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Carrhae Capital LLP

CIK 1555254 · latest 13F filed 15 July 2026 · Read the filing on EDGAR

Carrhae Capital LLP reported 23 US-listed holdings worth $1.52 billion in its 13F for the quarter ended 30 June 2026, filed 15 July 2026. Its largest: Taiwan Semiconductor Manufacturing Company Limited (13.0%), Sea Limited (9.3%) and Embraer S.a. (8.5%). Against the quarter before, it opened 8 positions, added to 6, trimmed 9 and sold out of 6.

Reported holdings$1.52B+7.1% on Q1 2026
Positions23+2 on Q1 2026
The largest ten71.7%of its reported holdings
Latest 13FQ2 2026filed 15 July 2026
Where the money is
OpenedAdded toTrimmed
TSM13.0%SE9.3%EMBJ8.5%EGO8.0%IBN6.7%GDS6.5%PBR5.8%ITUB5.2%GGAL4.5%ASML4.2%CPA4.1%AU4.0%PPC3.4%BABA3.2%9 more13.6%

The 14 largest of its 23 positions, each sized by its share of the reported holdings, coloured by the change in shares against Q1 2026.

Reported holdings, quarter by quarter
Q3 2024: $875.5 million in 22 positions$876MQ3 24Q4 2024: $846.5 million in 22 positions$846MQ4 24Q1 2025: $860.4 million in 21 positions$860MQ1 25Q2 2025: $1.05 billion in 25 positions$1.05BQ2 25Q3 2025: $1.05 billion in 23 positions$1.05BQ3 25Q4 2025: $1.50 billion in 28 positions$1.50BQ4 25Q1 2026: $1.42 billion in 21 positions$1.42BQ1 26Q2 2026: $1.52 billion in 23 positions$1.52BQ2 26

What the fund reported holding at each quarter's end; hover a bar for the number of positions

What it did on the quarter

Opened 8Added 6Trimmed 9Sold out 6
Opened: 8Added: 6Trimmed: 9Sold out: 6

Its positions against its 13F for the quarter to 31 March 2026; a change under 0.1% of a position counts as held

Opened 8

  1. Sea Limited SE$140.5 million
  2. Petróleo Brasileiro S.A. (Petrobras) PBR$87.5 million
  3. Grupo Financiero Galicia S A GGAL$68.1 million
  4. ASML Holding N.V. ASML$63.8 million
  5. Pilgrims Pride Corp. PPC$52.2 million
  6. Coupang Inc. Class A CPNG$38.2 million
  7. Banco Bradesco S.A. BBD$15.6 million
  8. KE Holdings Inc. BEKE$10.1 million

Added to 6

  1. Anglogold Ashanti PLC AU+503,644 shares · +199%
  2. GDS Hldgs Ltd GDS+1.1 million shares · +51%
  3. NetEase, Inc. NTES+237,410 shares · +343%
  4. SLB Limited SLB+277,506 shares · +50%
  5. Halliburton Co. HAL+128,472 shares · +21%
  6. Makemytrip Limited Mauritius MMYT+70,823 shares · +47%

Trimmed 9

  1. Itaú Unibanco Holding S.A. ITUB-10.8 million shares · -53%
  2. Alibaba Group Holding Limited BABA-833,910 shares · -63%
  3. Taiwan Semiconductor Manufacturing Company Limited TSM-144,324 shares · -26%
  4. Embraer S.a. EMBJ-858,914 shares · -30%
  5. Icici Bank ADR IBN-1.5 million shares · -31%
  6. Eldorado Gold Corp. New EGO-988,614 shares · -20%
  7. Copa Holdings SA CPA-117,852 shares · -23%
  8. Tenaris S A TS-59,117 shares · -18%

and 1 more in the table below

Sold out of 6

  1. PDD Holdings Inc. PDD$52.7 million last quarter
  2. JBS N.V. JBS$45.7 million last quarter
  3. Hesai Group HSAI$30.0 million last quarter
  4. Arcelormittal SA Luxembourg MT$10.2 million last quarter
  5. Vista Energy S.a.b. De C.V. VIST$6.0 million last quarter
  6. Renew Energy Global PLC RNW$5.8 million last quarter

What it holds

CompanySharesValueOf its bookChange in shares
Taiwan Semiconductor Manufacturing Company Limited TSM414,556$198.0 million13.05%-144,324
Sea Limited SE1,466,148$140.5 million9.26%new
Embraer S.a. EMBJ2,029,766$129.5 million8.53%-858,914
Eldorado Gold Corp. New EGO3,909,137$121.5 million8.01%-988,614
Icici Bank ADR IBN3,496,179$101.5 million6.69%-1,543,564
GDS Hldgs Ltd GDS3,300,419$99.1 million6.53%+1,115,757
Petróleo Brasileiro S.A. (Petrobras) PBR5,411,909$87.5 million5.76%new
Itaú Unibanco Holding S.A. ITUB9,643,006$78.8 million5.19%-10,800,127
Grupo Financiero Galicia S A GGAL1,360,220$68.1 million4.48%new
ASML Holding N.V. ASML32,056$63.8 million4.20%new
Copa Holdings SA CPA400,262$62.3 million4.10%-117,852
Anglogold Ashanti PLC AU756,610$61.2 million4.03%+503,644
Pilgrims Pride Corp. PPC1,856,460$52.2 million3.44%new
Alibaba Group Holding Limited BABA500,160$48.0 million3.16%-833,910
NetEase, Inc. NTES306,577$39.3 million2.59%+237,410
SLB Limited SLB834,322$38.8 million2.56%+277,506
Coupang Inc. Class A CPNG2,198,457$38.2 million2.52%new
Halliburton Co. HAL726,193$24.7 million1.62%+128,472
Banco Bradesco S.A. BBD4,484,271$15.6 million1.03%new
Tenaris S A TS278,311$15.4 million1.02%-59,117
Makemytrip Limited Mauritius MMYT221,385$11.8 million0.78%+70,823
21VIANET Group Inc. VNET1,467,195$11.8 million0.78%-45,860
KE Holdings Inc. BEKE697,760$10.1 million0.67%new
Every US-listed position in the fund's 13F for the quarter ended 30 June 2026, by the value it reported.
Read moreChange is shares against its 13F for the quarter before; the 6 it sold out of are in the box above.

Options it reported

CompanyOptionShares under the optionsValue of those shares
Invesco QQQ Trust QQQPuts1,444,000$1.06 billion
iShares Trust EEMPuts8,027,800$549.2 million
SPDR Gold Trust GLDCalls608,000$224.0 million
Alibaba Group Holding Limited BABACalls1,440,800$138.3 million
KraneShares Trust KWEBCalls2,691,600$65.9 million
United STS Oil FD LP USOPuts596,800$63.5 million

6 option lines. A 13F lists calls and puts by the shares they cover and what those shares were worth at the quarter's end, not what the options cost; they are not counted in the holdings above.