New Vernon Capital Holdings II LLC
$136M in tracked AUM across 77 positions as of 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.
Quarter at a glance — Q1 2026
Position-change comparison pending.
Top 10 holdings
By portfolio weight as of Q1 2026.