DOSSIER · 13F-HR · Q1 2026

New Vernon Capital Holdings II LLC

$136M in tracked AUM across 77 positions as of Q1 2026.

NV
CIK 0001512538 · last filed Mar 31, 2026
Total AUM
$136M
as of Q1 2026
Holdings
77
positions
Whale Score
60
60
tracked
Activity
no data
changes this Q
AI Analysis · Q1 2026

New Vernon Capital Holdings II's 13F for the first quarter of 2026 is the file of a fund in deliberate contraction — the portfolio shrank from $211 million at year-end to $135.6 million by March 31, a 36% drop that cut the number of holdings roughly in half and forced a systematic reorientation of the sleeve structure. The leading driver at the individual-name level was ICICI Bank, the large Indian financial that anchored the book at $20.1 million heading into the year and was reduced to $10 million — a 43% cut in shares and value — alongside the complete exit of HDFC Bank, the second-largest position at $25.5 million. Those two moves alone explain roughly $36 million of portfolio de-risking. The fund simultaneously trimmed every major emerging-market sleeve — EWY (Korea), EWS (Singapore), EWT (Taiwan), EWZ (Brazil), EWC (Canada), EWU (UK), EWD (Sweden), EWP (Spain) — each by 15–77% — and fully wound down positions in INDA (India broad), FXI (China large-cap), EWG (Germany), NU Holdings, and MakeMyTrip. New positions in Q1 were fewer and smaller: Thailand (THD), Upwork, Silvercorp Metals, Tenaris, SiriusXM, and a cluster of smaller U.S. names. The net read is a fund that contracted its gross exposure and rebased its sleeve allocation from a broad emerging/developed-market equity stack toward a more concentrated quality-and-dividend set of ETFs plus a handful of U.S. mid-cap equities.

The concentration story explains the portfolio's risk before the quarter, and it helps make sense of what got cut. HDFC Bank (HDB) was the single largest position at year-end Q4 2025 at $25.5 million — a 12% position in a 145-name book that was otherwise heavily ETF-sleeve-oriented. That name was completely eliminated during the quarter, the largest absolute-value exit in the file. ICICI Bank (IBN), the second-largest concentrated holding, was then halved from $20.1 million to $10 million, reducing share count by roughly 289,000 shares. Combined, these two positions represented $36 million of concentrated India banking risk that was removed in a single quarter — an event-size move that suggests either a deliberate active decision or a liquidity-driven trimming that happened to fall most visibly on the sleeve's largest equity concentrations.

The emerging-market ETF sleeve saw systematic and mostly proportionate cuts. EWY (Korea, -17%), EWS (Singapore, -15%), EWT (Taiwan, -19%), EWZ (Brazil, -14%), EWC (Canada broad, -18%), EWU (UK, -19%), EWD (Sweden, -23%), and EWP (Spain, -27%) were all reduced. Three sleeves were eliminated: INDA (India broad, previously $10.6 million), FXI (China large-cap, previously $4.4 million), and EWG (Germany broad, previously $3.2 million). WisdomTree's EPI (India dividend) was cut 41% ($14.0M to $7.2M). BBJP (Japan dividend-quality multi-factor) was cut 42%. This is not random cutting — it's a systematic reduction of the fund's non-US equity beta layer.

Quarter at a glance — Q1 2026

Position-change comparison pending.

No quarter-over-quarter changes available.

Top 10 holdings

By portfolio weight as of Q1 2026.

#HoldingValueSharesWeight
01
TSM
TAIWAN SEMICONDUCTOR MFG LTD
$17M51K12.8%
02
EWY
ISHARES INC
$17M140K12.7%
03
VWO
VANGUARD INTL EQUITY INDEX F
$15M284K11.3%
04
EWS
ISHARES INC
$10M358K7.4%
05
IBN
ICICI BANK LIMITED
$10M387K7.4%
06
EWT
ISHARES INC
$9M120K6.3%
07
DXJ
WISDOMTREE TR
$7M47K5.4%
08
EPI
WISDOMTREE TR
$7M177K5.3%
09
EWC
ISHARES INC
$6M111K4.5%
10
EWZ
ISHARES INC
$6M157K4.5%

Filing history

2026Q1Mar 31
$136M 35.7%
77 positionsView →
2025Q4Dec 31
$211M 2.9%
88 positionsView →
2025Q3Sep 30
$217M 4.3%
81 positionsView →
2025Q2Jun 30
$208M 95.2%
68 positionsLocked
2025Q1Mar 31
$4.4B 2909.5%
66 positionsLocked
2024Q4Dec 31
$145M 21.8%
66 positionsLocked
2024Q3Sep 30
$186M 0.3%
63 positionsLocked
2024Q2Jun 30
$185M 4.1%
73 positionsLocked
2024Q1Mar 31
$193M 3.7%
78 positionsLocked
2023Q4Dec 31
$186M 61.5%
79 positionsLocked
2023Q3Sep 30
$115M 23.1%
63 positionsLocked
2023Q2Jun 30
$150M 10.3%
73 positionsLocked
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