North of South Capital LLP — 13F Holdings & Portfolio
CIK 2033334 · latest 13F-HR filed 2026-04-20
North of South Capital LLP manages $1.11B in 13F-reported U.S. long-equity assets across 29 reported positions as of its 2026-03-31 13F-HR filing. Its largest disclosed positions are IBN (19.64%), YPF (14.63%), TSM (12.37%). Quarter over quarter (versus its 2025-12-31 filing) the fund opened 6 new positions, exited 4, added to 12, and trimmed 7.
AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.
$1.11B
Long-equity book
29
Distinct positions
2026-03-31
Filed 2026-04-20
+6 / −4 / ↑12 / ↓7
vs 2025-12-31
| Name | Title / Status | Ownership | Type |
|---|
Top Adds (vs prior quarter)
- YPF SA-ADR$102.5M +169.7%
- JSC KASPI.KZ$40.8M +2861.4%
- BAIDU INC-SP ADR$26.7M +48.0%
- AUTOHOME INC-ADR$13.7M +27.1%
- JD.COM INC-ADR$8.4M +6.9%
Top Trims
- KT CORP-ADR-$83.9M -97.6%
- PAN AMER SILVER-$48.4M -43.5%
- FULL TRUCK A-ADR-$24.1M -20.7%
- ALIBABA GRP-ADR-$1.3M -21.7%
- AURA MINERALS-$805.4K -57.5%
New Positions
- TRANSPORT GA-ADR$22.2M
- ISHARES MSCI IND$10.4M
- VISTA ENERGY SAB$3.1M
- TELEKOMUNIKA-ADR$1.3M
- AMERICA MOVIL SA$1.1M
Exited Positions
- VIPSHOP HOLD-ADR$40.0M
- CONTROLADORA-ADR$35.5M
- MILLICOM INTL$1.5M
- AXIA ENERGIA-ADR$429.4K
Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).
| # | Issuer | Symbol | CUSIP | Value | Weight | Shares | Type |
|---|---|---|---|---|---|---|---|
| 1 | ICICI BANK-ADR | IBN | 45104G104 | $218.6M | 19.64% | 8,439,972 | SH |
| 2 | YPF SA-ADR | YPF | 984245100 | $162.9M | 14.63% | 3,524,252 | SH |
| 3 | TAIWAN SEMIC-ADR | TSM | 874039100 | $137.7M | 12.37% | 407,377 | SH |
| 4 | JD.COM INC-ADR | JD | 47215P106 | $130.5M | 11.72% | 4,411,681 | SH |
| 5 | FULL TRUCK A-ADR | YMM | 35969L108 | $92.3M | 8.29% | 11,118,123 | SH |
| 6 | BAIDU INC-SP ADR | BIDU | 056752108 | $82.4M | 7.40% | 739,299 | SH |
| 7 | AUTOHOME INC-ADR | ATHM | 05278C107 | $64.3M | 5.77% | 3,700,631 | SH |
| 8 | PAN AMER SILVER | PAAS | 697900108 | $62.9M | 5.65% | 1,151,110 | SH |
| 9 | LAUREATE EDUCATI | LAUR | 518613203 | $53.2M | 4.78% | 1,526,892 | SH |
| 10 | JSC KASPI.KZ | KSPI | 48581R205 | $42.2M | 3.79% | 569,681 | SH |
| 11 | TRANSPORT GA-ADR | TGS | 893870204 | $22.2M | 1.99% | 640,999 | SH |
| 12 | ISHARES MSCI IND | INDA | 46429B598 | $10.4M | 0.93% | 220,987 | SH |
| 13 | PETROBRAS SA-ADR | PBR | 71654V408 | $4.7M | 0.42% | 227,683 | SH |
| 14 | ALIBABA GRP-ADR | BABA | 01609W102 | $4.5M | 0.41% | 36,054 | SH |
| 15 | UNITED MICRO-ADR | UMC | 910873405 | $3.6M | 0.33% | 405,075 | SH |
| 16 | VISTA ENERGY SAB | VIST | 92837L109 | $3.1M | 0.28% | 41,519 | SH |
| 17 | CREDICORP LTD | BAP | G2519Y108 | $2.4M | 0.21% | 7,014 | SH |
| 18 | HARMONY GOLD-ADR | HMY | 413216300 | $2.1M | 0.19% | 134,490 | SH |
| 19 | KT CORP-ADR | KT | 48268K101 | $2.0M | 0.18% | 95,202 | SH |
| 20 | LATAM AIRLINES G | LTM | 51817R205 | $2.0M | 0.18% | 39,455 | SH |
| 21 | LOMA NEGRA C-ADR | LOMA | 54150E104 | $1.8M | 0.16% | 163,566 | SH |
| 22 | AXIA ENERGIA-ADR | AXIA | 15234Q207 | $1.7M | 0.15% | 150,411 | SH |
| 23 | TELEKOMUNIKA-ADR | TLK | 715684106 | $1.3M | 0.12% | 68,845 | SH |
| 24 | AMERICA MOVIL SA | AMX | 02390A101 | $1.1M | 0.10% | 41,563 | SH |
| 25 | TENARIS-ADR | TS | 88031M109 | $1.1M | 0.09% | 18,087 | SH |
| 26 | MCEWEN INC | MUX | 58039P305 | $1.0M | 0.09% | 50,000 | SH |
| 27 | AURA MINERALS | AUGO | G06973112 | $596.0K | 0.05% | 7,304 | SH |
| 28 | BBVA ARGENT-ADR | BBAR | 058934100 | $481.8K | 0.04% | 30,000 | SH |
| 29 | GRUPO TELEV-ADR | TV | 40049J206 | $291.0K | 0.03% | 100,000 | SH |
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-03-31 | 2026-04-20 | $1.11B | 29 | 0002033334-26-000002 |
| 2025-12-31 | 2026-02-12 | $1.11B | 27 | 0002033334-26-000001 |