North of South Capital LLP portfolio
Concentrated managerInvestment firmPortfolio as of Jun 30, 2026 (Q2 2026) · filed with the SEC on Jul 30, 2026 · data updated on Nov 5, 2026 · Q2 2026 13F (filing) ↗ · all its 13F filings ↗
A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions and they may have changed.
North of South Capital LLP reported a $1.4 bn portfolio of 28 positions to the SEC as of the end of Q2 2026. Its largest positions are IBN, YPF, JD. During the quarter it opened Yum China Holdings and Hdfc Bank.
Sections with a free account
What changed this quarter
27 positions with a change (3 new, 11 added to, 9 trimmed, 4 sold). 11 are listed here: those of 0.5 points of the portfolio or more (up to 12).
- Yum China Holdings+4.6 ppof portfolioNew— → 4.6%
- JD.com+51%more sharesIncreased11.7% → 12.5%
- Hdfc Bank+3.0 ppof portfolioNew— → 3.0%
- Taiwan Semiconductor Manufacturing−19%fewer sharesReduced12.4% → 11.6%
- Joint Stock Company Kaspi.kz+73%more sharesIncreased3.8% → 6.3%
- Pan American Silver−48%fewer sharesReduced5.6% → 2.0%
- YPF Sociedad Anonima+14%more sharesIncreased14.6% → 13.5%
- Baidu+24%more sharesIncreased7.4% → 7.7%
- Full Truck Alliance+16%more sharesIncreased8.3% → 7.7%
- Laureate Education−23%fewer sharesReduced4.8% → 3.1%
- Icici Bank+3.0%more sharesIncreased19.6% → 18.6%
The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight: what it bought or sold, excluding price effects.
Top holdings
- Icici BankIBN18.6%
- YPF Sociedad AnonimaYPF13.5%
- JD.comJD12.5%
- Taiwan Semiconductor ManufacturingTSM11.6%
- Full Truck AllianceYMM7.7%
- BaiduBIDU7.7%
- Joint Stock Company Kaspi.kzKSPI6.3%
- AutohomeATHM4.8%
- Yum China HoldingsYUMC4.6%
- Laureate EducationLAUR3.1%
- Hdfc BankHDB3.0%
- Pan American SilverPAAS2.0%
- Transportadora De Gas DEL SUTGS1.9%
- iShares Msci India ETFINDA0.8%
- KTKT0.3%
“Since”: first quarter of the current run, unbroken until today. In the details, prices are the quarter-end prices of the quarters in which it added shares, per the 13F. The manager may have bought at any price within each quarter; the SEC only publishes the value at quarter end.
Portfolio by sector
- ● Consumer Discretionary 20%
- ● Information Technology 20%
- ● No sector 19%
- ● Energy 16%
- ● Communication Services 13%
- ● Financials 10%
- ● Materials 2%
How its portfolio changed (8 quarters)
Q2 2026: 28
Q2 2026: 90%
Q2 2026: 13.5%
Traded turnover: the weight it bought plus the weight it sold in the quarter, divided by two, excluding price moves. The plain “turnover” in the header does include that effect. With a free account: the full history and sectors over time.
Stakes above 5% (13D/13G)
Companies where this filer reported holding 5% or more of the shares. It is the figure from its latest filing on each one; history since December 2024.
How we classify it
Investment firm, per its Form ADV of Mar 30, 2026 (high confidence).
The data, as reported: NORTH OF SOUTH CAPITAL LLP (CRD 300917): 7.B private funds: 1 hedge (gross assets $18M); 5.D assets by client type: pooled vehicles 70%, pension plans 29% (of $6.7 bn)
The type comes from a rule applied to that data. If it looks wrong, tell us.
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