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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
+12.27%
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
$1.37B
AUM Growth
+$851K
Cap. Flow
-$139M
Cap. Flow %
-10.17%
Top 10 Hldgs %
60.34%
Holding
35
New
11
Increased
5
Reduced
11
Closed
7

Top Buys

Rank Stock Value
1
EMBJ
Embraer S.A. ADS
EMBJ
+$93.2M
2
FCX icon
Freeport-McMoran
FCX
+$51.2M
3
YUMC icon
Yum China
YUMC
+$48.9M
4
TSM icon
TSMC
TSM
+$47.8M
5
LVS icon
Las Vegas Sands
LVS
+$37.4M

Top Sells

Rank Stock Value
1
IBN icon
ICICI Bank
IBN
+$81.4M
2
PBR icon
Petrobras
PBR
+$64.8M
3
EGO icon
Eldorado Gold
EGO
+$42.3M
4
HDB icon
HDFC Bank
HDB
+$39.6M
5
ASHR icon
Xtrackers Harvest CSI 300 China A-Shares ETF
ASHR
+$27.8M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 23.79%
2 Materials 22.75%
3 Industrials 12.67%
4 Technology 6.22%
5 Financials 3.49%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
GDS icon
26
GDS Holdings
GDS
$6.14B
$12.7M 0.93%
+416,903
New +$10.6M
EH
27
EHang Holdings
EH
$397M
$4.72M 0.34%
+271,700
New +$4.61M
RNWWW
28
ReNew Energy Global PLC Warrant
RNWWW
$63K
$8.65K ﹤0.01%
64,966
– –
ASHR icon
29
Xtrackers Harvest CSI 300 China A-Shares ETF
ASHR
$1.53B
– –
-1,053,785
Closed -$27.8M
FXI icon
30
PUT
iShares China Large-Cap ETF
FXI
$4.27B
– –
-764,500
Closed -$27.4M
GGB icon
31
Gerdau
GGB
$9.72B
– –
-6,568,703
Closed -$18.7M
HDB icon
32
HDFC Bank
HDB
$121B
– –
-1,191,800
Closed -$39.6M
IBN icon
33
ICICI Bank
IBN
$109B
– –
-2,581,585
Closed -$81.4M
KWEB icon
34
KraneShares CSI China Internet ETF
KWEB
$5.41B
– –
-193,593
Closed -$6.76M
PBR icon
35
Petrobras
PBR
$116B
– –
-4,516,382
Closed -$64.8M
1
2

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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
JMG Financial Group Downers Grove, Illinois $3.63B AUM 17.91% 1-Year Est. Return
SL
Siren LLC Greenwich, Connecticut $3.61B AUM 203.3% 1-Year Est. Return
U
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SPC
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Carrhae Capital's Q2 2025 Portfolio in Review

As of Q2 2025, Carrhae Capital held 35 positions worth $1.37B, up 0.06% from $1.37B the previous quarter. Its ten largest holdings account for 60% of the portfolio.

Carrhae Capital withdrew a net $139M in Q2 2025, closing 7 positions and reducing 11 holdings. Its most notable exit was ICICI Bank, an estimated $81.4M position sold in full.

By sector, the portfolio is most concentrated in Consumer Discretionary at 24% of assets, up from 15% a quarter earlier, followed by Materials and Industrials.

Against the trend, Carrhae Capital opened a new position in Embraer S.A. ADS worth $112M.

  • Carrhae Capital's largest Q2 2025 buy was Embraer S.A. ADS: 1,973,790 shares worth $112M.
  • Carrhae Capital added most to Pinduoduo in Q2 2025, an estimated $32.2M increase.
  • Carrhae Capital's biggest Q2 2025 reduction was Eldorado Gold, cutting an estimated $42.3M.
  • Carrhae Capital fully exited ICICI Bank in Q2 2025, selling an estimated $81.4M.
  • Carrhae Capital's ten largest holdings make up 60% of its $1.37B portfolio in Q2 2025.
  • Carrhae Capital opened 11 new positions and closed 7 in Q2 2025.
  • Carrhae Capital's portfolio value rose 0.06% quarter-over-quarter to $1.37B.

Based on Carrhae Capital's 13F filing for Q2 2025, filed 5 Aug 2025.