Carrhae Capital LLP — 13F Holdings & Portfolio
CIK 1555254 · latest 13F-HR filed 2026-10-20
Carrhae Capital LLP manages $3.10B in 13F-reported U.S. long-equity assets across 30 reported positions as of its 2026-09-30 13F-HR filing. Its largest disclosed positions are QQQ (23.34%), TSM (7.46%), GLD (7.26%). Quarter over quarter (versus its 2026-06-30 filing) the fund opened 8 new positions and exited 9; 6 existing positions rose in reported value and 6 fell.
AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.
Long-equity book
Distinct positions
Filed 2026-10-20
vs 2026-06-30
Portfolio charts
Latest quarter's book, what changed, and how the portfolio has evolved across filings.
Portfolio map
Q3 26Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.
Sector mix
% of 13F valueSectors from each company's SIC code; funds and ETFs grouped separately.
Biggest buys and sells
Q2 26 → Q3 26Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.
13F assets and positions
5 quartersTotal reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.
Top positions over time
reported valueThe eight largest current positions, valued at each quarter end.
Concentration
top 10 = 82.4%Cumulative share of the portfolio held in the largest N positions.
As of the firm’s regulatory filing dated Aug 11, 2026.
3RD FLOOR
LONDON SW1Y 6LS
United Kingdom
| Name | Title / Status | Ownership | Type |
|---|---|---|---|
| AKAY, ALI Control | CHIEF INVESTMENT OFFICER/PARTNER since Jun 2011 | Less than 5% | Individual |
| CANEPA CC HOLDINGS, LTD. Control | SHAREHOLDER since Apr 2021 | 25–50% | Foreign Entity |
| CARRHAE CAPITAL MANAGEMENT (UK) LTD Control | PARTNER since Jun 2011 | 75% or more | Foreign Entity |
| Howes, Robin, David Control | CHIEF OPERATIONS OFFICER since Jul 2023 | Less than 5% | Individual |
| Zubair, Amna Control | CHIEF COMPLIANCE OFFICER since Jul 2026 | Less than 5% | Individual |
| AKAY, ALI Control Indirect owner via CARRHAE CAPITAL MANAGEMENT (UK) LTD | LIMITED PARTNER since Jun 2011 | 75% or more | Individual |
| CANEPA GLOBAL MANAGERS, S.C.S. Control Indirect owner via CANEPA CC HOLDINGS, LTD. | SHAREHOLDER since Jan 2021 | 75% or more | Foreign Entity |
| CGM PARTNERS, S.A R.L. Control Indirect owner via CANEPA GLOBAL MANAGERS, S.C.S. | GENERAL PARTNER since Dec 2017 | General partner, trustee or manager | Foreign Entity |
| CTP HOLDINGS LTD. Control Indirect owner via CGM CAPITAL SPF S.A R.L. | SHAREHOLDER since Jul 2023 | 75% or more | Foreign Entity |
| CGM CAPITAL SPF S.A R.L. Indirect owner via CANEPA GLOBAL MANAGERS, S.C.S. | LIMITED PARTNER since Dec 2022 | 50–75% | Foreign Entity |
Ownership & leadership changes · 9 filings with changes since Mar 9, 2012
From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.
- AddedZubair, Amna · CHIEF COMPLIANCE OFFICER · Less than 5% · control person
- ChangedHowes, Robin, David · title CHIEF COMPLIANCE OFFICER AND CHIEF OPERATIONS OFFICER → CHIEF OPERATIONS OFFICER
- No longer listedCGM CAPITAL SPF S.� R.L. · LIMITED PARTNER · 50–75% · indirect via CANEPA GLOBAL MANAGERS, S.C.S. · listed since Dec 2022
- No longer listedCGM PARTNERS, S.� R.L. · GENERAL PARTNER · General partner, trustee or manager · indirect via CANEPA GLOBAL MANAGERS, S.C.S. · control person · listed since Dec 2017
- No longer listedCTP HOLDINGS LTD. · SHAREHOLDER · 75% or more · indirect via CGM CAPITAL SPF S.� R.L. · control person · listed since Jul 2023
- AddedCGM CAPITAL SPF S.A R.L. · LIMITED PARTNER · 50–75% · indirect via CANEPA GLOBAL MANAGERS, S.C.S.
- AddedCGM PARTNERS, S.A R.L. · GENERAL PARTNER · General partner, trustee or manager · indirect via CANEPA GLOBAL MANAGERS, S.C.S. · control person
- AddedCTP HOLDINGS LTD. · SHAREHOLDER · 75% or more · indirect via CGM CAPITAL SPF S.A R.L. · control person
- AddedCANEPA GLOBAL MANAGERS, S.C.S. · SHAREHOLDER · 75% or more · indirect via CANEPA CC HOLDINGS, LTD. · control person
- AddedCGM CAPITAL SPF S.� R.L. · LIMITED PARTNER · 50–75% · indirect via CANEPA GLOBAL MANAGERS, S.C.S.
