# Carrhae Capital LLP

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1555254. Source: https://holderbook.com/funds/1555254-carrhae-capital-llp/

- Reported value: $3.6B
- Positions: 28
- Weight of the ten largest: 77.7%
- Filed: 2026-07-15

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| INVESCO QQQ TR | [QQQ](https://holderbook.com/stocks/QQQ/) | $1.1B | 0 | 29.4% | 3 |
| ISHARES TR | [EEM](https://holderbook.com/stocks/EEM/) | $549.2M | 0 | 15.2% | 1 |
| SPDR GOLD TR | [GLD](https://holderbook.com/stocks/GLD/) | $224.0M | 0 | 6.2% | 4 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $198.0M | 414,556 | 5.5% | 5 |
| ALIBABA GROUP HLDG LTD | [BABA](https://holderbook.com/stocks/BABA/) | $186.3M | 500,160 | 5.1% | 6 |
| SEA LTD | [SE](https://holderbook.com/stocks/SE/) | $140.5M | 1,466,148 | 3.9% | 1 |
| EMBRAER S.A. | [EMBJ](https://holderbook.com/stocks/EMBJ/) | $129.5M | 2,029,766 | 3.6% | 5 |
| ELDORADO GOLD CORP NEW | [EGO](https://holderbook.com/stocks/EGO/) | $121.5M | 3,909,137 | 3.4% | 22 |
| ICICI BANK LIMITED | [IBN](https://holderbook.com/stocks/IBN/) | $101.5M | 3,496,179 | 2.8% | 4 |
| GDS HLDGS LTD | [GDS](https://holderbook.com/stocks/GDS/) | $99.1M | 3,300,419 | 2.7% | 5 |
| PETROLEO BRASILEIRO S A | [PBR](https://holderbook.com/stocks/PBR/) | $87.5M | 5,411,909 | 2.4% | 1 |
| ITAU UNIBANCO HLDG S A | [ITUB](https://holderbook.com/stocks/ITUB/) | $78.8M | 9,643,006 | 2.2% | 2 |
| GRUPO FINANCIERO GALICIA S.A | [GGAL](https://holderbook.com/stocks/GGAL/) | $68.1M | 1,360,220 | 1.9% | 1 |
| KRANESHARES TRUST | [KWEB](https://holderbook.com/stocks/KWEB/) | $65.9M | 0 | 1.8% | 3 |
| ASML HLDG NV | [ASML](https://holderbook.com/stocks/ASML/) | $63.8M | 32,056 | 1.8% | 1 |
| UNITED STS OIL FD LP | [USO](https://holderbook.com/stocks/USO/) | $63.5M | 0 | 1.8% | 2 |
| COPA HOLDINGS SA | [CPA](https://holderbook.com/stocks/CPA/) | $62.3M | 400,262 | 1.7% | 3 |
| ANGLOGOLD ASHANTI PLC | [AU](https://holderbook.com/stocks/AU/) | $61.2M | 756,610 | 1.7% | 11 |
| PILGRIMS PRIDE CORP | [PPC](https://holderbook.com/stocks/PPC/) | $52.2M | 1,856,460 | 1.4% | 1 |
| NETEASE COM INC | [NTES](https://holderbook.com/stocks/NTES/) | $39.3M | 306,577 | 1.1% | 2 |
| SLB LIMITED | [SLB](https://holderbook.com/stocks/SLB/) | $38.8M | 834,322 | 1.1% | 2 |
| COUPANG INC | [CPNG](https://holderbook.com/stocks/CPNG/) | $38.2M | 2,198,457 | 1.1% | 1 |
| HALLIBURTON CO | [HAL](https://holderbook.com/stocks/HAL/) | $24.7M | 726,193 | 0.7% | 2 |
| BANCO BRADESCO S A | [BBD](https://holderbook.com/stocks/BBD/) | $15.6M | 4,484,271 | 0.4% | 1 |
| TENARIS S A | [TS](https://holderbook.com/stocks/TS/) | $15.4M | 278,311 | 0.4% | 2 |
| MAKEMYTRIP LIMITED MAURITIUS | [MMYT](https://holderbook.com/stocks/MMYT/) | $11.8M | 221,385 | 0.3% | 10 |
| VNET GROUP INC | [VNET](https://holderbook.com/stocks/VNET/) | $11.8M | 1,467,195 | 0.3% | 2 |
| KE HLDGS INC | [BEKE](https://holderbook.com/stocks/BEKE/) | $10.1M | 697,760 | 0.3% | 1 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +0.8% | +14.8% | -14.0% | 95% |
| Q1 2026 | -2.4% | -4.6% | +2.2% | 98% |
| Q4 2025 | +0.3% | +2.4% | -2.1% | 90% |
| Q3 2025 | +18.6% | +7.8% | +10.8% | 90% |
| Q2 2025 | +9.7% | +10.5% | -0.8% | 86% |
| Q1 2025 | +11.1% | -4.6% | +15.7% | 88% |
| Q4 2024 | -6.6% | +2.1% | -8.8% | 100% |
| Q3 2024 | +13.9% | +5.4% | +8.5% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $3.6B | 28 |
| Q1 2026 | $3.3B | 27 |
| Q4 2025 | $2.6B | 34 |
| Q3 2025 | $1.7B | 26 |
| Q2 2025 | $1.4B | 27 |
| Q1 2025 | $1.4B | 23 |
| Q4 2024 | $1.2B | 24 |
| Q3 2024 | $875.5M | 22 |
| Q2 2024 | $866.7M | 21 |
| Q1 2024 | $562.3M | 20 |
| Q4 2023 | $506.0M | 21 |
| Q3 2023 | $291.2M | 14 |