North of South Capital LLP

CIK 0002033334 · Q2 2026

13F Equity AUM

$1.4B

+22.1% QoQ

Positions

-1 QoQ

AUM Rank

#1,991

Top 23%

Skill Alpha (FF)

—

Building track record (8q)

Quarters Tracked

~2 years

Portfolio Concentration

Top 5: 63.9%Top 10: 90.5%Top 20: 99.3%

IBN18.6%

YPF13.5%

JD12.5%

TSM11.6%

YMM7.7%

BIDUN7.7%

KSPI6.3%

ATHM4.8%

YUMC4.6%

LAUR3.1%

Others (18)9.5%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Technology25.8%

Financial Services22.5%

Consumer Cyclical17.3%

Energy15.7%

Communication Services13.1%

Consumer Defensive3.1%

Basic Materials2.3%

Other0.2%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 28Median: 0.55%Avg: 3.57%

0–0.5%

14(1.8%)

0.5–1%

1(0.8%)

1–3%

2(3.9%)

3–5%

4(15.6%)

5%+

7(77.9%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 0Unique: 28vs 20 funds

0%Low

Fund positions

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

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Position Changes This Quarter

New3Increased11Decreased10Exited4

New Positions

YUMC4.6%

+1.5M

HDB3.0%

+1.6M

JOYY0.2%

+40K

Increased

JD12.5%

+2.3M(+51%)

YMM7.7%

+1.8M(+16%)

YPF13.5%

+499K(+14%)

KSPI6.3%

+418K(+73%)

IBN18.6%

+250K(+3%)

TGS1.9%

+222K(+35%)

BIDUN7.7%

+180K(+24%)

KT0.3%

+138K(+144%)

AXIA0.1%

+27K(+18%)

HAM0.2%

+6K(+5%)

Decreased

PAAS2.0%

-552,397(-48%)

LAUR3.1%

-355,184(-23%)

UMC0.1%

-354,375(-87%)

ATHM4.8%

-272,443(-7%)

PBR0.2%

-95,968(-42%)

TSM11.6%

-76,420(-19%)

LOMA0.1%

-55,329(-34%)

BABA0.2%

-11,238(-31%)

BAP0.1%

-2,561(-37%)

VIST0.2%

-76(-0%)

Exited

LTM

-39,455

AMX

-41,563

-18,087

AUGO

-7,304

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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