- AddedCGM PARTNERS, S.� R.L. · GENERAL PARTNER · General partner, trustee or manager · indirect via CANEPA GLOBAL MANAGERS, S.C.S. · control person
- AddedCTP HOLDINGS LTD. · SHAREHOLDER · 75% or more · indirect via CGM CAPITAL SPF S.� R.L. · control person
- ChangedCANEPA CC HOLDINGS, LTD. · title PARTNER → SHAREHOLDER
- No longer listedFAQIR, SYED, AZIZUDDIN · CEO · Less than 5% · control person · listed since Sep 2019
- No longer listedHEADON, ADRIAN, DENIS · CHIEF COMPLIANCE OFFICER/CHIEF OPERATING OFFICER/PARTNER · Less than 5% · control person · listed since Jun 2011
- AddedHowes, Robin, David · CHIEF COMPLIANCE OFFICER AND CHIEF OPERATIONS OFFICER · Less than 5% · control person
- No longer listedAKAY, ALI · LIMITED PARTNER · 75% or more · indirect via CARRHAE CAPITAL (CAYMAN) LP · control person · listed since Jun 2011
- No longer listedCARRHAE CAPITAL (UK) LTD · PARTNER · 75% or more · control person · listed since Jun 2011
- AddedAKAY, ALI · LIMITED PARTNER · 75% or more · indirect via CARRHAE CAPITAL MANAGEMENT (UK) LTD · control person
- AddedCANEPA CC HOLDINGS, LTD. · PARTNER · 25–50% · control person
- AddedCARRHAE CAPITAL MANAGEMENT (UK) LTD · PARTNER · 75% or more · control person
- ChangedAKAY, ALI · ownership 5–10% → Less than 5%
- AddedFAQIR, SYED, AZIZUDDIN · CEO · Less than 5% · control person
- No longer listedCARRHAE CAPITAL (CAYMAN) LP · CORPORATE OWNER · 75% or more · indirect via CARRHAE CAPITAL (UK) LTD · control person · listed since Jun 2011
- No longer listedCARRHAE CAPITAL (CAYMAN) LTD · GENERAL PARTNER · General partner, trustee or manager · indirect via CARRHAE CAPITAL (CAYMAN) LP · control person · listed since Jun 2011
- No longer listedKIRKWOOD, JAMES, ROBERT · CHIEF EXECUTIVE OFFICER · Less than 5% · control person · listed since Apr 2016
- AddedKIRKWOOD, JAMES, ROBERT · CHIEF EXECUTIVE OFFICER · Less than 5% · control person
- ChangedAKAY, ALI · title CHIEF EXECUTIVE OFFICER/CHIEF INVESTMENT OFFICER/PARTNER → CHIEF INVESTMENT OFFICER/PARTNER
- ListedAKAY, ALI · CHIEF EXECUTIVE OFFICER/CHIEF INVESTMENT OFFICER/PARTNER · 5–10% · control person
- ListedAKAY, ALI · LIMITED PARTNER · 75% or more · indirect via CARRHAE CAPITAL (CAYMAN) LP · control person
- ListedCARRHAE CAPITAL (CAYMAN) LP · CORPORATE OWNER · 75% or more · indirect via CARRHAE CAPITAL (UK) LTD · control person
- ListedCARRHAE CAPITAL (CAYMAN) LTD · GENERAL PARTNER · General partner, trustee or manager · indirect via CARRHAE CAPITAL (CAYMAN) LP · control person
- ListedCARRHAE CAPITAL (UK) LTD · PARTNER · 75% or more · control person
- ListedHEADON, ADRIAN, DENIS · CHIEF COMPLIANCE OFFICER/CHIEF OPERATING OFFICER/PARTNER · Less than 5% · control person
Quarter-over-quarter changes
Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.
Top Adds (vs prior quarter)
- ALIBABA GROUP HLDG LTD$122.7M +255.6%
- ITAU UNIBANCO HLDG S A$106.4M +135.1%
- ELDORADO GOLD CORP NEW$76.7M +63.1%
- TAIWAN SEMICONDUCTOR MANUFAC$33.4M +16.8%
- GDS HLDGS LTD$8.1M +8.2%
Top Trims
- EMBRAER S.A.-$99.1M -76.6%
- ICICI BK LTD-$37.5M -37.0%
- COPA HOLDINGS SA-$32.4M -52.0%
- SEA LTD-$20.3M -14.4%
- HALLIBURTON CO-$10.6M -43.0%
New Positions
- ASE TECHNOLOGY HLDG CO LTD$65.1M
- BP PLC$59.3M
- SHELL PLC$54.0M
- ISHARES TR$29.3M
- INTEL CORP$23.7M
Exited Positions
- GRUPO FINANCIERO GALICIA S.A$68.1M
- ASML HLDG NV$63.8M
- ANGLOGOLD ASHANTI PLC$61.2M
- PILGRIMS PRIDE CORP$52.2M
- NETEASE COM INC$39.3M
Carrhae Capital LLP Holdings (2026-09-30)
Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).
