Carrhae Capital LLP
Sector Allocation
- Technology29.0%$452.5M
- Financials16.0%$249.2M
- Materials14.7%$229.2M
- Energy13.6%$212.0M
- Consumer Discretionary12.0%$186.7M
- Industrials11.6%$180.5M
- Other3.3%$51.5M
AUM History
13fpro.ai/research/fund/carrhae-capital-llp-1555254
Conviction and streaks
Concentrating · top 10 = 82.4%From the fund's last 12 quarters of 13F filings: positions held longest at size, and names it added to or trimmed several quarters running.
Largest positions — Q3 2026
TSM
$231.3MEGO
$198.2MITUB
$185.2MBABA
$170.7MSE
$120.2MGDS
$107.3MPBR
$84.7MASX
$65.1MIBN
$64.0MBP
$59.3MSHEL
$54.0MEMBJ
$30.4MCPA
$29.9M- ISHARES$29.3M
INTC
$23.7M- VANECK$22.2M
NXPI
$17.0MTS
$16.1MMMYT
$16.0MMT
$14.8M
Top 20 stock positions. Options are left out: 13F reports them at the underlying's value.
13fpro.ai/research/fund/carrhae-capital-llp-1555254
Carrhae Capital LLP 13F holdings — Q3 2026
$3.1B portfolio (-14.3% QoQ) · 30 holdings · Q3 2026 13F · top 10 are 82% of the stock portfolio
Includes $1.5B of put/call options ($931.9M puts, $608.8M calls), which 13F rules report at the value of the underlying shares, not the premium at risk. Stocks alone: $1.6B. Weights use the stock portfolio.
$231.3M
14.8% of stocks
+22%This quarter+2.8%Since filed4+ qtrsHeld$198.2M
12.7% of stocks
+32%This quarter-2.9%Since filed4+ qtrsHeld$185.2M
11.9% of stocks
+125%This quarter-20.9%Since filed3 qtrsHeld$170.7M
10.9% of stocks
+217%This quarter-7.7%Since filed4+ qtrsHeld$120.2M
7.7% of stocks
-16%This quarter-7.1%Since filed2 qtrsHeld$107.3M
6.9% of stocks
+4%This quarter-2.2%Since filed4+ qtrsHeldAIQualityAI quality score is Pro: unlock with a free trialEst. buyEstimated buy price is Pro: unlock with a free trialAdded 2 qtrs in a row$84.7M
5.4% of stocks
-25%This quarter-13.2%Since filed2 qtrsHeld$65.1M
4.2% of stocks
NewThis quarter+3.2%Since filedNew this quarterHeld$64.0M
4.1% of stocks
-34%This quarter-3.2%Since filed4+ qtrsHeldAIQualityAI quality score is Pro: unlock with a free trialEst. buyEstimated buy price is Pro: unlock with a free trialTrimmed 2 qtrs in a row$59.3M
3.8% of stocks
NewThis quarter-0.9%Since filedNew this quarterHeld
All holdings — Carrhae Capital LLP (Q3 2026)
30 disclosed positions from the Form 13F-HR on SEC EDGAR, with quarter-over-quarter share changes. Largest by value first; the ten above are not repeated.
| # | Company | Held | Source | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 11 | INVESCO QQQ TRUST, SERIES 1 | — | $724.0M | — | 979K | -32% | — | — | 13F | |
| 12 | SPDR GOLD TRUST | Financials | $225.3M | — | 592K | -3% | — | — | 13F | |
| 13 | Alibaba Group Holding Ltd | Consumer Discretionary | $182.7M | — | 1.70M | +18% | — | — | 13F | |
| 14 | — PUT | ISHARES TR - MSCI EMG MKT ETF | — | $162.1M | — | 2.43M | -70% | — | — | 13F |
| 15 | iShares Silver Trust | Financials | $119.4M | — | 2.19M | New | — | — | 13F | |
| 16 | — CALL | ISHARES INC - MSCI STH KOR ETF | — | $54.0M | — | 296K | New | — | — | 13F |
| 17 | Shell plcadr | Energy | $54.0M | 3.5% | 568K | New | 1 qtr | AI quality score is Pro: unlock with a free trial | 13F | |
| 18 | MICRON TECHNOLOGY INC | Technology | $45.8M | — | 43K | New | — | — | 13F | |
| 19 | EMBRAER S.A.adr | Industrials | $30.4M | 1.9% | 403K | -80% | 4+ qtrsTrimmed 2 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 20 | Copa Holdings, S.A. | Industrials | $29.9M | 1.9% | 226K | -43% | 4+ qtrsTrimmed 2 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 21 | — | ISHARES TR - 20 YR TR BD ETFetf/fund | — | $29.3M | 1.9% | 377K | New | — | — | 13F |
| 22 | — CALL | KRANESHARES TRUST - CSI CHI INTERNET | — | $27.3M | — | 1.11M | -59% | — | — | 13F |
| 23 | INTEL CORP | Technology | $23.7M | 1.5% | 197K | New | 1 qtr | AI quality score is Pro: unlock with a free trial | 13F | |
| 24 | — | VANECK ETF TRUST - GOLD MINERS ETFetf/fund | — | $22.2M | 1.4% | 253K | New | — | — | 13F |
| 25 | NXP Semiconductors N.V. | Technology | $17.0M | 1.1% | 71K | New | 1 qtr | AI quality score is Pro: unlock with a free trial | 13F | |
| 26 | $TS | TENARIS SA | Materials | $16.1M | 1.0% | 292K | +5% | |||
| 27 | $MMYT | MakeMyTrip Ltd | Consumer Discretionary | $16.0M | 1.0% | 339K | +53% | |||
| 28 | $MT | ArcelorMittal | Materials | $14.8M | 0.9% | 222K | New | |||
| 29 | $HAL | HALLIBURTON CO | Energy | $14.1M | 0.9% | 442K | -39% | |||
| 30 | $VNET | VNET Group, Inc. | Technology | $8.1M | 0.5% | 1.47M | — |
What changed in Q3 2026
Against the previous quarter's 13F: 11 new, 8 added to, 10 trimmed, 10 sold out. Share-count changes; largest moves by dollar size first.
