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Livermore
Livermore
ZHEN

Carrhae Capital LLP

SEC CIK
0001555254
Latest filing
Jul 15, 2026

The latest 13F from Carrhae Capital LLP covers Q2 2026 (filed Jul 15, 2026): 23 long positions worth $1.52B. The top 10 holdings make up 71.7% of the portfolio, and the largest is Taiwan Semiconductor Manufacturing Co Ltd (TSM) at 13.0%. Livermore has 23 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
8
Est. +$475.9M
Added
6
Est. +$125.7M
Reduced
9
Est. −$389.5M
Sold out
6
Est. −$150.5M

Top 5 holdings

Share of this quarter's portfolio value

  1. TSMTaiwan Semiconductor Manufacturing Co Ltd
    13.0%$198.0MHistory
  2. SESea Ltd
    9.3%$140.5MHistory
  3. EMBJEmbraer S.A.
    8.5%$129.5MHistory
  4. EGOEldorado Gold Corp
    8.0%$121.5MHistory
  5. IBNIcici Bank Ltd
    6.7%$101.5MHistory

Share of portfolio

Top 5 holdings and the other 18 positions, by share of portfolio value

  1. TSM13.0%
  2. SE9.3%
  3. EMBJ8.5%
  4. EGO8.0%
  5. IBN6.7%
  6. Other 18 positions54.5%

Biggest buys

New and added positions, by estimated amount bought

  1. SESea Ltd
    +$140.5MNewHistory
  2. PBRPetrobras - Petroleo Brasileiro SA
    +$87.5MNewHistory
  3. GGALGrupo Financiero Galicia SA
    +$68.1MNewHistory
  4. ASMLASML Holding NV
    +$63.8MNewHistory
  5. PPCPilgrims Pride Corp
    +$52.2MNewHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. SESea Ltd
    +9.26 pp0.0% → 9.3%History
  2. PBRPetrobras - Petroleo Brasileiro SA
    +5.76 pp0.0% → 5.8%History
  3. GGALGrupo Financiero Galicia SA
    +4.48 pp0.0% → 4.5%History
  4. ASMLASML Holding NV
    +4.20 pp0.0% → 4.2%History
  5. PPCPilgrims Pride Corp
    +3.44 pp0.0% → 3.4%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. ITUBItau Unibanco Holding S.A.
    −$88.2MReducedHistory
  2. BABAAlibaba Group Holding Ltd
    −$80.0MReducedHistory
  3. TSMTaiwan Semiconductor Manufacturing Co Ltd
    −$68.9MReducedHistory
  4. EMBJEmbraer S.A.
    −$54.8MReducedHistory
  5. PDDPDD Holdings Inc.
    −$52.7MSold outHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. BABAAlibaba Group Holding Ltd
    −8.65 pp11.8% → 3.2%History
  2. ITUBItau Unibanco Holding S.A.
    −6.90 pp12.1% → 5.2%History
  3. EGOEldorado Gold Corp
    −3.86 pp11.9% → 8.0%History
  4. PDDPDD Holdings Inc.
    −3.72 pp3.7% → 0.0%History
  5. EMBJEmbraer S.A.
    −3.56 pp12.1% → 8.5%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$1.52B
+$100.3M (+7.1%) vs. prior quarter
Positions
23
+2 vs. prior quarter
Top 10 concentration
71.7%
Top 10 as share of value
Turnover
36.8%
Q2 2026, one quarter
Average holding period
4.9 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $1.52B (Q2 2026)

Q1 2021: $145.8MQ2 2021: $220.4MQ3 2021: $117.8MQ4 2021: $145.7MQ1 2022: $219.0MQ2 2022: $118.1MQ3 2022: $137.1MQ4 2022: $313.3MQ1 2023: $314.6MQ2 2023: $226.4MQ3 2023: $290.8MQ4 2023: $506.0MQ1 2024: $510.6MQ2 2024: $611.2MQ3 2024: $875.5MQ4 2024: $846.5MQ1 2025: $860.4MQ2 2025: $1.05BQ3 2025: $1.05BQ4 2025: $1.50BQ1 2026: $1.42BQ2 2026: $1.52B
Q1 2021Q2 2026
13F filings of Carrhae Capital LLP by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 15, 202623$1.52BTSMSEEMBJvs. Q1 2026SEC
Q1 2026May 14, 202621$1.42BTSMEMBJITUBvs. Q4 2025SEC
Q4 2025Feb 6, 202628$1.50BTSMEGOSEvs. Q3 2025SEC
Q3 2025Nov 20, 2025Amended23$1.05BEGOIBNSEvs. Q2 2025SEC
Q2 2025Aug 5, 202525$1.05BEMBJEGOSEvs. Q1 2025SEC
Q1 2025May 2, 202521$860.4MEGOIBNBABAvs. Q4 2024SEC
Q4 2024Feb 11, 202522$846.5MEMBJEGOAUvs. Q3 2024SEC
Q3 2024Oct 18, 202422$875.5MEGOBABAEMBJvs. Q2 2024SEC
Q2 2024Aug 9, 202419$611.2MEGOBABAIBNvs. Q1 2024SEC
Q1 2024Aug 21, 202419$510.6MEGOTSMIBNvs. Q4 2023SEC
Q4 2023Aug 21, 202421$506.0MEGOTSMIBNvs. Q3 2023SEC
Q3 2023Nov 27, 202414$290.8MTSMBABAEGOvs. Q2 2023SEC
Q2 2023Nov 27, 202413$226.4MTSMEGOBABAvs. Q1 2023SEC
Q1 2023Nov 27, 202420$314.6MEGOIBNBABAvs. Q4 2022SEC
Q4 2022Nov 27, 202422$313.3MBABAEGOBKRvs. Q3 2022SEC
Q3 2022Nov 27, 202414$137.1MBABASLBIBNvs. Q2 2022SEC
Q2 2022Nov 27, 202417$118.1MEGOPPCIBNvs. Q1 2022SEC
Q1 2022Nov 27, 202416$219.0MTSMEGOJDvs. Q4 2021SEC
Q4 2021Nov 27, 202412$145.7MEGONTESIBNvs. Q3 2021SEC
Q3 2021Nov 27, 20249$117.8MEGOVEONGDSvs. Q2 2021SEC
Q2 2021Nov 27, 202415$220.4MMELIBABAPAGSvs. Q1 2021SEC
Q1 2021Nov 27, 202410$145.8MBABAJDRMG Acquisition Corp II–SEC