianceYMM
- Share
- 7.7%
- Value
- $105m
- Shares
- 12,936,046
+16%
- BaiduBIDU
- Share
- 7.7%
- Value
- $105m
- Shares
- 918,941
+24%
- AutohomeATHM
- Share
- 4.8%
- Value
- $65m
- Shares
- 3,428,188
-7%
- PAN American SilverPAAS
- Share
- 2.0%
- Value
- $27m
- Shares
- 598,713
-48%
- Ishares TRINDA
- Share
- 0.8%
- Value
- $11m
- Shares
- 220,987
Held
- Vista Energy S.A.B. de C.V.VIST
- Share
- 0.2%
- Value
- $3m
- Shares
- 41,443
Held
- JoyyJOYY
- Share
- 0.2%
- Value
- $3m
- Shares
- 39,681
New
- Alibaba Group HldgBABA
- Share
- 0.2%
- Value
- $2m
- Shares
- 24,816
-31%
- Axia Energia SAAXIAY
- Share
- 0.1%
- Value
- $2m
- Shares
- 177,337
+18%
- Perusahaan Perseroan Persero PT Telekomunikasi Indonesia TBKTLK
- Share
- <0.1%
- Value
- $943,578
- Shares
- 70,259
+2%
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Icici BankIBN | 18.6% | $252m | 8,690,448 | +3% |
| YPF Sociedad AnonimaYPF | 13.5% | $183m | 4,023,562 | +14% |
| Jd.comJD | 12.5% | $170m | 6,661,845 | +51% |
| Taiwan Semiconductor ManufacturingTSM | 11.6% | $158m | 330,957 | -19% |
| Full Truck AllianceYMM | 7.7% | $105m | 12,936,046 | +16% |
| BaiduBIDU | 7.7% | $105m | 918,941 | +24% |
| Joint Stock Co Kaspi.kzKSPI | 6.3% | $86m | 987,390 | +73% |
| AutohomeATHM | 4.8% | $65m | 3,428,188 | -7% |
| Yum China HoldingsYUMC | 4.6% | $63m | 1,536,481 | New |
| Laureate EducationLAUR | 3.1% | $43m | 1,171,708 | -23% |
| HDFC BankHDB | 3.0% | $41m | 1,593,267 | New |
| PAN American SilverPAAS | 2.0% | $27m | 598,713 | -48% |
| Gas Transporter of the SouthTGS | 1.9% | $26m | 863,044 | +35% |
| Ishares TRINDA | 0.8% | $11m | 220,987 | Held |
| KTKT | 0.3% | $4m | 232,718 | +144% |
| Vista Energy S.A.B. de C.V.VIST | 0.2% | $3m | 41,443 | Held |
| JoyyJOYY | 0.2% | $3m | 39,681 | New |
| Alibaba Group HldgBABA | 0.2% | $2m | 24,816 | -31% |
| Harmony Gold MiningHMY | 0.2% | $2m | 140,946 | +5% |
| Petrobras - Petroleo Brasileiro SAPBR | 0.2% | $2m | 131,715 | -42% |
| Axia Energia SAAXIAY | 0.1% | $2m | 177,337 | +18% |
| CredicorpBAP | 0.1% | $2m | 4,453 | -37% |
| United MicroelectronicsUMC | 0.1% | $1m | 50,700 | -87% |
| Loma Negra Compania Industrial Argentina Sociedad AnonimaLOMA | <0.1% | $1m | 108,237 | -34% |
| Perusahaan Perseroan Persero PT Telekomunikasi Indonesia TBKTLK | <0.1% | $943,578 | 70,259 | +2% |
| McEwenMUX | <0.1% | $906,500 | 50,000 | Held |
| Banco BBVA ArgentinaBBAR | <0.1% | $588,300 | 30,000 | Held |
| Grupo Televisa, S.A.B.TV | <0.1% | $271,000 | 100,000 | Held |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 42.8% since 30 June 2025.
Where the money is
Financial services21.8%
Technology18.0%
Energy13.6%
Retail & consumer7.8%
Materials2.3%
Utilities1.9%
Media & telecom0.4%
Other34.3%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.