North of South Capital LLP 13F: Quarter-over-Quarter Portfolio Changes
North of South Capital LLP reported a disclosed portfolio value of approximately $1.4 billion in its latest SEC Form 13F-HR filing for Q2 2026, up 22.1% quarter on quarter. Over the quarter, the fund initiated 3 new positions, bought more shares in 11 holdings, trimmed 10 holdings, and exited 4 positions.
North of South Capital LLP's top buy was a new stake in Yum China Ho (YUMC) , equal to 4.6% of the disclosed portfolio. Its top sell was Latam Airlines G (LTM) . The fund exited the position completely after it had accounted for 0.2% of the previous portfolio.
New PositionsQ2 2026
Securities disclosed for the first time in Q2 2026 that were not present in the prior 13F-HR filing.
| Company | Ticker | Initial Portfolio Weight | History |
|---|---|---|---|
| YUM CHINA HO | YUMC | 4.6% | History → |
| HDFC BANK-ADR | HDB | 3.0% | Holders → |
| JOYY INC | JOYY | 0.2% | Holders → |
Top BuysQ2 2026
Showing the top 10 buys among 11 existing positions where the fund bought more shares in Q2 2026. Ranked by portfolio-weight impact, with the percentage of additional shares shown separately.
| Company | Ticker | Portfolio Weight Change | More Shares | History |
|---|---|---|---|---|
| KT CORP-ADR | KT | +0.1% | +144.4% | Holders → |
| JSC KASPI.KZ | KSPI | +2.5% | +73.3% | History → |
| JD.COM INC-ADR | JD | +0.8% | +51.0% | History → |
| TRANSPORT GA-ADR | TGS | +-0.1% | +34.6% | Holders → |
| BAIDU INC-SP ADR | BIDU | +0.3% | +24.3% | History → |
| AXIA ENERGIA-ADR | AXIA | +-0.0% | +17.9% | Holders → |
| FULL TRUCK A-ADR | YMM | +-0.6% | +16.4% | History → |
| YPF SA-ADR | YPF | +-1.2% | +14.2% | History → |
| HARMONY GOLD-ADR | HMY | +-0.0% | +4.8% | Holders → |
| ICICI BANK-ADR | IBN | +-1.1% | +3.0% | History → |
Top SellsQ2 2026
The fund's top sells among positions it retained in Q2 2026. Ranked by portfolio-weight impact. Full exits are listed separately.
| Company | Ticker | Portfolio Weight Change | Shares Sold | History |
|---|---|---|---|---|
| UNITED MICRO-ADR | UMC | -0.2% | 87.5% | Holders → |
| PAN AMER SILVER | PAAS | -3.7% | 48.0% | Holders → |
| PETROBRAS SA-ADR | PBR | -0.3% | 42.1% | Holders → |
| CREDICORP LTD | BAP | -0.1% | 36.5% | Holders → |
| LOMA NEGRA C-ADR | LOMA | -0.1% | 33.8% | Holders → |
| ALIBABA GRP-ADR | BABA | -0.2% | 31.2% | Holders → |
| LAUREATE EDUCATI | LAUR | -1.6% | 23.3% | History → |
| TAIWAN SEMIC-ADR | TSM | -0.7% | 18.8% | History → |
| AUTOHOME INC-ADR | ATHM | -1.0% | 7.4% | History → |
| VISTA ENERGY SAB | VIST | -0.1% | 0.2% | Holders → |
Full ExitsQ2 2026
Positions present in the prior 13F-HR filing that no longer appear in Q2 2026.
| Company | Ticker | Last-Reported Portfolio Weight |
|---|---|---|
| LATAM AIRLINES G | LTM | 0.2% |
| AMERICA MOVIL SA | AMX | 0.1% |
| TENARIS S A | TS | 0.1% |
| AURA MINERALS | AUGO | 0.1% |
Net Portfolio Value ChangeQ2 2026
- $1.1BPrior quarter
- $1.4BCurrent quarter
- +$0.2BNet delta
- +22.1%% change
Methodology & FAQ
How North of South Capital LLP Quarterly Changes Are Computed
All deltas are sourced from sequential SEC Form 13F-HR filings for North of South Capital LLP: each row joins the most recent filing against the immediately preceding quarterly filing for the same fund. Share-count changes reflect reported trading activity, while portfolio weights can also move because of market price changes. Portfolio weights are normalized to exclude listed options for comparability. A complete description — including how confidential treatment filings are handled — is documented in the Methodology.
