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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
+2.21%
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
$3.34B
AUM Growth
+$694M
(+26%)
Cap. Flow
+$823M
Cap. Flow
% of AUM
24.67%
Top 10 Holdings %
Top 10 Hldgs %
83.03%
Holding
45
New
10
Increased
10
Reduced
9
Closed
16
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Itaú Unibanco
ITUB
|
+$171M |
| 2 |
Alibaba
BABA
|
+$154M |
| 3 |
EMBJ
Embraer S.A. ADS
EMBJ
|
+$119M |
| 4 |
ICICI Bank
IBN
|
+$89.3M |
| 5 |
Copa Holdings
CPA
|
+$51.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Sea Limited
SE
|
+$108M |
| 2 |
Teck Resources
TECK
|
+$98.8M |
| 3 |
Nu Holdings
NU
|
+$82.7M |
| 4 |
Franco-Nevada
FNV
|
+$60.9M |
| 5 |
Banco Bradesco
BBD
|
+$53.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 9.05% |
| 2 | Technology | 8.68% |
| 3 | Consumer Discretionary | 7.66% |
| 4 | Industrials | 6.9% |
| 5 | Materials | 6.08% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
NetEase
NTES
$76.5B
| $7.74M | 0.23% |
+69,167
| New | +$8.58M |
|
27
Vista Energy
VIST
$7.75B
| $6.01M | 0.18% |
79,692
-750,520
| -90% | -$43.8M |
|
28
ReNew
RNW
$2.24B
| $5.85M | 0.18% |
1,277,071
-1,181,862
| -48% | -$6.29M |
|
29
MakeMyTrip
MMYT
$4.67B
| $5.61M | 0.17% |
150,562
-600,380
| -80% | -$34.8M |
|
30
Credicorp
BAP
$30.9B
| – | – |
-168,399
| Closed | -$48.3M |
|
|
31
Banco Bradesco
BBD
$38.1B
| – | – |
-16,185,404
| Closed | -$53.9M |
|
32
Baidu
BIDU
$35.8B
| – | – |
-341,747
| Closed | -$44.7M |
|
33
PUT
iShares MSCI Emerging Markets ETF
EEM
$28B
| – | – |
-3,940,000
| Closed | -$216M |
|
34
EQT Corp
EQT
$33.2B
| – | – |
-745,266
| Closed | -$39.9M |
|
|
35
Franco-Nevada
FNV
$41.4B
| – | – |
-293,772
| Closed | -$60.9M |
|
36
Galicia Financial Group
GGAL
$7.92B
| – | – |
-795,204
| Closed | -$42.9M |
|
37
Hudbay
HBM
$9.92B
| – | – |
-802,513
| Closed | -$15.9M |
|
38
Kaspi.kz JSC
KSPI
$16.3B
| – | – |
-50,668
| Closed | -$3.96M |
|
|
39
Nu Holdings
NU
$68.1B
| – | – |
-4,942,239
| Closed | -$82.7M |
|
|
RNWWW
40
ReNew Energy Global PLC Warrant
RNWWW
$59.3K
| – | – |
-64,966
| Closed | -$526 |
|
|
41
Sea Limited
SE
$61.2B
| – | – |
-843,557
| Closed | -$108M |
|
42
Synopsys
SNPS
$71.5B
| – | – |
-95,365
| Closed | -$44.8M |
|
|
43
Teck Resources
TECK
$29.5B
| – | – |
-2,063,912
| Closed | -$98.8M |
|
44
Full Truck Alliance
YMM
$9.56B
| – | – |
-3,807,441
| Closed | -$40.9M |
|
|
WRD
45
WeRide Inc
WRD
$1.75B
| – | – |
-2,421,132
| Closed | -$21M |
|
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Carrhae Capital's Q1 2026 Portfolio in Review
As of Q1 2026, Carrhae Capital held 45 positions worth $3.34B, up 26% from $2.64B the previous quarter. Its ten largest holdings account for 83% of the portfolio.
Carrhae Capital deployed $823M of net new capital in Q1 2026, opening 10 new positions and adding to 10 existing holdings. Its largest new stake was Itaú Unibanco: 20,443,133 shares worth $171M.
By sector, the portfolio is most concentrated in Financials at 9% of assets, down from 11% a quarter earlier, followed by Technology and Consumer Discretionary.
On the sell side, the largest reduction was Vista Energy, an estimated $43.8M trimmed.
- Carrhae Capital's largest Q1 2026 buy was Itaú Unibanco: 20,443,133 shares worth $171M.
- Carrhae Capital added most to Alibaba in Q1 2026, an estimated $154M increase.
- Carrhae Capital's biggest Q1 2026 reduction was Vista Energy, cutting an estimated $43.8M.
- Carrhae Capital fully exited Sea Limited in Q1 2026, selling an estimated $108M.
- Carrhae Capital's ten largest holdings make up 83% of its $3.34B portfolio in Q1 2026.
- Carrhae Capital opened 10 new positions and closed 16 in Q1 2026.
- Carrhae Capital's portfolio value rose 26% quarter-over-quarter to $3.34B.
Based on Carrhae Capital's 13F filing for Q1 2026, filed 14 May 2026.