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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
+2.21%
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
$3.34B
AUM Growth
+$694M
Cap. Flow
+$823M
Cap. Flow %
24.67%
Top 10 Hldgs %
83.03%
Holding
45
New
10
Increased
10
Reduced
9
Closed
16

Top Buys

Rank Stock Value
1
ITUB icon
Itaú Unibanco
ITUB
+$171M
2
BABA icon
Alibaba
BABA
+$154M
3
EMBJ
Embraer S.A. ADS
EMBJ
+$119M
4
IBN icon
ICICI Bank
IBN
+$89.3M
5
CPA icon
Copa Holdings
CPA
+$51.6M

Top Sells

Rank Stock Value
1
SE icon
Sea Limited
SE
+$108M
2
TECK icon
Teck Resources
TECK
+$98.8M
3
NU icon
Nu Holdings
NU
+$82.7M
4
FNV icon
Franco-Nevada
FNV
+$60.9M
5
BBD icon
Banco Bradesco
BBD
+$53.9M

Sector Composition

Rank Sector Weight
1 Financials 9.05%
2 Technology 8.68%
3 Consumer Discretionary 7.66%
4 Industrials 6.9%
5 Materials 6.08%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
QQQ icon
1
PUT
Invesco QQQ Trust
QQQ
$469B
$1.43B 42.86%
2,477,800
+2,014,600
+435% +$1.22B
TSM icon
2
TSMC
TSM
$2.18T
$189M 5.66%
558,880
-29,579
-5% -$10.2M
SLV icon
3
CALL
iShares Silver Trust
SLV
$28.8B
$179M 5.36%
2,627,200
-727,600
-22% -$55.3M
EMBJ
4
Embraer S.A. ADS
EMBJ
$11.8B
$171M 5.14%
2,888,680
+1,741,411
+152% +$119M
ITUB icon
5
Itaú Unibanco
ITUB
$93.5B
$171M 5.13%
+20,443,133
New +$171M
EGO icon
6
Eldorado Gold
EGO
$8.36B
$168M 5.04%
4,897,751
+887,537
+22% +$36.2M
BABA icon
7
Alibaba
BABA
$279B
$167M 5.02%
1,334,070
+1,025,431
+332% +$154M
IBN icon
8
ICICI Bank
IBN
$106B
$131M 3.91%
5,039,743
+3,046,977
+153% +$89.3M
GDS icon
9
GDS Holdings
GDS
$6.55B
$88M 2.64%
2,184,662
+17,463
+0.8% +$749K
USO icon
10
PUT
United States Oil Fund
USO
$2.36B
$75.9M 2.28%
+596,800
New +$52.9M
CPA icon
11
Copa Holdings
CPA
$5.66B
$58.9M 1.76%
518,114
+393,397
+315% +$51.6M
GLD icon
12
CALL
SPDR Gold Trust
GLD
$133B
$58.4M 1.75%
135,800
+63,600
+88% +$28.5M
KWEB icon
13
CALL
KraneShares CSI China Internet ETF
KWEB
$5.23B
$52.9M 1.58%
1,859,200
-4,974,300
-73% -$163M
PDD icon
14
Pinduoduo
PDD
$119B
$52.7M 1.58%
515,274
+292,620
+131% +$30.8M
BABA icon
15
CALL
Alibaba
BABA
$279B
$45.9M 1.37%
+365,600
New +$55M
JBS
16
JBS N.V.
JBS
$40.3B
$45.7M 1.37%
2,546,345
-1,102,881
-30% -$17.2M
ASHR icon
17
CALL
Xtrackers Harvest CSI 300 China A-Shares ETF
ASHR
$1.37B
$43.6M 1.31%
1,335,300
-2,647,900
-66% -$88.7M
TSM icon
18
PUT
TSMC
TSM
$2.18T
$33.9M 1.02%
100,300
-12,800
-11% -$4.4M
HSAI
19
Hesai Group
HSAI
$2.34B
$30M 0.9%
+1,568,343
New +$39.5M
SLB icon
20
SLB Ltd
SLB
$71.3B
$28.6M 0.86%
+556,816
New +$27M
AU icon
21
AngloGold Ashanti
AU
$41B
$24.6M 0.74%
252,966
+154,683
+157% +$15.9M
HAL icon
22
Halliburton
HAL
$27.6B
$23.3M 0.7%
+597,721
New +$20.7M
TS icon
23
Tenaris
TS
$29.4B
$19.6M 0.59%
+337,428
New +$16.6M
VNET
24
VNET Group
VNET
$2.23B
$12.7M 0.38%
+1,513,055
New +$16M
MT icon
25
ArcelorMittal
MT
$50.1B
$10.2M 0.31%
+196,677
New +$10.9M
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
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
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Carrhae Capital's Q1 2026 Portfolio in Review

As of Q1 2026, Carrhae Capital held 45 positions worth $3.34B, up 26% from $2.64B the previous quarter. Its ten largest holdings account for 83% of the portfolio.

Carrhae Capital deployed $823M of net new capital in Q1 2026, opening 10 new positions and adding to 10 existing holdings. Its largest new stake was Itaú Unibanco: 20,443,133 shares worth $171M.

By sector, the portfolio is most concentrated in Financials at 9% of assets, down from 11% a quarter earlier, followed by Technology and Consumer Discretionary.

On the sell side, the largest reduction was Vista Energy, an estimated $43.8M trimmed.

  • Carrhae Capital's largest Q1 2026 buy was Itaú Unibanco: 20,443,133 shares worth $171M.
  • Carrhae Capital added most to Alibaba in Q1 2026, an estimated $154M increase.
  • Carrhae Capital's biggest Q1 2026 reduction was Vista Energy, cutting an estimated $43.8M.
  • Carrhae Capital fully exited Sea Limited in Q1 2026, selling an estimated $108M.
  • Carrhae Capital's ten largest holdings make up 83% of its $3.34B portfolio in Q1 2026.
  • Carrhae Capital opened 10 new positions and closed 16 in Q1 2026.
  • Carrhae Capital's portfolio value rose 26% quarter-over-quarter to $3.34B.

Based on Carrhae Capital's 13F filing for Q1 2026, filed 14 May 2026.