Carrhae Capital LLP
CIK
1555254
Location
London, X0
Portfolio Value
Mid
$3,240,508,660
Diversification
Moderately concentrated
Filing Date
Global Rank
#871
/ 8,603
▲ 318
· as of Mar 2026
Top Industry
Banks - Regional
20.2%
3Y Alpha vs SPY
+7.8%
Period ended 3 months ago
Filed May 14, 2026 · 56d
25 quarters · since Mar 2020
Clone Performance
Jul 2023–Jul 2026 · vs SPYHypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.
Cloned portfolio
+110.1%
SPY
+76.0%
Annualised alpha
+7.4%
Max drawdown
−19.6%
Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.
Portfolio Concentration
25 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025Top Position
44.1%
+30.3 pts
Top 5
68.4%
+21.6 pts
Top 10
88.0%
+22.2 pts
HHI
2,195
Moderately concentrated+1,567
Portfolio Trend
25 quarters · across all stocks
Sector Breakdown
As of Mar 31, 2026| Sector | % Portfolio | Value |
|---|---|---|
| Unclassified | 53.8% | $1,743,530,194 |
| Technology | 10.0% | $323,484,443 |
| Financial Services | 9.3% | $301,842,797 |
| Consumer Cyclical | 9.3% | $301,492,469 |
| Industrials | 7.1% | $230,277,202 |
| Basic Materials | 6.3% | $202,991,830 |
| Energy | 2.4% | $77,565,831 |
| Consumer Defensive | 1.4% | $45,732,356 |
| Communication Services | 0.2% | $7,742,553 |
| Utilities | 0.2% | $5,848,985 |
Last Quarter's Activity
Export CSVAdded To
Positions the filer increased
10 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| IBN | Icici Bank Ltd | +3,046,977 | 5,039,743 | $130,529,343 | |
| QQQ | Invesco Qqq Trust, Series 1 | +2,014,600 | 2,477,800 | $1,430,136,604 | |
| EMBJ | Embraer S.A. | +1,741,411 | 2,888,680 | $171,414,271 | |
| BABA | Alibaba Group Holding Ltd | +1,391,031 | 1,699,670 | $213,240,598 | |
| EGO | Eldorado Gold Corp /Fi | +887,537 | 4,897,751 | $168,139,791 | |
| CPA | Copa Holdings, S.A. | +393,397 | 518,114 | $58,862,931 | |
| PDD | PDD Holdings Inc. | +292,620 | 515,274 | $52,650,697 | |
| AU | AngloGold Ashanti PLC | +154,683 | 252,966 | $24,628,769 | |
| GLD | Spdr Gold Trust | +63,600 | 135,800 | $58,433,382 | |
| GDS | GDS Holdings Ltd | +17,463 | 2,184,662 | $88,020,031 | |
| No positions match the current search. | |||||
Trimmed
Positions the filer reduced
6 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| RNW | ReNew Energy Global plc | −1,181,862 | 1,277,071 | $5,848,985 | |
| JBS | Jbs N.V. | −1,102,881 | 2,546,345 | $45,732,356 | |
| VIST | Vista Energy, S.A.B. de C.V. | −750,520 | 79,692 | $6,014,355 | |
| SLV | iShares Silver Trust | −727,600 | 2,627,200 | $179,017,408 | |
| MMYT | MakeMyTrip Ltd | −600,380 | 150,562 | $5,614,456 | |
| TSM | Taiwan Semiconductor Manufacturing Co Ltd | −42,379 | 659,180 | $222,769,881 | |
| No positions match the current search. | |||||
New Positions
Positions the filer opened this quarter
9 positions
| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| ITUB | Itau Unibanco Holding S.A. | 20,443,133 | $171,313,454 | |
| USO | United States Oil Fund, LP | 596,800 | $75,942,800 | |
| HSAI | Hesai Group | 1,568,343 | $29,986,718 | |
| SLB | Slb Limited/Nv | 556,816 | $28,614,774 | |
| HAL | Halliburton Co | 597,721 | $23,305,141 | |
| TS | Tenaris SA | 337,428 | $19,631,561 | |
| VNET | VNET Group, Inc. | 1,513,055 | $12,694,531 | |
| MT | ArcelorMittal | 196,677 | $10,223,270 | |
| NTES | NetEase, Inc. | 69,167 | $7,742,553 | |
