NO
North of South Capital LLP — 13F Filing & Top Stock Positions (Q2 2026)
North of South Capital LLPCIK: 0002033334
Long-term holderQuality / disciplined sizingSector-focused
Total reported value
$1.4B
Reporting period: 2026-06-30 · Number of holdings: 28
North of South Capital LLP disclosed 28 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $1.4B and a quarterly turnover rate of 0.0%.
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Personality snowflake
- Concentration
- 41.94
- Portfolio Stability
- 0
- Momentum
- 50
- Sector conviction
- 79.47
- Diversification
- 56
- Sizing Uniformity
- 85.83
North of South Capital LLP's disclosed holdings carry a Herfindahl concentration index of 0.105 — mathematically equivalent to about 10 equally-sized positions, well below its 28 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.42), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 61% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govNew buy YUMC
Trim PAAS
-48.0% -$36.1M
New buy HDB
Add KSPI
+73.3% $43.4M
Trim LAUR
-23.3% -$10.6M
Trim YPF
+14.2% $20.1M
Holdings Map
New buyAddUnchangedTrim
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Data Source Notice: AlphaSMO is the web's most authoritative 13F / Inside Trader database. Institutional holdings and insider trades presented here are precisely computed to deliver accurate portfolio reporting.
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | IBN | Icici Bank Ltd-spon Adr | Stock-Financials | 18.57% | -1.07% | +2.97% | |
| 2 | YPF | Ypf S.a.-sponsored Adr | Stock-Other | 13.47% | -1.16% | +14.17% | |
| 3 | JD | Jd.com Inc-adr | Stock-Consumer Disc | 12.49% | +0.77% | +51.00% | |
| 4 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 11.63% | -0.74% | -18.76% | |
| 5 | YMM | Full Truck Alliance -spn Adr | Stock-Other | 7.73% | -0.56% | +16.35% | |
| 6 | BIDU | Baidu Inc - Spon Adr | Stock-Comm Services | 7.73% | +0.33% | +24.30% | |
| 7 | KSPI | Jsc Kaspi.kz Adr | Stock-Other | 6.30% | +2.51% | +73.32% | |
| 8 | ATHM | Autohome Inc-adr | Stock-Other | 4.80% | -0.97% | -7.36% | |
| 9 | YUMC | Yum China Holdings Inc | Stock-Consumer Disc | 4.62% | +4.62% | NEW | |
| 10 | LAUR | Laureate Education Inc | Stock-Other | 3.13% | -1.65% | -23.26% | |
| 11 | HDB | Hdfc Bank Ltd-adr | Stock-Financials | 3.03% | +3.03% | NEW | |
| 12 | PAAS | Pan American Silver CORP | Stock-Materials | 1.97% | -3.68% | -47.99% | |
| 13 | TGS | Transportador Gas-adr Sp B | Stock-Other | 1.89% | -0.10% | +34.64% | |
| 14 | INDA | Ishares Msci India ETF | ETF-Other | 0.80% | -0.13% | — | |
| 15 | KT | Kt Corp-sp Adr | Stock-Other | 0.30% | +0.12% | +144.45% | |
| 16 | VIST | Vista Energy Sab De Cv | Stock-Other | 0.19% | -0.09% | -0.18% | |
| 17 | JOYY | Joyy Inc-adr | Stock-Other | 0.19% | +0.19% | NEW | |
| 18 | BABA | Alibaba Group Holding-sp Adr | Stock-Consumer Disc | 0.18% | -0.23% | -31.17% | |
| 19 | HMY | Harmony Gold Mng-spon Adr | Stock-Other | 0.16% | -0.03% | +4.80% | |
| 20 | PBR | Petroleo Brasileiro-spon Adr | Stock-Energy | 0.16% | -0.26% | -42.15% | |
| 21 | AXIA | Axia Energia-adr | Stock-Other | 0.14% | -0.01% | +17.90% | |
| 22 | BAP | Credicorp Ltd. | Stock-Financials | 0.13% | -0.08% | -36.51% | |
| 23 | UMC | United Microelectron-sp Adr | Stock-Other | 0.10% | -0.23% | -87.48% | |
| 24 | LOMA | Loma Negra Cia Ind-spon Adr | Stock-Other | 0.09% | -0.07% | -33.83% | |
| 25 | TLK | Telkom Indonesia Persero-adr | Stock-Other | 0.07% | -0.05% | +2.05% | |
| 26 | MUX | Mcewen Inc | Stock-Other | 0.07% | -0.02% | — | |
| 27 | BBAR | Bbva Argentina Sa-adr | Stock-Other | 0.04% | — | — | |
| 28 | TV | Grupo Televisa Sa-spon Adr | Stock-Other | 0.02% | -0.01% | — |
Portfolio Performance
Performance for Q3 2026
+2.6%
Performance Last 4 Quarters
+18.6%
- Stdev
- +20.9%
- Beta
- +0.51
- Alpha
- +17.2%
- Max Drawdown
- -8.3%
- Annualized Perf
- +26.9%
- Batting Avg vs S&P
- +50%
- Sortino
- +3
- Stutzer
- +0.39
- Treynor
- +0.51
- Sterling
- +1.5
- Calmar
- +3.24
- Information Ratio
- +0.42
- Tracking Error
- +20.8%
- Stdev Down
- +8.7%
- Winning Months %
- +58.3%
- Losing Months %
- +41.7%
- Best 12 Months
- +35.9%
- Worst 12 Months
- +15.5%
- Efficiency Ratio
- +0.55
- Sharpe
- +1.25
- Stdev Sectors
- +12.8%
- Skewness
- +0.75
- Kurtosis
- +0.6
- Upside Potential
- +4.71
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
Holding changes this quarter
