Carrhae Capital LLP

CIK 1555254 · View on SEC EDGAR ↗

Portfolio value QoQ: +8.5% 13F does not disclose cash

Top 10 holdings weight76.34%

Top 25 holdings weight98.64%

Positions above 1%23

Effective number of positions7.9

Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)

Turnover Q2 2026: 41.62% Est. buys $1,448,255,928 · sells $1,523,876,571

Median holding: 2.0 quarters Tracked Q1 2025–Q2 2026 · 45.3% still held

New positions9

Increased9

Decreased10

Closed8

Put-notional exposure: 46.3% puts 13F reports option positions at underlying notional value — may include hedges, not necessarily bearish bets

Portfolio value $3.6B #1,088 of 9,337 by 13F value · top 11.7%

Positions 29

As of June 30, 2026 Data as of Q2 2026

Performance vs S&P 500

Tracked Q1 2025–Q2 2026 +30.9%

S&P 500 total return (same window) +37.0%

Excess return -6.1%

Annualized: +24.1% · S&P 500: +28.7%

Approximates a buy-and-hold portfolio built from quarterly SEC 13F snapshots. Excludes cash, short positions, options/derivatives, and non-13(f) securities — reflects the disclosed long-equity book only, not total fund AUM. SEC filing lag is up to 45 days; this is not a real-time-copyable timing.

Priceable coverage: 99.4% · Options excluded: 43.6%

Sector breakdown

Technology 10.3%

Retail 10.1%

Financials 7.3%

Industrials 5.3%

Materials 5.0%

Energy 4.6%

Consumer Staples 1.4%

Communication Services 1.1%

Consumer Discretionary 0.3%

Real Estate 0.3%

Other/Unmapped 54.3%

Full portfolio 29 positions

				Type		Streak
QQQ Invesco QQQ Trust, Series 1	$1,063,361,600	29.36%	1,444,000	Put option	$-366,775,004	Down ×1
EEM iShares, Inc.	$549,181,798	15.16%	8,027,800	Put option
GLD SPDR Gold Shares	$223,975,040	6.18%	608,000	Call option	$165,541,658	Up ×2
TSM Taiwan Semiconductor Manufacturing Company Ltd.	$197,979,509	5.47%	414,556		$9,106,013	Down ×2
SE Sea Limited American Depositary Shares, each representing one Class A Ordinary Share	$140,500,963	3.88%	1,466,148
BABA Alibaba Group Holding Limited American Depositary Shares each representing eight Ordinary share	$138,287,984	3.82%	1,440,800	Call option	$92,419,808	Up ×1
EMBJ Embraer S.A. Common Stock	$129,499,071	3.58%	2,029,766		$-41,915,200	Down ×1
EGO Eldorado Gold Corporation Ordinary Shares	$121,535,069	3.36%	3,909,137		$-46,604,723	Down ×1
IBN ICICI Bank Limited Common Stock	$101,494,076	2.80%	3,496,179		$-29,035,268	Down ×1
GDS GDS Holdings Limited - American Depositary Shares	$99,111,583	2.74%	3,300,419		$11,091,551	Up ×4
PBR Petroleo Brasileiro S.A. Petrobras ADS	$87,456,449	2.41%	5,411,909
ITUB Itau Unibanco Banco Holding SA American Depositary Shares (Each repstg 500 Preferred shares)	$78,783,359	2.18%	9,643,006		$-92,530,096	Down ×1
GGAL Grupo Financiero Galicia S.A. - American Depositary Shares, Class B Shares underlying	$68,051,807	1.88%	1,360,220
KWEB Krane Shares Trust	$65,863,452	1.82%	2,691,600	Call option	$13,006,396	Up ×1
ASML ASML Holding N.V. - New York Registry Shares	$63,773,489	1.76%	32,056			Up ×1
USO United States Oil Fund	$63,523,392	1.75%	596,800	Put option	$-12,419,408
CPA Copa Holdings, S.A. Class A Common Stock	$62,268,759	1.72%	400,262		$3,405,827	Down ×1
AU AngloGold Ashanti PLC Ordinary Shares	$61,202,183	1.69%	756,610		$36,573,413	Up ×2
PPC Pilgrim's Pride Corporation - Common Stock	$52,185,091	1.44%	1,856,460			Up ×1
BABA Alibaba Group Holding Limited American Depositary Shares each representing eight Ordinary share	$48,005,357	1.33%	500,160		$-119,367,065	Down ×1
NTES NetEase, Inc. - American Depositary Shares, each representing 5 ordinary shares	$39,284,777	1.08%	306,577		$31,542,223	Up ×1
SLB SLB Limited Common Shares	$38,787,630	1.07%	834,322		$10,172,856	Up ×1
CPNG Coupang, Inc. Class A Common Stock	$38,187,198	1.05%	2,198,457			Up ×1
HAL Halliburton Company Common Stock	$24,654,252	0.68%	726,193		$1,349,110	Up ×1
BBD Banco Bradesco Sa American Depositary Shares	$15,560,420	0.43%	4,484,271
TS Tenaris S.A. American Depositary Shares	$15,443,477	0.43%	278,311		$-4,188,084	Down ×1
MMYT MakeMyTrip Limited - Ordinary Shares	$11,797,607	0.33%	221,385		$6,183,150	Up ×1
VNET VNET Group, Inc. - American Depositary Shares	$11,796,248	0.33%	1,467,195		$-898,283	Down ×1
BEKE KE Holdings Inc American Depositary Shares (each representing three Class A Ordinary Shares)	$10,138,453	0.28%	697,760
No matches

Conviction holdings

Positions increased for 3+ consecutive quarters.

