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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
+19.59%
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
$1.7B
AUM Growth
+$330M
Cap. Flow
+$101M
Cap. Flow %
5.97%
Top 10 Hldgs %
73.21%
Holding
39
New
11
Increased
6
Reduced
8
Closed
12

Top Buys

Rank Stock Value
1
IBN icon
ICICI Bank
IBN
+$131M
2
SNPS icon
Synopsys
SNPS
+$54.4M
3
GDS icon
GDS Holdings
GDS
+$43.7M
4
YMM icon
Full Truck Alliance
YMM
+$33.1M
5
EQT icon
EQT Corp
EQT
+$27.5M

Top Sells

Rank Stock Value
1
CPA icon
Copa Holdings
CPA
+$56.3M
2
YUMC icon
Yum China
YUMC
+$48.9M
3
BAP icon
Credicorp
BAP
+$47.8M
4
EMBJ
Embraer S.A. ADS
EMBJ
+$44.9M
5
TECK icon
Teck Resources
TECK
+$44.7M

Sector Composition

Rank Sector Weight
1 Materials 16.03%
2 Consumer Discretionary 15.95%
3 Technology 13.17%
4 Financials 7.64%
5 Industrials 4.2%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
JBS
26
JBS N.V.
JBS
$45.8B
$6.04M 0.36%
+404,673
New +$5.9M
RNWWW
27
ReNew Energy Global PLC Warrant
RNWWW
$63K
$2.96K ﹤0.01%
64,966
– –
BAP icon
28
Credicorp
BAP
$30.9B
– –
-213,806
Closed -$47.8M
BEKE icon
29
KE Holdings
BEKE
$17.7B
– –
-1,361,179
Closed -$24.1M
CPA icon
30
Copa Holdings
CPA
$5.71B
– –
-512,143
Closed -$56.3M
EDU icon
31
New Oriental
EDU
$8.08B
– –
-346,937
Closed -$18.7M
EEM icon
32
PUT
iShares MSCI Emerging Markets ETF
EEM
$28B
– –
-1,995,000
Closed -$96.2M
EH
33
EHang Holdings
EH
$397M
– –
-271,700
Closed -$4.72M
HBM icon
34
Hudbay
HBM
$9.67B
– –
-1,544,993
Closed -$16.4M
LVS icon
35
Las Vegas Sands
LVS
$32B
– –
-961,827
Closed -$41.8M
NXPI icon
36
NXP Semiconductors
NXPI
$65.4B
– –
-63,342
Closed -$13.8M
SLV icon
37
iShares Silver Trust
SLV
$27.6B
– –
-656,743
Closed -$23.6M
TECK icon
38
Teck Resources
TECK
$28.8B
– –
-1,107,431
Closed -$44.7M
YUMC icon
39
Yum China
YUMC
$15.6B
– –
-1,092,990
Closed -$48.9M
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
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 Q3 2025 Portfolio in Review

As of Q3 2025, Carrhae Capital held 39 positions worth $1.7B, up 24% from $1.37B the previous quarter. Its ten largest holdings account for 73% of the portfolio.

Carrhae Capital deployed $101M of net new capital in Q3 2025, opening 11 new positions and adding to 6 existing holdings. Its largest new stake was ICICI Bank: 4,002,553 shares worth $121M.

By sector, the portfolio is most concentrated in Materials at 16% of assets, down from 23% a quarter earlier, followed by Consumer Discretionary and Technology.

On the sell side, the largest reduction was Embraer S.A. ADS, an estimated $44.9M trimmed.

  • Carrhae Capital's largest Q3 2025 buy was ICICI Bank: 4,002,553 shares worth $121M.
  • Carrhae Capital added most to GDS Holdings in Q3 2025, an estimated $43.7M increase.
  • Carrhae Capital's biggest Q3 2025 reduction was Embraer S.A. ADS, cutting an estimated $44.9M.
  • Carrhae Capital fully exited Copa Holdings in Q3 2025, selling an estimated $56.3M.
  • Carrhae Capital's ten largest holdings make up 73% of its $1.7B portfolio in Q3 2025.
  • Carrhae Capital opened 11 new positions and closed 12 in Q3 2025.
  • Carrhae Capital's portfolio value rose 24% quarter-over-quarter to $1.7B.

Based on Carrhae Capital's 13F filing for Q3 2025, filed 12 Nov 2025.