Polunin Capital Partners
LONDON, X0files as Polunin Capital Partners Ltd
$407m in 19 US stocks at the end of 30 June 2026. The top 10 are 92.8% of the money. It changed about 38.1% of the portfolio this quarter.
Value
$407m
Stocks
19
Top 10 share
92.8%
Turnover
38.1%
What changed this quarter
New
Bought for the first time this quarter.
- Jd.comJD13.6% of the fund
- WeiboWB5.5% of the fund
- Himax TechnologiesHIMX2.6% of the fund
- TuyaTUYA1.3% of the fund
- Hello GroupMOMO1.2% of the fund
- Abrdn Platinum ETF TrustPPLT0.9% of the fund
Added
Bought more of a stock they already held.
- StoneCoSTNE9.7% of the fund+5%
- Canadian SolarCSIQ7.8% of the fund+6%
- AutohomeATHM6.1% of the fund+8%
- Magnachip SemiconductorMX<0.1% of the fund+5%
Cut
Sold some of their stake.
- CanaanCAN<0.1% of the fund-94%
Sold out
Sold their entire stake.
- Alibaba Group HldgBABA-100%
- Kraneshares TrustKWEB-100%
- Douyu Intl HldgsDOYU-100%
Holdings
- Jd.comJD
- Share
- 13.6%
- Value
- $55m
- Shares
- 1,967,136
New
- BaiduBIDU
- Share
- 8.2%
- Value
- $33m
- Shares
- 283,440
Held
- Full Truck AllianceYMM
- Share
- 6.5%
- Value
- $27m
- Shares
- 3,098,533
Held
- AutohomeATHM
- Share
- 6.1%
- Value
- $25m
- Shares
- 1,234,149
+8%
- WeiboWB
- Share
- 5.5%
- Value
- $23m
- Shares
- 2,926,338
New
- Daqo New EnergyDQ
- Share
- 5.2%
- Value
- $21m
- Shares
- 1,714,923
Held
- Himax TechnologiesHIMX
- Share
- 2.6%
- Value
- $11m
- Shares
- 696,950
New
- TuyaTUYA
- Share
- 1.3%
- Value
- $5m
- Shares
- 2,958,145
New
- Hello GroupMOMO
- Share
- 1.2%
- Value
- $5m
- Shares
- 835,119
New
- Abrdn Platinum ETF TrustPPLT
- Share
- 0.9%
- Value
- $4m
- Shares
- 243,370
New
- Galiano GoldGAU
- Share
- 0.8%
- Value
- $3m
- Shares
- 1,834,017
Held
- DBX ETF TRASHR
- Share
- 0.2%
- Value
- $820,000
- Shares
- 23,183
Held
- BaozunBZUN
- Share
- <0.1%
- Value
- $171,000
- Shares
- 60,222
Held
- CanaanCAN
- Share
- <0.1%
- Value
- $23,000
- Shares
- 74,382
-94%
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| ACM ResearchACMR | 18.9% | $77m | 748,498 | Held |
| Jd.comJD | 13.6% | $55m | 1,967,136 | New |
| PagSeguro DigitalPAGS | 11.2% | $45m | 4,918,011 | Held |
| StoneCoSTNE | 9.7% | $39m | 3,508,909 | +5% |
| BaiduBIDU | 8.2% | $33m | 283,440 | Held |
| Canadian SolarCSIQ | 7.8% | $32m | 2,120,414 | +6% |
| Full Truck AllianceYMM | 6.5% | $27m | 3,098,533 | Held |
| AutohomeATHM | 6.1% | $25m | 1,234,149 | +8% |
| WeiboWB | 5.5% | $23m | 2,926,338 | New |
| Daqo New EnergyDQ | 5.2% | $21m | 1,714,923 | Held |
| Himax TechnologiesHIMX | 2.6% | $11m | 696,950 | New |
| TuyaTUYA | 1.3% | $5m | 2,958,145 | New |
| Hello GroupMOMO | 1.2% | $5m | 835,119 | New |
| Abrdn Platinum ETF TrustPPLT | 0.9% | $4m | 243,370 | New |
| Galiano GoldGAU | 0.8% | $3m | 1,834,017 | Held |
| DBX ETF TRASHR | 0.2% | $820,000 | 23,183 | Held |
| Magnachip SemiconductorMX | <0.1% | $240,000 | 59,811 | +5% |
| BaozunBZUN | <0.1% | $171,000 | 60,222 | Held |
| CanaanCAN | <0.1% | $23,000 | 74,382 | -94% |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is down 33.4% since 30 June 2025.
Where the money is
Technology28.7%
Industrials18.9%
Materials0.8%
Other51.5%
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.