Skip to main content
Livermore
Livermore
ZHEN

Polunin Capital Partners Ltd

SEC CIK
0001629869
Latest filing
Jul 15, 2026

The latest 13F from Polunin Capital Partners Ltd covers Q2 2026 (filed Jul 15, 2026): 19 long positions worth $407.4M. The top 10 holdings make up 92.8% of the portfolio, and the largest is ACM Research, Inc. (ACMR) at 18.9%. Livermore has 23 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
6
Est. +$102.8M
Added
4
Est. +$5.37M
Reduced
7
Est. −$4.10M
Sold out
3
Est. −$106.1M

Top 5 holdings

Share of this quarter's portfolio value

  1. ACMRACM Research, Inc.
    18.9%$77.1MHistory
  2. JDJD.com, Inc.
    13.6%$55.5MHistory
  3. PAGSPagSeguro Digital Ltd.
    11.2%$45.5MHistory
  4. STNEStoneCo Ltd.
    9.7%$39.3MHistory
  5. BIDUBaidu, Inc.
    8.2%$33.3MHistory

Biggest buys

New and added positions, by estimated amount bought

  1. JDJD.com, Inc.
    +$55.5MNewHistory
  2. WBWEIBO Corp
    +$22.6MNewHistory
  3. HIMXHimax Technologies, Inc.
    +$10.6MNewHistory
  4. TUYATuya Inc.
    +$5.44MNewHistory
  5. MOMOHello Group Inc.
    +$5.06MNewHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. JDJD.com, Inc.
    +13.62 pp0.0% → 13.6%History
  2. WBWEIBO Corp
    +5.54 pp0.0% → 5.5%History
  3. HIMXHimax Technologies, Inc.
    +2.61 pp0.0% → 2.6%History
  4. TUYATuya Inc.
    +1.34 pp0.0% → 1.3%History
  5. MOMOHello Group Inc.
    +1.24 pp0.0% → 1.2%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. BABAAlibaba Group Holding Ltd
    −$105.5MSold outHistory
  2. ACMRACM Research, Inc.
    −$1.53MReducedHistory
  3. PAGSPagSeguro Digital Ltd.
    −$802.9KReducedHistory
  4. BIDUBaidu, Inc.
    −$587.7KReducedHistory
  5. Kraneshares Trust500767306
    −$541.0KSold out

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. BABAAlibaba Group Holding Ltd
    −27.38 pp27.4% → 0.0%History
  2. DQDaqo New Energy Corp.
    −4.22 pp9.4% → 5.2%History
  3. PAGSPagSeguro Digital Ltd.
    −2.64 pp13.8% → 11.2%History
  4. GAUGaliano Gold Inc.
    −0.37 pp1.2% → 0.8%History
  5. YMMFull Truck Alliance Co. Ltd.
    −0.26 pp6.8% → 6.5%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$407.4M
+$22.0M (+5.7%) vs. prior quarter
Positions
19
+3 vs. prior quarter
Top 10 concentration
92.8%
Top 10 as share of value
Turnover
27.3%
Q2 2026, one quarter
Average holding period
6.2 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $680.0M (Q3 2025)

Q1 2021: $193.1MQ2 2021: $323.8MQ3 2021: $124.7MQ4 2021: $309.1MQ1 2022: $357.1MQ2 2022: $331.7MQ3 2022: $286.2MQ4 2022: $400.7MQ1 2023: $482.9MQ2 2023: $487.2MQ3 2023: $444.6MQ4 2023: $534.0MQ1 2024: $657.4MQ2 2024: $586.7MQ3 2024: $427.4MQ4 2024: $404.4MQ1 2025: $495.0MQ2 2025: $611.9MQ3 2025: $680.0MQ4 2025: $649.1MQ1 2026: $385.4MQ2 2026: $407.4M
Q1 2021Q2 2026
13F filings of Polunin Capital Partners Ltd by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 15, 202619$407.4MACMRJDPAGSvs. Q1 2026SEC
Q1 2026Apr 15, 202616$385.4MBABAPAGSSTNEvs. Q4 2025SEC
Q4 2025Jan 20, 202624$649.1MBABABIDUJDvs. Q3 2025SEC
Q3 2025Oct 7, 202524$680.0MBABAJDSTNEvs. Q2 2025SEC
Q2 2025Jul 10, 202527$611.9MBABABRF SAJDvs. Q1 2025SEC
Q1 2025Apr 9, 202527$495.0MBABAJDBRF SAvs. Q4 2024SEC
Q4 2024Jan 28, 202525$404.4MJDBRF SAYMMvs. Q3 2024SEC
Q3 2024Oct 24, 202426$427.4MJDBRF SABABAvs. Q2 2024SEC
Q2 2024Jul 24, 202427$586.7MHMYBVNBRF SAvs. Q1 2024SEC
Q1 2024Apr 26, 202424$657.4MHMYBVNSTNEvs. Q4 2023SEC
Q4 2023Jan 25, 202427$534.0MBVNHMYSTNEvs. Q3 2023SEC
Q3 2023Oct 26, 202329$444.6MVIPSBVNHMYvs. Q2 2023SEC
Q2 2023Jul 31, 202329$487.2MVIPSSTNEHMYvs. Q1 2023SEC
Q1 2023May 15, 2023Amended25$482.9MEDUVIPSHMYvs. Q4 2022SEC
Q4 2022Feb 8, 202322$400.7MEDUVIPSHMYvs. Q3 2022SEC
Q3 2022Nov 4, 202218$286.2MEDUSTNEBVNvs. Q2 2022SEC
Q2 2022Aug 10, 202213$331.7MBABAEDUATHMvs. Q1 2022SEC
Q1 2022May 9, 202211$357.1MBABABVNHMYvs. Q4 2021SEC
Q4 2021Feb 7, 202212$309.1MBABABVNIAGvs. Q3 2021SEC
Q3 2021Oct 13, 20211$124.7MBABAvs. Q2 2021SEC
Q2 2021Aug 4, 202112$323.8MBABAFSLRIAGvs. Q1 2021SEC
Q1 2021May 6, 202110$193.1MFSLRIAGCIG–SEC