North of South Capital LLP

CIK

2033334

Location

LONDON, X0

Portfolio Value

Mid $1,102,764,402

Diversification

Diversified

Filing Date

Global Rank

#1,663 / 8,621 ▲ 36 · as of Mar 2026

Top Industry

Banks - Regional 20.1%

3Y Alpha vs SPY

+12.2%

Period ended 4 months ago

Filed Apr 20, 2026 · 3mo

8 quarters · since Jun 2024

Clone Performance

Aug 2024–Jul 2026 · vs SPY

Hypothetical growth of buying every stock this filer reported holding, rebalancing on each filing and indexed to the same start. Option positions cannot be bought this way and are left out.

Cloned portfolio

+67.8%

SPY

+38.8%

Annualised alpha

+12.1%

Max drawdown

−24.2%

Estimate. 13F holdings are quarter-lagged, so the clone rebalances about 45 days after each period end — when the filing becomes public — and it excludes option and short positions. It tracks 100% of reported value on average across 8 quarters. Past performance does not predict future results.

Portfolio Concentration

28 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

19.8%

+0.0 pts

Top 5

67.3%

+3.6 pts

Top 10

94.9%

+3.9 pts

HHI

1,142

Diversified+86

Portfolio Trend

8 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Technology	25.0%	$275,787,321	4
Financial Services	20.1%	$221,456,082	3
Energy	17.6%	$193,986,063	5
Communication Services	13.7%	$151,330,785	6
Consumer Cyclical	12.2%	$134,976,741	2
Basic Materials	6.2%	$68,383,202	5
Consumer Defensive	4.8%	$53,196,917	1
Industrials	0.2%	$1,950,655	1
Utilities	0.2%	$1,696,636	1

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

12 positions

Ticker	Company	Δ Shares	Shares	Value
YPF	Ypf Sociedad Anonima	+1,853,874	3,524,252	$162,890,927
ATHM	Autohome Inc.	+1,427,767	3,700,631	$64,279,960
IBN	Icici Bank Ltd	+1,051,532	8,439,972	$218,595,274
KSPI	Joint Stock Co Kaspi.kz	+551,444	569,681	$42,196,271
BIDU	Baidu, Inc.	+313,286	739,299	$82,372,694
YMM	Full Truck Alliance Co. Ltd.	+270,302	11,118,123	$92,280,420
UMC	United Microelectronics Corp	+203,075	405,075	$3,637,573
JD	JD.com, Inc.	+158,669	4,411,681	$130,453,407
AXIA	AXIA Energia S.A.	+65,434	150,411	$1,696,636
LOMA	Loma Negra Compania Industrial Argentina Sociedad Anonima	+43,566	163,566	$1,813,946
HMY	Harmony Gold Mining Co Ltd	+39,286	134,490	$2,067,111
LTM	Latam Airlines Group S.A.	+22,712	39,455	$1,950,655
No positions match the current search.

Trimmed

Positions the filer reduced

8 positions

Ticker	Company	Δ Shares	Shares	Value
KT	Kt Corp	−4,434,209	95,202	$2,042,082
PAAS	Pan American Silver Corp	−996,452	1,151,110	$62,885,139
TSM	Taiwan Semiconductor Manufacturing Co Ltd	−46,403	407,377	$137,673,057
PBR	Petrobras - Petroleo Brasileiro SA	−38,170	227,683	$4,724,422
AUGO	Aura Minerals Inc.	−20,494	7,304	$596,006
LAUR	Laureate Education, Inc.	−10,492	1,526,892	$53,196,917
BAP	Credicorp Ltd	−3,505	7,014	$2,379,008
BABA	Alibaba Group Holding Ltd	−3,344	36,054	$4,523,334
No positions match the current search.

New Positions

Positions the filer opened this quarter

5 positions

Ticker	Company	Shares	Value
TGS	Gas Transporter Of The South Inc	640,999	$22,184,975
VIST	Vista Energy, S.A.B. de C.V.	41,519	$3,133,438
TLK	Perusahaan Perseroan Persero Pt Telekomunikasi Indonesia Tbk	68,845	$1,286,024
AMX	America Movil Sab De Cv/	41,563	$1,059,025
TS	Tenaris SA	18,087	$1,052,301
No positions match the current search.

