Data as of Q4 2025 (Dec 31, 2025)

Polunin Capital Partners Ltd

•CIK: 1629869•Filing: Q4 2025

**Polunin Capital Partners Ltd** manages $649M across a concentrated portfolio of 24 positions. The fund exhibits significant exposure to Chinese technology and e-commerce, with its largest holding in BABA at $228.9M. Further notable allocations include BIDUN ($61.8M), JD ($56.3M), and DSECF ($48.6M). This structure indicates a focused, high-conviction approach within key Asian market sectors.

Total AUM
$649.1M
QoQ Performance
-4.5%
Positions
24
Top 10 Concentration
92.0%
Latest Filing
Q4 2025

Top Holdings Allocation

BABA
BIDUN
JD
STNE
PAGS
CSIQ
DQ
BABA35.3%
BIDUN9.5%
JD8.7%
STNE7.5%
PAGS6.9%
CSIQ6.7%
DQ5.7%
YMM4.8%

📈 Biggest Buys

CSIQ
CANADIAN SOLAR INC
NEW
6.7% of portfolio
GAU
GALIANO GOLD INC
NEW
0.8% of portfolio
DQ
DAQO NEW ENERGY CORP
+13.6%
5.7% of portfolio
BVN
COMPANIA DE MINAS BUENAVENTU
+8.2%
2.9% of portfolio
HUYA
HUYA INC
+8.2%
1.6% of portfolio

📉 Biggest Sells

JOYY
JOYY INC
-7.3%
1.6% of portfolio
KWEB
KRANESHARES TRUST
-53.2%
0.1% of portfolio
JD
JD.COM INC
-1.2%
8.7% of portfolio
ASHR
DBX ETF TR
-43.2%
0.1% of portfolio
CG
CENTERRA GOLD INC
-4.7%
1.3% of portfolio

Sector Breakdown

Other100.0%

🚪 Exited Positionssold since Q3 2025

RYAAY
RYANAIR HOLDINGS PLC
SOLD
$12.5M
NIU
NIU TECHNOLOGIES
SOLD
$6.6M

Changes from Q3 2025

NEW2 new positions
↑7 increased
↓15 decreased

Historical Filings

Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023

📌 Top Holdings

BABA35.3%
ALIBABA GROUP HLDG LTD
$228.9M
BIDUN9.5%
BAIDU INC
$61.8M
JD8.7%
JD.COM INC
$56.3M
STNE7.5%
STONECO LTD
$48.6M
PAGS6.9%
PAGSEGURO DIGITAL LTD
$44.9M

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