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Carrhae Capital LLP — 13F Holdings & Portfolio

CIK 1555254 · latest 13F-HR filed 2026-07-15

Backtest portfolio

Carrhae Capital LLP manages $3.62B in 13F-reported U.S. long-equity assets across 29 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are QQQ (29.36%), EEM (15.16%), GLD (6.18%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 8 new positions, exited 6, added to 7, and trimmed 7.

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.

Filer Information
Address
112 JERMYN STREET
LONDON, X0 SW1Y 6LS
Phone
00442032054850
Filing Manager
Carrhae Capital LLP
London, X0
Signatory
ROBIN DAVID HOWES
CHIEF COMPLIANCE OFFICER & CHIEF OPERATING OFFICER
Loading holdings…
AUM

$3.62B

Long-equity book

Holdings

29

Distinct positions

Period

2026-06-30

Filed 2026-07-15

Q/Q Activity

+8 / −6 / ↑7 / ↓7

vs 2026-03-31

Firm Profile & Key People
Name Title / Status Ownership Type

Top Adds (vs prior quarter)

  • ANGLOGOLD ASHANTI PLC$36.6M +148.5%
  • NETEASE COM INC$31.5M +407.4%
  • GDS HLDGS LTD$11.1M +12.6%
  • SLB LIMITED$10.2M +35.6%
  • MAKEMYTRIP LIMITED MAURITIUS$6.2M +110.1%
Show all 7 →

Top Trims

  • ALIBABA GROUP HLDG LTD-$119.4M -71.3%
  • ITAU UNIBANCO HLDG S A-$92.5M -54.0%
  • ELDORADO GOLD CORP NEW-$46.6M -27.7%
  • EMBRAER S.A.-$41.9M -24.5%
  • ICICI BANK LIMITED-$29.0M -22.2%
Show all 7 →

New Positions

  • SEA LTD$140.5M
  • PETROLEO BRASILEIRO S A$87.5M
  • GRUPO FINANCIERO GALICIA S.A$68.1M
  • ASML HLDG NV$63.8M
  • PILGRIMS PRIDE CORP$52.2M
Show all 8 →

Exited Positions

  • PDD HOLDINGS INC$52.7M
  • JBS N.V.$45.7M
  • HESAI GROUP$30.0M
  • ARCELORMITTAL SA LUXEMBOURG$10.2M
  • VISTA ENERGY S.A.B. DE C.V.$6.0M
Show all 6 →
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 $1.06B 29.36% 1,444,000 SH
2 ISHARES TR Put EEM 464287234 $549.2M 15.16% 8,027,800 SH
3 SPDR GOLD TR Call GLD 78463V107 $224.0M 6.18% 608,000 SH
4 TAIWAN SEMICONDUCTOR MANUFAC TSM 874039100 $198.0M 5.47% 414,556 SH
5 SEA LTD SE 81141R100 $140.5M 3.88% 1,466,148 SH
6 ALIBABA GROUP HLDG LTD Call BABA 01609W102 $138.3M 3.82% 1,440,800 SH
7 EMBRAER S.A. EMBJ 29082A107 $129.5M 3.58% 2,029,766 SH
8 ELDORADO GOLD CORP NEW EGO 284902509 $121.5M 3.36% 3,909,137 SH
9 ICICI BANK LIMITED IBN 45104G104 $101.5M 2.80% 3,496,179 SH
10 GDS HLDGS LTD GDS 36165L108 $99.1M 2.74% 3,300,419 SH
11 PETROLEO BRASILEIRO S A PBR 71654V408 $87.5M 2.41% 5,411,909 SH
12 ITAU UNIBANCO HLDG S A ITUB 465562106 $78.8M 2.18% 9,643,006 SH
13 GRUPO FINANCIERO GALICIA S.A GGAL 399909100 $68.1M 1.88% 1,360,220 SH
14 KRANESHARES TRUST Call KWEB 500767306 $65.9M 1.82% 2,691,600 SH
15 ASML HLDG NV ASML N07059210 $63.8M 1.76% 32,056 SH
16 UNITED STS OIL FD LP Put USO 91232N207 $63.5M 1.75% 596,800 SH
17 COPA HOLDINGS SA CPA P31076105 $62.3M 1.72% 400,262 SH
18 ANGLOGOLD ASHANTI PLC AU G0378L100 $61.2M 1.69% 756,610 SH
19 PILGRIMS PRIDE CORP PPC 72147K108 $52.2M 1.44% 1,856,460 SH
20 ALIBABA GROUP HLDG LTD BABA 01609W102 $48.0M 1.33% 500,160 SH
21 NETEASE COM INC NTES 64110W102 $39.3M 1.08% 306,577 SH
22 SLB LIMITED SLB 806857108 $38.8M 1.07% 834,322 SH
23 COUPANG INC CPNG 22266T109 $38.2M 1.05% 2,198,457 SH
24 HALLIBURTON CO HAL 406216101 $24.7M 0.68% 726,193 SH
25 BANCO BRADESCO S A BBD 059460303 $15.6M 0.43% 4,484,271 SH
26 TENARIS S A TS 88031M109 $15.4M 0.43% 278,311 SH
27 MAKEMYTRIP LIMITED MAURITIUS MMYT V5633W109 $11.8M 0.33% 221,385 SH
28 VNET GROUP INC VNET 90138A103 $11.8M 0.33% 1,467,195 SH
29 KE HLDGS INC BEKE 482497104 $10.1M 0.28% 697,760 SH
Filing History
Period Filed AUM Holdings Accession
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