North of South Capital LLP

North of South Capital's $1.11B Q1 2026 13F is an ADR-heavy emerging-markets portfolio concentrated in Latin American and Asian telecom, banking, and energy names. ICICI Bank leads at 19.6%, followed by YPF at 14.6%, Taiwan Semiconductor at 12.4%, JD.com at 11.7%, and Full Truck Alliance at 8.3%. The manager added aggressively to turnaround and high-beta names: YPF shares more than doubled (+111%), Kaspi.kz surged 3023% in shares as the position grew from $1.4M to $42.2M, and Baidu was increased 73.5%. Pan American Silver was cut 46.4% and KT Corp was nearly eliminated (-97.9%). Five names were sold outright, including Vipshop and Controladora. The whaleScore of 74.75 reflects the absolute scale of a concentrated EM book with binary outcomes.