Carrhae Capital LLP portfolio
Investment firmPortfolio as of Sep 30, 2026 (Q3 2026) · filed with the SEC on Oct 20, 2026 · data updated on Nov 5, 2026 · Q3 2026 13F (filing) ↗ · all its 13F filings ↗
A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions and they may have changed.
Carrhae Capital LLP reported a $1.6 bn portfolio of 22 positions to the SEC as of the end of Q3 2026. Its largest positions are TSM, EGO, ITUB. During the quarter it opened ASE Technology Holding and BP and exited Grupo Financiero Galicia and Asml Holding.
Sections with a free account
What changed this quarter
30 positions with a change (8 new, 7 added to, 6 trimmed, 9 sold). 12 are listed here: those of 0.5 points of the portfolio or more (up to 12).
- Embraer−80%fewer sharesReduced8.5% → 1.9%
- Alibaba Group Holding+217%more sharesIncreased3.2% → 10.9%
- Itau Unibanco Holding+125%more sharesIncreased5.2% → 11.9%
- Grupo Financiero Galicia−4.4 ppof portfolioSold out4.5% → —
- ASE Technology Holding+4.2 ppof portfolioNew— → 4.2%
- Asml Holding−4.1 ppof portfolioSold out4.2% → —
- AngloGold Ashanti−3.9 ppof portfolioSold out4.0% → —
- BP+3.8 ppof portfolioNew— → 3.8%
- Shell+3.5 ppof portfolioNew— → 3.5%
- Pilgrim’s Pride−3.3 ppof portfolioSold out3.4% → —
- Eldorado Gold+32%more sharesIncreased8.0% → 12.7%
- Taiwan Semiconductor Manufacturing+22%more sharesIncreased13.0% → 14.8%
The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight: what it bought or sold, excluding price effects.
Top holdings
- Taiwan Semiconductor ManufacturingTSM14.8%
- Eldorado GoldEGO12.7%
- Itau Unibanco HoldingITUB11.9%
- Alibaba Group HoldingBABA10.9%
- SeaSE7.7%
- GDS HoldingsGDS6.9%
- Petrobras - Petroleo BrasileiroPBR5.4%
- ASE Technology HoldingASX4.2%
- Icici BankIBN4.1%
- BPBP3.8%
- ShellSHEL3.5%
- EmbraerEMBJ1.9%
- Copa HoldingsCPA1.9%
- iShares 20+ Year Treasury BD ETFTLT1.9%
- IntelINTC1.5%
“Since”: first quarter of the current run, unbroken until today. In the details, prices are the quarter-end prices of the quarters in which it added shares, per the 13F. The manager may have bought at any price within each quarter; the SEC only publishes the value at quarter end.
Portfolio by sector
- ● Information Technology 29%
- ● Consumer Discretionary 20%
- ● Materials 15%
- ● Energy 14%
- ● Financials 12%
- ● No sector 7%
- ● Industrials 4%
How its portfolio changed (8 quarters)
Q3 2026: 22
Q3 2026: 82%
Q3 2026: 39.4%
Traded turnover: the weight it bought plus the weight it sold in the quarter, divided by two, excluding price moves. The plain “turnover” in the header does include that effect. With a free account: the full history and sectors over time.
13F filings with amendments or confidential positions
- 13F Q3 2025 ↗filed Nov 12, 2025Amendment of Nov 20, 2025 (replaces the original) ↗
Declared options (8)
Besides stocks, Carrhae Capital LLP declared 3 puts (they gain if the stock falls) and 5 calls (they gain if it rises) with a notional of $1.5 bn. The 13F reports the value of the underlying shares, not the premium paid, so these figures look large and are not added to the portfolio. Nor does it say whether the option is bought or written, or its strike or expiry: it may be a hedge.
- PUTInvesco QQQ Trust Series 1 ETFQQQ$724M
- CALLSPDR Gold Shares ETFGLD$225M
- CALLAlibaba Group HoldingBABA$183M
- PUTiShares Msci Emerging Market ETFEEM$162M
- CALLiShares Silver Trust ETFSLVnew this quarter$119M
- CALLIsharesEWYnew this quarter$54.0M
- PUTMicron TechnologyMUnew this quarter$45.8M
- CALLKranesh CSI China Internet ETFKWEB$27.3M
Stakes above 5% (13D/13G)
Companies where this filer reported holding 5% or more of the shares. It is the figure from its latest filing on each one; history since December 2024.
How we classify it
Investment firm, per its Form ADV of Aug 11, 2026 (high confidence).
The data, as reported: CARRHAE CAPITAL (CRD 161900): 7.B private funds: 3 hedge (gross assets $5.9 bn); 5.D assets by client type: pooled vehicles 100% (of $6.1 bn)
The type comes from a rule applied to that data. If it looks wrong, tell us.
Not counted as a concentrated manager: more than 20% is options. Its portfolio is shown all the same, but it is left out of manager counts, the consensus and the ranking. How this is decided
Similar managers by type and size
Same type of filer and a 13F portfolio value between a third and three times this one. It is not a comparison of what they hold.
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