Funds › Carrhae Capital LLP
Carrhae Capital LLP
13F for Q3 2026, filed Oct 20, 2026. 22 positions worth $3.1B.Managers with more than $100 million in US-listed stocks list their holdings each quarter, within 45 days of quarter end. Long positions only: no short sales or cash.
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Holdings, Q3 2026
Largest first. Common shares only; puts and calls are under All positions.
| # | The fund's own figures at the end of the quarter. A report can be up to 45 days old when it is filed. Options and bonds are not counted here. | Filing | ||||
|---|---|---|---|---|---|---|
| 1 | TSM Taiwan Semiconductor Manufacturing Company Ltd. | 507,110 | $231.3M | 7.5% | +22.3% | 13F ↗ |
| 2 | EGO Eldorado Gold Corporation | 5.15M | $198.2M | 6.4% | +31.7% | 13F ↗ |
| 3 | ITUB Itau Unibanco Banco Holding SA · ADR | 21.72M | $185.2M | 6.0% | +125% | 13F ↗ |
| 4 | BABA Alibaba Group Holding Limited · ADR | 1.59M | $170.7M | 5.5% | +217% | 13F ↗ |
| 5 | SE Sea Limited · ADR | 1.23M | $120.2M | 3.9% | -15.8% | 13F ↗ |
| 6 | GDS GDS Holdings Limited · ADR | 3.43M | $107.3M | 3.5% | +4.1% | 13F ↗ |
| 7 | PBR Petroleo Brasileiro S.A. Petrobras · ADR | 4.06M | $84.7M | 2.7% | -25.0% | 13F ↗ |
| 8 | ASX ASE Technology Holding Co., Ltd. · ADR | 1.46M | $65.1M | 2.1% | New | 13F ↗ |
| 9 | IBN ICICI Bank Limited · ADR | 2.32M | $64.0M | 2.1% | -33.6% | 13F ↗ |
| 10 | BP BP p.l.c. · ADR | 1.35M | $59.3M | 1.9% | New | 13F ↗ |
| 11 | SHEL Shell PLC · ADR | 567,748 | $54.0M | 1.7% | New | 13F ↗ |
| 12 | EMBJ Embraer S.A. · ADR | 403,071 | $30.4M | 1.0% | -80.1% | 13F ↗ |
| 13 | CPA Copa Holdings, S.A. | 226,475 | $29.9M | 1.0% | -43.4% | 13F ↗ |
| 14 | iShares Tr Etf | 376,785 | $29.3M | 0.9% | New | 13F ↗ |
| 15 | INTC Intel Corporation | 197,123 | $23.7M | 0.8% | New | 13F ↗ |
| 16 | Vaneck ETF Trust Gold Miners Etf | 252,819 | $22.2M | 0.7% | New | 13F ↗ |
| 17 | NXPI NXP Semiconductors N.V. | 71,483 | $17.0M | 0.5% | New | 13F ↗ |
| 18 | TS Tenaris S.A. · ADR | 291,886 | $16.1M | 0.5% | +4.9% | 13F ↗ |
| 19 | MMYT MakeMyTrip Limited | 339,484 | $16.0M | 0.5% | +53.3% | 13F ↗ |
| 20 | MT ArcelorMittal S.A. · Ny Registry Sh | 222,440 | $14.8M | 0.5% | New | 13F ↗ |
| 21 | HAL Halliburton Company | 442,069 | $14.1M | 0.5% | -39.1% | 13F ↗ |
| 22 | VNET VNET Group, Inc. · ADR | 1.47M | $8.1M | 0.3% | Unchanged | 13F ↗ |
Changes since Q2 2026
8 new, 7 added to, 6 trimmed, 9 exited, 1 unchanged. By estimated dollars.
New positions (8)
| ASX ASE Technology Holding Co., Ltd. · ADR | 1.46M | New | $65.1M |
| BP BP p.l.c. · ADR | 1.35M | New | $59.3M |
| SHEL Shell PLC · ADR | 567,748 | New | $54.0M |
| iShares Tr Etf | 376,785 | New | $29.3M |
| INTC Intel Corporation | 197,123 | New | $23.7M |
| Vaneck ETF Trust Gold Miners Etf | 252,819 | New | $22.2M |
| NXPI NXP Semiconductors N.V. | 71,483 | New | $17.0M |
| MT ArcelorMittal S.A. · Ny Registry Sh | 222,440 | New | $14.8M |
Added to (7)
| BABA Alibaba Group Holding Limited · ADR | 1.59M | +217% | $116.9M |
| ITUB Itau Unibanco Banco Holding SA · ADR | 21.72M | +125% | $103.0M |
| EGO Eldorado Gold Corporation | 5.15M | +31.7% | $47.7M |
| TSM Taiwan Semiconductor Manufacturing Company Ltd. | 507,110 | +22.3% | $42.2M |
| MMYT MakeMyTrip Limited | 339,484 | +53.3% | $5.6M |
| GDS GDS Holdings Limited · ADR | 3.43M | +4.1% | $4.2M |
| TS Tenaris S.A. · ADR | 291,886 | +4.9% | $749.1K |
Trimmed (6)
Exited (9)
| GGAL Grupo Financiero Galicia S.A. · ADR | 1.36M | Exited | -$68.1M |
| ASML ASML Holding N.V. · Equities | 32,056 | Exited | -$63.8M |
| AU AngloGold Ashanti PLC | 756,610 | Exited | -$61.2M |
| PPC Pilgrim's Pride Corporation | 1.86M | Exited | -$52.2M |
| NTES NetEase, Inc. · ADR | 306,577 | Exited | -$39.3M |
| SLB SLB Limited | 834,322 | Exited | -$38.8M |
| CPNG Coupang, Inc. · Common Stocks | 2.20M | Exited | -$38.2M |
| BBD Banco Bradesco Sa · ADR | 4.48M | Exited | -$15.6M |
| BEKE KE Holdings Inc | 697,760 | Exited | -$10.1M |
The 10 largest of each, by estimated dollars: shares changed times the later report's price. Index tracking, splits and mergers move positions too.
All positions
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Compare two quarters
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Reported value by quarter
Value and number of positions at the end of each quarter.
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Largest positions in earlier quarters
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Ten largest positions
By value, Q3 2026.
Filings
| Filing | ||||||
|---|---|---|---|---|---|---|
| Q3 2026 | Oct 20, 2026 | 13F-HR | 30 | $3.1B | Current | SEC ↗ |
| Q2 2026 | Jul 15, 2026 | 13F-HR | 29 | $3.6B | Current | SEC ↗ |
| Q1 2026 | May 14, 2026 | 13F-HR | 29 | $3.3B | Current | SEC ↗ |
| Q4 2025 | Feb 6, 2026 | 13F-HR | 35 | $2.6B | Current | SEC ↗ |
| Q3 2025 | Nov 20, 2025 | 13F-HR/A (restatement) | 27 | $1.7B | Current | SEC ↗ |
| Q3 2025 | Nov 12, 2025 | 13F-HR | 27 | $1.7B | Replaced | SEC ↗ |
| Q2 2025 | Aug 5, 2025 | 13F-HR | 28 | $1.4B | Current | SEC ↗ |
| Q1 2025 | May 2, 2025 | 13F-HR | 24 | $1.4B | Current | SEC ↗ |
Most recent first, up to 80. An amendment can replace a report or add holdings to it. All 13F filings
Information, not investment advice. Values are the fund's own figures at quarter end; a report can be up to 45 days old when filed. Disclaimer