In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), Dumac, Inc. reported 10 stock positions worth $27.4 million . Its top holding was Rigel Resource Acquisit Class A (RRACF) at 40.7% of the portfolio, followed by Commerce.com (CMRC, 12.6% ) and JSC Kaspi.kz ADR (KSPI, 11.9% ). Compared with Q4 2023, it opened 2 new positions, sold out of 7 and reduced 2. The biggest buy was a new position in Rigel Resource Acquisit Class A (RRACF) and the biggest sale an exit from Rigel Resource Acquisition C (RRAUF).
Location DURHAM, NC
CIK 0001584258
Portfolio Value $27.4M (Q1 2024) Holdings 10 stocks · $27.4M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2023 RRACF Rigel Resource Acquisit Class A 1,000,000 $11.2M New CMRC Commerce.com Inc. filed as BIGCOMMERCE HLDGS INC 501,095 $3.5M No change KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC 25,350 $3.3M New MMYT Makemytrip Ltd. 40,353 $2.9M No change DESP Despegar.com Corp. 217,872 $2.6M No change LANZATECH GLOBAL INC 557,120 $1.7M Reduce -46.9% SGMT Sagimet Biosciences Inc. Class A 189,394 $1.0M Reduce -7.2% ARCO Arcos Dorados Holdings Inc. Class A 60,857 $677K No change IHS Ihs Holding Ltd. 112,000 $395K No change ZTO Zto Express Cayman Inc.-ADR 12,681 $266K No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $118K (not counted above) Security Class Shares / Principal Value Change RRAWF Rigel Resource Acquisi -CW23 *W EXP 99/99/999 500,000 $118K New
Total filed on the 13F, all lines: $27.6M.
Portfolio Sells Q4 2023 → Q1 2024 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▲ RRAUF Rigel Resource Acquisition C Sold out 0.00% −37.16 LANZATECH GLOBAL INC Reduce -46.9% 6.28% −10.00 OSCR Oscar Health Inc. Class A Sold out 0.00% −7.85 ARM Arm Holdings PLC-ADR Sold out 0.00% −1.16 HTHT H World Group Ltd.-ADR Sold out 0.00% −0.72 YUMC Yum China Holdings Inc. Sold out 0.00% −0.64 CSANY Cosan SA -ADR Sold out 0.00% −0.63 MOGU Mogu Inc.-ADR Sold out 0.00% −0.10 SGMT Sagimet Biosciences Inc. Class A Reduce -7.2% 3.74% +0.33
Portfolio Buys Q4 2023 → Q1 2024 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▼ RRACF Rigel Resource Acquisit Class A New 40.70% +40.70 KSPI JSC Kaspi.kz ADR New 11.88% +11.88
Notes & Other Activity Q4 2023 → Q1 2024 Security Class Change vs Q4 2023 Shares / Principal Value ▼ RRAWF Rigel Resource Acquisi -CW23 *W EXP 99/99/999 New 500,000 $118K
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 16 $1.1B VOO, SCHH, NVDA, GOOGL, INDA Q1 2026 10 $820.4M VOO, SCHH, INDA, ZTO, KSPI Q4 2025 10 $651.0M VOO, SCHH, INDA, MMYT, KSPI Q2 2025 7 $15.9M INDA, MMYT, KSPI, ZTO, IHS Q1 2025 9 $25.1M INDA, DESP, RBRK, MMYT, KSPI Q4 2024 10 $64.8M UTI, INDA, DESP, MMYT, KSPI Q3 2024 9 $30.6M RRACF, INDA, MMYT, DESP, KSPI Q2 2024 10 $31.2M RRACF, INDA, MMYT, KSPI, DESP Q1 2024 10 $27.4M RRACF, CMRC, KSPI, MMYT, DESP