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 Hldgs INC (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 HLDGS INC | YUMC | 4.6% | History → |
| HDFC BANK LTD | 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 | KT | +0.1% | +144.4% | Holders → |
| KASPI KZ JSC | KSPI | +2.5% | +73.3% | History → |
| JD.COM INC | JD | +0.8% | +51.0% | History → |
| TRANSPORTADORA DE GAS DEL SU | TGS | +-0.1% | +34.6% | Holders → |
| BAIDU INC | BIDU | +0.3% | +24.3% | History → |
| AXIA ENERGIA-ADR | AXIA | +-0.0% | +17.9% | Holders → |
| FULL TRUCK ALLIANCE CO LTD | YMM | +-0.6% | +16.4% | History → |
| YPF SOCIEDAD ANONIMA | YPF | +-1.2% | +14.2% | History → |
| HARMONY GOLD MNG LTD | HMY | +-0.0% | +4.8% | Holders → |
| ICICI BANK LTD | 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 MICROELECTRONICS CORP | UMC | -0.2% | 87.5% | Holders → |
| PAN AMERN SILVER CORP | PAAS | -3.7% | 48.0% | Holders → |
| PETROLEO BRASILEIRO SA - PETROBRAS | PBR | -0.3% | 42.1% | Holders → |
| CREDICORP LTD | BAP | -0.1% | 36.5% | Holders → |
| LOMA NEGRA C I A S A MTN 14 | LOMA | -0.1% | 33.8% | Holders → |
| ALIBABA GROUP HLDG LTD | BABA | -0.2% | 31.2% | Holders → |
| LAUREATE EDUCATION, INC. | LAUR | -1.6% | 23.3% | History → |
| TAIWAN SEMICONDUCTOR MANUFAC | TSM | -0.7% | 18.8% | History → |
| AUTOHOME INC-ADR | ATHM | -1.0% | 7.4% | History → |
| VISTA ENERGY S.A.B. DE C.V. | 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 HLDGS INC (YUMC), HDFC BANK LTD (HDB), JOYY, INC. (JOYY)); bought more shares of KT CORP (KT), KASPI KZ JSC (KSPI), JD.COM INC (JD), TRANSPORTADORA DE GAS DEL SU (TGS), BAIDU INC (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 MICROELECTRONICS CORP (UMC), PAN AMERN SILVER CORP (PAAS), PETROLEO BRASILEIRO SA - PETROBRAS (PBR), CREDICORP LTD (BAP), LOMA NEGRA C I A S A MTN 14 (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 HLDGS INC (YUMC, 4.6%), HDFC BANK LTD (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 (KT, +0.1% weight, +144.4% shares), KASPI KZ JSC (KSPI, +2.5% weight, +73.3% shares), JD.COM INC (JD, +0.8% weight, +51.0% shares), TRANSPORTADORA DE GAS DEL SU (TGS, +-0.1% weight, +34.6% shares), BAIDU INC (BIDU, +0.3% weight, +24.3% shares), AXIA ENERGIA-ADR (AXIA, +-0.0% weight, +17.9% shares), FULL TRUCK ALLIANCE CO LTD (YMM, +-0.6% weight, +16.4% shares), YPF SOCIEDAD ANONIMA (YPF, +-1.2% weight, +14.2% shares), HARMONY GOLD MNG LTD (HMY, +-0.0% weight, +4.8% shares), ICICI BANK LTD (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 MICROELECTRONICS CORP (UMC, -0.2% weight, -87.5% shares), PAN AMERN SILVER CORP (PAAS, -3.7% weight, -48.0% shares), PETROLEO BRASILEIRO SA - PETROBRAS (PBR, -0.3% weight, -42.1% shares), CREDICORP LTD (BAP, -0.1% weight, -36.5% shares), LOMA NEGRA C I A S A MTN 14 (LOMA, -0.1% weight, -33.8% shares), ALIBABA GROUP HLDG LTD (BABA, -0.2% weight, -31.2% shares), LAUREATE EDUCATION, INC. (LAUR, -1.6% weight, -23.3% shares), TAIWAN SEMICONDUCTOR MANUFAC (TSM, -0.7% weight, -18.8% shares), AUTOHOME INC-ADR (ATHM, -1.0% weight, -7.4% shares), VISTA ENERGY S.A.B. DE C.V. (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.