Sold Out

Positions the filer fully exited

3 positions

Ticker	Company	Shares	Value
VIPS	Vipshop Holdings Ltd	2,262,683	$40,026,862
VLRS	Controladora Vuela Compania de Aviacion, S.A.B. de C.V.	3,996,297	$35,487,117
TIGO	Millicom International Cellular SA	27,054	$1,499,873
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

28 positions · $1,102,764,402 total · as of Mar 31, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Industrials Technology Utilities

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
IBN	Icici Bank Ltd Financial Services	Added	8,439,972	+1,051,532	$218,595,274	−0.7%	19.82%
YPF	Ypf Sociedad Anonima Energy	Added	3,524,252	+1,853,874	$162,890,927	+169.7%	14.77%
TSM	Taiwan Semiconductor Manufacturing Co Ltd Technology	Reduced	407,377	-46,403	$137,673,057	−0.2%	12.48%
JD	JD.com, Inc. Consumer Cyclical	Added	4,411,681	+158,669	$130,453,407	+6.9%	11.83%
YMM	Full Truck Alliance Co. Ltd. Technology	Added	11,118,123	+270,302	$92,280,420	−20.7%	8.37%
BIDU	Baidu, Inc. Communication Services	Added	739,299	+313,286	$82,372,694	+48.0%	7.47%
ATHM	Autohome Inc. Communication Services	Added	3,700,631	+1,427,767	$64,279,960	+27.1%	5.83%
PAAS	Pan American Silver Corp Basic Materials	Reduced	1,151,110	-996,452	$62,885,139	−43.5%	5.70%
LAUR	Laureate Education, Inc. Consumer Defensive	Reduced	1,526,892	-10,492	$53,196,917	+2.8%	4.82%
KSPI	Joint Stock Co Kaspi.kz Technology	Added	569,681	+551,444	$42,196,271	+2861.4%	3.83%
TGS	Gas Transporter Of The South Inc Energy	NEW	640,999	NEW	$22,184,975	NEW	2.01%
PBR	Petrobras - Petroleo Brasileiro SA Energy	Reduced	227,683	-38,170	$4,724,422	+50.0%	0.43%
BABA	Alibaba Group Holding Ltd Consumer Cyclical	Reduced	36,054	-3,344	$4,523,334	−21.7%	0.41%
UMC	United Microelectronics Corp Technology	Added	405,075	+203,075	$3,637,573	+129.1%	0.33%
VIST	Vista Energy, S.A.B. de C.V. Energy	NEW	41,519	NEW	$3,133,438	NEW	0.28%
BAP	Credicorp Ltd Financial Services	Reduced	7,014	-3,505	$2,379,008	−21.2%	0.22%
HMY	Harmony Gold Mining Co Ltd Basic Materials	Added	134,490	+39,286	$2,067,111	+9.1%	0.19%
KT	Kt Corp Communication Services	Reduced	95,202	-4,434,209	$2,042,082	−97.6%	0.19%
LTM	Latam Airlines Group S.A. Industrials	Added	39,455	+22,712	$1,950,655	+115.7%	0.18%
LOMA	Loma Negra Compania Industrial Argentina Sociedad Anonima Basic Materials	Added	163,566	+43,566	$1,813,946	+16.7%	0.16%
AXIA	AXIA Energia S.A. Utilities	Added	150,411	+65,434	$1,696,636	+118.0%	0.15%
TLK	Perusahaan Perseroan Persero Pt Telekomunikasi Indonesia Tbk Communication Services	NEW	68,845	NEW	$1,286,024	NEW	0.12%
AMX	America Movil Sab De Cv/ Communication Services	NEW	41,563	NEW	$1,059,025	NEW	0.10%
TS	Tenaris SA Energy	NEW	18,087	NEW	$1,052,301	NEW	0.10%
MUX	McEwen Inc. Basic Materials	Held	50,000	0	$1,021,000	+10.3%	0.09%
AUGO	Aura Minerals Inc. Basic Materials	Reduced	7,304	-20,494	$596,006	−57.5%	0.05%
BBAR	Banco BBVA Argentina S.A. Financial Services	Held	30,000	0	$481,800	−11.1%	0.04%
TV	Grupo Televisa, S.A.B. Communication Services	Held	100,000	0	$291,000	0.0%	0.03%