Carrhae Capital LLP
CIK
1555254
Location
London, X0
Portfolio Value
Mid
$3,006,644,826
Diversification
Moderately concentrated
Filing Date
Global Rank
#152
/ 2,968
▲ 725
Top Industry
Internet Retail
22.0%
3Y Alpha vs SPY
+7.0%
Period ended 29 days ago
Filed Jul 15, 2026 · 14d
26 quarters · since Mar 2020
Clone Performance
Jul 2023–Jul 2026 · vs SPYHypothetical growth of buying every stock this filer reported holding, rebalancing on each filing and indexed to the same start. Option positions cannot be bought this way and are left out.
Not a measure of this manager's performance.
Most of Carrhae Capital LLP's reported book is option positions, which a stock-only clone
cannot replicate. The figures below are the return of the
90% that is ordinary stock — as little as
44% in one quarter — so a manager whose options
thesis lost money can still show a large gain here.
Cloned portfolio
+99.1%
SPY
+67.9%
Annualised alpha
+7.0%
Max drawdown
−19.6%
Estimate. 13F holdings are quarter-lagged, so the clone rebalances about 45 days after each period end — when the filing becomes public — and it excludes option and short positions. It tracks 90% of reported value on average across 13 quarters. Past performance does not predict future results.
Portfolio Concentration
26 tracked positions · as of Jun 30, 2026 · Δ vs Mar 31, 2026Top Position
35.4%
−8.8 pts
Top 5
60.3%
−8.1 pts
Top 10
78.2%
−9.8 pts
HHI
1,515
Moderately concentrated−681
Portfolio Trend
26 quarters · across all stocks
Sector Breakdown
As of Jun 30, 2026| Sector | % Portfolio | Value |
|---|---|---|
| Unclassified | 44.9% | $1,350,860,032 |
| Consumer Cyclical | 12.5% | $376,779,106 |
| Technology | 12.4% | $372,660,822 |
| Financial Services | 8.8% | $263,889,661 |
| Industrials | 6.4% | $191,767,829 |
| Basic Materials | 6.1% | $182,737,251 |
| Energy | 5.5% | $166,341,807 |
| Consumer Defensive | 1.7% | $52,185,090 |
| Communication Services | 1.3% | $39,284,776 |
| Real Estate | 0.3% | $10,138,452 |
Last Quarter's Activity
Export CSVAdded To
Positions the filer increased
8 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| GDS | GDS Holdings Ltd | +1,115,757 | 3,300,419 | $99,111,582 | |
| AU | AngloGold Ashanti PLC | +503,644 | 756,610 | $61,202,182 | |
| GLD | Spdr Gold Trust | +472,200 | 608,000 | $223,975,040 | |
| SLB | Slb Limited/Nv | +277,506 | 834,322 | $38,787,629 | |
| BABA | Alibaba Group Holding Ltd | +241,290 | 1,940,960 | $186,293,340 | |
| NTES | NetEase, Inc. | +237,410 | 306,577 | $39,284,776 | |
| HAL | Halliburton Co | +128,472 | 726,193 | $24,654,252 | |
| MMYT | MakeMyTrip Ltd | +70,823 | 221,385 | $11,797,606 | |
| No positions match the current search. | |||||
Trimmed
Positions the filer reduced
9 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| ITUB | Itau Unibanco Holding S.A. | −10,800,127 | 9,643,006 | $78,783,359 | |
| IBN | Icici Bank Ltd | −1,543,564 | 3,496,179 | $101,494,076 | |
| QQQ | Invesco Qqq Trust, Series 1 | −1,033,800 | 1,444,000 | $1,063,361,600 | |
| EGO | Eldorado Gold Corp /Fi | −988,614 | 3,909,137 | $121,535,069 | |
| EMBJ | Embraer S.A. | −858,914 | 2,029,766 | $129,499,070 | |
| TSM | Taiwan Semiconductor Manufacturing Co Ltd | −244,624 | 414,556 | $197,979,508 | |
| CPA | Copa Holdings, S.A. | −117,852 | 400,262 | $62,268,759 | |
| TS | Tenaris SA | −59,117 | 278,311 | $15,443,477 | |
| VNET | VNET Group, Inc. | −45,860 | 1,467,195 | $11,796,247 | |
| No positions match the current search. | |||||
New Positions
Positions the filer opened this quarter
8 positions
| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| SE | Sea Ltd | 1,466,148 | $140,500,962 | |
| PBR | Petrobras - Petroleo Brasileiro SA | 5,411,909 | $87,456,449 | |
| GGAL | Grupo Financiero Galicia SA | 1,360,220 | $68,051,806 | |
| ASML | Asml Holding NV | 32,056 | $63,773,485 | |
| PPC | Pilgrims Pride Corp | 1,856,460 | $52,185,090 | |
| 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. | ||||
Sold Out
Positions the filer fully exited
7 positions
| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| SLV | iShares Silver Trust | 2,627,200 | $179,017,408 | |
| PDD | PDD Holdings Inc. | 515,274 | $52,650,697 | |
| JBS | Jbs N.V. | 2,546,345 | $45,732,356 | |
| HSAI | Hesai Group | 1,568,343 | $29,986,718 | |
| MT | ArcelorMittal | 196,677 | $10,223,270 | |
| VIST | Vista Energy, S.A.B. de C.V. | 79,692 | $6,014,355 | |
| RNW | ReNew Energy Global plc | 1,277,071 | $5,848,985 | |
| No positions match the current search. | ||||
26 tracked positions ·
$3,006,644,826 total
· as of Jun 30, 2026
All sectors
Basic Materials
Communication Services
Consumer Cyclical
Consumer Defensive
Energy
Financial Services
Industrials
Real Estate
Technology
| Ticker | Company | Type | Shares | Value (USD) | % of Portfolio | History |
|---|---|---|---|---|---|---|
| QQQ |
Invesco Qqq Trust, Series 1
PUT
|
Reduced | 1,444,000 | $1,063,361,600 | 35.37% | |
| GLD |
Spdr Gold Trust
CALL
|
Added | 608,000 | $223,975,040 | 7.45% | |
| TSM |
Taiwan Semiconductor Manufacturing Co Ltd
Technology
|
Reduced | 414,556 | $197,979,508 | 6.58% | |
| BABA |
Alibaba Group Holding Ltd
CALL
+ SHARES
Consumer Cyclical
|
Added | 1,940,960 | $186,293,340 | 6.20% | |
| SE |
Sea Ltd
Consumer Cyclical
|
NEW | 1,466,148 | $140,500,962 | 4.67% | |
| EMBJ |
Embraer S.A.
Industrials
|
Reduced | 2,029,766 | $129,499,070 | 4.31% | |
| EGO |
Eldorado Gold Corp /Fi
Basic Materials
|
Reduced | 3,909,137 | $121,535,069 | 4.04% | |
| IBN |
Icici Bank Ltd
Financial Services
|
Reduced | 3,496,179 | $101,494,076 | 3.38% | |
| GDS |
GDS Holdings Ltd
Technology
|
Added | 3,300,419 | $99,111,582 | 3.30% | |
| PBR |
Petrobras - Petroleo Brasileiro SA
Energy
|
NEW | 5,411,909 | $87,456,449 | 2.91% | |
| ITUB |
Itau Unibanco Holding S.A.
Financial Services
|
Reduced | 9,643,006 | $78,783,359 | 2.62% | |
| GGAL |
Grupo Financiero Galicia SA
Financial Services
|
NEW | 1,360,220 | $68,051,806 | 2.26% | |
| ASML |
Asml Holding NV
Technology
|
NEW | 32,056 | $63,773,485 | 2.12% | |
| USO |
United States Oil Fund, LP
PUT
|
Held | 596,800 | $63,523,392 | 2.11% | |
| CPA |
Copa Holdings, S.A.
Industrials
|
Reduced | 400,262 | $62,268,759 | 2.07% | |
| AU |
AngloGold Ashanti PLC
Basic Materials
|
Added | 756,610 | $61,202,182 | 2.04% | |
| PPC |
Pilgrims Pride Corp
Consumer Defensive
|
NEW | 1,856,460 | $52,185,090 | 1.74% | |
| NTES |
NetEase, Inc.
Communication Services
|
Added | 306,577 | $39,284,776 | 1.31% | |
| SLB |
Slb Limited/Nv
Energy
|
Added | 834,322 | $38,787,629 | 1.29% | |
| CPNG |
Coupang, Inc.
Consumer Cyclical
|
NEW | 2,198,457 | $38,187,198 | 1.27% | |
| HAL |
Halliburton Co
Energy
|
Added | 726,193 | $24,654,252 | 0.82% | |
| BBD |
Bank Bradesco
Financial Services
|
NEW | 4,484,271 | $15,560,420 | 0.52% | |
| TS |
Tenaris SA
Energy
|
Reduced | 278,311 | $15,443,477 | 0.51% | |
| MMYT |
MakeMyTrip Ltd
Consumer Cyclical
|
Added | 221,385 | $11,797,606 | 0.39% | |
| VNET |
VNET Group, Inc.
Technology
|
Reduced | 1,467,195 | $11,796,247 | 0.39% | |
| BEKE |
KE Holdings Inc.
Real Estate
|
NEW | 697,760 | $10,138,452 | 0.34% |
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.