North of South Capital LLP's most significant position changes for 2026-06-30: New buy: Yum China Holdings Inc (YUMC); New buy: Hdfc Bank Ltd-adr (HDB); New buy: Joyy Inc-adr (JOYY); Sold out: Latam Airlines Group Sa-adr (LTM); Sold out: America Movil Sab De Cv (AMX).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | YUMC | Yum China Holdings Inc | +4.6% | NEW | New buy |
| 2 | HDB | Hdfc Bank Ltd-adr | +3% | NEW | New buy |
| 3 | KSPI | Jsc Kaspi.kz Adr | +2.5% | +73.32% | Add |
| 4 | JD | Jd.com Inc-adr | +0.8% | +51.00% | Add |
| 5 | BIDU | Baidu Inc - Spon Adr | +0.3% | +24.30% | Add |
| 6 | JOYY | Joyy Inc-adr | +0.2% | NEW | New buy |
| 7 | KT | Kt Corp-sp Adr | +0.1% | +144.45% | Add |
| 8 | BBAR | Bbva Argentina Sa-adr | — | — | Unchanged |
| 9 | AXIA | Axia Energia-adr | 0% | +17.90% | Add |
| 10 | TV | Grupo Televisa Sa-spon Adr | 0% | — | Unchanged |
| 11 | MUX | Mcewen Inc | 0% | — | Unchanged |
| 12 | HMY | Harmony Gold Mng-spon Adr | 0% | +4.80% | Add |
| 13 | AUGO | Aura Minerals Inc. | -0.1% | EXIT | Sold out |
| 14 | TLK | Telkom Indonesia Persero-adr | -0.1% | +2.05% | Add |
| 15 | LOMA | Loma Negra Cia Ind-spon Adr | -0.1% | -33.83% | Trim |
| 16 | BAP | Credicorp Ltd. | -0.1% | -36.51% | Trim |
| 17 | TS | Tenaris Sa-adr | -0.1% | EXIT | Sold out |
| 18 | VIST | Vista Energy Sab De Cv | -0.1% | -0.18% | Trim |
| 19 | TGS | Transportador Gas-adr Sp B | -0.1% | +34.64% | Add |
| 20 | AMX | America Movil Sab De Cv | -0.1% | EXIT | Sold out |
| 21 | INDA | Ishares Msci India ETF | -0.1% | — | Unchanged |
| 22 | LTM | Latam Airlines Group Sa-adr | -0.2% | EXIT | Sold out |
| 23 | UMC | United Microelectron-sp Adr | -0.2% | -87.48% | Trim |
| 24 | BABA | Alibaba Group Holding-sp Adr | -0.2% | -31.17% | Trim |
| 25 | PBR | Petroleo Brasileiro-spon Adr | -0.3% | -42.15% | Trim |
| 26 | YMM | Full Truck Alliance -spn Adr | -0.6% | +16.35% | Add |
| 27 | TSM | Taiwan Semiconductor-sp Adr | -0.7% | -18.76% | Trim |
| 28 | ATHM | Autohome Inc-adr | -1% | -7.36% | Trim |
| 29 | IBN | Icici Bank Ltd-spon Adr | -1.1% | +2.97% | Add |
| 30 | YPF | Ypf S.a.-sponsored Adr | -1.2% | +14.17% | Add |
| 31 | LAUR | Laureate Education Inc | -1.7% | -23.26% | Trim |
| 32 | PAAS | Pan American Silver CORP | -3.7% | -47.99% | Trim |
Filing History
FAQ
What is North of South Capital LLP and what type of investor is it?
North of South Capital LLP is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $1.4B, spread across 28 disclosed positions.
What are North of South Capital LLP's largest equity positions?
Based on the latest 13F filing, North of South Capital LLP's top holdings by market value are:
1. Icici Bank Ltd-spon Adr (IBN) — $252.3M (18.6%)
2. Ypf S.a.-sponsored Adr (YPF) — $183.0M (13.5%)
3. Jd.com Inc-adr (JD) — $169.7M (12.5%)
4. Taiwan Semiconductor-sp Adr (TSM) — $158.1M (11.6%)
5. Full Truck Alliance -spn Adr (YMM) — $105.0M (7.7%)
What changes did North of South Capital LLP make in its most recent portfolio filing?
In the latest reported quarter, North of South Capital LLP made 28 notable position adjustments: 3 new positions were initiated, 11 existing holdings were added to, 10 positions were partially reduced, and 4 were completely exited. The largest of these moves: New buy: Yum China Holdings Inc (YUMC); New buy: Hdfc Bank Ltd-adr (HDB); New buy: Joyy Inc-adr (JOYY); Sold out: Latam Airlines Group Sa-adr (LTM); Sold out: America Movil Sab De Cv (AMX)
What sectors does North of South Capital LLP focus on?
North of South Capital LLP is concentrated in the following sectors based on its current disclosed equity portfolio:
• Financials: 35.9%
• Consumer Discretionary: 28.6%
• Information Technology: 19.2%
• Communication Services: 12.8%
• Materials: 3.3%
• Energy: 0.3%
Investment Profile
North of South Capital LLP returned an annualized 26.9% over the trailing 24 months — outperforming the S&P 500 by 17.2 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.51 (less volatile than the market) and a 50% quarterly batting average against the index.
Its portfolio is moderately concentrated and long-term-holding, with 35.9% of the portfolio concentrated in Financials.
It has added to its YPF position over the past two quarters (+$122.6M, now $183.0M), while trimming PAAS over the same stretch (-$84.4M, still holding $26.8M).
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Developer Access
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