Polunin Capital Partners Ltd
Polunin Capital Partners Ltd reported 24 US-listed holdings worth $496.8 million in its 13F for the quarter ended 30 September 2026, filed 20 October 2026. Its largest: Stoneco Ltd (13.3%), Pagseguro Digital Ltd (13.2%) and ACM Research, Inc. (10.4%). Against the quarter before, it opened 5 positions, added to 3, trimmed 8 and sold out of 0.
The 14 largest of its 24 positions, each sized by its share of the reported holdings, coloured by the change in shares against Q2 2026.
What the fund reported holding at each quarter's end; hover a bar for the number of positions
What its reported holdings returned
Held through each quarter, the holdings it reported returned -11.6% over the 8 quarters to 30 September 2026, against +32.9% for the S&P 500.
Not the fund's own return: each 13F's holdings are kept unchanged until the next one, so trades inside a quarter, dividends, cash and fees are left out. A rough guide to how its picks have done over time.
What it did on the quarter
Its positions against its 13F for the quarter to 30 June 2026; a change under 0.1% of a position counts as held
Opened 5
- Epam Systems, Inc. EPAM$47.6 million
- B2GOLD Corp. BTG$36.9 million
- DXC Technology Co. DXC$8.5 million
- Globant S A GLOB$8.4 million
- Yuanbao Inc. YB$221,000
Added to 3
- Stoneco Ltd STNE+2.2 million shares · +62%
- Pagseguro Digital Ltd PAGS+1.2 million shares · +25%
- Baozun Inc. BZUN+95,420 shares · +158%
Trimmed 8
- ACM Research, Inc. ACMR-17,100 shares · -2%
- JD.com, Inc. JD-43,200 shares · -2%
- Full Truck Alliance Co. Ltd YMM-63,500 shares · -2%
- Baidu, Inc. BIDU-5,800 shares · -2%
- Autohome Inc. ATHM-19,600 shares · -2%
- Canadian Solar Inc. CSIQ-34,500 shares · -2%
- Weibo Corp. WB-55,100 shares · -2%
- Daqo New Energy Corp. DQ-29,900 shares · -2%
What it holds
| Company | Shares | Value | Of its book | Change in shares |
|---|---|---|---|---|
| Stoneco Ltd STNE | 5.7M | $66.1 million | 13.31% | +2.2M |
| Pagseguro Digital Ltd PAGS | 6.1M | $65.5 million | 13.19% | +1.2M |
| ACM Research, Inc. ACMR | 731.4K | $51.8 million | 10.42% | -17.1K |
| JD.com, Inc. JD | 1.9M | $51.8 million | 10.42% | -43.2K |
| Epam Systems, Inc. EPAM | 417.9K | $47.6 million | 9.58% | new |
| B2GOLD Corp. BTG | 7.2M | $36.9 million | 7.43% | new |
| Full Truck Alliance Co. Ltd YMM | 3.0M | $25.3 million | 5.09% | -63.5K |
| Autohome Inc. ATHM | 1.2M | $24.7 million | 4.98% | -19.6K |
| Baidu, Inc. BIDU | 277.6K | $23.3 million | 4.69% | -5.8K |
| Canadian Solar Inc. CSIQ | 2.1M | $23.0 million | 4.62% | -34.5K |
| Weibo Corp. WB | 2.9M | $18.5 million | 3.72% | -55.1K |
| Daqo New Energy Corp. DQ | 1.7M | $18.1 million | 3.64% | -29.9K |
| Himax Technologies Inc. HIMX | 697.0K | $9.2 million | 1.86% | no change |
| DXC Technology Co. DXC | 688.3K | $8.5 million | 1.71% | new |
| Globant S A GLOB | 227.4K | $8.4 million | 1.70% | new |
| Tuya Inc. TUYA | 3.0M | $5.0 million | 1.01% | no change |
| Hello Group Inc. MOMO | 835.1K | $3.9 million | 0.79% | no change |
| Galiano Gold Inc. GAU | 1.8M | $3.9 million | 0.78% | no change |
| Abrdn Platinum ETF Trust PPLT | 243.4K | $3.6 million | 0.73% | no change |
| DBX ETF Trust ASHR | 23.2K | $745,000 | 0.15% | no change |
| Baozun Inc. BZUN | 155.6K | $506,000 | 0.10% | +95.4K |
| Yuanbao Inc. YB | 18.0K | $221,000 | 0.04% | new |
| Magnachip Semiconductor Corp. MX | 59.8K | $189,000 | 0.04% | no change |
| Canaan Inc. CAN | 74.4K | $22,000 | 0.00% | no change |