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North of South Capital LLP

CIK 2033334 · latest 13F filed 30 July 2026 · Read the filing on EDGAR

North of South Capital LLP reported 28 US-listed holdings worth $1.36 billion in its 13F for the quarter ended 30 June 2026, filed 30 July 2026. Its largest: Icici Bank ADR (18.6%), Ypf Sociedad Anonima (13.5%) and JD.com, Inc. (12.5%). Against the quarter before, it opened 3 positions, added to 11, trimmed 10 and sold out of 4.

Reported holdings$1.36B+22.1% on Q1 2026
Positions28-1 on Q1 2026
The largest ten90.5%of its reported holdings
Latest 13FQ2 2026filed 30 July 2026
Where the money is
OpenedAdded toHeldTrimmed
IBN18.6%YPF13.5%JD12.5%TSM11.6%YMM7.7%BIDU7.7%KSPI6.3%ATHM4.8%YUMC4.6%LAUR3.1%HDB3.0%PAAS2.0%TGS1.9%14 more1.8%

The 14 largest of its 28 positions, each sized by its share of the reported holdings, coloured by the change in shares against Q1 2026.

Reported holdings, quarter by quarter
Q3 2024: $659.4 million in 17 positions$659MQ3 24Q4 2024: $823.4 million in 18 positions$823MQ4 24Q1 2025: $895.2 million in 20 positions$895MQ1 25Q2 2025: $951.1 million in 21 positions$951MQ2 25Q3 2025: $1.04 billion in 23 positions$1.04BQ3 25Q4 2025: $1.11 billion in 27 positions$1.11BQ4 25Q1 2026: $1.11 billion in 29 positions$1.11BQ1 26Q2 2026: $1.36 billion in 28 positions$1.36BQ2 26

What the fund reported holding at each quarter's end; hover a bar for the number of positions

What it did on the quarter

Opened 3Added 11Held 4Trimmed 10Sold out 4
Opened: 3Added: 11Held: 4Trimmed: 10Sold out: 4

Its positions against its 13F for the quarter to 31 March 2026; a change under 0.1% of a position counts as held

Opened 3

  1. Yum China Hldgs Inc. YUMC$62.8 million
  2. HDFC Bank Limited HDB$41.2 million
  3. Joyy Inc. JOYY$2.6 million

Added to 11

  1. JD.com, Inc. JD+2.3 million shares · +51%
  2. Kaspi KZ JSC KSPI+417,709 shares · +73%
  3. Ypf Sociedad Anonima YPF+499,310 shares · +14%
  4. Baidu, Inc. BIDU+179,642 shares · +24%
  5. Full Truck Alliance Co. Ltd YMM+1.8 million shares · +16%
  6. Icici Bank ADR IBN+250,476 shares · +3%
  7. Transportadora De Gas Sur TGS+222,045 shares · +35%
  8. KT Corp. KT+137,516 shares · +144%

and 3 more in the table below

Trimmed 10

  1. Taiwan Semiconductor Manufacturing Company Limited TSM-76,420 shares · -19%
  2. Pan Amern Silver Corp. PAAS-552,397 shares · -48%
  3. Laureate Education, Inc. LAUR-355,184 shares · -23%
  4. United Microelectronics Corporation UMC-354,375 shares · -87%
  5. Autohome Inc. ATHM-272,443 shares · -7%
  6. Petróleo Brasileiro S.A. (Petrobras) PBR-95,968 shares · -42%
  7. Alibaba Group Holding Limited BABA-11,238 shares · -31%
  8. Credicorp Ltd BAP-2,561 shares · -37%

and 2 more in the table below

Sold out of 4

  1. Latam Airlines Group SA LTM$2.0 million last quarter
  2. America Movil Sab De CV AMX$1.1 million last quarter
  3. Tenaris S A TS$1.1 million last quarter
  4. Aura Minerals Inc. AUGO$596,006 last quarter

What it holds

CompanySharesValueOf its bookChange in shares
Icici Bank ADR IBN8,690,448$252.3 million18.57%+250,476
Ypf Sociedad Anonima YPF4,023,562$183.0 million13.47%+499,310
JD.com, Inc. JD6,661,845$169.7 million12.49%+2,250,164
Taiwan Semiconductor Manufacturing Company Limited TSM330,957$158.1 million11.63%-76,420
Full Truck Alliance Co. Ltd YMM12,936,046$105.0 million7.73%+1,817,923
Baidu, Inc. BIDU918,941$105.0 million7.73%+179,642
Kaspi KZ JSC KSPI987,390$85.5 million6.30%+417,709
Autohome Inc. ATHM3,428,188$65.2 million4.80%-272,443
Yum China Hldgs Inc. YUMC1,536,481$62.8 million4.62%new
Laureate Education, Inc. LAUR1,171,708$42.6 million3.13%-355,184
HDFC Bank Limited HDB1,593,267$41.2 million3.03%new
Pan Amern Silver Corp. PAAS598,713$26.8 million1.97%-552,397
Transportadora De Gas Sur TGS863,044$25.7 million1.89%+222,045
iShares Trust INDA220,987$10.9 million0.80%no change
KT Corp. KT232,718$4.0 million0.30%+137,516
Vista Energy S.a.b. De C.V. VIST41,443$2.6 million0.19%-76
Joyy Inc. JOYY39,681$2.6 million0.19%new
Alibaba Group Holding Limited BABA24,816$2.4 million0.18%-11,238
Harmony Gold Mining Co. Ltd HMY140,946$2.1 million0.16%+6,456
Petróleo Brasileiro S.A. (Petrobras) PBR131,715$2.1 million0.16%-95,968
Centrais Eletricas Brasileir AXIAY177,337$1.9 million0.14%+26,926
Credicorp Ltd BAP4,453$1.7 million0.13%-2,561
United Microelectronics Corporation UMC50,700$1.4 million0.10%-354,375
Loma Negra Corp. LOMA108,237$1.2 million0.09%-55,329
PT Telkom Indonesia (persero) TBK TLK70,259$943,5780.07%+1,414
McEwen MNG Inc. MUX50,000$906,5000.07%no change
Banco Bbva Argentina S A BBAR30,000$588,3000.04%no change
Grupo Televisa S A B TV100,000$271,0000.02%no change
Every US-listed position in the fund's 13F for the quarter ended 30 June 2026, by the value it reported.
Read moreChange is shares against its 13F for the quarter before; the 4 it sold out of are in the box above.