Carrhae Capital LLP 13F holdings
Carrhae Capital LLP reported 23 positions with a total reported value of $1.5B as of 2026-06-30, in its 13F for Q2 2026, filed 2026-07-15. Top holdings by reported value: TSM TAIWAN SEMICONDUCTOR MANUFAC (13.0%), SE SEA LTD (9.3%), EMBJ EMBRAER S.A. (8.5%), EGO ELDORADO GOLD CORP NEW (8.0%), IBN ICICI BANK LIMITED (6.7%). Against 2026-03-31 it opened 8 new positions and exited 6. Next 13F due by 2026-11-14, the legal deadline 45 days after the quarter ending 2026-09-30.
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Top holdings
23 largest of 23 positions · reported value as of 2026-06-30
| Holding | Shares | Reported value | % of portfolio |
|---|---|---|---|
| TSM TAIWAN SEMICONDUCTOR MANUFAC | 414,556 | $198.0M | 13.0% |
| SE SEA LTD | 1,466,148 | $140.5M | 9.3% |
| EMBJ EMBRAER S.A. | 2,029,766 | $129.5M | 8.5% |
| EGO ELDORADO GOLD CORP NEW | 3,909,137 | $121.5M | 8.0% |
| IBN ICICI BANK LIMITED | 3,496,179 | $101.5M | 6.7% |
| GDS GDS HLDGS LTD | 3,300,419 | $99.1M | 6.5% |
| PETROLEO BRASILEIRO S A | 5,411,909 | $87.5M | 5.8% |
| ITUB ITAU UNIBANCO HLDG S A | 9,643,006 | $78.8M | 5.2% |
| GGAL GRUPO FINANCIERO GALICIA S.A | 1,360,220 | $68.1M | 4.5% |
| ASML ASML HLDG NV | 32,056 | $63.8M | 4.2% |
| CPA COPA HOLDINGS SA | 400,262 | $62.3M | 4.1% |
| AU ANGLOGOLD ASHANTI PLC | 756,610 | $61.2M | 4.0% |
| PPC PILGRIMS PRIDE CORP | 1,856,460 | $52.2M | 3.4% |
| BABA ALIBABA GROUP HLDG LTD | 500,160 | $48.0M | 3.2% |
| NTES NETEASE COM INC | 306,577 | $39.3M | 2.6% |
| SLB SLB LIMITED | 834,322 | $38.8M | 2.6% |
| CPNG COUPANG INC | 2,198,457 | $38.2M | 2.5% |
| HAL HALLIBURTON CO | 726,193 | $24.7M | 1.6% |
| BANCO BRADESCO S A | 4,484,271 | $15.6M | 1.0% |
| TS TENARIS S A | 278,311 | $15.4M | 1.0% |
| MMYT MAKEMYTRIP LIMITED MAURITIUS | 221,385 | $11.8M | 0.8% |
| VNET VNET GROUP INC | 1,467,195 | $11.8M | 0.8% |
| BEKE KE HLDGS INC | 697,760 | $10.1M | 0.7% |
SEC FORM 13F · Q2 2026 · VALUES AS REPORTED, NOT PRICES
New positions this quarter
Held at 2026-06-30, not at 2026-03-31 · 8 in all · reported value as of 2026-06-30
| Holding | Shares | Reported value | % of portfolio |
|---|---|---|---|
| SE SEA LTD | 1,466,148 | $140.5M | 9.3% |
| PETROLEO BRASILEIRO S A | 5,411,909 | $87.5M | 5.8% |
| GGAL GRUPO FINANCIERO GALICIA S.A | 1,360,220 | $68.1M | 4.5% |
| ASML ASML HLDG NV | 32,056 | $63.8M | 4.2% |
| PPC PILGRIMS PRIDE CORP | 1,856,460 | $52.2M | 3.4% |
| CPNG COUPANG INC | 2,198,457 | $38.2M | 2.5% |
| BANCO BRADESCO S A | 4,484,271 | $15.6M | 1.0% |
| BEKE KE HLDGS INC | 697,760 | $10.1M | 0.7% |
Sold out
Held at 2026-03-31, gone by 2026-06-30 · 6 in all · reported value as of 2026-03-31
Biggest increases and decreases
Positions held at both quarter ends, by change in shares · reported value as of 2026-06-30
Increases
| Holding | Shares 2026-03-31 | Shares 2026-06-30 | Change | Reported value |
|---|---|---|---|---|
| AU ANGLOGOLD ASHANTI PLC | 252,966 | 756,610 | +199.1% | $61.2M |
| GDS GDS HLDGS LTD | 2,184,662 | 3,300,419 | +51.1% | $99.1M |
| NTES NETEASE COM INC | 69,167 | 306,577 | +343.2% | $39.3M |
| SLB SLB LIMITED | 556,816 | 834,322 | +49.8% | $38.8M |
| HAL HALLIBURTON CO | 597,721 | 726,193 | +21.5% | $24.7M |
| MMYT MAKEMYTRIP LIMITED MAURITIUS | 150,562 | 221,385 | +47.0% | $11.8M |
Decreases
| Holding | Shares 2026-03-31 | Shares 2026-06-30 | Change | Reported value |
|---|---|---|---|---|
| ITUB ITAU UNIBANCO HLDG S A | 20,443,133 | 9,643,006 | -52.8% | $78.8M |
| BABA ALIBABA GROUP HLDG LTD | 1,334,070 | 500,160 | -62.5% | $48.0M |
| TSM TAIWAN SEMICONDUCTOR MANUFAC | 558,880 | 414,556 | -25.8% | $198.0M |
| EMBJ EMBRAER S.A. | 2,888,680 | 2,029,766 | -29.7% | $129.5M |
| IBN ICICI BANK LIMITED | 5,039,743 | 3,496,179 | -30.6% | $101.5M |
| EGO ELDORADO GOLD CORP NEW | 4,897,751 | 3,909,137 | -20.2% | $121.5M |
| CPA COPA HOLDINGS SA | 518,114 | 400,262 | -22.7% | $62.3M |
| TS TENARIS S A | 337,428 | 278,311 | -17.5% | $15.4M |
| VNET VNET GROUP INC | 1,513,055 | 1,467,195 | -3.0% | $11.8M |
CIK 1555254 · 13F FILINGS ON EDGAR · INFORMATIONAL ONLY
