Q2 2026 13F · SEC CIK 2033334

North of South Capital LLP

Hedge fundFiled 2026-07-30 for Q2 2026. Open the filing ↗ · All SEC filings ↗

Reported 13F value: $1.4B
Reported positions: 28
Holdings vs S&P 500, 3 yrs: —
Assets under management: $6.7B

North of South Capital LLP is a hedge fund that reported 28 positions worth $1.4B in its Q2 2026 13F, filed 2026-07-30. Its largest holdings were Icici Bank Limited (IBN, 18.6%), Ypf Sociedad Anonima (YPF, 13.5%), Jd.com Inc (JD, 12.5%).

North of South Capital LLP holdings all 28 positions.

Weights are shares of the filer's total reported 13F value, compared with Q1 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.

North of South Capital LLP 13F holdings
Stock	% of 13F value	Q1 2026	Shares	Share change	Reported value
IBNIcici Bank Limited	18.6%	19.6%	8,690,448	+3.0%	$252.3M
YPFYpf Sociedad Anonima	13.5%	14.6%	4,023,562	+14.2%	$183.0M
JDJd.com Inc	12.5%	11.7%	6,661,845	+51.0%	$169.7M
TSMTaiwan Semiconductor Manufac	11.6%	12.4%	330,957	-18.8%	$158.1M
YMMFull Truck Alliance Co Ltd	7.7%	8.3%	12,936,046	+16.4%	$105.0M
BIDUBaidu Inc Ads	7.7%	7.4%	918,941	+24.3%	$105.0M
KSPIKaspi Kz Jsc	6.3%	3.8%	987,390	+73.3%	$85.5M
ATHMAutohome Inc	4.8%	5.8%	3,428,188	-7.4%	$65.2M
YUMCYum China Hldgs Inc	4.6%	New	1,536,481	—	$62.8M
LAURLaureate Education Inc	3.1%	4.8%	1,171,708	-23.3%	$42.6M
HDBHdfc Bk Ltd ADR	3.0%	New	1,593,267	—	$41.2M
PAASPan Amern Silver Corp	2.0%	5.6%	598,713	-48.0%	$26.8M
TGSTransportadora de Gas Del Su	1.9%	2.0%	863,044	+34.6%	$25.7M
INDAIshares Tr	0.8%	0.9%	220,987	+0.0%	$10.9M
KTKt Corp	0.3%	0.2%	232,718	+144.4%	$4.0M
VISTVista Energy S.a.b. de C.v.	0.2%	0.3%	41,443	-0.2%	$2.6M
YYJOYY Inc	0.2%	New	39,681	—	$2.6M
BABAAlibaba Group Hldg Ltd	0.2%	0.4%	24,816	-31.2%	$2.4M
HMYHarmony Gold Mng Ltd Fsponsored ADR	0.2%	0.2%	140,946	+4.8%	$2.1M
PBRPetroleo Brasileiro SA - Petro	0.2%	0.4%	131,715	-42.1%	$2.1M
AXIAYCentrais Elet Bras SA	0.1%	0.2%	177,337	+17.9%	$1.9M
BAPCredicorp Ltd.	0.1%	0.2%	4,453	-36.5%	$1.7M
UMCUnited Microelectronics Corp	0.1%	0.3%	50,700	-87.5%	$1.4M
LOMALoma Negra C I A S A Mtn 14	0.1%	0.2%	108,237	-33.8%	$1.2M
TLKP T Telekomunikasi Indonesia	0.1%	0.1%	70,259	+2.1%	$944K
MUXMcEwen Mining, Inc.	0.1%	0.1%	50,000	+0.0%	$907K
BBARBanco BBVA Argentina S A	0.0%	0.0%	30,000	+0.0%	$588K
TVGrupo Televisa S.a.b	0.0%	0.0%	100,000	+0.0%	$271K

What North of South Capital LLP bought and sold in Q2 2026, against Q1 2026.

New positions

Added to

KT Kt Corp+144.4% shares
KSPI Kaspi Kz Jsc+73.3% shares
JD Jd.com Inc+51.0% shares
TGS Transportadora de Gas Del Su+34.6% shares
BIDU Baidu Inc Ads+24.3% shares
AXIAY Centrais Elet Bras SA+17.9% shares
YMM Full Truck Alliance Co Ltd+16.4% shares
YPF Ypf Sociedad Anonima+14.2% shares

Reduced

UMC United Microelectronics Corp-87.5% shares
PAAS Pan Amern Silver Corp-48.0% shares
PBR Petroleo Brasileiro SA - Petro-42.1% shares
BAP Credicorp Ltd.-36.5% shares
LOMA Loma Negra C I A S A Mtn 14-33.8% shares
BABA Alibaba Group Hldg Ltd-31.2% shares
LAUR Laureate Education Inc-23.3% shares
TSM Taiwan Semiconductor Manufac-18.8% shares

Sold out

Share counts compared with the Q1 2026 13F; a split also changes share counts.

How the holdings did against the S&P 500.

1 year: +24.0% /yr; S&P 500 +20.1%
3 years: —
5 years: —

A portfolio of the filer's 20 largest 13F positions, weighted by value and rebuilt each quarter on the day the filing became public. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.

Reported 13F value by quarter.

13F value by quarter
Quarter	13F value	Positions
Q2 2026	$1.4B	28
Q1 2026	$1.1B	29
Q4 2025	$1.1B	27
Q3 2025	$1.0B	23
Q2 2025	$951.1M	21
Q1 2025	$895.2M	20
Q4 2024	$823.4M	18
Q3 2024	$659.4M	17
Q2 2024	$386.2M	17

Questions about North of South Capital LLP's portfolio

What stocks does North of South Capital LLP own?

North of South Capital LLP's latest 13F, for Q2 2026 and filed Jul 30, 2026, lists 28 positions worth $1.4B. The largest are Icici Bank Limited (IBN) at 18.6%, Ypf Sociedad Anonima (YPF) at 13.5%, Jd.com Inc (JD) at 12.5%, Taiwan Semiconductor Manufac (TSM) at 11.6% and Full Truck Alliance Co Ltd (YMM) at 7.7%.

What did North of South Capital LLP buy last quarter?

In Q2 2026, North of South Capital LLP added a new position in Yum China Hldgs Inc (YUMC), a new position in Hdfc Bk Ltd ADR (HDB), a new position in JOYY Inc (YY), Kt Corp (KT) (+144.4% shares), Kaspi Kz Jsc (KSPI) (+73.3% shares) and Jd.com Inc (JD) (+51.0% shares), compared with its Q1 2026 filing.

What did North of South Capital LLP sell last quarter?

In Q2 2026, North of South Capital LLP sold all of Latam Airlines Group-Sp ADR (LTM), sold all of America Movil Sab de Cv (AMX), sold all of Tenaris S A (TS), sold all of Aura Minerals Inc (AUGO), United Microelectronics Corp (UMC) (-87.5% shares), Pan Amern Silver Corp (PAAS) (-48.0% shares) and Petroleo Brasileiro SA - Petro (PBR) (-42.1% shares), compared with its Q1 2026 filing.

When is North of South Capital LLP's next 13F filing due?

13F filings are due 45 days after each quarter ends. North of South Capital LLP's filing for the quarter ending Sep 30, 2026 is due by Nov 14, 2026; this page updates the day after it is published.

How much money does North of South Capital LLP manage?

North of South Capital LLP reported $6.7B of regulatory assets under management on its latest SEC Form ADV. Its 13F, which covers only US-listed stocks and options, totals $1.4B.