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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
+14.21%
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
$1.37B
AUM Growth
+$171M
Cap. Flow
-$62.1M
Cap. Flow %
-4.55%
Top 10 Hldgs %
76.95%
Holding
35
New
10
Increased
10
Reduced
2
Closed
11

Top Buys

Rank Stock Value
1
BABA icon
Alibaba
BABA
+$64.5M
2
PBR icon
Petrobras
PBR
+$62.3M
3
TECK icon
Teck Resources
TECK
+$52.9M
4
HDB icon
HDFC Bank
HDB
+$36.3M
5
BAP icon
Credicorp
BAP
+$29.4M

Top Sells

Rank Stock Value
1
EMBJ
Embraer S.A. ADS
EMBJ
+$98M
2
TSM icon
TSMC
TSM
+$75.8M
3
EDU icon
New Oriental
EDU
+$66.9M
4
AU icon
AngloGold Ashanti
AU
+$65.1M
5
FMX icon
Fomento Económico Mexicano
FMX
+$46.4M

Sector Composition

Rank Sector Weight
1 Miscellaneous 40.91%
2 Materials 19.24%
3 Consumer Discretionary 15.23%
4 Financials 11.56%
5 Industrials 5.26%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
EEM icon
1
PUT
iShares MSCI Emerging Markets ETF
EEM
$31.5B
$339M 24.82%
7,764,700
+3,361,400
+76% +$146M
ASHR icon
2
CALL
Xtrackers Harvest CSI 300 China A-Shares ETF
ASHR
$1.53B
$140M 10.23%
5,264,000
+906,300
+21% +$24M
EGO icon
3
Eldorado Gold
EGO
$11.4B
$113M 8.23%
6,689,304
+648,574
+11% +$9.74M
IBN icon
4
ICICI Bank
IBN
$105B
$81.4M 5.95%
2,581,585
+830,538
+47% +$24.1M
BABA icon
5
Alibaba
BABA
$272B
$73.9M 5.41%
+558,973
New +$64.5M
SE icon
6
Sea Limited
SE
$65.1B
$72M 5.27%
551,700
+77,028
+16% +$9.55M
CPA icon
7
Copa Holdings
CPA
$5.27B
$71.9M 5.26%
777,929
+76,062
+11% +$7.06M
PBR icon
8
Petrobras
PBR
$137B
$64.8M 4.74%
+4,516,382
New +$62.3M
AU icon
9
AngloGold Ashanti
AU
$52.8B
$49.8M 3.64%
1,340,959
-2,118,234
-61% -$65.1M
TECK icon
10
Teck Resources
TECK
$32.6B
$46.5M 3.4%
+1,275,810
New +$52.9M
HDB icon
11
HDFC Bank
HDB
$120B
$39.6M 2.9%
+1,191,800
New +$36.3M
MMYT icon
12
MakeMyTrip
MMYT
$4.71B
$39M 2.85%
397,945
+186,995
+89% +$19.3M
BAP icon
13
Credicorp
BAP
$30B
$37M 2.71%
198,875
+158,206
+389% +$29.4M
ASHR icon
14
Xtrackers Harvest CSI 300 China A-Shares ETF
ASHR
$1.53B
$28M 2.05%
1,053,785
+547,785
+108% +$14.5M
FXI icon
15
PUT
iShares China Large-Cap ETF
FXI
$4.11B
$27.4M 2%
+764,500
New +$25.9M
PDD icon
16
Pinduoduo
PDD
$111B
$23.2M 1.7%
196,437
+136,217
+226% +$15.6M
RNW icon
17
ReNew
RNW
$2.49B
$21.5M 1.57%
3,654,991
– –
FNV icon
18
Franco-Nevada
FNV
$51.3B
$21.3M 1.56%
134,994
-71,424
-35% -$9.99M
NXPI icon
19
NXP Semiconductors
NXPI
$59.7B
$20.4M 1.49%
+107,428
New +$22.9M
GGB icon
20
Gerdau
GGB
$10.1B
$18.7M 1.36%
+6,568,703
New +$19.2M
SLV icon
21
iShares Silver Trust
SLV
$31.3B
$17.9M 1.31%
+576,960
New +$16.8M
HBM icon
22
Hudbay
HBM
$11.8B
$14.2M 1.04%
+1,876,665
New +$15.3M
KWEB icon
23
KraneShares CSI China Internet ETF
KWEB
$4.75B
$6.76M 0.49%
+193,593
New +$6.42M
RNWWW
24
DELISTED
ReNew Energy Global PLC Warrant
RNWWW
$6.26K ﹤0.01%
64,966
– –
AAPL icon
25
PUT
Apple
AAPL
$4.85T
– –
-197,500
Closed -$49.5M
1
2

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Carrhae Capital's Q1 2025 Portfolio in Review

As of Q1 2025, Carrhae Capital held 35 positions worth $1.37B, up 14% from $1.2B the previous quarter. Its ten largest holdings account for 77% of the portfolio.

Carrhae Capital withdrew a net $62.1M in Q1 2025, closing 11 positions and reducing 2 holdings. Its most notable exit was Embraer S.A. ADS, an estimated $98M position sold in full.

By sector, the portfolio is most concentrated in Miscellaneous at 41% of assets, up from 31% a quarter earlier, followed by Materials and Consumer Discretionary.

Against the trend, Carrhae Capital opened a new position in Alibaba worth $73.9M.

  • Carrhae Capital's largest Q1 2025 buy was Alibaba: 558,973 shares worth $73.9M.
  • Carrhae Capital added most to Credicorp in Q1 2025, an estimated $29.4M increase.
  • Carrhae Capital's biggest Q1 2025 reduction was AngloGold Ashanti, cutting an estimated $65.1M.
  • Carrhae Capital fully exited Embraer S.A. ADS in Q1 2025, selling an estimated $98M.
  • Carrhae Capital's ten largest holdings make up 77% of its $1.37B portfolio in Q1 2025.
  • Carrhae Capital opened 10 new positions and closed 11 in Q1 2025.
  • Carrhae Capital's portfolio value rose 14% quarter-over-quarter to $1.37B.

Based on Carrhae Capital's 13F filing for Q1 2025, filed 2 May 2025.