Carrhae Capital’s State Street SPDR S&P 500 ETF Trust SPY Stock Holding History

Carrhae Capital’s Portfolio SPY Stock Details SPY Fund Activity

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2023 Q1	–	Sell	-413,500	Closed	-$158M	–	30
2022 Q4	$158M	Buy	+413,500	New	+$159M	33.51%	1
2022 Q2	–	Sell	-128,000	Closed	-$57.8M	–	22
2022 Q1	$57.8M	Sell	128,000 -178,700	-58%	-$79.6M	20.84%	1
2021 Q4	$146M	Sell	306,700 -92,300	-23%	-$42.4M	49.91%	1
2021 Q3	$171M	Sell	399,000 -147,000	-27%	-$64.8M	59.11%	1
2021 Q2	$234M	Buy	546,000 +89,000	+19%	+$37.1M	51.47%	1
2021 Q1	$181M	Buy	457,000 +260,700	+133%	+$101M	50.69%	1
2020 Q4	$73.4M	Buy	196,300 +153,400	+358%	+$54.4M	39.18%	1
2020 Q3	$14.4M	Buy	+42,900	New	+$14.2M	8.49%	4
2020 Q1	–	Sell	-438,300	Closed	-$141M	–	10
2019 Q4	$141M	Sell	438,300 -26,200	-6%	-$8.07M	46%	1
2019 Q3	$138M	Buy	464,500 +124,200	+36%	+$36.7M	47.48%	1
2019 Q2	$99.7M	Buy	340,300 +49,500	+17%	+$14.3M	31.22%	1
2019 Q1	$82.1M	Sell	290,800 -21,200	-7%	-$5.76M	34.54%	1
2018 Q4	$78M	Sell	312,000 -216,300	-41%	-$58.3M	24.79%	1
2018 Q3	$154M	Sell	528,300 -15,200	-3%	-$4.33M	46.61%	1
2018 Q2	$147M	Buy	+543,500	New	+$147M	51.97%	1
2018 Q1	–	Sell	-625,000	Closed	-$167M	–	11
2017 Q4	$167M	Sell	625,000 -90,800	-13%	-$23.6M	45.64%	1
2017 Q3	$180M	Buy	715,800 +533,700	+293%	+$132M	46.01%	1
2017 Q2	$44M	Hold	182,100	–	–	32.95%	1
2017 Q1	$42.9M	Sell	182,100 -265,200	-59%	-$61.6M	29.97%	1
2016 Q4	$100M	Buy	+447,300	New	+$97.7M	42.39%	1
2016 Q2	–	Sell	-77,500	Closed	-$15.9M	–	17
2016 Q1	$15.9M	Buy	+77,500	New	+$15.1M	13.71%	4
2015 Q3	–	Sell	-200,000	Closed	-$41.2M	–	18
2015 Q2	$41.2M	Sell	200,000 -40,000	-17%	-$8.41M	18.09%	1
2015 Q1	$49.5M	Buy	240,000 +80,000	+50%	+$16.5M	31.74%	1
2014 Q4	$32.4M	Buy	+160,000	New	+$32.2M	27.97%	1

Other funds holding SPY

JP Morgan Chase New York $1.56T AUM 27.86% 1-Year Est. Return

Goldman Sachs New York $871B AUM 31.28% 1-Year Est. Return

Morgan Stanley New York $1.66T AUM 25.57% 1-Year Est. Return

Bank of America Charlotte, North Carolina $1.37T AUM 24.88% 1-Year Est. Return

Susquehanna International Group Bala Cynwyd, Pennsylvania $893B AUM 36.07% 1-Year Est. Return

Northern Trust Chicago, Illinois $757B AUM 28.64% 1-Year Est. Return

Wells Fargo San Francisco, California $530B AUM 22.01% 1-Year Est. Return

UBS Group Zurich, Switzerland $666B AUM 30.12% 1-Year Est. Return

Royal Bank of Canada Toronto, Ontario, Canada $570B AUM 27.57% 1-Year Est. Return

Barclays London, United Kingdom $416B AUM 33.63% 1-Year Est. Return

Carrhae Capital's SPY Position: Q1 2025 in Review

Carrhae Capital sold out of State Street SPDR S&P 500 ETF Trust (SPY) in Q1 2025, closing a stake of 20,931 shares — an estimated $12.3M sold.

Carrhae Capital first reported a position in SPY in Q1 2015 and held it in 8 quarters. The position peaked at $16.6M in Q2 2019. 4,172 funds tracked by Wall St. Rank hold SPY as of Q1 2025.

Carrhae Capital reported no remaining State Street SPDR S&P 500 ETF Trust position as of Q1 2025 after selling out during the quarter.
Carrhae Capital sold 20,931 State Street SPDR S&P 500 ETF Trust shares in Q1 2025, an estimated $12.3M.
Carrhae Capital first reported a position in State Street SPDR S&P 500 ETF Trust in Q1 2015 and held it in 8 quarters.
Carrhae Capital's State Street SPDR S&P 500 ETF Trust position peaked at $16.6M in Q2 2019.
4,172 funds tracked by Wall St. Rank held State Street SPDR S&P 500 ETF Trust as of Q1 2025.

Based on Carrhae Capital's 13F filing for Q1 2025, filed 2 May 2025.