PC
Polunin Capital Partners Ltd SEC 13F Filing (Q2 2026) — Holdings & Portfolio
Polunin Capital Partners LtdCIK: 0001629869
Sector-focusedLong-term holderQuality / disciplined sizing
Total reported value
$407.4M
Reporting period: 2026-06-30 · Number of holdings: 19
Polunin Capital Partners Ltd disclosed 19 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $407.4M and a quarterly turnover rate of 0.0%.
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Personality snowflake
- Concentration
- 41.57
- Portfolio Stability
- 0
- Momentum
- 50
- Sector conviction
- 100
- Diversification
- 38
- Sizing Uniformity
- 89.86
Polunin Capital Partners Ltd's disclosed holdings carry a Herfindahl concentration index of 0.104 — mathematically equivalent to about 10 equally-sized positions, well below its 19 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 1.01), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
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 22% 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.govSold out BABA
New buy JD
Add ACMR
-1.9% $45.3M
New buy WB
Trim DQ
-1.6% -$15.1M
Trim STNE
+4.6% -$8.5M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | ACMR | Acm Research Inc-class A | Stock-Other | 18.92% | +10.67% | -1.94% | |
| 2 | JD | Jd.com Inc-adr | Stock-Consumer Disc | 13.62% | +13.62% | NEW | |
| 3 | PAGS | PagSeguro Digital Ltd. | Stock-Other | 11.17% | -2.63% | -1.73% | |
| 4 | STNE | StoneCo Ltd. | Stock-Other | 9.65% | -2.77% | +4.59% | |
| 5 | BIDU | Baidu Inc - Spon Adr | Stock-Comm Services | 8.18% | -0.15% | -1.73% | |
| 6 | CSIQ | Canadian Solar Inc | Stock-Other | 7.82% | +1.17% | +5.92% | |
| 7 | YMM | Full Truck Alliance -spn Adr | Stock-Other | 6.52% | -0.25% | -1.72% | |
| 8 | ATHM | Autohome Inc-adr | Stock-Other | 6.15% | +0.97% | +7.98% | |
| 9 | WB | Weibo Corp-spon Adr | Stock-Other | 5.54% | +5.54% | NEW | |
| 10 | DQ | Daqo New Energy Corp-adr | Stock-Other | 5.22% | -4.22% | -1.59% | |
| 11 | HIMX | Himax Technologies Inc-adr | Stock-Other | 2.61% | +2.61% | NEW | |
| 12 | TUYA | Tuya Inc | Stock-Other | 1.34% | +1.34% | NEW | |
| 13 | MOMO | Hello Group Inc -spn Adr | Stock-Other | 1.24% | +1.24% | NEW | |
| 14 | PPLT | Abrdn Physical Platinum Shrs | ETF-Commodities | 0.88% | +0.88% | NEW | |
| 15 | GAU | Galiano Gold Inc | Stock-Other | 0.84% | -0.37% | -0.71% | |
| 16 | ASHR | Xtrackers Harvest Csi 300 Ch | ETF-Other | 0.20% | +0.01% | — | |
| 17 | MX | Magnachip Semiconductor CORP | Stock-Other | 0.06% | +0.02% | +4.91% | |
| 18 | BZUN | Baozun Inc-spn Adr | Stock-Other | 0.04% | — | — | |
| 19 | CAN | Canaan Inc | Stock-Other | 0.01% | -0.12% | -93.77% |
Portfolio Performance
Performance for Q3 2026
-10.1%
Performance Last 4 Quarters
-15.8%
- Stdev
- +25.1%
- Beta
- +0.82
- Alpha
- -1.2%
- Max Drawdown
- -28.6%
- Annualized Perf
- +13%
- Batting Avg vs S&P
- +47.2%
- Sortino
- +1.18
- Stutzer
- +0.18
- Treynor
- +0.19
- Sterling
- +0.53
- Calmar
- +0.45
- Information Ratio
- -0.21
- Tracking Error
- +22.8%
- Stdev Down
- +12.9%
- Winning Months %
- +50%
- Losing Months %
- +50%
- Best 12 Months
- +49.5%
- Worst 12 Months
- -15.8%
- Efficiency Ratio
- +0.21
- Sharpe
- +0.61
- Stdev Sectors
- +12.5%
- Skewness
- +0.55
- Kurtosis
- -0.58
- Upside Potential
- +3.28
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 19 | $407.4M | 0 | ||
| 2026 Q1 | 16 | $385.4M | 67 | ||
| 2025 Q4 | 24 | $649.1M | 25 | ||
| 2025 Q3 | 24 | $680.0M | 59 | ||
| 2025 Q2 | 27 | $611.9M | 0 | ||
| 2025 Q1 | 27 | $495.0M | 100 | ||
| 2024 Q4 | 25 | $404.4M | 0 | ||
| 2024 Q3 | 26 | $427.4M | 0 | ||
| 2024 Q2 | 27 | $586.7M | 0 | ||
| 2024 Q1 | 24 | $657.4M | 0 | ||
| 2023 Q4 | 27 | $534.0M | 0 | ||
| 2023 Q3 | 29 | $444.6M | 0 | ||
| 2023 Q2 | 29 | $487.2M | 0 | ||
| 2023 Q1 | 25 | $482.9M | 0 | ||
| 2022 Q4 | 22 | $400.7M | 0 | ||
| 2022 Q3 | 18 | $286.2M | 0 | ||
| 2022 Q2 | 13 | $331.7M | 0 | ||
| 2022 Q1 | 11 | $357.1M | 0 | ||
| 2021 Q4 | 12 | $309.1M | 0 | ||
| 2021 Q3 | 1 | $124.7M | 0 | ||
| 2021 Q2 | 12 | $323.8M | 75 | ||
| 2021 Q1 | 10 | $193.1M | 39 | ||
