North of South Capital LLP Diversified Active

CIK: 0002033334 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 12, 2026

Total Value ($000): $1,112,834 (100.0% shares, 0.0% debt)

Holdings (27)

New Positions (5)

HMY HARMONY GOLD-ADR 0.2%

Value ($000) $1,895 Shares 95,204 Est. Cost $19.90 Unrealized —

LOMA LOMA NEGRA C-ADR 0.1%

Value ($000) $1,554 Shares 120,000 Est. Cost $12.95 Unrealized —

KSPI JSC KASPI.KZ 0.1%

Value ($000) $1,425 Shares 18,237 Est. Cost $78.13 Unrealized —

LTM LATAM AIRLINES G 0.1%

Value ($000) $904 Shares 16,743 Est. Cost $54.01 Unrealized —

AXIA/PC AXIA ENERGIA-ADR 0.0%

Value ($000) $429 Shares 72,335 Est. Cost $5.94 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
HMY	HARMONY GOLD-ADR	95,204	$1,895	0.2%	$19.90	—	SPONSORED ADR	413216300
LOMA	LOMA NEGRA C-ADR	120,000	$1,554	0.1%	$12.95	—	SPONSORED ADS	54150E104
KSPI	JSC KASPI.KZ	18,237	$1,425	0.1%	$78.13	—	SPONSORED ADS	48581R205
LTM	LATAM AIRLINES G	16,743	$904	0.1%	$54.01	—	SPONSORED ADR	51817R205
AXIA/PC	AXIA ENERGIA-ADR	72,335	$429	0.0%	$5.94	—	SPONSORED ADR	15236F100

Increased Positions (9)

IBN ICICI BANK-ADR 19.8%

Value ($000) $220,176 (+124.9%) Shares 7,388,440 (+128.2%) Est. Cost $30.11 Unrealized —

YMM FULL TRUCK A-ADR 10.5%

Value ($000) $116,397 (-15.4%) Shares 10,847,821 (+2.3%) Est. Cost $11.05 Unrealized —

YPF YPF SA-ADR 5.4%

Value ($000) $60,401 (+53.5%) Shares 1,670,378 (+3.1%) Est. Cost $25.96 Unrealized —

JD JD.COM INC-ADR 11.0%

Value ($000) $122,061 (-14.3%) Shares 4,253,012 (+4.4%) Est. Cost $33.60 Unrealized —

KT KT CORP-ADR 7.7%

Value ($000) $85,923 (+2.9%) Shares 4,529,411 (+5.7%) Est. Cost $16.15 Unrealized —

BAP CREDICORP LTD 0.3%

Value ($000) $3,019 (+183.4%) Shares 10,519 (+163.0%) Est. Cost $239.08 Unrealized +10.7%

BIDU BAIDU INC-SP ADR 5.0%

Value ($000) $55,663 (+1.7%) Shares 426,013 (+2.6%) Est. Cost $91.10 Unrealized —

UMC UNITED MICRO-ADR 0.1%

Value ($000) $1,588 (+67.6%) Shares 202,000 (+61.6%) Est. Cost $7.69 Unrealized —

BABA ALIBABA GRP-ADR 0.5%

Value ($000) $5,775 (-7.7%) Shares 39,398 (+12.6%) Est. Cost $92.08 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IBN	ICICI BANK-ADR	7,388,440 (+128.2%)	$220,176 (+124.9%)	19.8%	$30.11	—	ADR	45104G104
YMM	FULL TRUCK A-ADR	10,847,821 (+2.3%)	$116,397 (-15.4%)	10.5%	$11.05	—	SPONSORED ADS	35969L108
YPF	YPF SA-ADR	1,670,378 (+3.1%)	$60,401 (+53.5%)	5.4%	$25.96	—	SPON ADR CL D	984245100
JD	JD.COM INC-ADR	4,253,012 (+4.4%)	$122,061 (-14.3%)	11.0%	$33.60	—	SPON ADS CL A	47215P106
KT	KT CORP-ADR	4,529,411 (+5.7%)	$85,923 (+2.9%)	7.7%	$16.15	—	SPONSORED ADR	48268K101
BAP	CREDICORP LTD	10,519 (+163.0%)	$3,019 (+183.4%)	0.3%	$239.08	+10.7%	COMMON STOCK	G2519Y108
BIDU	BAIDU INC-SP ADR	426,013 (+2.6%)	$55,663 (+1.7%)	5.0%	$91.10	—	SPON ADR REP A	056752108
UMC	UNITED MICRO-ADR	202,000 (+61.6%)	$1,588 (+67.6%)	0.1%	$7.69	—	SPONSORED ADR	910873405
BABA	ALIBABA GRP-ADR	39,398 (+12.6%)	$5,775 (-7.7%)	0.5%	$92.08	—	SPONSORED ADS	01609W102

