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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
+3.66%
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
$2.64B
AUM Growth
+$946M
Cap. Flow
+$860M
Cap. Flow %
32.52%
Top 10 Hldgs %
64%
Holding
38
New
11
Increased
11
Reduced
12
Closed
3

Top Buys

Rank Stock Value
1
TSM icon
TSMC
TSM
+$115M
2
TECK icon
Teck Resources
TECK
+$89.4M
3
NU icon
Nu Holdings
NU
+$79.4M
4
BBD icon
Banco Bradesco
BBD
+$55.1M
5
SE icon
Sea Limited
SE
+$46M

Top Sells

Rank Stock Value
1
AU icon
AngloGold Ashanti
AU
+$78.4M
2
IBN icon
ICICI Bank
IBN
+$61.7M
3
BABA icon
Alibaba
BABA
+$30.9M
4
EGO icon
Eldorado Gold
EGO
+$29.5M
5
FCX icon
Freeport-McMoran
FCX
+$25.3M

Sector Composition

Rank Sector Weight
1 Technology 13.81%
2 Materials 12.41%
3 Financials 10.87%
4 Consumer Discretionary 9.07%
5 Industrials 3.36%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
QQQ icon
1
PUT
Invesco QQQ Trust
QQQ
$469B
$285M 10.76%
+463,200
New +$284M
KWEB icon
2
CALL
KraneShares CSI China Internet ETF
KWEB
$5.23B
$233M 8.8%
+6,833,500
New +$263M
SLV icon
3
CALL
iShares Silver Trust
SLV
$28.8B
$216M 8.18%
3,354,800
-1,666,600
-33% -$83.4M
EEM icon
4
PUT
iShares MSCI Emerging Markets ETF
EEM
$28.8B
$216M 8.15%
+3,940,000
New +$214M
TSM icon
5
TSMC
TSM
$2.18T
$179M 6.77%
588,459
+392,127
+200% +$115M
EGO icon
6
Eldorado Gold
EGO
$8.36B
$144M 5.45%
4,010,214
-984,524
-20% -$29.5M
ASHR icon
7
CALL
Xtrackers Harvest CSI 300 China A-Shares ETF
ASHR
$1.37B
$131M 4.95%
3,983,200
-2,884,800
-42% -$94.6M
SE icon
8
Sea Limited
SE
$64.2B
$108M 4.07%
843,557
+310,497
+58% +$46M
TECK icon
9
Teck Resources
TECK
$28B
$98.8M 3.74%
+2,063,912
New +$89.4M
NU icon
10
Nu Holdings
NU
$70.1B
$82.7M 3.13%
+4,942,239
New +$79.4M
GDS icon
11
GDS Holdings
GDS
$6.55B
$75.6M 2.86%
2,167,199
+518,921
+31% +$17.9M
EMBJ
12
Embraer S.A. ADS
EMBJ
$11.8B
$73.8M 2.79%
1,147,269
-31,382
-3% -$1.97M
MMYT icon
13
MakeMyTrip
MMYT
$4.9B
$61.7M 2.33%
750,942
+372,845
+99% +$30.6M
FNV icon
14
Franco-Nevada
FNV
$41.3B
$60.9M 2.3%
293,772
+181,718
+162% +$36.9M
IBN icon
15
ICICI Bank
IBN
$106B
$59.4M 2.25%
1,992,766
-2,009,787
-50% -$61.7M
BBD icon
16
Banco Bradesco
BBD
$39.4B
$53.9M 2.04%
+16,185,404
New +$55.1M
JBS
17
JBS N.V.
JBS
$40.3B
$52.6M 1.99%
3,649,226
+3,244,553
+802% +$44.6M
BAP icon
18
Credicorp
BAP
$31.3B
$48.3M 1.83%
+168,399
New +$44.6M
BABA icon
19
Alibaba
BABA
$279B
$45.2M 1.71%
308,639
-189,595
-38% -$30.9M
SNPS icon
20
Synopsys
SNPS
$72.3B
$44.8M 1.69%
95,365
-850
-0.9% -$378K
BIDU icon
21
Baidu
BIDU
$36.6B
$44.7M 1.69%
+341,747
New +$42.4M
GGAL icon
22
Galicia Financial Group
GGAL
$8.55B
$42.9M 1.62%
795,204
+479,504
+152% +$22.4M
YMM icon
23
Full Truck Alliance
YMM
$9.43B
$40.9M 1.55%
3,807,441
+1,132,667
+42% +$13.6M
VIST icon
24
Vista Energy
VIST
$7.47B
$40.4M 1.53%
830,212
+141,807
+21% +$6.41M
EQT icon
25
EQT Corp
EQT
$33.8B
$39.9M 1.51%
745,266
+225,230
+43% +$12.7M
1
2

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SCM
Saba Capital Management New York $3.62B AUM 13% 1-Year Est. Return
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
WB
WesBanco Bank Wheeling, West Virginia $3.61B AUM 24.09% 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

Carrhae Capital's Q4 2025 Portfolio in Review

As of Q4 2025, Carrhae Capital held 38 positions worth $2.64B, up 56% from $1.7B the previous quarter. Its ten largest holdings account for 64% of the portfolio.

Carrhae Capital deployed $860M of net new capital in Q4 2025, opening 11 new positions and adding to 11 existing holdings. Its largest new stake was Teck Resources: 2,063,912 shares worth $98.8M.

By sector, the portfolio is most concentrated in Technology at 14% of assets, up from 13% a quarter earlier, followed by Materials and Financials.

On the sell side, the largest reduction was AngloGold Ashanti, an estimated $78.4M trimmed.

  • Carrhae Capital's largest Q4 2025 buy was Teck Resources: 2,063,912 shares worth $98.8M.
  • Carrhae Capital added most to TSMC in Q4 2025, an estimated $115M increase.
  • Carrhae Capital's biggest Q4 2025 reduction was AngloGold Ashanti, cutting an estimated $78.4M.
  • Carrhae Capital fully exited Freeport-McMoran in Q4 2025, selling an estimated $25.3M.
  • Carrhae Capital's ten largest holdings make up 64% of its $2.64B portfolio in Q4 2025.
  • Carrhae Capital opened 11 new positions and closed 3 in Q4 2025.
  • Carrhae Capital's portfolio value rose 56% quarter-over-quarter to $2.64B.

Based on Carrhae Capital's 13F filing for Q4 2025, filed 6 Feb 2026.