| 2020 Q4 | 14 | $256.3M | 81 | ||
| 2020 Q3 | 16 | $380.8M | 55 | ||
| 2020 Q2 | 17 | $412.8M | 57 | ||
| 2020 Q1 | 17 | $249.3M | 70 | ||
| 2019 Q4 | 16 | $364.5M | 32 | ||
| 2019 Q3 | 16 | $392.8M | 11 | ||
| 2019 Q2 | 16 | $413.1M | 47 | ||
| 2019 Q1 | 9 | $266.3M | 31 | ||
| 2018 Q4 | 10 | $205.3M | 20 | ||
| 2018 Q3 | 10 | $201.6M | 11 | ||
| 2018 Q2 | 10 | $225.9M | 28 | ||
| 2018 Q1 | 11 | $240.6M | 23 | ||
| 2017 Q4 | 12 | $278.0M | 0 |
Holding changes this quarter
Polunin Capital Partners Ltd's most significant position changes for 2026-06-30: Sold out: Alibaba Group Holding-sp Adr (BABA); New buy: Jd.com Inc-adr (JD); New buy: Weibo Corp-spon Adr (WB); New buy: Himax Technologies Inc-adr (HIMX); New buy: Tuya Inc (TUYA).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | JD | Jd.com Inc-adr | +13.6% | NEW | New buy |
| 2 | ACMR | Acm Research Inc-class A | +10.7% | -1.94% | Trim |
| 3 | WB | Weibo Corp-spon Adr | +5.5% | NEW | New buy |
| 4 | HIMX | Himax Technologies Inc-adr | +2.6% | NEW | New buy |
| 5 | TUYA | Tuya Inc | +1.3% | NEW | New buy |
| 6 | MOMO | Hello Group Inc -spn Adr | +1.2% | NEW | New buy |
| 7 | CSIQ | Canadian Solar Inc | +1.2% | +5.92% | Add |
| 8 | ATHM | Autohome Inc-adr | +1% | +7.98% | Add |
| 9 | PPLT | Abrdn Physical Platinum Shrs | +0.9% | NEW | New buy |
| 10 | MX | Magnachip Semiconductor CORP | 0% | +4.91% | Add |
| 11 | ASHR | Xtrackers Harvest Csi 300 Ch | 0% | — | Unchanged |
| 12 | BZUN | Baozun Inc-spn Adr | — | — | Unchanged |
| 13 | DOYU | Douyu International Hold-adr | 0% | EXIT | Sold out |
| 14 | CAN | Canaan Inc | -0.1% | -93.77% | Trim |
| 15 | KWEB | Kranesh Csi China Internet | -0.1% | EXIT | Sold out |
| 16 | BIDU | Baidu Inc - Spon Adr | -0.2% | -1.73% | Trim |
| 17 | YMM | Full Truck Alliance -spn Adr | -0.3% | -1.72% | Trim |
| 18 | GAU | Galiano Gold Inc | -0.4% | -0.71% | Trim |
| 19 | PAGS | PagSeguro Digital Ltd. | -2.6% | -1.73% | Trim |
| 20 | STNE | StoneCo Ltd. | -2.8% | +4.59% | Add |
| 21 | DQ | Daqo New Energy Corp-adr | -4.2% | -1.59% | Trim |
| 22 | BABA | Alibaba Group Holding-sp Adr | -27.4% | EXIT | Sold out |
Filing History
FAQ
What is Polunin Capital Partners Ltd and what type of investor is it?
Polunin Capital Partners Ltd 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 $407.4M, spread across 19 disclosed positions.
What are Polunin Capital Partners Ltd's largest equity positions?
Based on the latest 13F filing, Polunin Capital Partners Ltd's top holdings by market value are:
1. Acm Research Inc-class A (ACMR) — $77.1M (18.9%)
2. Jd.com Inc-adr (JD) — $55.5M (13.6%)
3. PagSeguro Digital Ltd. (PAGS) — $45.5M (11.2%)
4. StoneCo Ltd. (STNE) — $39.3M (9.7%)
5. Baidu Inc - Spon Adr (BIDU) — $33.3M (8.2%)
What changes did Polunin Capital Partners Ltd make in its most recent portfolio filing?
In the latest reported quarter, Polunin Capital Partners Ltd made 20 notable position adjustments: 6 new positions were initiated, 4 existing holdings were added to, 7 positions were partially reduced, and 3 were completely exited. The largest of these moves: Sold out: Alibaba Group Holding-sp Adr (BABA); New buy: Jd.com Inc-adr (JD); New buy: Weibo Corp-spon Adr (WB); New buy: Himax Technologies Inc-adr (HIMX); New buy: Tuya Inc (TUYA)
What sectors does Polunin Capital Partners Ltd focus on?
Polunin Capital Partners Ltd is concentrated in the following sectors based on its current disclosed equity portfolio:
• Consumer Discretionary: 62.5%
• Communication Services: 37.5%
Investment Profile
Polunin Capital Partners Ltd returned an annualized 13.0% over the trailing 36 months — underperforming the S&P 500 by 1.2 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.82 (less volatile than the market) and a 47% quarterly batting average against the index.
Its portfolio is moderately concentrated and long-term-holding, with 62.5% of the portfolio concentrated in Consumer Discretionary.
It has trimmed its DQ position for two straight quarters, cutting it by $15.5M while still holding $21.3M.
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