Q3 2026 13F · SEC CIK 1555254
Carrhae Capital LLP
Hedge fundFiled 2026-10-20 for Q3 2026. Open the filing ↗ · All SEC filings ↗
- Reported 13F value
- $1.6B
- Reported positions
- 22
- Holdings vs S&P 500, 3 yrs
- —
- Assets under management
- $6.1B
Carrhae Capital LLP is a hedge fund that reported 22 positions worth $1.6B in its Q3 2026 13F, filed 2026-10-20. Its largest holdings were Taiwan Semiconductor Manufac (TSM, 14.8%), Eldorado Gold Corp (EGO, 12.7%), Itau Unibanco Hldg S A (ITUB, 11.9%).
Carrhae Capital LLP holdings all 22 positions.
Weights are shares of the filer's total reported 13F value, compared with Q2 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.
| Stock | % of 13F value | Share change | Reported value |
|---|---|---|---|
| TSMTaiwan Semiconductor Manufac | 14.8% | +22.3% | $231.3M |
| EGOEldorado Gold Corp | 12.7% | +31.7% | $198.2M |
| ITUBItau Unibanco Hldg S A | 11.9% | +125.2% | $185.2M |
| BABAAlibaba Group Hldg Ltd | 10.9% | +217.4% | $170.7M |
| SESea Ltd | 7.7% | -15.8% | $120.2M |
| GDSGds Hldgs Ltd | 6.9% | +4.1% | $107.3M |
| PBRPetroleo Brasileiro S A Sponsored ADR (b | 5.4% | -25.0% | $84.7M |
| ASXAse Technology Hldg Co Ltd | 4.2% | — | $65.1M |
| IBNIcici Bk Ltd | 4.1% | -33.6% | $64.0M |
| BPBp PLC | 3.8% | — | $59.3M |
| SHELShell PLC | 3.5% | — | $54.0M |
| EMBJEmbraer SA ADR | 1.9% | -80.1% | $30.4M |
| CPACopa Holdings SA | 1.9% | -43.4% | $29.9M |
| TLTIshares Tr | 1.9% | — | $29.3M |
| INTCIntel Corp | 1.5% | — | $23.7M |
| GDXVaneck ETF Trust | 1.4% | — | $22.2M |
| NXPINxp Semiconductors N V | 1.1% | — | $17.0M |
| TSTenaris S A | 1.0% | +4.9% | $16.1M |
| MMYTMakemytrip Limited Mauritius | 1.0% | +53.3% | $16.0M |
| MTArcelormittal | 1.0% | — | $14.8M |
| HALHalliburton Co | 0.9% | -39.1% | $14.1M |
| VNETVnet Group Inc | 0.5% | +0.0% | $8.1M |
What Carrhae Capital LLP bought and sold in Q3 2026, against Q2 2026.
New positions
- ASX Ase Technology Hldg Co Ltd4.2% of 13F
- BP Bp PLC3.8% of 13F
- SHEL Shell PLC3.5% of 13F
- TLT Ishares Tr1.9% of 13F
- INTC Intel Corp1.5% of 13F
- GDX Vaneck ETF Trust1.4% of 13F
- NXPI Nxp Semiconductors N V1.1% of 13F
- MT Arcelormittal1.0% of 13F
Added to
- BABA Alibaba Group Hldg Ltd+217.4% shares
- ITUB Itau Unibanco Hldg S A+125.2% shares
- MMYT Makemytrip Limited Mauritius+53.3% shares
- EGO Eldorado Gold Corp+31.7% shares
- TSM Taiwan Semiconductor Manufac+22.3% shares
Reduced
- EMBJ Embraer SA ADR-80.1% shares
- CPA Copa Holdings SA-43.4% shares
- HAL Halliburton Co-39.1% shares
- IBN Icici Bk Ltd-33.6% shares
- PBR Petroleo Brasileiro S A Sponsored ADR (b-25.0% shares
- SE Sea Ltd-15.8% shares
Sold out
- GGAL Grupo Financiero Galicia S.awas 4.5%
- ASML Asml Hldg NVwas 4.2%
- AU Anglogold Ashanti PLCwas 4.0%
- PPC Pilgrims Pride Corpwas 3.4%
- NTES Netease Inc Sp ADRwas 2.6%
- SLB Slb Limitedwas 2.6%
- CPNG Coupang Incwas 2.5%
- BBD Banco Bradesco S A Spwas 1.0%
Share counts compared with the Q2 2026 13F; a split also changes share counts.
How the holdings did against the S&P 500.
- 1 year
- +24.9% /yr
- S&P 500 +20.1%
- 3 years
- —
- 5 years
- —
A portfolio of the filer's 20 largest 13F positions, weighted by value, bought the trading day after each 13F was filed and held until the next one was: what copying this filer could have earned. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.
Reported 13F value by quarter.
| Quarter | 13F value | Positions |
|---|---|---|
| Q3 2026 | $1.6B | 22 |
| Q2 2026 | $1.5B | 23 |
| Q1 2026 | $1.4B | 21 |
| Q4 2025 | $1.5B | 28 |
| Q3 2025 | $1.1B | 23 |
| Q2 2025 | $1.0B | 25 |
| Q1 2025 | $860.4M | 21 |
| Q4 2024 | $846.5M | 22 |
| Q3 2024 | $875.5M | 22 |
| Q2 2024 | $611.2M | 19 |
| Q1 2024 | $510.6M | 19 |
Questions about Carrhae Capital LLP's portfolio
What stocks does Carrhae Capital LLP own?
Carrhae Capital LLP's latest 13F, for Q3 2026 and filed Oct 20, 2026, lists 22 positions worth $1.6B. The largest are Taiwan Semiconductor Manufac (TSM) at 14.8%, Eldorado Gold Corp (EGO) at 12.7%, Itau Unibanco Hldg S A (ITUB) at 11.9%, Alibaba Group Hldg Ltd (BABA) at 10.9% and Sea Ltd (SE) at 7.7%.
What did Carrhae Capital LLP buy last quarter?
In Q3 2026, Carrhae Capital LLP added a new position in Ase Technology Hldg Co Ltd (ASX), a new position in Bp PLC (BP), a new position in Shell PLC (SHEL), a new position in Ishares Tr (TLT), a new position in Intel Corp (INTC), Alibaba Group Hldg Ltd (BABA) (+217.4% shares), Itau Unibanco Hldg S A (ITUB) (+125.2% shares) and Makemytrip Limited Mauritius (MMYT) (+53.3% shares), compared with its Q2 2026 filing.
What did Carrhae Capital LLP sell last quarter?
In Q3 2026, Carrhae Capital LLP sold all of Grupo Financiero Galicia S.a (GGAL), sold all of Asml Hldg NV (ASML), sold all of Anglogold Ashanti PLC (AU), sold all of Pilgrims Pride Corp (PPC), sold all of Netease Inc Sp ADR (NTES), Embraer SA ADR (EMBJ) (-80.1% shares), Copa Holdings SA (CPA) (-43.4% shares) and Halliburton Co (HAL) (-39.1% shares), compared with its Q2 2026 filing.
When is Carrhae Capital LLP's next 13F filing due?
13F filings are due 45 days after each quarter ends. Carrhae Capital LLP's filing for the quarter ending Dec 31, 2026 is due by Feb 14, 2027; this page updates the day after it is published.
How much money does Carrhae Capital LLP manage?
Carrhae Capital LLP reported $6.1B of regulatory assets under management on its latest SEC Form ADV. Its 13F, which covers only US-listed stocks and options, totals $1.6B.