# North of South Capital LLP

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 2033334. Source: https://holderbook.com/funds/2033334-north-of-south-capital-llp/

- Reported value: $1.4B
- Positions: 28
- Weight of the ten largest: 90.5%
- Filed: 2026-07-30

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| ICICI BANK LIMITED | [IBN](https://holderbook.com/stocks/IBN/) | $252.3M | 8,690,448 | 18.6% | 8 |
| YPF SOCIEDAD ANONIMA | [YPF](https://holderbook.com/stocks/YPF/) | $183.0M | 4,023,562 | 13.5% | 9 |
| JD.COM INC | [JD](https://holderbook.com/stocks/JD/) | $169.7M | 6,661,845 | 12.5% | 9 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $158.1M | 330,957 | 11.6% | 9 |
| FULL TRUCK ALLIANCE CO LTD | [YMM](https://holderbook.com/stocks/YMM/) | $105.0M | 12,936,046 | 7.7% | 8 |
| BAIDU INC | [BIDU](https://holderbook.com/stocks/BIDU/) | $105.0M | 918,941 | 7.7% | 9 |
| KASPI KZ JSC | [KSPI](https://holderbook.com/stocks/KSPI/) | $85.5M | 987,390 | 6.3% | 3 |
| AUTOHOME INC | [ATHM](https://holderbook.com/stocks/ATHM/) | $65.2M | 3,428,188 | 4.8% | 9 |
| YUM CHINA HLDGS INC | [YUMC](https://holderbook.com/stocks/YUMC/) | $62.8M | 1,536,481 | 4.6% | 1 |
| LAUREATE ED INC | [LAUR](https://holderbook.com/stocks/LAUR/) | $42.6M | 1,171,708 | 3.1% | 7 |
| HDFC BANK LTD | [HDB](https://holderbook.com/stocks/HDB/) | $41.2M | 1,593,267 | 3.0% | 1 |
| PAN AMERN SILVER CORP | [PAAS](https://holderbook.com/stocks/PAAS/) | $26.8M | 598,713 | 2.0% | 5 |
| TRANSPORTADORA DE GAS DEL SU | [TGS](https://holderbook.com/stocks/TGS/) | $25.7M | 863,044 | 1.9% | 2 |
| ISHARES TR | [INDA](https://holderbook.com/stocks/INDA/) | $10.9M | 220,987 | 0.8% | 2 |
| KT CORP | [KT](https://holderbook.com/stocks/KT/) | $4.0M | 232,718 | 0.3% | 9 |
| VISTA ENERGY S.A.B. DE C.V. | [VIST](https://holderbook.com/stocks/VIST/) | $2.6M | 41,443 | 0.2% | 2 |
| JOYY INC | [JOYY](https://holderbook.com/stocks/JOYY/) | $2.6M | 39,681 | 0.2% | 1 |
| ALIBABA GROUP HLDG LTD | [BABA](https://holderbook.com/stocks/BABA/) | $2.4M | 24,816 | 0.2% | 9 |
| HARMONY GOLD MNG LTD | [HMY](https://holderbook.com/stocks/HMY/) | $2.1M | 140,946 | 0.2% | 3 |
| PETROLEO BRASILEIRO S A | [PBR](https://holderbook.com/stocks/PBR/) | $2.1M | 131,715 | 0.2% | 9 |
| AXIA ENERGIA SA | [AXIA](https://holderbook.com/stocks/AXIA/) | $1.9M | 177,337 | 0.1% | 6 |
| CREDICORP LTD | [BAP](https://holderbook.com/stocks/BAP/) | $1.7M | 4,453 | 0.1% | 5 |
| UNITED MICROELECTRONICS CORP | [UMC](https://holderbook.com/stocks/UMC/) | $1.4M | 50,700 | 0.1% | 4 |
| LOMA NEGRA CORP | [LOMA](https://holderbook.com/stocks/LOMA/) | $1.2M | 108,237 | 0.1% | 3 |
| TELEKOMUNIKASI IND | [TLK](https://holderbook.com/stocks/TLK/) | $943.6K | 70,259 | 0.1% | 2 |
| MCEWEN INC. | [MUX](https://holderbook.com/stocks/MUX/) | $906.5K | 50,000 | 0.1% | 4 |
| BANCO BBVA ARGENTINA S A | [BBAR](https://holderbook.com/stocks/BBAR/) | $588.3K | 30,000 | 0.0% | 6 |
| GRUPO TELEVISA S A B | [TV](https://holderbook.com/stocks/TV/) | $271.0K | 100,000 | 0.0% | 9 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +6.2% | +14.8% | -8.6% | 100% |
| Q1 2026 | -2.4% | -4.6% | +2.2% | 100% |
| Q4 2025 | +0.7% | +2.4% | -1.7% | 100% |
| Q3 2025 | +25.5% | +7.8% | +17.7% | 100% |
| Q2 2025 | -4.3% | +10.5% | -14.8% | 100% |
| Q1 2025 | +15.4% | -4.6% | +19.9% | 100% |
| Q4 2024 | -5.2% | +2.1% | -7.4% | 100% |
| Q3 2024 | +19.7% | +5.4% | +14.3% | 100% |

## Quarter by quarter

| Quarter | 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 |