Share counts are as reported in 13F filings (not split-adjusted)

Security	Value	% of portfolio	Streak
GDS	$99,111,583	2.74%	up ×4

Biggest new bets

New positions opened this quarter, largest first.

Security	Value	Shares	% of portfolio
EEM	$549,181,798	8,027,800	15.16%
SE	$140,500,963	1,466,148	3.88%
PBR	$87,456,449	5,411,909	2.41%
GGAL	$68,051,807	1,360,220	1.88%
ASML	$63,773,489	32,056	1.76%
PPC	$52,185,091	1,856,460	1.44%
CPNG	$38,187,198	2,198,457	1.05%
BBD	$15,560,420	4,484,271	0.43%
BEKE	$10,138,453	697,760	0.28%

Top movers (QoQ)

Security	Action	Shares Δ	Value Δ
QQQ	Trimmed	-1.0M	-$366.8M
GLD	Bought more	+472K	+$165.5M
BABA	Trimmed	-834K	-$119.4M
ITUB	Trimmed	-10.8M	-$92.5M
BABA	Bought more	+1.1M	+$92.4M
EGO	Trimmed	-989K	-$46.6M
EMBJ	Trimmed	-859K	-$41.9M
AU	Bought more	+504K	+$36.6M
IBN	Trimmed	-1.5M	-$29.0M
KWEB	Bought more	+832K	+$13.0M

1 position hidden — reported move looks larger than the position itself (data completeness check)

Exited positions

Includes corporate events (mergers, delistings) — not all exits are sells

Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.

Security	Quarter	Shares before	Value before	Price since exit
EEM	March 31, 2026	3,940,000	$215,557,400
SLV	June 30, 2026	2,627,200	$179,017,408	3.1%
SE	March 31, 2026	843,557	$107,612,566	17.0%
TECK	March 31, 2026	2,063,912	$98,840,746	31.1%
EEM	Sept. 30, 2025	1,995,000	$96,238,800
NU	March 31, 2026	4,942,239	$82,733,081	5.6%
IBN	June 30, 2025	2,581,585	$81,371,559	-17.5%
PBR	June 30, 2025	4,516,382	$64,764,918	93.0%
FNV	March 31, 2026	293,772	$60,893,060	-2.5%
CPA	Sept. 30, 2025	512,143	$56,320,366	14.0%
BBD	March 31, 2026	16,185,404	$53,897,395	18.6%
PDD	June 30, 2026	515,274	$52,650,697	2.1%
YUMC	Sept. 30, 2025	1,092,990	$48,867,583	-6.2%
BAP	March 31, 2026	168,399	$48,330,513	11.5%
BAP	Sept. 30, 2025	213,806	$47,789,917	42.0%
JBS	June 30, 2026	2,546,345	$45,732,356	0.3%
SNPS	March 31, 2026	95,365	$44,794,848	23.2%
TECK	Sept. 30, 2025	1,107,431	$44,718,064	54.6%
BIDU	March 31, 2026	341,747	$44,652,663	-21.9%
ASHR	June 30, 2026	1,335,300	$43,584,192
GGAL	March 31, 2026	795,204	$42,893,304	-18.1%
LVS	Sept. 30, 2025	961,827	$41,849,093	-31.9%
YMM	March 31, 2026	3,807,441	$40,853,842	1.3%
EQT	March 31, 2026	745,266	$39,946,258	-19.7%
HDB	June 30, 2025	595,900	$39,591,596	-42.3%
HSAI	June 30, 2026	1,568,343	$29,986,718	-12.7%
FXI	June 30, 2025	764,500	$27,399,680	-7.9%
FCX	Dec. 31, 2025	644,376	$25,272,427	42.9%
BEKE	Sept. 30, 2025	1,361,179	$24,147,315	-13.2%
WRD	March 31, 2026	2,421,132	$21,015,426	-37.3%
EDU	Sept. 30, 2025	346,937	$18,717,251	6.1%
GGB	June 30, 2025	6,568,703	$18,655,117	77.1%
HBM	Sept. 30, 2025	1,544,993	$16,392,376	79.8%
HBM	March 31, 2026	802,513	$15,929,883	30.4%
NXPI	Sept. 30, 2025	63,342	$13,839,594	6.3%
MT	June 30, 2026	196,677	$10,223,270	7.5%
KWEB	June 30, 2025	193,593	$6,758,332
PONY	Dec. 31, 2025	297,295	$6,686,165	-57.9%
SHEL	Dec. 31, 2025	88,632	$6,339,847	31.4%
VIST	June 30, 2026	79,692	$6,014,355	4.3%
RNW	June 30, 2026	1,277,071	$5,848,985	10.1%
EH	Sept. 30, 2025	271,700	$4,716,712	-78.3%
KSPI	March 31, 2026	50,668	$3,958,691	26.9%
RNWWW	March 31, 2026	64,966	$526	No longer tracked