Exited Positions (1)

SKM SK TELEC-SPN ADR 0.1%

Value ($000) $1,133 Shares 52,439 Est. Cost $21.60 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SKM	SK TELEC-SPN ADR	52,439	$1,133	0.1%	$21.60	—	—	78440P306

Decreased Positions (7)

VIPS VIPSHOP HOLD-ADR 3.6%

Value ($000) $40,027 (-39.3%) Shares 2,262,683 (-32.6%) Est. Cost $14.53 Unrealized —

PAAS PAN AMER SILVER 10.0%

Value ($000) $111,265 (-4.2%) Shares 2,147,562 (-28.4%) Est. Cost $31.00 Unrealized +35.0%

AXIA AXIA ENERGIA-ADR 0.1%

Value ($000) $778 (-82.2%) Shares 84,977 (-80.7%) Est. Cost $8.51 Unrealized —

AUGO AURA MINERALS 0.1%

Value ($000) $1,401 (-54.6%) Shares 27,798 (-66.5%) Est. Cost $28.59 Unrealized +37.4%

LAUR LAUREATE EDUCATI 4.7%

Value ($000) $51,764 (+2.2%) Shares 1,537,384 (-4.2%) Est. Cost $18.47 Unrealized +67.2%

VLRS CONTROLADORA-ADR 3.2%

Value ($000) $35,487 (-2.7%) Shares 3,996,297 (-21.4%) Est. Cost $6.36 Unrealized —

PBR PETROBRAS SA-ADR 0.3%

Value ($000) $3,150 (-12.8%) Shares 265,853 (-6.8%) Est. Cost $13.14 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VIPS	VIPSHOP HOLD-ADR	2,262,683 (-32.6%)	$40,027 (-39.3%)	3.6%	$14.53	—	SPONSORED ADS A	92763W103
PAAS	PAN AMER SILVER	2,147,562 (-28.4%)	$111,265 (-4.2%)	10.0%	$31.00	+35.0%	COMMON STOCK	697900108
AXIA	AXIA ENERGIA-ADR	84,977 (-80.7%)	$778 (-82.2%)	0.1%	$8.51	—	SPONSORED ADR	15234Q207
AUGO	AURA MINERALS	27,798 (-66.5%)	$1,401 (-54.6%)	0.1%	$28.59	+37.4%	COMMON STOCK	G06973112
LAUR	LAUREATE EDUCATI	1,537,384 (-4.2%)	$51,764 (+2.2%)	4.7%	$18.47	+67.2%	COMMON STOCK	518613203
VLRS	CONTROLADORA-ADR	3,996,297 (-21.4%)	$35,487 (-2.7%)	3.2%	$6.36	—	SPON ADR RP 10	21240E105
PBR	PETROBRAS SA-ADR	265,853 (-6.8%)	$3,150 (-12.8%)	0.3%	$13.14	—	SPONSORED ADR	71654V408

Unchanged Positions (6)

ATHM AUTOHOME INC-ADR 4.5%

Value ($000) $50,594 Shares 2,272,864 Est. Cost $29.56 Unrealized —

TSM TAIWAN SEMIC-ADR 12.4%

Value ($000) $137,899 Shares 453,780 Est. Cost $179.96 Unrealized —

BBAR BBVA ARGENT-ADR 0.0%

Value ($000) $542 Shares 30,000 Est. Cost $18.12 Unrealized —

TIGO MILLICOM INTL 0.1%

Value ($000) $1,500 Shares 27,054 Est. Cost $28.57 Unrealized +76.3%

MUX MCEWEN INC 0.1%

Value ($000) $926 Shares 50,000 Est. Cost $11.97 Unrealized +55.4%

TV GRUPO TELEV-ADR 0.0%

Value ($000) $291 Shares 100,000 Est. Cost $2.77 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ATHM	AUTOHOME INC-ADR	2,272,864	$50,594	4.5%	$29.56	—	SP ADS RP CL A	05278C107
TSM	TAIWAN SEMIC-ADR	453,780	$137,899	12.4%	$179.96	—	SPONSORED ADS	874039100
BBAR	BBVA ARGENT-ADR	30,000	$542	0.0%	$18.12	—	SPONSORED ADS	058934100
TIGO	MILLICOM INTL	27,054	$1,500	0.1%	$28.57	+76.3%	COMMON STOCK	L6388F110
MUX	MCEWEN INC	50,000	$926	0.1%	$11.97	+55.4%	COMMON STOCK	58039P305
TV	GRUPO TELEV-ADR	100,000	$291	0.0%	$2.77	—	SPON ADR REP ORD	40049J206