Carrhae Capital LLP
London, X0
$1.5bn in 23 US stocks at the end of 30 June 2026. The top 10 are 71.7% of the money. It changed about 36.9% of the portfolio this quarter.
Value
$1.5bn
Stocks
23
Top 10 share
71.7%
Turnover
36.9%
What changed this quarter
New
Bought for the first time this quarter.
- SeaSE9.3% of the fund
- Petrobras - Petroleo Brasileiro SAPBR5.8% of the fund
- Grupo Financiero Galicia S.AGGAL4.5% of the fund
- ASML Holding NVASML4.2% of the fund
- Pilgrims PridePPC3.4% of the fund
- CoupangCPNG2.5% of the fund
- Banco Bradesco S ABBD1.0% of the fund
- KE HldgsBEKE0.7% of the fund
Added
Bought more of a stock they already held.
- GDS HldgsGDS6.5% of the fund+51%
- AngloGold AshantiAU4.0% of the fund+199%
- Netease.comNTES2.6% of the fund+343%
- SLB LimitedSLB2.6% of the fund+50%
- HalliburtonHAL1.6% of the fund+21%
- MakeMyTripMMYT0.8% of the fund+47%
Cut
Sold some of their stake.
- Taiwan Semiconductor ManufacturingTSM13.0% of the fund-26%
- EmbraerEMBJ8.5% of the fund-30%
- Eldorado GoldEGO8.0% of the fund-20%
- Icici BankIBN6.7% of the fund-31%
- Itau Unibanco Hldg S AITUB5.2% of the fund-53%
- Copa HoldingsCPA4.1% of the fund-23%
- Alibaba Group HldgBABA3.2% of the fund-63%
- Tenaris S ATS1.0% of the fund-18%
- Vnet GroupVNET0.8% of the fund-3%
Sold out
Sold their entire stake.
- PDD HoldingsPDD-100%
- JBSJBS-100%
- Hesai GroupHSAI-100%
- ArcelorMittalMT-100%
- Vista Energy S.A.B. de C.V.VIST-100%
- ReNew Energy GlobalRNW-100%
Holdings
- SeaSE
- Share
- 9.3%
- Value
- $141m
- Shares
- 1,466,148
New
- Eldorado GoldEGO
- Share
- 8.0%
- Value
- $122m
- Shares
- 3,909,137
-20%
- GDS HldgsGDS
- Share
- 6.5%
- Value
- $99m
- Shares
- 3,300,419
+51%
- Itau Unibanco Hldg S AITUB
- Share
- 5.2%
- Value
- $79m
- Shares
- 9,643,006
-53%
- Grupo Financiero Galicia S.AGGAL
- Share
- 4.5%
- Value
- $68m
- Shares
- 1,360,220
New
- Alibaba Group HldgBABA
- Share
- 3.2%
- Value
- $48m
- Shares
- 500,160
-63%
- Netease.comNTES
- Share
- 2.6%
- Value
- $39m
- Shares
- 306,577
+343%
- Banco Bradesco S ABBD
- Share
- 1.0%
- Value
- $16m
- Shares
- 4,484,271
New
- Tenaris S ATS
- Share
- 1.0%
- Value
- $15m
- Shares
- 278,311
-18%
- Vnet GroupVNET
- Share
- 0.8%
- Value
- $12m
- Shares
- 1,467,195
-3%
- KE HldgsBEKE
- Share
- 0.7%
- Value
- $10m
- Shares
- 697,760
New
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Taiwan Semiconductor ManufacturingTSM | 13.0% | $198m | 414,556 | -26% |
| SeaSE | 9.3% | $141m | 1,466,148 | New |
| EmbraerEMBJ | 8.5% | $129m | 2,029,766 | -30% |
| Eldorado GoldEGO | 8.0% | $122m | 3,909,137 | -20% |
| Icici BankIBN | 6.7% | $101m | 3,496,179 | -31% |
| GDS HldgsGDS | 6.5% | $99m | 3,300,419 | +51% |
| Petrobras - Petroleo Brasileiro SAPBR | 5.8% | $87m | 5,411,909 | New |
| Itau Unibanco Hldg S AITUB | 5.2% | $79m | 9,643,006 | -53% |
| Grupo Financiero Galicia S.AGGAL | 4.5% | $68m | 1,360,220 | New |
| ASML Holding NVASML | 4.2% | $64m | 32,056 | New |
| Copa HoldingsCPA | 4.1% | $62m | 400,262 | -23% |
| AngloGold AshantiAU | 4.0% | $61m | 756,610 | +199% |
| Pilgrims PridePPC | 3.4% | $52m | 1,856,460 | New |
| Alibaba Group HldgBABA | 3.2% | $48m | 500,160 | -63% |
| Netease.comNTES | 2.6% | $39m | 306,577 | +343% |
| SLB LimitedSLB | 2.6% | $39m | 834,322 | +50% |
| CoupangCPNG | 2.5% | $38m | 2,198,457 | New |
| HalliburtonHAL | 1.6% | $25m | 726,193 | +21% |
| Banco Bradesco S ABBD | 1.0% | $16m | 4,484,271 | New |
| Tenaris S ATS | 1.0% | $15m | 278,311 | -18% |
| MakeMyTripMMYT | 0.8% | $12m | 221,385 | +47% |
| Vnet GroupVNET | 0.8% | $12m | 1,467,195 | -3% |
| KE HldgsBEKE | 0.7% | $10m | 697,760 | New |
Options (6)
- Invesco QQQ TRQQQ
- Type
- Put
- Value
- $1.1bn
- Contracts
- 1,444,000
- Ishares TREEM
- Type
- Put
- Value
- $549m
- Contracts
- 8,027,800
- Spdr Gold TRGLD
- Type
- Call
- Value
- $224m
- Contracts
- 608,000
- Alibaba Group HldgBABA
- Type
- Call
- Value
- $138m
- Contracts
- 1,440,800
- Kraneshares TrustKWEB
- Type
- Call
- Value
- $66m
- Contracts
- 2,691,600
- United STS Oil FD LPUSO
- Type
- Put
- Value
- $64m
- Contracts
- 596,800
| Company | Type | Value | Contracts |
|---|---|---|---|
| Invesco QQQ TRQQQ | Put | $1.1bn | 1,444,000 |
| Ishares TREEM | Put | $549m | 8,027,800 |
| Spdr Gold TRGLD | Call | $224m | 608,000 |
| Alibaba Group HldgBABA | Call | $138m | 1,440,800 |
| Kraneshares TrustKWEB | Call | $66m | 2,691,600 |
| United STS Oil FD LPUSO | Put | $64m | 596,800 |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 45.2% since 30 June 2025.
Where the money is
Industrials17.6%
Technology13.0%
Materials12.0%
Energy9.9%
Financial services6.7%
Everyday goods3.4%
Retail & consumer2.5%
Other34.7%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.