Carrhae Capital LLP
CIK 1555254 · View on SEC EDGAR ↗
- Portfolio value
- $3.6B
- Positions
- 29
- As of
- June 30, 2026
#1,014 of 9,443 by 13F value · top 10.7%
Portfolio value QoQ: +8.5% 13F does not disclose cash
- Top 10 holdings weight
- 76.34%
- Top 25 holdings weight
- 98.64%
- Positions above 1%
- 23
- Effective number of positions
- 7.9
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 Q4 2024–Q2 2026 · 42.0% still held
- New positions
- 9
- Increased
- 9
- Decreased
- 10
- Closed
- 8
Put-notional exposure: 46.3% puts 13F reports option positions at underlying notional value — may include hedges, not necessarily bearish bets
On this page
- Performance vs S&P How this manager's 13F portfolio performed against the S&P 500.
- Sector breakdown How the portfolio splits across market sectors.
- Portfolio Every stock this institution reports holding, from its latest 13F.
- High-conviction bets The holdings this manager is most concentrated in.
- Biggest new bets Brand-new positions opened in the latest quarter.
- Top moves The biggest position increases and decreases this quarter.
- Exited positions Positions the manager fully sold out of last quarter.
Performance vs S&P 500
Annualized: +29.0% · S&P 500: +18.0%
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: 98.7% · Options excluded: 42.1%
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 | 8Q trend | |||||
|---|---|---|---|---|---|---|---|
| QQQ Invesco QQQ Trust, Series 1 | $1,063,361,600 | 29.36% | 1,444,000 | Put option | $-366,775,004 | Down ×1 | |
| EEM | $549,181,798 | 15.16% | 8,027,800 | Put option | |||
| GLD | $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 | $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 | $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 (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 | No longer tracked |
| SLV | June 30, 2026 | 2,627,200 | $179,017,408 | No longer tracked |
| SE | March 31, 2026 | 843,557 | $107,612,566 | 41.0% |
| TECK | March 31, 2026 | 2,063,912 | $98,840,746 | 33.2% |
| EMBJ | March 31, 2025 | 2,670,740 | $97,962,743 | 64.7% |
| EEM | Sept. 30, 2025 | 1,995,000 | $96,238,800 | No longer tracked |
| NU | March 31, 2026 | 4,942,239 | $82,733,081 | 0.8% |
| IBN | June 30, 2025 | 2,581,585 | $81,371,559 | -11.2% |
| TSM | March 31, 2025 | 383,886 | $75,813,646 | 153.1% |
| EDU | March 31, 2025 | 1,042,689 | $66,919,780 | 16.6% |
| PBR | June 30, 2025 | 4,516,382 | $64,764,918 | 53.3% |
| FNV | March 31, 2026 | 293,772 | $60,893,060 | 6.7% |
| CPA | Sept. 30, 2025 | 512,143 | $56,320,366 | 9.9% |
| BBD | March 31, 2026 | 16,185,404 | $53,897,395 | -16.4% |
| PDD | June 30, 2026 | 515,274 | $52,650,697 | 16.3% |
| AAPL | March 31, 2025 | 197,500 | $49,457,950 | 38.7% |
| YUMC | Sept. 30, 2025 | 1,092,990 | $48,867,583 | 14.3% |
| BAP | March 31, 2026 | 168,399 | $48,330,513 | 10.7% |
| BAP | Sept. 30, 2025 | 213,806 | $47,789,917 | 41.0% |
| FMX | March 31, 2025 | 543,167 | $46,435,347 | 22.4% |
| JBS | June 30, 2026 | 2,546,345 | $45,732,356 | 13.8% |
| SNPS | March 31, 2026 | 95,365 | $44,794,848 | 0.4% |
| TECK | Sept. 30, 2025 | 1,107,431 | $44,718,064 | 57.1% |
| BIDU | March 31, 2026 | 341,747 | $44,652,663 | -16.3% |
| ASHR | June 30, 2026 | 1,335,300 | $43,584,192 | No longer tracked |
| GGAL | March 31, 2026 | 795,204 | $42,893,304 | -11.3% |
| LVS | Sept. 30, 2025 | 961,827 | $41,849,093 | -13.7% |
| YMM | March 31, 2026 | 3,807,441 | $40,853,842 | 4.9% |
| EQT | March 31, 2026 | 745,266 | $39,946,258 | -15.4% |
| HDB | June 30, 2025 | 595,900 | $39,591,596 | -38.6% |
| BEKE | March 31, 2025 | 1,745,724 | $32,156,236 | -14.5% |
| HSAI | June 30, 2026 | 1,568,343 | $29,986,718 | 3.8% |
| JD | March 31, 2025 | 827,951 | $28,705,061 | -28.8% |
| FXI | June 30, 2025 | 764,500 | $27,399,680 | No longer tracked |
| FCX | Dec. 31, 2025 | 644,376 | $25,272,427 | 51.8% |
| BEKE | Sept. 30, 2025 | 1,361,179 | $24,147,315 | -9.6% |
| YUMC | March 31, 2025 | 489,307 | $23,569,918 | -5.7% |
| WRD | March 31, 2026 | 2,421,132 | $21,015,426 | -23.7% |
| EDU | Sept. 30, 2025 | 346,937 | $18,717,251 | 5.0% |
| GGB | June 30, 2025 | 6,568,703 | $18,655,117 | 50.7% |
| TS | March 31, 2025 | 437,806 | $16,544,689 | 36.1% |
| HBM | Sept. 30, 2025 | 1,544,993 | $16,392,376 | 96.4% |
| HBM | March 31, 2026 | 802,513 | $15,929,883 | 42.4% |
| NXPI | Sept. 30, 2025 | 63,342 | $13,839,594 | -1.2% |
| CX | March 31, 2025 | 2,215,050 | $12,492,882 | 91.0% |
| SPY | March 31, 2025 | 20,931 | $12,267,240 | No longer tracked |
| MT | June 30, 2026 | 196,677 | $10,223,270 | 22.7% |
| KWEB | June 30, 2025 | 193,593 | $6,758,332 | No longer tracked |
| PONY | Dec. 31, 2025 | 297,295 | $6,686,165 | -45.0% |
| SHEL | Dec. 31, 2025 | 88,632 | $6,339,847 | 27.6% |
| VIST | June 30, 2026 | 79,692 | $6,014,355 | 10.9% |
| RNW | June 30, 2026 | 1,277,071 | $5,848,985 | 9.1% |
| EH | Sept. 30, 2025 | 271,700 | $4,716,712 | -70.3% |
| KSPI | March 31, 2026 | 50,668 | $3,958,691 | 41.0% |
| RNWWW | March 31, 2026 | 64,966 | $526 | -61.3% |