New positions (11)
$SLVCALLiShares Silver Trust$119.4M
first bought this quarter
first bought this quarter
first bought this quarter
- CALLISHARES INC - MSCI STH KOR ETF$54.0M
first bought this quarter
first bought this quarter
$MUPUTMICRON TECHNOLOGY INC$45.8M
first bought this quarter
+5 more in the Excel export
Added to (8)
now $170.7M · held 4+ qtrs
now $185.2M · held 3 qtrs
now $198.2M · held 4+ qtrs
now $231.3M · held 4+ qtrs
now $182.7M
now $16.0M · held 4+ qtrs, 2 adds in a row
+2 more in the Excel export
Trimmed (10)
- PUTISHARES TR - MSCI EMG MKT ETF-70%
now $162.1M
$QQQPUTINVESCO QQQ TRUST, SERIES 1-32%
now $724.0M
now $30.4M · held 4+ qtrs, 2 trims in a row
- CALLKRANESHARES TRUST - CSI CHI INTERNET-59%
now $27.3M
now $64.0M · held 4+ qtrs, 2 trims in a row
now $84.7M · held 2 qtrs
+4 more in the Excel export
Sold out (10)
$GGALGRUPO FINANCIERO GALICIA SAwas $68.1M
held 1 qtr
$ASMLASML HOLDING NVwas $63.8M
held 1 qtr
$USOPUTUnited States Oil Fund, LPwas $63.5M
$AUAngloGold Ashanti PLCwas $61.2M
held 9+ qtrs
$PPCPILGRIMS PRIDE CORPwas $52.2M
held 1 qtr
$NTESNetEase, Inc.was $39.3M
held 2 qtrs
+4 more in the Excel export
Holdings by quarter
Every 13F Carrhae Capital LLP has filed, 43 earlier quarters. Pick one to see what it held then.
Is it too late to follow Carrhae Capital LLP?
Q3 2026 13F filed with the SEC on Oct 20, 2026. Prices are closing prices as of Oct 27, 2026.
Average quality of Carrhae Capital LLP's top 20 holdings: 54/100 (our AI quality score, weighted by position size; 3 of the 20 are scored)
Top 10 since filing
-5.7%
Value-weighted move of the 10 largest stock positions
Turnover
39%
Last quarter
Top 10 weight
82%
Share of the stock portfolio in its 10 largest positions
Held 4+ quarters
56%
Share of portfolio value in positions held a year or more
Highest-quality names it owns(among its 100 largest positions)
The 3 highest-scoring companies in this portfolio are a Pro feature.
How these are measured
- Moves since the quarter-end and since the filing date use our own daily closing prices, from the close on (or just before) each date to the latest close.
- Turnover is the lesser of shares bought or sold in a quarter, valued at the quarter-end prices in the 13F, divided by the average of the two quarters' stock portfolio values.
- Quarters held and add/trim streaks count back only through quarters whose filed holdings add up to the filing's own cover-page total (back to Q4 2025 for this fund). A change counts as an add or a trim when the split-adjusted share count moves by more than 1%.
- Estimate, not the fund's reported cost. For each quarter in the current holding period in which the fund's share count rose (split-adjusted), we take that quarter's average daily close and weight it by the shares added; sales do not change an average cost. Quarters where the stock's price history and the 13F's own implied price disagree by more than 2x are left out.
- Put and call option rows report the value of the underlying shares, not a position the fund paid for, so they are left out of all of the above.
Portfolio Overview
Carrhae Capital LLP disclosed 30 positions worth $3.1B in its Form 13F-HR for Q3 2026 — $1.6B in common stock plus $1.5B of put/call option positions (reported at underlying notional value, not premium at risk), led by $TSM (TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD) at 14.8% of the equity portfolio, followed by $EGO and $ITUB. During the quarter the fund opened 11 new positions and exited 10 — including a new stake in $SLV and a full exit from $GGAL. The portfolio is most concentrated in Technology (29.0% of disclosed assets). All figures are sourced directly from Carrhae Capital LLP’s Form 13F-HR filing with the SEC under CIK 1555254.
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