Q1 2026 · 13F-HR
Carrhae Capital LLPholdings as filed
Filed 2026-05-14 · accession 0001172661-26-001832
$3.34B
Reported value
29
Positions
2026-03-31
Period end
The Brief · Carrhae Capital LLP · Q1 2026
AI · grounded in 13F
Carrhae Capital LLP closed its position in EEM, reducing exposure by $215.6M. The fund established a new position in ITUB worth $171.3M and added USO with a $75.9M investment. Other notable moves include closing positions in SE and TECK, while increasing share counts in BABA by 450.7% and QQQ by 434.9%.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 46090E103 | QQQ | INVESCO QQQ TR | $1.43B | 42.9% | 2,477,800 | PUT | SOLE |
| 874039100 | TSM | TAIWAN SEMICONDUCTOR MANUFAC | $188.9M | 5.66% | 558,880 | Common | SOLE |
| 46428Q109 | SLV | ISHARES SILVER TR | $179.0M | 5.36% | 2,627,200 | CALL | SOLE |
| 29082A107 | EMBJ | EMBRAER S.A. | $171.4M | 5.14% | 2,888,680 | Common | SOLE |
| 465562106 | ITUB | ITAU UNIBANCO HLDG S A | $171.3M | 5.13% | 20,443,133 | Common | SOLE |
| 284902509 | EGO | ELDORADO GOLD CORP NEW | $168.1M | 5.04% | 4,897,751 | Common | SOLE |
| 01609W102 | BABA | ALIBABA GROUP HLDG LTD | $167.4M | 5.02% | 1,334,070 | Common | SOLE |
| 45104G104 | IBN | ICICI BANK LIMITED | $130.5M | 3.91% | 5,039,743 | Common | SOLE |
| 36165L108 | GDS | GDS HLDGS LTD | $88.0M | 2.64% | 2,184,662 | Common | SOLE |
| 91232N207 | USO | UNITED STS OIL FD LP | $75.9M | 2.28% | 596,800 | PUT | SOLE |
| P31076105 | CPA | COPA HOLDINGS SA | $58.9M | 1.76% | 518,114 | Common | SOLE |
| 78463V107 | GLD | SPDR GOLD TR | $58.4M | 1.75% | 135,800 | CALL | SOLE |
| 500767306 | KWEB | KRANESHARES TRUST | $52.9M | 1.58% | 1,859,200 | CALL | SOLE |
| 722304102 | PDD | PDD HOLDINGS INC | $52.7M | 1.58% | 515,274 | Common | SOLE |
| 01609W102 | BABA | ALIBABA GROUP HLDG LTD | $45.9M | 1.37% | 365,600 | CALL | SOLE |
| N4732M103 | JBS | JBS N.V. | $45.7M | 1.37% | 2,546,345 | Common | SOLE |
| 233051879 | ASHR | DBX ETF TR | $43.6M | 1.31% | 1,335,300 | CALL | SOLE |
| 874039100 | TSM | TAIWAN SEMICONDUCTOR MANUFAC | $33.9M | 1.02% | 100,300 | PUT | SOLE |
| 428050108 | HSAI | HESAI GROUP | $30.0M | 0.90% | 1,568,343 | Common | SOLE |
| 806857108 | SLB | SLB LIMITED | $28.6M | 0.86% | 556,816 | Common | SOLE |
| G0378L100 | AU | ANGLOGOLD ASHANTI PLC | $24.6M | 0.74% | 252,966 | Common | SOLE |
| 406216101 | HAL | HALLIBURTON CO | $23.3M | 0.70% | 597,721 | Common | SOLE |
| 88031M109 | TS | TENARIS S A | $19.6M | 0.59% | 337,428 | Common | SOLE |
| 90138A103 | VNET | VNET GROUP INC | $12.7M | 0.38% | 1,513,055 | Common | SOLE |
| 03938L203 | MT | ARCELORMITTAL SA LUXEMBOURG | $10.2M | 0.31% | 196,677 | Common | SOLE |
| 64110W102 | NTES | NETEASE COM INC | $7.7M | 0.23% | 69,167 | Common | SOLE |
| 92837L109 | VIST | VISTA ENERGY S.A.B. DE C.V. | $6.0M | 0.18% | 79,692 | Common | SOLE |
| G7500M104 | RNW | RENEW ENERGY GLOBAL PLC | $5.8M | 0.18% | 1,277,071 | Common | SOLE |
| V5633W109 | MMYT | MAKEMYTRIP LIMITED MAURITIUS | $5.6M | 0.17% | 150,562 | Common | SOLE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.