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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
-2.66%
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
$1.2B
AUM Growth
+$320M
Cap. Flow
+$369M
Cap. Flow %
30.83%
Top 10 Hldgs %
73.13%
Holding
29
New
7
Increased
10
Reduced
6
Closed
4

Top Buys

Rank Stock Value
1
AU icon
AngloGold Ashanti
AU
+$56.9M
2
BEKE icon
KE Holdings
BEKE
+$36M
3
JD icon
JD.com
JD
+$32M
4
EMBJ
Embraer S.A. ADS
EMBJ
+$31.2M
5
EDU icon
New Oriental
EDU
+$23M

Top Sells

Rank Stock Value
1
BABA icon
Alibaba
BABA
+$76.9M
2
PDD icon
Pinduoduo
PDD
+$45.1M
3
GDX icon
VanEck Gold Miners ETF
GDX
+$43.1M
4
FCX icon
Freeport-McMoran
FCX
+$23.1M
5
BAP icon
Credicorp
BAP
+$21.3M

Sector Composition

Rank Sector Weight
1 Materials 17.27%
2 Industrials 13.35%
3 Consumer Discretionary 11.06%
4 Consumer Staples 9.48%
5 Technology 6.34%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
EEM icon
1
PUT
iShares MSCI Emerging Markets ETF
EEM
$28B
$184M 15.4%
+4,403,300
New +$195M
ASHR icon
2
CALL
Xtrackers Harvest CSI 300 China A-Shares ETF
ASHR
$1.53B
$115M 9.65%
+4,357,700
New +$122M
EMBJ
3
Embraer S.A. ADS
EMBJ
$12.3B
$98M 8.19%
2,670,740
+866,919
+48% +$31.2M
EGO icon
4
Eldorado Gold
EGO
$8.4B
$89.8M 7.51%
6,040,730
+738,233
+14% +$12.2M
AU icon
5
AngloGold Ashanti
AU
$39.9B
$79.8M 6.68%
3,459,193
+2,177,783
+170% +$56.9M
TSM icon
6
TSMC
TSM
$2.03T
$75.8M 6.34%
383,886
+20,623
+6% +$3.99M
EDU icon
7
New Oriental
EDU
$8.08B
$66.9M 5.6%
1,042,689
+358,502
+52% +$23M
CPA icon
8
Copa Holdings
CPA
$5.71B
$61.7M 5.16%
701,867
+145,967
+26% +$13.8M
IBN icon
9
ICICI Bank
IBN
$109B
$52.3M 4.37%
1,751,047
+425,882
+32% +$12.9M
SE icon
10
Sea Limited
SE
$65.8B
$50.4M 4.21%
474,672
-74,722
-14% -$7.85M
AAPL icon
11
PUT
Apple
AAPL
$4.99T
$49.5M 4.14%
+197,500
New +$46.5M
FMX icon
12
Fomento Económico Mexicano
FMX
$43.5B
$46.4M 3.88%
543,167
+103,131
+23% +$9.57M
BEKE icon
13
KE Holdings
BEKE
$17.7B
$32.2M 2.69%
+1,745,724
New +$36M
JD icon
14
JD.com
JD
$42.9B
$28.7M 2.4%
+827,951
New +$32M
RNW icon
15
ReNew
RNW
$2.22B
$25M 2.09%
3,654,991
– –
FNV icon
16
Franco-Nevada
FNV
$40.6B
$24.3M 2.03%
206,418
-17,666
-8% -$2.19M
MMYT icon
17
MakeMyTrip
MMYT
$5.1B
$23.7M 1.98%
210,950
-144,009
-41% -$15.4M
YUMC icon
18
Yum China
YUMC
$15.6B
$23.6M 1.97%
489,307
+19,007
+4% +$901K
TS icon
19
Tenaris
TS
$28.1B
$16.5M 1.38%
+437,806
New +$15.5M
ASHR icon
20
Xtrackers Harvest CSI 300 China A-Shares ETF
ASHR
$1.53B
$13.4M 1.12%
+506,000
New +$14.1M
CX icon
21
Cemex
CX
$17.3B
$12.5M 1.05%
2,215,050
+350,400
+19% +$1.99M
SPY icon
22
State Street SPDR S&P 500 ETF Trust
SPY
$783B
$12.3M 1.03%
20,931
-5,606
-21% -$3.3M
BAP icon
23
Credicorp
BAP
$30.9B
$7.46M 0.62%
40,669
-113,908
-74% -$21.3M
PDD icon
24
Pinduoduo
PDD
$122B
$5.84M 0.49%
60,220
-387,740
-87% -$45.1M
RNWWW
25
ReNew Energy Global PLC Warrant
RNWWW
$63K
$10.6K ﹤0.01%
64,966
– –
1
2

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ACM
Advent Capital Management New York $3.63B AUM 0.29% 1-Year Est. Return
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
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 Q4 2024 Portfolio in Review

As of Q4 2024, Carrhae Capital held 29 positions worth $1.2B, up 37% from $876M the previous quarter. Its ten largest holdings account for 73% of the portfolio.

Carrhae Capital deployed $369M of net new capital in Q4 2024, opening 7 new positions and adding to 10 existing holdings. Its largest new stake was KE Holdings: 1,745,724 shares worth $32.2M.

By sector, the portfolio is most concentrated in Materials at 17% of assets, down from 24% a quarter earlier, followed by Industrials and Consumer Discretionary.

On the sell side, the largest reduction was Pinduoduo, an estimated $45.1M trimmed.

  • Carrhae Capital's largest Q4 2024 buy was KE Holdings: 1,745,724 shares worth $32.2M.
  • Carrhae Capital added most to AngloGold Ashanti in Q4 2024, an estimated $56.9M increase.
  • Carrhae Capital's biggest Q4 2024 reduction was Pinduoduo, cutting an estimated $45.1M.
  • Carrhae Capital fully exited Alibaba in Q4 2024, selling an estimated $76.9M.
  • Carrhae Capital's ten largest holdings make up 73% of its $1.2B portfolio in Q4 2024.
  • Carrhae Capital opened 7 new positions and closed 4 in Q4 2024.
  • Carrhae Capital's portfolio value rose 37% quarter-over-quarter to $1.2B.

Based on Carrhae Capital's 13F filing for Q4 2024, filed 11 Feb 2025.