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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
+18.33%
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
$506M
AUM Growth
+$215M
Cap. Flow
+$154M
Cap. Flow %
30.51%
Top 10 Hldgs %
74.01%
Holding
28
New
13
Increased
5
Reduced
3
Closed
7

Top Buys

Rank Stock Value
1
XP icon
XP
XP
+$37.9M
2
AU icon
AngloGold Ashanti
AU
+$33.8M
3
TS icon
Tenaris
TS
+$22.8M
4
RIO icon
Rio Tinto
RIO
+$22.6M
5
NTES icon
NetEase
NTES
+$21.8M

Top Sells

Rank Stock Value
1
TSM icon
TSMC
TSM
+$25.5M
2
BABA icon
Alibaba
BABA
+$18.9M
3
MMYT icon
MakeMyTrip
MMYT
+$11M
4
TME icon
Tencent Music
TME
+$10.3M
5
TLT icon
iShares 20+ Year Treasury Bond ETF
TLT
+$7.51M

Sector Composition

Rank Sector Weight
1 Materials 27.2%
2 Financials 21.69%
3 Consumer Staples 11.27%
4 Communication Services 9.74%
5 Technology 9.62%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
EGO icon
1
Eldorado Gold
EGO
$8.4B
$71.1M 14.06%
5,483,881
+428,399
+8% +$4.82M
TSM icon
2
TSMC
TSM
$2.03T
$48.7M 9.62%
468,010
-267,216
-36% -$25.5M
IBN icon
3
ICICI Bank
IBN
$109B
$47.7M 9.42%
1,999,574
+190,232
+11% +$4.38M
XP icon
4
XP
XP
$8.68B
$43.3M 8.56%
+1,661,511
New +$37.9M
FMX icon
5
Fomento Económico Mexicano
FMX
$43.5B
$36.2M 7.15%
277,674
+37,574
+16% +$4.47M
AU icon
6
AngloGold Ashanti
AU
$39.9B
$35M 6.92%
+1,874,406
New +$33.8M
RIO icon
7
Rio Tinto
RIO
$149B
$25.1M 4.96%
+336,737
New +$22.6M
TS icon
8
Tenaris
TS
$28.1B
$23.6M 4.66%
+678,747
New +$22.8M
BABA icon
9
Alibaba
BABA
$276B
$23M 4.54%
296,283
-237,542
-44% -$18.9M
EDU icon
10
New Oriental
EDU
$8.08B
$20.8M 4.12%
284,426
+84,928
+43% +$5.89M
NTES icon
11
NetEase
NTES
$81.5B
$19.1M 3.78%
+205,205
New +$21.8M
BIDU icon
12
Baidu
BIDU
$35.7B
$18.1M 3.58%
+152,173
New +$17.6M
QQQ icon
13
Invesco QQQ Trust
QQQ
$445B
$16M 3.15%
+38,952
New +$14.8M
RNW icon
14
ReNew
RNW
$2.22B
$14.1M 2.78%
1,836,579
+247,983
+16% +$1.53M
CPA icon
15
Copa Holdings
CPA
$5.71B
$13.5M 2.66%
+126,622
New +$11.6M
PDD icon
16
Pinduoduo
PDD
$122B
$13.5M 2.66%
+91,974
New +$11.2M
TME icon
17
Tencent Music
TME
$15.6B
$12.1M 2.38%
1,338,475
-1,332,315
-50% -$10.3M
NU icon
18
Nu Holdings
NU
$70.9B
$11.6M 2.3%
+1,397,013
New +$11.3M
BAP icon
19
Credicorp
BAP
$30.9B
$7.15M 1.41%
+47,668
New +$6.18M
FNV icon
20
Franco-Nevada
FNV
$40.6B
$6.4M 1.27%
+57,768
New +$7.03M
RNWWW
21
ReNew Energy Global PLC Warrant
RNWWW
$63K
$70.8K 0.01%
+64,966
New +$47.9K
BHP icon
22
BHP
BHP
$213B
– –
-55,447
Closed -$3.15M
BP icon
23
BP
BP
$107B
– –
-33,753
Closed -$1.31M
MMYT icon
24
MakeMyTrip
MMYT
$5.1B
– –
-272,042
Closed -$11M
RNW icon
25
CALL
ReNew
RNW
$2.22B
– –
-64,965
Closed -$353K
1
2

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ACM
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GCM
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VI
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JFG
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SL
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SPC
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Carrhae Capital's Q4 2023 Portfolio in Review

As of Q4 2023, Carrhae Capital held 28 positions worth $506M, up 74% from $291M the previous quarter. Its ten largest holdings account for 74% of the portfolio.

Carrhae Capital deployed $154M of net new capital in Q4 2023, opening 13 new positions and adding to 5 existing holdings. Its largest new stake was XP: 1,661,511 shares worth $43.3M.

By sector, the portfolio is most concentrated in Materials at 27% of assets, up from 17% a quarter earlier, followed by Financials and Consumer Staples.

On the sell side, the largest reduction was TSMC, an estimated $25.5M trimmed.

  • Carrhae Capital's largest Q4 2023 buy was XP: 1,661,511 shares worth $43.3M.
  • Carrhae Capital added most to New Oriental in Q4 2023, an estimated $5.89M increase.
  • Carrhae Capital's biggest Q4 2023 reduction was TSMC, cutting an estimated $25.5M.
  • Carrhae Capital fully exited MakeMyTrip in Q4 2023, selling an estimated $11M.
  • Carrhae Capital's ten largest holdings make up 74% of its $506M portfolio in Q4 2023.
  • Carrhae Capital opened 13 new positions and closed 7 in Q4 2023.
  • Carrhae Capital's portfolio value rose 74% quarter-over-quarter to $506M.

Based on Carrhae Capital's 13F filing for Q4 2023, filed 21 Aug 2024.