Polunin Capital Partners Ltd
Long book
$385.4M
Q1 2026
Positions
16
Top-10 weight
99%
concentration
Last quarter
+1.4%
SPY +14.8%
Turnover
40%
of book per quarter
Strategy in plain words
auto-generated from filingsPolunin Capital Partners Ltd is a concentrated fundamental stock-picker, specialised in technology (63% of the long book), running a $385.4M US long book across 16 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: ALIBABA GROUP HOLDING-SP ADR, PAGSEGURO DIGITAL LTD-CL A, STONECO LTD-A, DAQO NEW ENERGY CORP-ADR, BAIDU INC - SPON ADR.
Over the last 9 quarters its long book ran on average 1.5pp 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
+0.2%
Q2 2024
+9.0%
Q3 2024
-10.2%
Q4 2024
+19.7%
Q1 2025
+2.2%
Q2 2025
+29.3%
Q3 2025
-12.6%
Q4 2025
-11.7%
Q1 2026
+1.4%
Sector allocation
Technology 78%
Industrials 19%
Materials 3%
Long book by quarter
What does Polunin Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| PAGS PAGSEGURO DIGITAL LTD-CL A | Technology | 5.0M | $53.2M | 13.8% | +12.5% |
| STNE STONECO LTD-A | Technology | 3.4M | $47.9M | 12.4% | -0.1% |
| ACMR ACM RESEARCH INC-CLASS A | Industrials | 763.3K | $31.8M | 8.3% | New |
| CSIQ CANADIAN SOLAR INC | Technology | 2.0M | $25.6M | 6.6% | -0.4% |
| GAU GALIANO GOLD INC | Materials | 1.8M | $4.7M | 1.2% | -0.7% |
| MX MAGNACHIP SEMICONDUCTOR CORP | Technology | 57.0K | $164K | 0.0% | -83.0% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | Apr 15, 2026 | 16 | $385.4M | $K fixed canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Jan 20, 2026 | 24 | $649.1M | $K fixed canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Oct 7, 2025 | 24 | $680.0M | $K fixed canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Jul 10, 2025 | 27 | $611.9M | $K fixed canonical | SEC ↗ |
| Q1 2025 | 13F-HR | Apr 9, 2025 | 27 | $495.0M | $K fixed canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Jan 28, 2025 | 25 | $404.4M | $K fixed canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Oct 24, 2024 | 26 | $427.4M | $K fixed canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Jul 24, 2024 | 27 | $586.7M | $K fixed canonical | SEC ↗ |
| Q1 2024 | 13F-HR | Apr 26, 2024 | 24 | $657.4M | $K fixed canonical | SEC ↗ |