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Polunin Capital Partners Ltd

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13F filer, CIK 1629869, LONDON, United Kingdom

Polunin Capital Partners Ltd reported $680,046,000 across 24 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-10-07. Its ten largest share positions make up 92.16% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001629869-25-000008

Period
2025-09-30
Reported value
$680M
Holdings
24
Top 10 weight
92.16%
New
2
Sold out
5

Largest buys vs the previous quarter

SecurityShares changeApprox. value
DQnew+1,283,958$37.2M
BIDUadded+68,496$9.73M
PAGSadded+598,089$5.59M
NIUadded+388,821$1.76M
HUYAadded+434,263$1.42M

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
BRF SAexited-16,829,511-$66.8M
UGPexited-9,457,242-$31.4M
HSAIexited-1,180,242-$26.9M
BABAreduced-45,000-$8.46M
WBexited-561,050-$5.48M

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, Q3 2025

Share positions as resolved from 13F-HR 0001629869-25-000008, largest first. % of portfolio is the value over $680,046,000, 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; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 423,176 shares; 2024Q4: 416,576 shares; 2025Q1: 1,325,120 shares; 2025Q2: 1,426,634 shares; 2025Q3: 1,381,634 shares 1,381,634$260M38.2%-45,000Timeline
JDJD.COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,058,917 shares; 2024Q4: 2,024,517 shares; 2025Q1: 2,002,109 shares; 2025Q2: 2,037,856 shares; 2025Q3: 1,971,856 shares 1,971,856$69.8M10.26%-66,000Timeline
STNESTONECO LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,570,566 shares; 2024Q4: 3,534,266 shares; 2025Q1: 3,472,288 shares; 2025Q2: 3,464,288 shares; 2025Q3: 3,359,188 shares 3,359,188$60.4M8.88%-105,100Timeline
BIDUBAIDU INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 344,972 shares; 2025Q2: 343,872 shares; 2025Q3: 412,368 shares 412,368$58.6M8.61%+68,496Timeline
YMMFULL TRUCK ALLIANCE CO LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,337,424 shares; 2024Q4: 3,308,322 shares; 2025Q1: 3,255,746 shares; 2025Q2: 3,247,146 shares; 2025Q3: 3,145,346 shares 3,145,346$42.1M6.19%-101,800Timeline
PAGSPAGSEGURO DIGITAL LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,973,054 shares; 2024Q4: 3,920,754 shares; 2025Q1: 3,845,471 shares; 2025Q2: 3,835,371 shares; 2025Q3: 4,433,460 shares 4,433,460$41.5M6.1%+598,089Timeline
DQDAQO NEW ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,283,958 shares 1,283,958$37.2M5.47%newTimeline
ATHMAUTOHOME INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,052,721 shares; 2024Q4: 1,037,821 shares; 2025Q1: 1,192,015 shares; 2025Q2: 1,189,315 shares; 2025Q3: 1,153,215 shares 1,153,215$32.8M4.82%-36,100Timeline
RYAAYRYANAIR HOLDINGS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 210,331 shares; 2025Q2: 210,331 shares; 2025Q3: 210,331 shares 210,331$12.5M1.84%0Timeline
BVNCOMPANIA DE MINAS BUENAVENTUQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 499,281 shares; 2025Q2: 499,281 shares; 2025Q3: 499,281 shares 499,281$12.2M1.8%0Timeline
JOYYJOYY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 171,800 shares; 2024Q4: 171,800 shares; 2025Q1: 167,377 shares; 2025Q2: 167,377 shares; 2025Q3: 163,430 shares 163,430$9.6M1.41%-3,947Timeline
HUYAHUYA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,274,300 shares; 2024Q4: 1,274,300 shares; 2025Q1: 1,241,300 shares; 2025Q2: 2,078,672 shares; 2025Q3: 2,512,935 shares 2,512,935$8.24M1.21%+434,263Timeline
MOMOHELLO GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 726,195 shares; 2024Q4: 726,195 shares; 2025Q1: 706,495 shares; 2025Q2: 706,495 shares; 2025Q3: 889,369 shares 889,369$6.64M0.98%+182,874Timeline
NIUNIU TECHNOLOGIESQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,100,262 shares; 2024Q4: 1,100,262 shares; 2025Q1: 1,072,062 shares; 2025Q2: 1,072,062 shares; 2025Q3: 1,460,883 shares 1,460,883$6.6M0.97%+388,821Timeline
HIMXHIMAX TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 779,368 shares; 2024Q4: 779,368 shares; 2025Q1: 758,268 shares; 2025Q2: 758,268 shares; 2025Q3: 739,368 shares 739,368$6.38M0.94%-18,900Timeline
CGAUCENTERRA GOLD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 544,115 shares; 2024Q4: 544,115 shares; 2025Q1: 529,115 shares; 2025Q2: 529,115 shares; 2025Q3: 515,715 shares 515,715$5.86M0.86%-13,400Timeline
DOYUDOUYU INTL HLDGS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 312,030 shares; 2024Q4: 312,030 shares; 2025Q1: 303,530 shares; 2025Q2: 303,530 shares; 2025Q3: 293,430 shares 293,430$2.18M0.32%-10,100Timeline
KWEBKRANESHARES TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 41,100 shares; 2024Q4: 41,100 shares; 2025Q1: 41,100 shares; 2025Q2: 41,100 shares; 2025Q3: 41,100 shares 41,100$1.75M0.26%0Timeline
CANCANAAN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,380,741 shares; 2024Q4: 1,380,741 shares; 2025Q1: 1,346,141 shares; 2025Q2: 1,346,141 shares; 2025Q3: 1,304,841 shares 1,304,841$1.71M0.25%-41,300Timeline
ASHRDBX ETF TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 40,845 shares; 2024Q4: 40,845 shares; 2025Q1: 40,845 shares; 2025Q2: 40,845 shares; 2025Q3: 40,845 shares 40,845$1.35M0.2%0Timeline
MXMAGNACHIP SEMICONDUCTOR CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 367,195 shares; 2024Q4: 367,195 shares; 2025Q1: 358,495 shares; 2025Q2: 358,495 shares; 2025Q3: 348,095 shares 348,095$1.11M0.16%-10,400Timeline
HTTHIGH TEMPLAR TECHNOLOGY LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 241,154 shares; 2024Q4: 241,154 shares; 2025Q1: 241,154 shares; 2025Q2: 241,154 shares; 2025Q3: 241,154 shares 241,154$1.07M0.16%0Timeline
BZUNBAOZUN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 107,623 shares 107,623$424K0.06%newTimeline
LULUFAX HOLDING LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 89,626 shares; 2024Q4: 89,626 shares; 2025Q1: 89,626 shares; 2025Q2: 89,626 shares; 2025Q3: 89,626 shares 89,626$359K0.05%0Timeline

Sold out in Q3 2025

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

SecurityShares beforeValue beforeType
BRF SABRF SA16,829,511$66.8Mshares
UGPULTRAPAR PARTICIPACOES SA9,457,242$31.4Mshares
HSAIHESAI GROUP1,180,242$26.9Mshares
WBWEIBO CORP561,050$5.48Mshares
TALTAL ED GROUP92,426$966Kshares

How Q3 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 0001629869-25-000008 base2025-10-07acceptance time not in the bulk data set