Nipun Capital, L.P.

The portfolio strategy has shifted from a multi-asset, multi-cap approach to a highly concentrated proxy play on emerging markets. The concentration risk is elevated, with the top two holdings comprising nearly 97.5% of the total portfolio value. This suggests a move away from stock-specific alpha generation toward a macro-driven, beta-centric strategy focused on specific geographic regions.

2. Key Holdings

The portfolio is currently dominated by three iShares ETFs, indicating a strong preference for liquid, diversified exposure rather than individual security selection.