North of South Capital LLP

CIK

2033334

Location

LONDON, X0

Portfolio Value

Mid $1,102,764,402

Diversification

Diversified

Filing Date

Global Rank

#1,417 / 8,232 ▲ 111

Top Industry

Banks - Regional 20.1%

3Y Alpha vs SPY

+12.2%

Period ended 2 months ago

Filed Apr 20, 2026 · 54d

8 quarters · since Jun 2024

Clone Performance

Aug 2024–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+65.9%

SPY

+39.3%

Annualised alpha

+12.1%

Max drawdown

−24.2%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. 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%