| No positions match the current search. | ||||
Sold Out
Positions the filer fully exited
14 positions
| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| SE | Sea Ltd | 843,557 | $107,612,566 | |
| TECK | Teck Resources Ltd | 2,063,912 | $98,840,745 | |
| NU | Nu Holdings Ltd. | 4,942,239 | $82,733,080 | |
| FNV | FRANCO NEVADA Corp | 293,772 | $60,893,060 | |
| BBD | Bank Bradesco | 16,185,404 | $53,897,395 | |
| BAP | Credicorp Ltd | 168,399 | $48,330,513 | |
| SNPS | Synopsys Inc | 95,365 | $44,794,847 | |
| BIDU | Baidu, Inc. | 341,747 | $44,652,663 | |
| GGAL | Grupo Financiero Galicia SA | 795,204 | $42,893,303 | |
| YMM | Full Truck Alliance Co. Ltd. | 3,807,441 | $40,853,841 | |
| EQT | EQT Corp | 745,266 | $39,946,257 | |
| WRD | WeRide Inc. | 2,421,132 | $21,015,425 | |
| HBM | Hudbay Minerals Inc. | 802,513 | $15,929,883 | |
| KSPI | Joint Stock Co Kaspi.kz | 50,668 | $3,958,690 | |
| No positions match the current search. | ||||
25 positions ·
$3,240,508,660 total
· as of Mar 31, 2026
All sectors
Basic Materials
Communication Services
Consumer Cyclical
Consumer Defensive
Energy
Financial Services
Industrials
Technology
Utilities
| Ticker | Company | Type | Shares | Value (USD) | % of Portfolio | History |
|---|---|---|---|---|---|---|
| QQQ |
Invesco Qqq Trust, Series 1
|
Added | 2,477,800 | $1,430,136,604 | 44.13% | |
| TSM |
Taiwan Semiconductor Manufacturing Co Ltd
Technology
|
Reduced | 659,180 | $222,769,881 | 6.87% | |
| BABA |
Alibaba Group Holding Ltd
Consumer Cyclical
|
Added | 1,699,670 | $213,240,598 | 6.58% | |
| SLV |
iShares Silver Trust
|
Reduced | 2,627,200 | $179,017,408 | 5.52% | |
| EMBJ |
Embraer S.A.
Industrials
|
Added | 2,888,680 | $171,414,271 | 5.29% | |
| ITUB |
Itau Unibanco Holding S.A.
Financial Services
|
NEW | 20,443,133 | $171,313,454 | 5.29% | |
| EGO |
Eldorado Gold Corp /Fi
Basic Materials
|
Added | 4,897,751 | $168,139,791 | 5.19% | |
| IBN |
Icici Bank Ltd
Financial Services
|
Added | 5,039,743 | $130,529,343 | 4.03% | |
| GDS |
GDS Holdings Ltd
Technology
|
Added | 2,184,662 | $88,020,031 | 2.72% | |
| USO |
United States Oil Fund, LP
|
NEW | 596,800 | $75,942,800 | 2.34% | |
| CPA |
Copa Holdings, S.A.
Industrials
|
Added | 518,114 | $58,862,931 | 1.82% | |
| GLD |
Spdr Gold Trust
|
Added | 135,800 | $58,433,382 | 1.80% | |
| PDD |
PDD Holdings Inc.
Consumer Cyclical
|
Added | 515,274 | $52,650,697 | 1.62% | |
| JBS |
Jbs N.V.
Consumer Defensive
|
Reduced | 2,546,345 | $45,732,356 | 1.41% | |
| HSAI |
Hesai Group
Consumer Cyclical
|
NEW | 1,568,343 | $29,986,718 | 0.93% | |
| SLB |
Slb Limited/Nv
Energy
|
NEW | 556,816 | $28,614,774 | 0.88% | |
| AU |
AngloGold Ashanti PLC
Basic Materials
|
Added | 252,966 | $24,628,769 | 0.76% | |
| HAL |
Halliburton Co
Energy
|
NEW | 597,721 | $23,305,141 | 0.72% | |
| TS |
Tenaris SA
Energy
|
NEW | 337,428 | $19,631,561 | 0.61% | |
| VNET |
VNET Group, Inc.
Technology
|
NEW | 1,513,055 | $12,694,531 | 0.39% | |
| MT |
ArcelorMittal
Basic Materials
|
NEW | 196,677 | $10,223,270 | 0.32% | |
| NTES |
NetEase, Inc.
Communication Services
|
NEW | 69,167 | $7,742,553 | 0.24% | |
| VIST |
Vista Energy, S.A.B. de C.V.
Energy
|
Reduced | 79,692 | $6,014,355 | 0.19% | |
| RNW |
ReNew Energy Global plc
Utilities
|
Reduced | 1,277,071 | $5,848,985 | 0.18% | |
| MMYT |
MakeMyTrip Ltd
Consumer Cyclical
|
Reduced | 150,562 | $5,614,456 | 0.17% |