Carrhae Capital LLP
Registered adviserRegulatory profile
From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.
| Rosters | Regulatory AUM | Main clients |
|---|---|---|
| Apr 2026 to Oct 2026 | $6,086,321,550 | Pooled investment vehicles (100%) |
| Dec 2025 to Mar 2026 | $3,298,091,135 | Pooled investment vehicles (100%) |
| Apr 2025 to Sep 2025 | $3,298,091,135 | Pooled investment vehicles (100%) |
| Apr 2024 to Mar 2025 | $1,759,545,391 | Pooled investment vehicles (100%) |
| May 2023 to Mar 2024 | $1,063,391,265 | Pooled investment vehicles (100%) |
| Apr 2023 | $1,063,391,265 | Pooled investment vehicles (100%) |
Portfolio style
Measured from the filed 13F common-share book for Jun 30, 2026, the newest measured quarter, never from the firm's own description.
Closest benchmark: every 13F filer's combined book, active share 98.9%; sector active share 34.4% against the combined 13F book's sector weights.
Over time 26 measured quarters
How the bands are measured
Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.
Clone Performance
Build a hypothetical price-return history from this filer's public 13F holdings.
View clone backtestPortfolio Concentration
29 tracked positions · as of Sep 30, 2026 · Δ vs Jun 30, 2026Portfolio Trend
Sector Breakdown
As of Sep 30, 2026| Sector | % Portfolio | Value |
|---|---|---|
| Unclassified | 42.4% | $1,282,287,016 |
| Technology | 16.5% | $498,330,231 |
| Consumer Cyclical | 16.2% | $489,696,891 |
| Financial Services | 8.2% | $249,198,282 |
| Energy | 7.6% | $228,086,608 |
| Basic Materials | 7.1% | $213,056,366 |
| Industrials | 2.0% | $60,220,035 |
Last Quarter's Activity
Export CSVAdded To
Positions the filer increased| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| ITUB | Itau Unibanco Holding S.A. | +12,072,197 | 21,715,203 | $185,230,681 | |
| EGO | Eldorado Gold Corp | +1,240,531 | 5,149,668 | $198,210,721 | |
| BABA | Alibaba Group Holding Ltd | +1,087,110 | 1,587,270 | $170,695,015 | |
| GDS | GDS Holdings Ltd | +133,781 | 3,434,200 | $107,250,066 | |
| MMYT | MakeMyTrip Ltd | +118,099 | 339,484 | $16,023,644 | |
| TSM | Taiwan Semiconductor Manufacturing Co Ltd | +92,554 | 507,110 | $231,338,510 | |
| TS | Tenaris SA | +13,575 | 291,886 | $16,106,269 | |
| No positions match the current search. | |||||
Trimmed
Positions the filer reduced| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| EMBJ | Embraer S.A. | −1,626,695 | 403,071 | $30,359,307 | |
| PBR | Petrobras - Petroleo Brasileiro SA | −1,354,065 | 4,057,844 | $84,687,204 | |
| IBN | Icici Bank Ltd | −1,174,306 | 2,321,873 | $63,967,601 | |
| HAL | Halliburton Co | −284,124 | 442,069 | $14,057,794 | |
| SE | Sea Ltd | −231,190 | 1,234,958 | $120,235,510 | |
| CPA | Copa Holdings, S.A. | −173,787 | 226,475 | $29,860,728 | |
| No positions match the current search. | |||||
New Positions
Positions the filer opened this quarter| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| ASX | ASE Technology Holding Co., Ltd. | 1,464,677 | $65,119,539 | |
| BP | Bp PLC | 1,347,372 | $59,270,894 | |
| SHEL | Shell plc | 567,748 | $53,964,447 | |
| TLT | iShares 20+ Year Treasury Bond ETF | 376,785 | $29,306,337 | |
| INTC | Intel Corp | 197,123 | $23,700,098 | |
| GDX | VanEck Gold Miners ETF | 252,819 | $22,197,508 | |
