North of South Capital LLP

CIK 0002033334 · Q1 2026

13F Equity AUM

$1.1B

+0.0% QoQ

Positions

+2 QoQ

AUM Rank

#2,618

Top 21%

Skill Alpha (FF)

—

Building track record (6q)

Quarters Tracked

~2 years

Portfolio Concentration

Top 5: 66.7%Top 10: 94.0%Top 20: 99.2%

IBN19.6%

YPF14.6%

TSM12.4%

JD11.7%

YMM8.3%

BIDUN7.4%

ATHM5.8%

PAAS5.7%

LAUR4.8%

KSPI3.8%

Others (19)6.0%

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

Sector Allocation

Technology24.8%

Financial Services20.8%

Energy17.4%

Communication Services13.6%

Consumer Cyclical12.1%

Basic Materials6.1%

Consumer Defensive4.8%

Other0.4%

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

Position Sizing

Positions: 29Median: 0.33%Avg: 3.45%

0–0.5%

17(3.0%)

0.5–1%

1(0.9%)

1–3%

1(2.0%)

3–5%

2(8.6%)

5%+

8(85.5%)

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

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Portfolio Overlap

Shared: 29Unique: 0vs 20 funds

0.4%Low

Fund positions

7,299

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.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

MORGAN STANLEY

0.6%

BlackRock, Inc.

0.6%

JPMORGAN CHASE & CO

0.5%

BANK OF AMERICA CORP /DE/

0.5%

STATE STREET CORP

0.6%

FMR LLC

0.6%

VANGUARD CAPITAL MANAGEMENT LLC

0.4%

GEODE CAPITAL MANAGEMENT, LLC

0.3%

VANGUARD PORTFOLIO MANAGEMENT LLC

0.3%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New6Increased12Decreased8Exited4

New Positions

TGS2.0%

+641K

INDA0.9%

+221K

VIST0.3%

+42K

PTI0.1%

+69K

AMX0.1%

+42K

TS0.1%

+18K

Increased

YPF14.6%

+1.9M(+111%)

ATHM5.8%

+1.4M(+63%)

IBN19.6%

+1.1M(+14%)

KSPI3.8%

+551K(+3024%)

BIDUN7.4%

+313K(+74%)

YMM8.3%

+270K(+2%)

UMC0.3%

+203K(+101%)

JD11.7%

+159K(+4%)

AXIA0.1%

+65K(+77%)

LOMA0.2%

+44K(+36%)

Decreased

KT0.2%

-4,434,209(-98%)

PAAS5.7%

-996,452(-46%)

TSM12.4%

-46,403(-10%)

PBR0.4%

-38,170(-14%)

AUGO0.1%

-20,494(-74%)

LAUR4.8%

-10,492(-1%)

BAP0.2%

-3,505(-33%)

BABA0.4%

-3,344(-8%)

Exited

-2,262,683

-3,996,297

-27,054

-72,335

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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