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Polunin Capital Partners Ltd

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13F filer, CIK 1629869, LONDON, United Kingdom

Polunin Capital Partners Ltd reported $649,082,000 across 24 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-01-20. Its ten largest share positions make up 92% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001629869-26-000001

Period
2025-12-31
Reported value
$649M
Holdings
24
Top 10 weight
92%
New
2
Sold out
2

Largest buys vs the previous quarter

SecurityShares changeApprox. value
CSIQnew+2,009,769$43.7M
GAUnew+1,860,217$5.17M
DQadded+174,747$4.4M
BVNadded+41,100$1.43M
HUYAadded+207,042$768K

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
RYAAYexited-210,331-$12.5M
NIUexited-1,460,883-$6.6M
JOYYreduced-11,937-$829K
KWEBreduced-21,874-$782K
JDreduced-24,188-$699K

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, Q4 2025

Share positions as resolved from 13F-HR 0001629869-26-000001, largest first. % of portfolio is the value over $649,082,000, 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; 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; 2025Q4: 1,383,722 shares 1,383,722$229M35.26%+2,088Timeline
BIDUBAIDU INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 344,972 shares; 2025Q2: 343,872 shares; 2025Q3: 412,368 shares; 2025Q4: 413,496 shares 413,496$61.8M9.53%+1,128Timeline
JDJD.COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,947,668 shares 1,947,668$56.3M8.67%-24,188Timeline
STNESTONECO LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 3,356,763 shares 3,356,763$48.6M7.49%-2,425Timeline
PAGSPAGSEGURO DIGITAL LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 4,450,160 shares 4,450,160$44.9M6.91%+16,700Timeline
CSIQCANADIAN SOLAR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 2,009,769 shares 2,009,769$43.7M6.73%newTimeline
DQDAQO NEW ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,283,958 shares; 2025Q4: 1,458,705 shares 1,458,705$36.7M5.66%+174,747Timeline
YMMFULL TRUCK ALLIANCE CO LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 3,152,133 shares 3,152,133$31.1M4.79%+6,787Timeline
ATHMAUTOHOME INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,143,866 shares 1,143,866$26.4M4.07%-9,349Timeline
BVNCOMPANIA DE MINAS BUENAVENTUQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 499,281 shares; 2025Q2: 499,281 shares; 2025Q3: 499,281 shares; 2025Q4: 540,381 shares 540,381$18.7M2.89%+41,100Timeline
JOYYJOYY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 171,800 shares; 2024Q4: 171,800 shares; 2025Q1: 167,377 shares; 2025Q2: 167,377 shares; 2025Q3: 163,430 shares; 2025Q4: 151,493 shares 151,493$10.5M1.62%-11,937Timeline
HUYAHUYA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,719,977 shares 2,719,977$10.1M1.55%+207,042Timeline
CGAUCENTERRA GOLD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 544,115 shares; 2024Q4: 544,115 shares; 2025Q1: 529,115 shares; 2025Q2: 529,115 shares; 2025Q3: 515,715 shares; 2025Q4: 491,629 shares 491,629$8.19M1.26%-24,086Timeline
HIMXHIMAX TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 779,368 shares; 2024Q4: 779,368 shares; 2025Q1: 758,268 shares; 2025Q2: 758,268 shares; 2025Q3: 739,368 shares; 2025Q4: 706,750 shares 706,750$6.07M0.94%-32,618Timeline
MOMOHELLO GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 726,195 shares; 2024Q4: 726,195 shares; 2025Q1: 706,495 shares; 2025Q2: 706,495 shares; 2025Q3: 889,369 shares; 2025Q4: 853,219 shares 853,219$5.96M0.92%-36,150Timeline
GAUGALIANO GOLD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 1,860,217 shares 1,860,217$5.17M0.8%newTimeline
DOYUDOUYU INTL HLDGS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 312,030 shares; 2024Q4: 312,030 shares; 2025Q1: 303,530 shares; 2025Q2: 303,530 shares; 2025Q3: 293,430 shares; 2025Q4: 277,828 shares 277,828$1.89M0.29%-15,602Timeline
MXMAGNACHIP SEMICONDUCTOR CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 367,195 shares; 2024Q4: 367,195 shares; 2025Q1: 358,495 shares; 2025Q2: 358,495 shares; 2025Q3: 348,095 shares; 2025Q4: 335,148 shares 335,148$1.01M0.16%-12,947Timeline
CANCANAAN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,194,556 shares 1,194,556$942K0.15%-110,285Timeline
ASHRDBX ETF TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 40,845 shares; 2024Q4: 40,845 shares; 2025Q1: 40,845 shares; 2025Q2: 40,845 shares; 2025Q3: 40,845 shares; 2025Q4: 23,183 shares 23,183$778K0.12%-17,662Timeline
KWEBKRANESHARES TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 41,100 shares; 2024Q4: 41,100 shares; 2025Q1: 41,100 shares; 2025Q2: 41,100 shares; 2025Q3: 41,100 shares; 2025Q4: 19,226 shares 19,226$687K0.11%-21,874Timeline
HTTHIGH TEMPLAR TECHNOLOGY LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 241,154 shares; 2024Q4: 241,154 shares; 2025Q1: 241,154 shares; 2025Q2: 241,154 shares; 2025Q3: 241,154 shares; 2025Q4: 112,803 shares 112,803$342K0.05%-128,351Timeline
BZUNBAOZUN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 107,623 shares; 2025Q4: 60,222 shares 60,222$168K0.03%-47,401Timeline
LULUFAX HOLDING LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 89,626 shares; 2024Q4: 89,626 shares; 2025Q1: 89,626 shares; 2025Q2: 89,626 shares; 2025Q3: 89,626 shares; 2025Q4: 41,924 shares 41,924$110K0.02%-47,702Timeline

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
RYAAYRYANAIR HOLDINGS PLC210,331$12.5Mshares
NIUNIU TECHNOLOGIES1,460,883$6.6Mshares

How Q4 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 0001629869-26-000001 base2026-01-20acceptance time not in the bulk data set