Cederberg Capital Ltd
Long book
$186.3M
Q1 2026
Positions
11
Top-10 weight
99%
concentration
Last quarter
+15.4%
SPY +14.8%
Turnover
46%
of book per quarter
Strategy in plain words
auto-generated from filingsCederberg Capital Ltd is a concentrated fundamental stock-picker, running a $186.3M US long book across 11 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: NETEASE INC-ADR, PDD HOLDINGS INC, ATOUR LIFESTYLE HOLDINGS-ADR, SILVERCORP METALS INC, ACM RESEARCH INC-CLASS A.
Over the last 9 quarters its long book ran on average 2.6pp per quarter behind the S&P 500, beating the index in 3 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-0.1%
Q2 2024
+0.7%
Q3 2024
-14.9%
Q4 2024
+8.0%
Q1 2025
+9.4%
Q2 2025
+16.5%
Q3 2025
-8.1%
Q4 2025
-10.1%
Q1 2026
+15.4%
Sector allocation
Industrials 55%
Materials 39%
Financials 6%
Long book by quarter
What does Cederberg Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| SVM SILVERCORP METALS INC | Materials | 2.2M | $23.8M | 12.8% | New |
| ACMR ACM RESEARCH INC-CLASS A | Industrials | 599.2K | $23.6M | 12.7% | -13.6% |
| CYD CHINA YUCHAI INTL LTD | Industrials | 322.9K | $12.4M | 6.7% | New |
| NU NU HOLDINGS LTD/CAYMAN ISL-A | Financials | 266.3K | $3.8M | 2.1% | -30.5% |
| AU ANGLOGOLD ASHANTI PLC | Materials | 19.9K | $1.9M | 1.0% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 11 | $186.3M | $K fixed canonical | SEC ↗ |
| Q4 2025 | 13F-HR/ARESTATEMENT | Feb 18, 2026 | 9 | $308.0M | $K fixed canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 10 | $350K | SEC ↗ | |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 10 | $350.2M | $K fixed canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 8 | $272.3M | $K fixed canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 8 | $258.9M | $K fixed canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 8 | $294.6M | $K fixed canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 9 | $386.0M | $K fixed canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 5 | $304.2M | $K fixed canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 14, 2024 | 6 | $360.7M | $K fixed canonical | SEC ↗ |
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