North of South Capital LLP

Fundamental concentrated ★Highest signal CIK 2033334
League rank
#827
in Fundamental concentrated · #6863 overall
Long book
$1.11B
Q1 2026
Positions
29
Top-10 weight
94%
concentration
Last quarter
+6.3%
SPY +14.8%
Turnover
30%
of book per quarter

Strategy in plain words

auto-generated from filings

North of South Capital LLP is a concentrated fundamental stock-picker, running a $1.11B US long book across 29 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: ICICI BANK LTD-SPON ADR, YPF S.A.-SPONSORED ADR, TAIWAN SEMICONDUCTOR-SP ADR, JD.COM INC-ADR, FULL TRUCK ALLIANCE -SPN ADR.

Over the last 8 quarters its long book ran on average 2.8pp per quarter ahead of the S&P 500, beating the index in 4 of 8 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
Q2 2024
+20.1%
Q3 2024
-4.9%
Q4 2024
+15.6%
Q1 2025
-3.2%
Q2 2025
+25.6%
Q3 2025
+0.8%
Q4 2025
-2.4%
Q1 2026
+6.3%

Sector allocation

Materials
54%
Services media
44%
Financials
2%

Long book by quarter

$386.2M
Q2 2024
$659.4M
Q3 2024
$823.4M
Q4 2024
$895.2M
Q1 2025
$951.1M
Q2 2025
$1.04B
Q3 2025
$1.11B
Q4 2025
$1.11B
Q1 2026

What does North of own?

Q1 2026 13F
CompanySectorSharesValue% of bookChange
PAAS PAN AMERICAN SILVER CORPMaterials1.2M$62.9M5.6%-46.4%
LAUR LAUREATE EDUCATION INCServices media1.5M$53.2M4.8%-0.7%
BAP CREDICORP LTDFinancials7.0K$2.4M0.2%-33.3%
MUX MCEWEN INCMaterials50.0K$1.0M0.1%Held
AUGO AURA MINERALS INCMaterials7.3K$596K0.1%-73.7%

13F filing history

PeriodFormFiledEntriesReported valueFlagsSource
Q1 202613F-HRApr 20, 202629$1.11B canonicalSEC ↗
Q4 202513F-HRFeb 12, 202627$1.11B canonicalSEC ↗
Q3 202513F-HROct 27, 202523$1.04B canonicalSEC ↗
Q2 202513F-HRAug 8, 202521$951.1M canonicalSEC ↗
Q1 202513F-HRApr 28, 202520$895.2M canonicalSEC ↗
Q4 202413F-HRFeb 3, 202518$823.4M canonicalSEC ↗
Q3 202413F-HRNov 12, 202417$659.4M canonicalSEC ↗
Q2 202413F-HRAug 13, 202417$386.2M canonicalSEC ↗

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