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Carrhae Capital Portfolio holdings

AUM $3.62B
1-Year Est. Return 34.35%
This Fund
S&P 500
This Quarter Est. Return
+6.03%
1 Year Est. Return
+34.35%
3 Year Est. Return
+159.37%
5 Year Est. Return
+138.22%
10 Year Est. Return
+750.7%
AUM
$3.62B
AUM Growth
+$285M
Cap. Flow
-$22.7M
Cap. Flow %
-0.63%
Top 10 Hldgs %
76.34%
Holding
38
New
9
Increased
9
Reduced
10
Closed
9

Top Buys

Rank Stock Value
1
SE icon
Sea Limited
SE
+$129M
2
PBR icon
Petrobras
PBR
+$106M
3
GGAL icon
Galicia Financial Group
GGAL
+$64M
4
PPC icon
Pilgrim's Pride
PPC
+$57.1M
5
ASML icon
ASML
ASML
+$51M

Top Sells

Rank Stock Value
1
BABA icon
Alibaba
BABA
+$104M
2
ITUB icon
Itaú Unibanco
ITUB
+$89.5M
3
TSM icon
TSMC
TSM
+$58.6M
4
EMBJ
Embraer S.A. ADS
EMBJ
+$52.7M
5
PDD icon
Pinduoduo
PDD
+$52.7M

Sector Composition

Rank Sector Weight
1 Technology 10.29%
2 Financials 7.29%
3 Consumer Discretionary 6.59%
4 Industrials 5.29%
5 Materials 5.05%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
QQQ icon
1
PUT
Invesco QQQ Trust
QQQ
$445B
$1.06B 29.36%
1,444,000
-1,033,800
-42% -$711M
EEM icon
2
PUT
iShares MSCI Emerging Markets ETF
EEM
$28B
$549M 15.16%
+8,027,800
New +$524M
GLD icon
3
CALL
SPDR Gold Trust
GLD
$131B
$224M 6.18%
608,000
+472,200
+348% +$196M
TSM icon
4
TSMC
TSM
$2.03T
$198M 5.47%
414,556
-144,324
-26% -$58.6M
SE icon
5
Sea Limited
SE
$64.6B
$141M 3.88%
+1,466,148
New +$129M
BABA icon
6
CALL
Alibaba
BABA
$277B
$138M 3.82%
1,440,800
+1,075,200
+294% +$135M
EMBJ
7
Embraer S.A. ADS
EMBJ
$12.2B
$129M 3.58%
2,029,766
-858,914
-30% -$52.7M
EGO icon
8
Eldorado Gold
EGO
$8.27B
$122M 3.36%
3,909,137
-988,614
-20% -$32.2M
IBN icon
9
ICICI Bank
IBN
$109B
$101M 2.8%
3,496,179
-1,543,564
-31% -$41.7M
GDS icon
10
GDS Holdings
GDS
$6.08B
$99.1M 2.74%
3,300,419
+1,115,757
+51% +$43.1M
PBR icon
11
Petrobras
PBR
$117B
$87.5M 2.41%
+5,411,909
New +$106M
ITUB icon
12
Itaú Unibanco
ITUB
$92B
$78.8M 2.18%
9,643,006
-10,800,127
-53% -$89.5M
GGAL icon
13
Galicia Financial Group
GGAL
$7.82B
$68.1M 1.88%
+1,360,220
New +$64M
KWEB icon
14
CALL
KraneShares CSI China Internet ETF
KWEB
$5.4B
$65.9M 1.82%
2,691,600
+832,400
+45% +$23M
ASML icon
15
ASML
ASML
$606B
$63.8M 1.76%
+32,056
New +$51M
USO icon
16
PUT
United States Oil Fund
USO
$2B
$63.5M 1.75%
596,800
– –
CPA icon
17
Copa Holdings
CPA
$5.67B
$62.3M 1.72%
400,262
-117,852
-23% -$15.3M
AU icon
18
AngloGold Ashanti
AU
$39.9B
$61.2M 1.69%
756,610
+503,644
+199% +$47.8M
PPC icon
19
Pilgrim's Pride
PPC
$7.14B
$52.2M 1.44%
+1,856,460
New +$57.1M
BABA icon
20
Alibaba
BABA
$277B
$48M 1.33%
500,160
-833,910
-63% -$104M
NTES icon
21
NetEase
NTES
$82B
$39.3M 1.08%
306,577
+237,410
+343% +$28M
SLB icon
22
SLB Ltd
SLB
$74.6B
$38.8M 1.07%
834,322
+277,506
+50% +$14.9M
CPNG icon
23
Coupang
CPNG
$27.8B
$38.2M 1.05%
+2,198,457
New +$39.7M
HAL icon
24
Halliburton
HAL
$26.3B
$24.7M 0.68%
726,193
+128,472
+21% +$5.02M
BBD icon
25
Banco Bradesco
BBD
$38.6B
$15.6M 0.43%
+4,484,271
New +$16.4M
1
2

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ACM
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GCM
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VI
Vestcor Inc Fredericton, New Brunswick, Canada $3.63B AUM 21.49% 1-Year Est. Return
JFG
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SL
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U
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APP
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Carrhae Capital's Q2 2026 Portfolio in Review

As of Q2 2026, Carrhae Capital held 38 positions worth $3.62B, up 8.5% from $3.34B the previous quarter. Its ten largest holdings account for 76% of the portfolio.

Carrhae Capital's Q2 2026 filing shows 9 new, 9 increased, 10 reduced and 9 closed positions. Its largest new stake was Sea Limited: 1,466,148 shares worth $141M. The largest sale was Alibaba, an estimated $104M.

By sector, the portfolio is most concentrated in Technology at 10% of assets, up from 8.7% a quarter earlier, followed by Financials and Consumer Discretionary.

  • Carrhae Capital's largest Q2 2026 buy was Sea Limited: 1,466,148 shares worth $141M.
  • Carrhae Capital added most to AngloGold Ashanti in Q2 2026, an estimated $47.8M increase.
  • Carrhae Capital's biggest Q2 2026 reduction was Alibaba, cutting an estimated $104M.
  • Carrhae Capital fully exited Pinduoduo in Q2 2026, selling an estimated $52.7M.
  • Carrhae Capital's ten largest holdings make up 76% of its $3.62B portfolio in Q2 2026.
  • Carrhae Capital opened 9 new positions and closed 9 in Q2 2026.
  • Carrhae Capital's portfolio value rose 8.5% quarter-over-quarter to $3.62B.

Based on Carrhae Capital's 13F filing for Q2 2026, filed 15 Jul 2026.