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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
+13.58%
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
$876M
AUM Growth
+$8.79M
Cap. Flow
-$85.3M
Cap. Flow %
-9.74%
Top 10 Hldgs %
68.38%
Holding
28
New
7
Increased
9
Reduced
5
Closed
6

Top Buys

Rank Stock Value
1
CPA icon
Copa Holdings
CPA
+$50.3M
2
SE icon
Sea Limited
SE
+$41.5M
3
PDD icon
Pinduoduo
PDD
+$41.2M
4
GDX icon
VanEck Gold Miners ETF
GDX
+$41M
5
BAP icon
Credicorp
BAP
+$26.4M

Top Sells

Rank Stock Value
1
YMM icon
Full Truck Alliance
YMM
+$31.9M
2
IBN icon
ICICI Bank
IBN
+$26M
3
BABA icon
Alibaba
BABA
+$22.6M
4
BEKE icon
KE Holdings
BEKE
+$19.1M
5
HBM icon
Hudbay
HBM
+$16.7M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 27.79%
2 Materials 23.87%
3 Industrials 13.25%
4 Consumer Staples 10.89%
5 Financials 7.71%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
EGO icon
1
Eldorado Gold
EGO
$8.32B
$92.1M 10.52%
5,302,497
-691,581
-12% -$11.6M
BABA icon
2
Alibaba
BABA
$277B
$76.9M 8.79%
724,856
-276,192
-28% -$22.6M
EMBJ
3
Embraer S.A. ADS
EMBJ
$12.3B
$63.8M 7.29%
1,803,821
+2,910
+0.2% +$92.3K
TSM icon
4
TSMC
TSM
$2.05T
$63.1M 7.21%
363,263
+70,249
+24% +$12M
PDD icon
5
Pinduoduo
PDD
$122B
$60.4M 6.9%
447,960
+334,881
+296% +$41.2M
CPA icon
6
Copa Holdings
CPA
$5.73B
$52.2M 5.96%
+555,900
New +$50.3M
EDU icon
7
New Oriental
EDU
$8.08B
$51.9M 5.93%
684,187
+159,848
+30% +$10.9M
SE icon
8
Sea Limited
SE
$65B
$51.8M 5.92%
+549,394
New +$41.5M
FMX icon
9
Fomento Económico Mexicano
FMX
$43.5B
$43.4M 4.96%
440,036
+138,540
+46% +$14.9M
GDX icon
10
VanEck Gold Miners ETF
GDX
$22.7B
$43.1M 4.92%
+1,081,695
New +$41M
IBN icon
11
ICICI Bank
IBN
$109B
$39.6M 4.52%
1,325,165
-894,930
-40% -$26M
AU icon
12
AngloGold Ashanti
AU
$40.1B
$34.1M 3.9%
1,281,410
-377,085
-23% -$10.8M
MMYT icon
13
MakeMyTrip
MMYT
$5.06B
$33M 3.77%
354,959
+61,138
+21% +$5.77M
BAP icon
14
Credicorp
BAP
$31.1B
$28M 3.2%
+154,577
New +$26.4M
FNV icon
15
Franco-Nevada
FNV
$40.7B
$27.8M 3.18%
224,084
+89,368
+66% +$11.1M
FCX icon
16
Freeport-McMoran
FCX
$89.2B
$23.1M 2.64%
+463,275
New +$20.9M
RNW icon
17
ReNew
RNW
$2.23B
$23M 2.63%
3,654,991
+1,495,819
+69% +$8.87M
YUMC icon
18
Yum China
YUMC
$15.6B
$21.2M 2.42%
+470,300
New +$15.7M
VALE icon
19
Vale
VALE
$62.6B
$20.4M 2.33%
1,749,987
-460,917
-21% -$4.94M
SPY icon
20
State Street SPDR S&P 500 ETF Trust
SPY
$784B
$15.2M 1.74%
26,537
+12,442
+88% +$6.88M
CX icon
21
Cemex
CX
$17.3B
$11.4M 1.3%
+1,864,650
New +$11.7M
RNWWW
22
ReNew Energy Global PLC Warrant
RNWWW
$57.4K
$21.9K ﹤0.01%
64,966
– –
BEKE icon
23
KE Holdings
BEKE
$17.6B
– –
-1,348,487
Closed -$19.1M
EEM icon
24
PUT
iShares MSCI Emerging Markets ETF
EEM
$28.1B
– –
-1,694,700
Closed -$72.2M
FXI icon
25
PUT
iShares China Large-Cap ETF
FXI
$4.27B
– –
-7,055,800
Closed -$183M
1
2

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ACM
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GCM
Ghisallo Capital Management Boston, Massachusetts $3.63B AUM 30.51% 1-Year Est. Return
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
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U
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APP
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Carrhae Capital's Q3 2024 Portfolio in Review

As of Q3 2024, Carrhae Capital held 28 positions worth $876M, up 1% from $867M the previous quarter. Its ten largest holdings account for 68% of the portfolio.

Carrhae Capital withdrew a net $85.3M in Q3 2024, closing 6 positions and reducing 5 holdings. Its most notable exit was Full Truck Alliance, an estimated $31.9M position sold in full.

By sector, the portfolio is most concentrated in Consumer Discretionary at 28% of assets, up from 13% a quarter earlier, followed by Materials and Industrials.

Against the trend, Carrhae Capital opened a new position in Copa Holdings worth $52.2M.

  • Carrhae Capital's largest Q3 2024 buy was Copa Holdings: 555,900 shares worth $52.2M.
  • Carrhae Capital added most to Pinduoduo in Q3 2024, an estimated $41.2M increase.
  • Carrhae Capital's biggest Q3 2024 reduction was ICICI Bank, cutting an estimated $26M.
  • Carrhae Capital fully exited Full Truck Alliance in Q3 2024, selling an estimated $31.9M.
  • Carrhae Capital's ten largest holdings make up 68% of its $876M portfolio in Q3 2024.
  • Carrhae Capital opened 7 new positions and closed 6 in Q3 2024.
  • Carrhae Capital's portfolio value rose 1% quarter-over-quarter to $876M.

Based on Carrhae Capital's 13F filing for Q3 2024, filed 18 Oct 2024.