Managers / Q1 2026
Carrhae Capital LLP
CIK 0001555254 · 112 JERMYN STREET, LONDON, X0, SW1Y 6LS · 00442032054850
Summary
Carrhae Capital LLP reported $3.3B in U.S.-listed holdings across 29 positions for Q1 2026.
Its largest position, TSM, represents 5.7% of the portfolio.
Compared with Q4 2025, the fund opened 9 new positions and exited 16.
Portfolio Metrics
Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.
Reported Value by Quarter
Portfolio Composition
- ETP · 55.1% · $1.8B
- ADR · 33.7% · $1.1B
- Common Stock · 6.6% · $220M
- Other · 4.2% · $141M
- NY Reg Shrs · 0.3% · $10M
Quarter-over-Quarter Changes full breakdown →
vs Q4 2025 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| ITAU UNIBANCO HLDG S A | NEW | +20.44M | 20.44M | +$171M | $171M |
| USOUNITED STS OIL FD LP | NEW | +596.8K | 596.8K | +$76M | $76M |
| HSAIHESAI GROUP | NEW | +1.57M | 1.57M | +$30M | $30M |
| SLBSLB LIMITED | NEW | +556.8K | 556.8K | +$29M | $29M |
| HALHALLIBURTON CO | NEW | +597.7K | 597.7K | +$23M | $23M |
| TSTENARIS S A | NEW | +337.4K | 337.4K | +$20M | $20M |
| VNETVNET GROUP INC | NEW | +1.51M | 1.51M | +$13M | $13M |
| ARCELORMITTAL SA LUXEMBOURG | NEW | +196.7K | 196.7K | +$10M | $10M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q1 2026
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | TSMTAIWAN SEMICONDUCTOR MANUFAChistory → | SPONSORED ADS | 5.66% | $189M | 558.9K |
| 2 | EMBJEMBRAER S.A.history → | SPONSORED ADS | 5.14% | $171M | 2.89M |
| 3 | ITAU UNIBANCO HLDG S A | SPON ADR REP PFD | 5.13% | $171M | 20.44M |
| 4 | ELDELDORADO GOLD CORP NEWhistory → | COM | 5.04% | $168M | 4.90M |
| 5 | BABAALIBABA GROUP HLDG LTDhistory → | SPONSORED ADS | 5.02% | $167M | 1.33M |
| 6 | IBNICICI BANK LIMITEDhistory → | ADR | 3.91% | $131M | 5.04M |
| 7 | GDSGDS HLDGS LTDhistory → | SPONSORED ADS | 2.64% | $88M | 2.18M |
| 8 | COPA HOLDINGS SA | CL A | 1.76% | $59M | 518.1K |
| 9 | PDDPDD HOLDINGS INChistory → | SPONSORED ADS | 1.58% | $53M | 515.3K |
| 10 | JBS N.V. | CL A SHS | 1.37% | $46M | 2.55M |
| 11 | HSAIHESAI GROUPhistory → | SPONSORED ADS | 0.90% | $30M | 1.57M |
| 12 | SLBSLB LIMITEDhistory → | COM STK | 0.86% | $29M | 556.8K |
| 13 | ANGLOGOLD ASHANTI PLC | COM SHS | 0.74% | $25M | 253.0K |
| 14 | HALHALLIBURTON COhistory → | COM | 0.70% | $23M | 597.7K |
| 15 | TSTENARIS S Ahistory → | SPONSORED ADS | 0.59% | $20M | 337.4K |
| 16 | VNETVNET GROUP INChistory → | SPONSORED ADS A | 0.38% | $13M | 1.51M |
| 17 | ARCELORMITTAL SA LUXEMBOURG | NY REGISTRY SH | 0.31% | $10M | 196.7K |
| 18 | NTESNETEASE COM INC | SPONSORED ADS | 0.23% | $8M | 69.2K |
| 19 | VISTA ENERGY S.A.B. DE C.V. | SPONSORED ADS | 0.18% | $6M | 79.7K |
| 20 | RENEW ENERGY GLOBAL PLC | CL A SHS | 0.18% | $6M | 1.28M |
| 21 | MAKEMYTRIP LIMITED MAURITIUS | SHS | 0.17% | $6M | 150.6K |
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q1 2026 | $3.3B | 29 | May 14, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q4 2025 | $2.6B | 35 | Feb 6, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q3 2025 | $1.7B | 27 | Nov 20, 2025 | RESTATEMENT | changes · EDGAR ↗ |
| Q2 2025 | $1.4B | 28 | Aug 5, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q1 2025 | $1.4B | 24 | May 2, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q4 2024 | $1.2B | 25 | Feb 11, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q3 2024 | $291M | 15 | Nov 27, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q2 2024 | $506M | 21 | Aug 21, 2024 | 13F-HR | changes · EDGAR ↗ |
Other Included Managers
This filing reports holdings on behalf of 1 additional manager.
- Carrhae Capital (DIFC) Ltd028-25885
13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.