| NXPI | NXP Semiconductors N.V. | 71,483 | $16,979,356 | |
| MT | ArcelorMittal | 222,440 | $14,845,645 | |
| No positions match the current search. | ||||
Sold Out
Positions the filer fully exited| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| GGAL | Grupo Financiero Galicia SA | 1,360,220 | $68,051,806 | |
| ASML | Asml Holding NV | 32,056 | $63,773,485 | |
| AU | AngloGold Ashanti PLC | 756,610 | $61,202,182 | |
| PPC | Pilgrims Pride Corp | 1,856,460 | $52,185,090 | |
| NTES | NetEase, Inc. | 306,577 | $39,284,776 | |
| SLB | Slb Limited | 834,322 | $38,787,629 | |
| CPNG | Coupang, Inc. | 2,198,457 | $38,187,198 | |
| BBD | Bank Bradesco | 4,484,271 | $15,560,420 | |
| BEKE | KE Holdings Inc. | 697,760 | $10,138,452 | |
| No positions match the current search. | ||||
| Ticker | Company | Type | Shares | Value (USD) | % of Portfolio | History |
|---|---|---|---|---|---|---|
| QQQ |
Invesco Qqq Trust, Series 1
PUT
|
Reduced | 978,700 | $724,012,899 | 23.97% | |
| BABA |
Alibaba Group Holding Ltd
CALL
+ SHARES
Consumer Cyclical
|
Added | 3,286,570 | $353,437,737 | 11.70% | |
| TSM |
Taiwan Semiconductor Manufacturing Co Ltd
Technology
|
Added | 507,110 | $231,338,510 | 7.66% | |
| GLD |
Spdr Gold Trust
CALL
|
Reduced | 591,600 | $225,304,944 | 7.46% | |
| EGO |
Eldorado Gold Corp
Basic Materials
|
Added | 5,149,668 | $198,210,721 | 6.56% | |
| ITUB |
Itau Unibanco Holding S.A.
Financial Services
|
Added | 21,715,203 | $185,230,681 | 6.13% | |
| EEM |
iShares MSCI Emerging Markets ETF
PUT
|
Reduced | 2,427,000 | $162,099,330 | 5.37% | |
| SE |
Sea Ltd
Consumer Cyclical
|
Reduced | 1,234,958 | $120,235,510 | 3.98% | |
| SLV |
iShares Silver Trust
CALL
|
NEW | 2,189,800 | $119,365,998 | 3.95% | |
| GDS |
GDS Holdings Ltd
Technology
|
Added | 3,434,200 | $107,250,066 | 3.55% | |
| PBR |
Petrobras - Petroleo Brasileiro SA
Energy
|
Reduced | 4,057,844 | $84,687,204 | 2.80% | |
| ASX |
ASE Technology Holding Co., Ltd.
Technology
|
NEW | 1,464,677 | $65,119,539 | 2.16% | |
| IBN |
Icici Bank Ltd
Financial Services
|
Reduced | 2,321,873 | $63,967,601 | 2.12% | |
| BP |
Bp PLC
Energy
|
NEW | 1,347,372 | $59,270,894 | 1.96% | |
| SHEL |
Shell plc
Energy
|
NEW | 567,748 | $53,964,447 | 1.79% | |
| MU |
Micron Technology Inc
PUT
Technology
|
NEW | 43,000 | $45,799,730 | 1.52% | |
| EMBJ |
Embraer S.A.
Industrials
|
Reduced | 403,071 | $30,359,307 | 1.00% | |
| CPA |
Copa Holdings, S.A.
Industrials
|
Reduced | 226,475 | $29,860,728 | 0.99% | |
| TLT |
iShares 20+ Year Treasury Bond ETF
|
NEW | 376,785 | $29,306,337 | 0.97% | |
| INTC |
Intel Corp
Technology
|
NEW | 197,123 | $23,700,098 | 0.78% | |
| GDX |
VanEck Gold Miners ETF
|
NEW | 252,819 | $22,197,508 | 0.73% | |
| NXPI |
NXP Semiconductors N.V.
Technology
|
NEW | 71,483 | $16,979,356 | 0.56% | |
| TS |
Tenaris SA
Energy
|
Added | 291,886 | $16,106,269 | 0.53% | |
| MMYT |
MakeMyTrip Ltd
Consumer Cyclical
|
Added | 339,484 | $16,023,644 | 0.53% | |
| MT |
ArcelorMittal
Basic Materials
|
NEW | 222,440 | $14,845,645 | 0.49% | |
| HAL |
Halliburton Co
Energy
|
Reduced | 442,069 | $14,057,794 | 0.47% | |
| VNET |
VNET Group, Inc.
Technology
|
Held | 1,467,195 | $8,142,932 | 0.27% | |
|
|
Reduced | 1,115,000 | $0 | 0.00% | ||
| EWY |
iShares Trust
|
NEW | 295,700 | $0 | 0.00% |
Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.