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Cederberg Capital Portfolio holdings

AUM $186M
1-Year Est. Return 21.27%
This Fund
S&P 500
This Quarter Est. Return
+19.02%
1 Year Est. Return
+21.27%
3 Year Est. Return
+103.38%
5 Year Est. Return
-9.59%
10 Year Est. Return
–
AUM
$350M
AUM Growth
+$77.9M
Cap. Flow
+$31.5M
Cap. Flow %
8.99%
Top 10 Hldgs %
100%
Holding
11
New
3
Increased
4
Reduced
3
Closed
1

Top Buys

Rank Stock Value
1
PDD icon
Pinduoduo
PDD
+$28.9M
2
ATAT icon
Atour Lifestyle Holdings
ATAT
+$23M
3
ACMR icon
ACM Research
ACMR
+$14.7M
4
YMM icon
Full Truck Alliance
YMM
+$9.7M
5
FINV
FinVolution Group
FINV
+$5.97M

Top Sells

Rank Stock Value
1
HTHT icon
Huazhu Hotels Group
HTHT
+$23.7M
2
FUTU icon
Futu Holdings
FUTU
+$11.7M
3
NTES icon
NetEase
NTES
+$10.4M
4
EDU icon
New Oriental
EDU
+$5.96M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 36.19%
2 Communication Services 24.71%
3 Technology 14.68%
4 Consumer Staples 12.24%
5 Financials 12.18%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
PDD icon
1
Pinduoduo
PDD
$120B
$99.9M 28.53%
755,900
+243,900
+48% +$28.9M
NTES icon
2
NetEase
NTES
$84.1B
$86.6M 24.71%
569,475
-75,500
-12% -$10.4M
EDU icon
3
New Oriental
EDU
$7.82B
$42.9M 12.24%
807,718
-120,800
-13% -$5.96M
YMM icon
4
Full Truck Alliance
YMM
$9.48B
$32M 9.14%
2,467,000
+782,700
+46% +$9.7M
FUTU icon
5
Futu Holdings
FUTU
$13.3B
$31.5M 8.99%
181,105
-70,200
-28% -$11.7M
ATAT icon
6
Atour Lifestyle Holdings
ATAT
$4.38B
$23.7M 6.77%
+630,500
New +$23M
ACMR icon
7
ACM Research
ACMR
$5.8B
$19.4M 5.55%
+496,500
New +$14.7M
NU icon
8
Nu Holdings
NU
$65.6B
$6.13M 1.75%
382,900
+32,300
+9% +$451K
FINV
9
FinVolution Group
FINV
$1.12B
$5.02M 1.43%
+680,600
New +$5.97M
SE icon
10
Sea Limited
SE
$63.7B
$3.15M 0.9%
17,600
+2,500
+17% +$428K
HTHT icon
11
Huazhu Hotels Group
HTHT
$12.8B
– –
-698,200
Closed -$23.7M

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Cederberg Capital's Q3 2025 Portfolio in Review

As of Q3 2025, Cederberg Capital held 11 positions worth $350M, up 29% from $272M the previous quarter. Its ten largest holdings account for 100% of the portfolio.

Cederberg Capital deployed $31.5M of net new capital in Q3 2025, opening 3 new positions and adding to 4 existing holdings. Its largest new stake was Atour Lifestyle Holdings: 630,500 shares worth $23.7M.

By sector, the portfolio is most concentrated in Consumer Discretionary at 36% of assets, up from 29% a quarter earlier, followed by Communication Services and Technology.

On the sell side, the largest reduction was Futu Holdings, an estimated $11.7M trimmed.

  • Cederberg Capital's largest Q3 2025 buy was Atour Lifestyle Holdings: 630,500 shares worth $23.7M.
  • Cederberg Capital added most to Pinduoduo in Q3 2025, an estimated $28.9M increase.
  • Cederberg Capital's biggest Q3 2025 reduction was Futu Holdings, cutting an estimated $11.7M.
  • Cederberg Capital fully exited Huazhu Hotels Group in Q3 2025, selling an estimated $23.7M.
  • Cederberg Capital's ten largest holdings make up 100% of its $350M portfolio in Q3 2025.
  • Cederberg Capital opened 3 new positions and closed 1 in Q3 2025.
  • Cederberg Capital's portfolio value rose 29% quarter-over-quarter to $350M.

Based on Cederberg Capital's 13F filing for Q3 2025, filed 14 Nov 2025.