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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
+3.66%
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
$2.64B
AUM Growth
+$946M
Cap. Flow
+$860M
Cap. Flow %
32.52%
Top 10 Hldgs %
64%
Holding
38
New
11
Increased
11
Reduced
12
Closed
3

Top Buys

Rank Stock Value
1
TSM icon
TSMC
TSM
+$115M
2
TECK icon
Teck Resources
TECK
+$89.4M
3
NU icon
Nu Holdings
NU
+$79.4M
4
BBD icon
Banco Bradesco
BBD
+$55.1M
5
SE icon
Sea Limited
SE
+$46M

Top Sells

Rank Stock Value
1
AU icon
AngloGold Ashanti
AU
+$78.4M
2
IBN icon
ICICI Bank
IBN
+$61.7M
3
BABA icon
Alibaba
BABA
+$30.9M
4
EGO icon
Eldorado Gold
EGO
+$29.5M
5
FCX icon
Freeport-McMoran
FCX
+$25.3M

Sector Composition

Rank Sector Weight
1 Technology 13.81%
2 Materials 12.41%
3 Financials 10.87%
4 Consumer Discretionary 9.07%
5 Industrials 3.36%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TSM icon
26
PUT
TSMC
TSM
$2.09T
$34.4M 1.3%
113,100
-292,000
-72% -$85.7M
GLD icon
27
CALL
SPDR Gold Trust
GLD
$131B
$28.6M 1.08%
72,200
-186,800
-72% -$71.3M
PDD icon
28
Pinduoduo
PDD
$118B
$25.2M 0.96%
222,654
-164,270
-42% -$20.4M
WRD
29
WeRide Inc
WRD
$1.75B
$21M 0.8%
2,421,132
+789,549
+48% +$7.35M
HBM icon
30
Hudbay
HBM
$9.92B
$15.9M 0.6%
+802,513
New +$13.6M
CPA icon
31
Copa Holdings
CPA
$5.56B
$15M 0.57%
+124,717
New +$15.3M
RNW icon
32
ReNew
RNW
$2.24B
$13.9M 0.53%
2,458,933
-308,365
-11% -$2.23M
AU icon
33
AngloGold Ashanti
AU
$40.3B
$8.38M 0.32%
98,283
-1,005,768
-91% -$78.4M
KSPI icon
34
Kaspi.kz JSC
KSPI
$16.3B
$3.96M 0.15%
+50,668
New +$3.83M
RNWWW
35
ReNew Energy Global PLC Warrant
RNWWW
$59.3K
$526 ﹤0.01%
64,966
– –
FCX icon
36
Freeport-McMoran
FCX
$90B
– –
-644,376
Closed -$25.3M
SHEL icon
37
Shell
SHEL
$245B
– –
-88,632
Closed -$6.34M
PONY
38
Pony AI Inc
PONY
$3.1B
– –
-297,295
Closed -$6.69M
1
2

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ACM
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GCM
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WB
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VI
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JFG
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SL
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Carrhae Capital's Q4 2025 Portfolio in Review

As of Q4 2025, Carrhae Capital held 38 positions worth $2.64B, up 56% from $1.7B the previous quarter. Its ten largest holdings account for 64% of the portfolio.

Carrhae Capital deployed $860M of net new capital in Q4 2025, opening 11 new positions and adding to 11 existing holdings. Its largest new stake was Teck Resources: 2,063,912 shares worth $98.8M.

By sector, the portfolio is most concentrated in Technology at 14% of assets, up from 13% a quarter earlier, followed by Materials and Financials.

On the sell side, the largest reduction was AngloGold Ashanti, an estimated $78.4M trimmed.

  • Carrhae Capital's largest Q4 2025 buy was Teck Resources: 2,063,912 shares worth $98.8M.
  • Carrhae Capital added most to TSMC in Q4 2025, an estimated $115M increase.
  • Carrhae Capital's biggest Q4 2025 reduction was AngloGold Ashanti, cutting an estimated $78.4M.
  • Carrhae Capital fully exited Freeport-McMoran in Q4 2025, selling an estimated $25.3M.
  • Carrhae Capital's ten largest holdings make up 64% of its $2.64B portfolio in Q4 2025.
  • Carrhae Capital opened 11 new positions and closed 3 in Q4 2025.
  • Carrhae Capital's portfolio value rose 56% quarter-over-quarter to $2.64B.

Based on Carrhae Capital's 13F filing for Q4 2025, filed 6 Feb 2026.