| # | Issuer | Symbol | CUSIP | Value | Weight | Shares | Type |
|---|---|---|---|---|---|---|---|
| 1 | INVESCO QQQ TR Put | QQQ | 46090E103 | $724.0M | 23.34% | 978,700 | SH |
| 2 | TAIWAN SEMICONDUCTOR MANUFAC | TSM | 874039100 | $231.3M | 7.46% | 507,110 | SH |
| 3 | SPDR GOLD TR Call | GLD | 78463V107 | $225.3M | 7.26% | 591,600 | SH |
| 4 | ELDORADO GOLD CORP NEW | EGO | 284902509 | $198.2M | 6.39% | 5,149,668 | SH |
| 5 | ITAU UNIBANCO HLDG S A | ITUB | 465562106 | $185.2M | 5.97% | 21,715,203 | SH |
| 6 | ALIBABA GROUP HLDG LTD Call | BABA | 01609W102 | $182.7M | 5.89% | 1,699,300 | SH |
| 7 | ALIBABA GROUP HLDG LTD | BABA | 01609W102 | $170.7M | 5.50% | 1,587,270 | SH |
| 8 | ISHARES TR Put | EEM | 464287234 | $162.1M | 5.23% | 2,427,000 | SH |
| 9 | SEA LTD | SE | 81141R100 | $120.2M | 3.88% | 1,234,958 | SH |
| 10 | ISHARES SILVER TR Call | SLV | 46428Q109 | $119.4M | 3.85% | 2,189,800 | SH |
| 11 | GDS HLDGS LTD | GDS | 36165L108 | $107.3M | 3.46% | 3,434,200 | SH |
| 12 | PETROLEO BRASILEIRO S A | PBR | 71654V408 | $84.7M | 2.73% | 4,057,844 | SH |
| 13 | ASE TECHNOLOGY HLDG CO LTD | ASX | 00215W100 | $65.1M | 2.10% | 1,464,677 | SH |
| 14 | ICICI BK LTD | IBN | 45104G104 | $64.0M | 2.06% | 2,321,873 | SH |
| 15 | BP PLC | BP | 055622104 | $59.3M | 1.91% | 1,347,372 | SH |
| 16 | ISHARES INC Call | EWY | 464286772 | $54.0M | 1.74% | 295,700 | SH |
| 17 | SHELL PLC | SHEL | 780259305 | $54.0M | 1.74% | 567,748 | SH |
| 18 | MICRON TECHNOLOGY INC Put | MU | 595112103 | $45.8M | 1.48% | 43,000 | SH |
| 19 | EMBRAER S.A. | EMBJ | 29082A107 | $30.4M | 0.98% | 403,071 | SH |
| 20 | COPA HOLDINGS SA | CPA | P31076105 | $29.9M | 0.96% | 226,475 | SH |
| 21 | ISHARES TR | TLT | 464287432 | $29.3M | 0.94% | 376,785 | SH |
| 22 | KRANESHARES TRUST Call | KWEB | 500767306 | $27.3M | 0.88% | 1,115,000 | SH |
| 23 | INTEL CORP | INTC | 458140100 | $23.7M | 0.76% | 197,123 | SH |
| 24 | VANECK ETF TRUST | GDX | 92189F106 | $22.2M | 0.72% | 252,819 | SH |
| 25 | NXP SEMICONDUCTORS N V | NXPI | N6596X109 | $17.0M | 0.55% | 71,483 | SH |
| 26 | TENARIS S A | TS | 88031M109 | $16.1M | 0.52% | 291,886 | SH |
| 27 | MAKEMYTRIP LIMITED MAURITIUS | MMYT | V5633W109 | $16.0M | 0.52% | 339,484 | SH |
| 28 | ARCELORMITTAL SA LUXEMBOURG | MT | 03938L203 | $14.8M | 0.48% | 222,440 | SH |
| 29 | HALLIBURTON CO | HAL | 406216101 | $14.1M | 0.45% | 442,069 | SH |
| 30 | VNET GROUP INC | VNET | 90138A103 | $8.1M | 0.26% | 1,467,195 | SH |
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-09-30 | 2026-10-20 | $3.10B | 30 | 0001172661-26-004600 |
| 2026-06-30 | 2026-07-15 | $3.62B | 29 | 0001172661-26-002627 |
| 2026-03-31 | 2026-05-14 | $3.34B | 29 | 0001172661-26-001832 |
| 2025-12-31 | 2026-02-06 | $2.64B | 35 | 0001172661-26-000520 |
| 2025-09-30 | 2025-11-20 | $1.70B | 27 | 0001172661-25-005213 |
LONDON, X0 SW1Y 6LS