What stocks did North of South Capital LLP buy in Q2 2026?
In Q2 2026, North of South Capital LLP initiated 3 new positions (YUM CHINA HO (YUMC), HDFC BANK-ADR (HDB), JOYY INC (JOYY)); bought more shares of KT CORP-ADR (KT), JSC KASPI.KZ (KSPI), JD.COM INC-ADR (JD), TRANSPORT GA-ADR (TGS), BAIDU INC-SP ADR (BIDU) — the largest 5 of 11 adds.
What stocks did North of South Capital LLP sell in Q2 2026?
In Q2 2026, North of South Capital LLP fully sold 4 positions (LATAM AIRLINES G (LTM), AMERICA MOVIL SA (AMX), TENARIS S A (TS), AURA MINERALS (AUGO)); reduced holdings in UNITED MICRO-ADR (UMC), PAN AMER SILVER (PAAS), PETROBRAS SA-ADR (PBR), CREDICORP LTD (BAP), LOMA NEGRA C-ADR (LOMA) — the largest 5 of 10 reductions.
Which positions did North of South Capital LLP initiate in Q2 2026?
North of South Capital LLP established 3 new positions in Q2 2026: YUM CHINA HO (YUMC, 4.6%), HDFC BANK-ADR (HDB, 3.0%), JOYY INC (JOYY, 0.2%).
Which existing positions saw the largest allocation increases for North of South Capital LLP in Q2 2026?
Of 11 existing positions with share-count increases in Q2 2026, the largest were: KT CORP-ADR (KT, +0.1% weight, +144.4% shares), JSC KASPI.KZ (KSPI, +2.5% weight, +73.3% shares), JD.COM INC-ADR (JD, +0.8% weight, +51.0% shares), TRANSPORT GA-ADR (TGS, +-0.1% weight, +34.6% shares), BAIDU INC-SP ADR (BIDU, +0.3% weight, +24.3% shares), AXIA ENERGIA-ADR (AXIA, +-0.0% weight, +17.9% shares), FULL TRUCK A-ADR (YMM, +-0.6% weight, +16.4% shares), YPF SA-ADR (YPF, +-1.2% weight, +14.2% shares), HARMONY GOLD-ADR (HMY, +-0.0% weight, +4.8% shares), ICICI BANK-ADR (IBN, +-1.1% weight, +3.0% shares).
Which positions did North of South Capital LLP fully exit in Q2 2026?
North of South Capital LLP fully exited 4 positions in Q2 2026: LATAM AIRLINES G (LTM, last-reported weight 0.2%), AMERICA MOVIL SA (AMX, last-reported weight 0.1%), TENARIS S A (TS, last-reported weight 0.1%), AURA MINERALS (AUGO, last-reported weight 0.1%).
Which existing positions saw the largest allocation reductions for North of South Capital LLP in Q2 2026?
Of 10 existing positions with share-count reductions in Q2 2026, the largest were: UNITED MICRO-ADR (UMC, -0.2% weight, -87.5% shares), PAN AMER SILVER (PAAS, -3.7% weight, -48.0% shares), PETROBRAS SA-ADR (PBR, -0.3% weight, -42.1% shares), CREDICORP LTD (BAP, -0.1% weight, -36.5% shares), LOMA NEGRA C-ADR (LOMA, -0.1% weight, -33.8% shares), ALIBABA GRP-ADR (BABA, -0.2% weight, -31.2% shares), LAUREATE EDUCATI (LAUR, -1.6% weight, -23.3% shares), TAIWAN SEMIC-ADR (TSM, -0.7% weight, -18.8% shares), AUTOHOME INC-ADR (ATHM, -1.0% weight, -7.4% shares), VISTA ENERGY SAB (VIST, -0.1% weight, -0.2% shares).
Do quarter-over-quarter 13F allocation changes constitute explicit trading signals?
No. Quarter-over-quarter changes reflect a combination of active trading and market price movement. A weight increase can result from price appreciation alone, without the manager adding shares. Share-count delta is the cleaner indicator of explicit trading activity. All deltas on this page are sourced from sequential SEC Form 13F-HR filings.