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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
+19.59%
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
$1.7B
AUM Growth
+$330M
Cap. Flow
+$101M
Cap. Flow %
5.97%
Top 10 Hldgs %
73.21%
Holding
39
New
11
Increased
6
Reduced
8
Closed
12

Top Buys

Rank Stock Value
1
IBN icon
ICICI Bank
IBN
+$131M
2
SNPS icon
Synopsys
SNPS
+$54.4M
3
GDS icon
GDS Holdings
GDS
+$43.7M
4
YMM icon
Full Truck Alliance
YMM
+$33.1M
5
EQT icon
EQT Corp
EQT
+$27.5M

Top Sells

Rank Stock Value
1
CPA icon
Copa Holdings
CPA
+$56.3M
2
YUMC icon
Yum China
YUMC
+$48.9M
3
BAP icon
Credicorp
BAP
+$47.8M
4
EMBJ
Embraer S.A. ADS
EMBJ
+$44.9M
5
TECK icon
Teck Resources
TECK
+$44.7M

Sector Composition

Rank Sector Weight
1 Materials 16.03%
2 Consumer Discretionary 15.95%
3 Technology 13.17%
4 Financials 7.64%
5 Industrials 4.2%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ASHR icon
1
CALL
Xtrackers Harvest CSI 300 China A-Shares ETF
ASHR
$1.53B
$227M 13.34%
6,868,000
+3,003,000
+78% +$90.3M
SLV icon
2
CALL
iShares Silver Trust
SLV
$27.7B
$213M 12.53%
5,021,400
+1,373,900
+38% +$49.3M
EGO icon
3
Eldorado Gold
EGO
$8.32B
$144M 8.5%
4,994,738
+480,253
+11% +$11.3M
IBN icon
4
ICICI Bank
IBN
$109B
$121M 7.13%
+4,002,553
New +$131M
TSM icon
5
PUT
TSMC
TSM
$2.05T
$113M 6.66%
+405,100
New +$99.1M
SE icon
6
Sea Limited
SE
$65B
$95.3M 5.61%
533,060
+120,100
+29% +$20.6M
GLD icon
7
CALL
SPDR Gold Trust
GLD
$131B
$92.1M 5.42%
+259,000
New +$82.5M
BABA icon
8
Alibaba
BABA
$277B
$89M 5.25%
498,234
-25,488
-5% -$3.34M
AU icon
9
AngloGold Ashanti
AU
$40.1B
$77.6M 4.57%
1,104,051
-96,060
-8% -$5.37M
EMBJ
10
Embraer S.A. ADS
EMBJ
$12.3B
$71.2M 4.2%
1,178,651
-795,139
-40% -$44.9M
GDS icon
11
GDS Holdings
GDS
$6.14B
$63.8M 3.76%
1,648,278
+1,231,375
+295% +$43.7M
TSM icon
12
TSMC
TSM
$2.05T
$54.8M 3.23%
196,332
-61,669
-24% -$15.1M
PDD icon
13
Pinduoduo
PDD
$122B
$51.1M 3.01%
386,924
-116,671
-23% -$13.8M
SNPS icon
14
Synopsys
SNPS
$73.1B
$47.5M 2.8%
+96,215
New +$54.4M
MMYT icon
15
MakeMyTrip
MMYT
$5.06B
$35.4M 2.08%
378,097
-198,489
-34% -$19.3M
YMM icon
16
Full Truck Alliance
YMM
$9.67B
$34.7M 2.04%
+2,674,774
New +$33.1M
EQT icon
17
EQT Corp
EQT
$32.2B
$28.3M 1.67%
+520,036
New +$27.5M
FCX icon
18
Freeport-McMoran
FCX
$89.2B
$25.3M 1.49%
644,376
-704,687
-52% -$30.6M
FNV icon
19
Franco-Nevada
FNV
$40.7B
$25M 1.47%
112,054
-162,892
-59% -$29.4M
VIST icon
20
Vista Energy
VIST
$7.13B
$23.7M 1.39%
688,405
+287,823
+72% +$11.9M
RNW icon
21
ReNew
RNW
$2.23B
$21.3M 1.26%
2,767,298
– –
WRD
22
WeRide Inc
WRD
$1.91B
$16.2M 0.95%
+1,631,583
New +$15.5M
GGAL icon
23
Galicia Financial Group
GGAL
$7.88B
$8.7M 0.51%
+315,700
New +$13.6M
PONY
24
Pony AI Inc
PONY
$3.27B
$6.69M 0.39%
+297,295
New +$4.52M
SHEL icon
25
Shell
SHEL
$239B
$6.34M 0.37%
+88,632
New +$6.38M
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
APP
Avantax Planning Partners Dubuque, Iowa $3.64B AUM 14.73% 1-Year Est. Return

Carrhae Capital's Q3 2025 Portfolio in Review

As of Q3 2025, Carrhae Capital held 39 positions worth $1.7B, up 24% from $1.37B the previous quarter. Its ten largest holdings account for 73% of the portfolio.

Carrhae Capital deployed $101M of net new capital in Q3 2025, opening 11 new positions and adding to 6 existing holdings. Its largest new stake was ICICI Bank: 4,002,553 shares worth $121M.

By sector, the portfolio is most concentrated in Materials at 16% of assets, down from 23% a quarter earlier, followed by Consumer Discretionary and Technology.

On the sell side, the largest reduction was Embraer S.A. ADS, an estimated $44.9M trimmed.

  • Carrhae Capital's largest Q3 2025 buy was ICICI Bank: 4,002,553 shares worth $121M.
  • Carrhae Capital added most to GDS Holdings in Q3 2025, an estimated $43.7M increase.
  • Carrhae Capital's biggest Q3 2025 reduction was Embraer S.A. ADS, cutting an estimated $44.9M.
  • Carrhae Capital fully exited Copa Holdings in Q3 2025, selling an estimated $56.3M.
  • Carrhae Capital's ten largest holdings make up 73% of its $1.7B portfolio in Q3 2025.
  • Carrhae Capital opened 11 new positions and closed 12 in Q3 2025.
  • Carrhae Capital's portfolio value rose 24% quarter-over-quarter to $1.7B.

Based on Carrhae Capital's 13F filing for Q3 2025, filed 12 Nov 2025.