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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
+12.27%
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
+$851K
Cap. Flow
-$139M
Cap. Flow %
-10.17%
Top 10 Hldgs %
60.34%
Holding
35
New
11
Increased
5
Reduced
11
Closed
7

Top Buys

Rank Stock Value
1
EMBJ
Embraer S.A. ADS
EMBJ
+$93.2M
2
FCX icon
Freeport-McMoran
FCX
+$51.2M
3
YUMC icon
Yum China
YUMC
+$48.9M
4
TSM icon
TSMC
TSM
+$47.8M
5
LVS icon
Las Vegas Sands
LVS
+$37.4M

Top Sells

Rank Stock Value
1
IBN icon
ICICI Bank
IBN
+$81.4M
2
PBR icon
Petrobras
PBR
+$64.8M
3
EGO icon
Eldorado Gold
EGO
+$42.3M
4
HDB icon
HDFC Bank
HDB
+$39.6M
5
ASHR icon
Xtrackers Harvest CSI 300 China A-Shares ETF
ASHR
+$27.8M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 23.79%
2 Materials 22.75%
3 Industrials 12.67%
4 Technology 6.22%
5 Financials 3.49%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SLV icon
1
CALL
iShares Silver Trust
SLV
$27.6B
$120M 8.75%
+3,647,500
New +$112M
EMBJ
2
Embraer S.A. ADS
EMBJ
$12.3B
$112M 8.21%
+1,973,790
New +$93.2M
ASHR icon
3
CALL
Xtrackers Harvest CSI 300 China A-Shares ETF
ASHR
$1.53B
$106M 7.78%
3,865,000
-1,399,000
-27% -$36.9M
EEM icon
4
PUT
iShares MSCI Emerging Markets ETF
EEM
$28B
$96.2M 7.04%
1,995,000
-5,769,700
-74% -$259M
EGO icon
5
Eldorado Gold
EGO
$8.4B
$91.8M 6.71%
4,514,485
-2,174,819
-33% -$42.3M
SE icon
6
Sea Limited
SE
$65.8B
$66M 4.83%
412,960
-138,740
-25% -$20.1M
BABA icon
7
Alibaba
BABA
$276B
$59.4M 4.34%
523,722
-35,251
-6% -$4.17M
FCX icon
8
Freeport-McMoran
FCX
$88.6B
$58.5M 4.28%
+1,349,063
New +$51.2M
TSM icon
9
TSMC
TSM
$2.03T
$58.4M 4.27%
+258,001
New +$47.8M
MMYT icon
10
MakeMyTrip
MMYT
$5.1B
$56.5M 4.13%
576,586
+178,641
+45% +$18M
CPA icon
11
Copa Holdings
CPA
$5.71B
$56.3M 4.12%
512,143
-265,786
-34% -$26.2M
AU icon
12
AngloGold Ashanti
AU
$39.9B
$54.7M 4%
1,200,111
-140,848
-11% -$6.06M
PDD icon
13
Pinduoduo
PDD
$122B
$52.7M 3.85%
503,595
+307,158
+156% +$32.2M
YUMC icon
14
Yum China
YUMC
$15.6B
$48.9M 3.57%
+1,092,990
New +$48.9M
BAP icon
15
Credicorp
BAP
$30.9B
$47.8M 3.49%
213,806
+14,931
+8% +$3.03M
FNV icon
16
Franco-Nevada
FNV
$40.6B
$45.1M 3.3%
274,946
+139,952
+104% +$23.2M
TECK icon
17
Teck Resources
TECK
$28.8B
$44.7M 3.27%
1,107,431
-168,379
-13% -$6.08M
LVS icon
18
Las Vegas Sands
LVS
$32B
$41.8M 3.06%
+961,827
New +$37.4M
BEKE icon
19
KE Holdings
BEKE
$17.7B
$24.1M 1.77%
+1,361,179
New +$26.2M
SLV icon
20
iShares Silver Trust
SLV
$27.6B
$21.5M 1.58%
656,743
+79,783
+14% +$2.44M
VIST icon
21
Vista Energy
VIST
$7.16B
$19.2M 1.4%
+400,582
New +$19M
RNW icon
22
ReNew
RNW
$2.22B
$19.1M 1.4%
2,767,298
-887,693
-24% -$5.8M
EDU icon
23
New Oriental
EDU
$8.08B
$18.7M 1.37%
+346,937
New +$16.5M
HBM icon
24
Hudbay
HBM
$9.67B
$16.4M 1.2%
1,544,993
-331,672
-18% -$2.76M
NXPI icon
25
NXP Semiconductors
NXPI
$65.4B
$13.8M 1.01%
63,342
-44,086
-41% -$8.61M
1
2

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SCM
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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
Uber San Francisco, California $3.6B AUM 19.81% 1-Year Est. Return
SPC
Sigma Planning Corp Ann Arbor, Michigan $3.6B AUM 24.57% 1-Year Est. Return

Carrhae Capital's Q2 2025 Portfolio in Review

As of Q2 2025, Carrhae Capital held 35 positions worth $1.37B, up 0.06% from $1.37B the previous quarter. Its ten largest holdings account for 60% of the portfolio.

Carrhae Capital withdrew a net $139M in Q2 2025, closing 7 positions and reducing 11 holdings. Its most notable exit was ICICI Bank, an estimated $81.4M position sold in full.

By sector, the portfolio is most concentrated in Consumer Discretionary at 24% of assets, up from 15% a quarter earlier, followed by Materials and Industrials.

Against the trend, Carrhae Capital opened a new position in Embraer S.A. ADS worth $112M.

  • Carrhae Capital's largest Q2 2025 buy was Embraer S.A. ADS: 1,973,790 shares worth $112M.
  • Carrhae Capital added most to Pinduoduo in Q2 2025, an estimated $32.2M increase.
  • Carrhae Capital's biggest Q2 2025 reduction was Eldorado Gold, cutting an estimated $42.3M.
  • Carrhae Capital fully exited ICICI Bank in Q2 2025, selling an estimated $81.4M.
  • Carrhae Capital's ten largest holdings make up 60% of its $1.37B portfolio in Q2 2025.
  • Carrhae Capital opened 11 new positions and closed 7 in Q2 2025.
  • Carrhae Capital's portfolio value rose 0.06% quarter-over-quarter to $1.37B.

Based on Carrhae Capital's 13F filing for Q2 2025, filed 5 Aug 2025.