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Livermore
Livermore
ZHEN

Carrhae Capital LLP

SEC CIK
0001555254
Latest filing
Jul 15, 2026

Holdings in Q1 2026

Holdings as of Mar 31, 2026, filed May 14, 2026. Long positions only; changes compare share counts with Q4 2025.

Institution overview
Positions
21
−7 vs. Q4 2025
Portfolio value
$1.42B
−$83.4M (−5.6%) vs. Q4 2025
Filed
May 14, 2026
SEC
Holdings of Carrhae Capital LLP in Q1 2026
SecurityClassSharesValue% of portfolioShare changeActionHistory
TSMTaiwan Semiconductor Manufacturing Co LtdADR558,880$188.9M13.3%−29,579−5.0%ReducedHistory
EMBJEmbraer S.A.ADR2,888,680$171.4M12.1%+1,741,411+151.8%AddedHistory
ITUBItau Unibanco Holding S.A.SPON ADR REP PFD20,443,133$171.3M12.1%+20,443,133NewHistory
EGOEldorado Gold CorpCOM4,897,751$168.1M11.9%+887,537+22.1%AddedHistory
BABAAlibaba Group Holding LtdADR1,334,070$167.4M11.8%+1,025,431+332.2%AddedHistory
IBNIcici Bank LtdADR5,039,743$130.5M9.2%+3,046,977+152.9%AddedHistory
GDSGDS Holdings LtdSPONSORED ADS2,184,662$88.0M6.2%+17,463+0.8%AddedHistory
CPACopa Holdings, S.A.CL A518,114$58.9M4.2%+393,397+315.4%AddedHistory
PDDPDD Holdings Inc.SPONSORED ADS515,274$52.7M3.7%+292,620+131.4%AddedHistory
JBSJBS N.V.ADR2,546,345$45.7M3.2%−1,102,881−30.2%ReducedHistory
HSAIHesai GroupSPONSORED ADS1,568,343$30.0M2.1%+1,568,343NewHistory
SLBSLB LimitedStock556,816$28.6M2.0%+556,816NewHistory
AUAngloGold Ashanti PLCCOM SHS252,966$24.6M1.7%+154,683+157.4%AddedHistory
HALHalliburton CoStock597,721$23.3M1.6%+597,721NewHistory
TSTenaris SASPONSORED ADS337,428$19.6M1.4%+337,428NewHistory
VNETVNET Group, Inc.SPONSORED ADS A1,513,055$12.7M0.9%+1,513,055NewHistory
MTArcelorMittalNY REGISTRY SH196,677$10.2M0.7%+196,677NewHistory
NTESNetEase, Inc.SPONSORED ADS69,167$7.74M0.5%+69,167NewHistory
VISTVista Energy, S.A.B. de C.V.SPONSORED ADS79,692$6.01M0.4%−750,520−90.4%ReducedHistory
RNWReNew Energy Global plcCL A SHS1,277,071$5.85M0.4%−1,181,862−48.1%ReducedHistory
MMYTMakeMyTrip LtdStock150,562$5.61M0.4%−600,380−80.0%ReducedHistory

Options (8)

Puts and calls in the same filing. Amounts are the market value of the underlying shares, which is what 13F reports.

Option positions of Carrhae Capital LLP in Q1 2026
SecurityClassPutsCalls
Invesco QQQ Trust Series I46090E103ETF$1.43B–
SLViShares Silver TrustETF–$179.0M
USOUnited States Oil Fund, LPUNITS$75.9M–
GLDSPDR Gold TrustETF–$58.4M
Kraneshares Trust500767306CSI CHI INTERNET–$52.9M
BABAAlibaba Group Holding LtdADR–$45.9M
DBX ETF Tr233051879XTRACK HRVST CSI–$43.6M
TSMTaiwan Semiconductor Manufacturing Co LtdADR$33.9M–

Sold out since Q4 2025 (15)

Positions held at the end of Q4 2025 that are gone from this filing.

Positions of Carrhae Capital LLP sold out since Q4 2025
SecurityClassShares in Q4 2025Value in Q4 2025% of portfolio in Q4 2025History
SESea LtdSPONSORD ADS843,557$107.6M7.2%History
TECKTeck Resources LtdCL B2,063,912$98.8M6.6%History
NUNu Holdings Ltd.ORD SHS CL A4,942,239$82.7M5.5%History
FNVFranco Nevada CorpStock293,772$60.9M4.1%History
BBDBank BradescoSP ADR PFD NEW16,185,404$53.9M3.6%History
BAPCredicorp LtdCOM168,399$48.3M3.2%History
SNPSSynopsys IncCOM95,365$44.8M3.0%History
BIDUBaidu, Inc.ADR341,747$44.7M3.0%History
GGALGrupo Financiero Galicia SASPONSORED ADR795,204$42.9M2.9%History
YMMFull Truck Alliance Co. Ltd.SPONSORED ADS3,807,441$40.9M2.7%History
EQTEQT CorpStock745,266$39.9M2.7%History
WRDWeRide Inc.ADR2,421,132$21.0M1.4%History
HBMHudbay Minerals Inc.COM802,513$15.9M1.1%History
KSPIJoint Stock Co Kaspi.kzSPONSORED ADS50,668$3.96M0.3%History
ReNew Energy Global plcG7500M120*W EXP 08/30/20264,966$526<0.1%–