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Polunin Capital Partners Ltd

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13F filer, CIK 1629869, LONDON, United Kingdom

Polunin Capital Partners Ltd reported $494,970,000 across 27 holdings for the quarter ended 2025-03-31, in a 13F-HR filed 2025-04-09. Its ten largest share positions make up 89.68% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001629869-25-000004

Period
2025-03-31
Reported value
$495M
Holdings
27
Top 10 weight
89.68%
New
4
Sold out
2

Largest buys vs the previous quarter

SecurityShares changeApprox. value
BABAadded+908,544$90.3M
BIDUnew+344,972$26.5M
UGPnew+8,680,434$24M
RYAAYnew+210,331$8.34M
BVNnew+499,281$6.46M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
CIGexited-16,538,771-$28.6M
EQXexited-1,112,500-$6.5M
BRF SAreduced-362,853-$1.13M
JDreduced-22,408-$740K
STNEreduced-61,978-$646K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q1 2025

Share positions as resolved from 13F-HR 0001629869-25-000004, largest first. % of portfolio is the value over $494,970,000, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
BABAALIBABA GROUP HLDG LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 423,176 shares; 2024Q4: 416,576 shares; 2025Q1: 1,325,120 shares 1,325,120$132M26.6%+908,544Timeline
JDJD.COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,058,917 shares; 2024Q4: 2,024,517 shares; 2025Q1: 2,002,109 shares 2,002,109$66.1M13.36%-22,408Timeline
BRF SABRF SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 17,380,664 shares; 2024Q4: 17,229,964 shares; 2025Q1: 16,867,111 shares 16,867,111$52.5M10.6%-362,853
STNESTONECO LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,570,566 shares; 2024Q4: 3,534,266 shares; 2025Q1: 3,472,288 shares 3,472,288$36.2M7.32%-61,978Timeline
YMMFULL TRUCK ALLIANCE CO LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,337,424 shares; 2024Q4: 3,308,322 shares; 2025Q1: 3,255,746 shares 3,255,746$33.7M6.81%-52,576Timeline
PAGSPAGSEGURO DIGITAL LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,973,054 shares; 2024Q4: 3,920,754 shares; 2025Q1: 3,845,471 shares 3,845,471$29.3M5.91%-75,283Timeline
ATHMAUTOHOME INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,052,721 shares; 2024Q4: 1,037,821 shares; 2025Q1: 1,192,015 shares 1,192,015$28.4M5.73%+154,194Timeline
BIDUBAIDU INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 344,972 shares 344,972$26.5M5.36%newTimeline
UGPULTRAPAR PARTICIPACOES SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 8,680,434 shares 8,680,434$24M4.84%newTimeline
HSAIHESAI GROUPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,027,400 shares; 2024Q4: 1,210,817 shares; 2025Q1: 1,180,242 shares 1,180,242$15.6M3.15%-30,575Timeline
RYAAYRYANAIR HOLDINGS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 210,331 shares 210,331$8.34M1.69%newTimeline
BVNCOMPANIA DE MINAS BUENAVENTUQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 499,281 shares 499,281$6.46M1.31%newTimeline
JOYYJOYY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 171,800 shares; 2024Q4: 171,800 shares; 2025Q1: 167,377 shares 167,377$6.38M1.29%-4,423Timeline
HIMXHIMAX TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 779,368 shares; 2024Q4: 779,368 shares; 2025Q1: 758,268 shares 758,268$4.47M0.9%-21,100Timeline
WBWEIBO CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 502,338 shares; 2024Q4: 575,750 shares; 2025Q1: 561,050 shares 561,050$4.4M0.89%-14,700Timeline
MOMOHELLO GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 726,195 shares; 2024Q4: 726,195 shares; 2025Q1: 706,495 shares 706,495$3.81M0.77%-19,700Timeline
HUYAHUYA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,274,300 shares; 2024Q4: 1,274,300 shares; 2025Q1: 1,241,300 shares 1,241,300$3.62M0.73%-33,000Timeline
NIUNIU TECHNOLOGIESQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,100,262 shares; 2024Q4: 1,100,262 shares; 2025Q1: 1,072,062 shares 1,072,062$3.14M0.63%-28,200Timeline
CGAUCENTERRA GOLD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 544,115 shares; 2024Q4: 544,115 shares; 2025Q1: 529,115 shares 529,115$2.92M0.59%-15,000Timeline
DOYUDOUYU INTL HLDGS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 312,030 shares; 2024Q4: 312,030 shares; 2025Q1: 303,530 shares 303,530$1.84M0.37%-8,500Timeline
KWEBKRANESHARES TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 41,100 shares; 2024Q4: 41,100 shares; 2025Q1: 41,100 shares 41,100$1.16M0.23%0Timeline
ASHRDBX ETF TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 40,845 shares; 2024Q4: 40,845 shares; 2025Q1: 40,845 shares 40,845$967K0.2%0Timeline
MXMAGNACHIP SEMICONDUCTOR CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 367,195 shares; 2024Q4: 367,195 shares; 2025Q1: 358,495 shares 358,495$950K0.19%-8,700Timeline
CANCANAAN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,380,741 shares; 2024Q4: 1,380,741 shares; 2025Q1: 1,346,141 shares 1,346,141$947K0.19%-34,600Timeline
TALTAL ED GROUPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 92,426 shares; 2024Q4: 92,426 shares; 2025Q1: 92,426 shares 92,426$904K0.18%0Timeline
HTTHIGH TEMPLAR TECHNOLOGY LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 241,154 shares; 2024Q4: 241,154 shares; 2025Q1: 241,154 shares 241,154$528K0.11%0Timeline
LULUFAX HOLDING LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 89,626 shares; 2024Q4: 89,626 shares; 2025Q1: 89,626 shares 89,626$220K0.04%0Timeline

Sold out in Q1 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
CIGCIA ENERGETICA DE MINAS GERA16,538,771$28.6Mshares
EQXEQUINOX GOLD CORP1,112,500$6.5Mshares

How Q1 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001629869-25-000004 base2025-04-09acceptance time not in the bulk data set