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Carrhae Capital LLP — 13F Holdings & Portfolio

CIK 1555254 · latest 13F-HR filed 2026-05-14

Backtest portfolio

Carrhae Capital LLP manages $3.34B in 13F-reported U.S. long-equity assets across 29 reported positions as of its 2026-03-31 13F-HR filing. Its largest disclosed positions are QQQ (42.86%), TSM (5.66%), SLV (5.36%). Quarter over quarter (versus its 2025-12-31 filing) the fund opened 8 new positions, exited 15, added to 9, and trimmed 4.

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.

Loading holdings…
AUM

$3.34B

Long-equity book

Holdings

29

Distinct positions

Period

2026-03-31

Filed 2026-05-14

Q/Q Activity

+8 / −15 / ↑9 / ↓4

vs 2025-12-31

Firm Profile & Key People
Name Title / Status Ownership Type

Top Adds (vs prior quarter)

  • ALIBABA GROUP HLDG LTD$122.1M +270.0%
  • EMBRAER S.A.$97.6M +132.1%
  • ICICI BANK LIMITED$71.1M +119.8%
  • COPA HOLDINGS SA$43.8M +291.3%
  • PDD HOLDINGS INC$27.4M +108.5%
Show all 9 →

Top Trims

  • MAKEMYTRIP LIMITED MAURITIUS-$56.1M -90.9%
  • VISTA ENERGY S.A.B. DE C.V.-$34.4M -85.1%
  • RENEW ENERGY GLOBAL PLC-$8.0M -57.9%
  • JBS N.V.-$6.9M -13.1%
Show all 4 →

New Positions

  • ITAU UNIBANCO HLDG S A$171.3M
  • HESAI GROUP$30.0M
  • SLB LIMITED$28.6M
  • HALLIBURTON CO$23.3M
  • TENARIS S A$19.6M
Show all 8 →

Exited Positions

  • SEA LTD$107.6M
  • TECK RESOURCES LTD$98.8M
  • NU HLDGS LTD$82.7M
  • FRANCO NEV CORP$60.9M
  • BANCO BRADESCO S A$53.9M
Show all 15 →
All Holdings

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 $1.43B 42.86% 2,477,800 SH
2 TAIWAN SEMICONDUCTOR MANUFAC TSM 874039100 $188.9M 5.66% 558,880 SH
3 ISHARES SILVER TR Call SLV 46428Q109 $179.0M 5.36% 2,627,200 SH
4 EMBRAER S.A. EMBJ 29082A107 $171.4M 5.14% 2,888,680 SH
5 ITAU UNIBANCO HLDG S A ITUB 465562106 $171.3M 5.13% 20,443,133 SH
6 ELDORADO GOLD CORP NEW EGO 284902509 $168.1M 5.04% 4,897,751 SH
7 ALIBABA GROUP HLDG LTD BABA 01609W102 $167.4M 5.02% 1,334,070 SH
8 ICICI BANK LIMITED IBN 45104G104 $130.5M 3.91% 5,039,743 SH
9 GDS HLDGS LTD GDS 36165L108 $88.0M 2.64% 2,184,662 SH
10 UNITED STS OIL FD LP Put USO 91232N207 $75.9M 2.28% 596,800 SH
11 COPA HOLDINGS SA CPA P31076105 $58.9M 1.76% 518,114 SH
12 SPDR GOLD TR Call GLD 78463V107 $58.4M 1.75% 135,800 SH
13 KRANESHARES TRUST Call KWEB 500767306 $52.9M 1.58% 1,859,200 SH
14 PDD HOLDINGS INC PDD 722304102 $52.7M 1.58% 515,274 SH
15 ALIBABA GROUP HLDG LTD Call BABA 01609W102 $45.9M 1.37% 365,600 SH
16 JBS N.V. JBS N4732M103 $45.7M 1.37% 2,546,345 SH
17 DBX ETF TR Call ASHR 233051879 $43.6M 1.31% 1,335,300 SH
18 TAIWAN SEMICONDUCTOR MANUFAC Put TSM 874039100 $33.9M 1.02% 100,300 SH
19 HESAI GROUP HSAI 428050108 $30.0M 0.90% 1,568,343 SH
20 SLB LIMITED SLB 806857108 $28.6M 0.86% 556,816 SH
21 ANGLOGOLD ASHANTI PLC AU G0378L100 $24.6M 0.74% 252,966 SH
22 HALLIBURTON CO HAL 406216101 $23.3M 0.70% 597,721 SH
23 TENARIS S A TS 88031M109 $19.6M 0.59% 337,428 SH
24 VNET GROUP INC VNET 90138A103 $12.7M 0.38% 1,513,055 SH
25 ARCELORMITTAL SA LUXEMBOURG MT 03938L203 $10.2M 0.31% 196,677 SH
26 NETEASE COM INC NTES 64110W102 $7.7M 0.23% 69,167 SH
27 VISTA ENERGY S.A.B. DE C.V. VIST 92837L109 $6.0M 0.18% 79,692 SH
28 RENEW ENERGY GLOBAL PLC RNW G7500M104 $5.8M 0.18% 1,277,071 SH
29 MAKEMYTRIP LIMITED MAURITIUS MMYT V5633W109 $5.6M 0.17% 150,562 SH
Filing History
Period Filed AUM Holdings Accession
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