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Carrhae Capital LLP

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13F filer, CIK 1555254, London, United Kingdom

Carrhae Capital LLP reported $3,336,949,917 across 29 holdings for the quarter ended 2026-03-31, in a 13F-HR filed 2026-05-14. Its ten largest share positions make up 87.7% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001172661-26-001832

Period
2026-03-31
Reported value
$3.34B
Holdings
29
Top 10 weight
87.7%
New
10
Sold out
16

Part of the filer group Carrhae Capital LLP

How groups are built

Largest buys vs the previous quarter

SecurityShares changeApprox. value
ITUBnew+20,443,133$171M
BABAadded+1,025,431$129M
EMBJadded+1,741,411$103M
IBNadded+3,046,977$78.9M
CPAadded+393,397$44.7M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
SEexited-843,557-$108M
TECKexited-2,063,912-$98.8M
NUexited-4,942,239-$82.7M
FNVexited-293,772-$60.9M
VISTreduced-750,520-$56.6M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q1 2026

Share positions as resolved from 13F-HR 0001172661-26-001832, largest first. % of portfolio is the value over $1,417,213,914, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
TSMTAIWAN SEMICONDUCTOR MANUFACQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 363,263 shares; 2024Q4: 383,886 shares; 2025Q1: not reported; 2025Q2: 258,001 shares; 2025Q3: 196,332 shares; 2025Q4: 588,459 shares; 2026Q1: 558,880 shares 558,880$189M13.33%-29,579Timeline
EMBJEMBRAER S.A.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 1,803,821 shares; 2024Q4: 2,670,740 shares; 2025Q1: not reported; 2025Q2: 1,973,790 shares; 2025Q3: 1,178,651 shares; 2025Q4: 1,147,269 shares; 2026Q1: 2,888,680 shares 2,888,680$171M12.1%+1,741,411Timeline
ITUBITAU UNIBANCO HLDG S AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 20,443,133 shares 20,443,133$171M12.09%newTimeline
EGOELDORADO GOLD CORP NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 5,302,497 shares; 2024Q4: 6,040,730 shares; 2025Q1: 6,689,304 shares; 2025Q2: 4,514,485 shares; 2025Q3: 4,994,738 shares; 2025Q4: 4,010,214 shares; 2026Q1: 4,897,751 shares 4,897,751$168M11.86%+887,537Timeline
BABAALIBABA GROUP HLDG LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 724,856 shares; 2024Q4: not reported; 2025Q1: 558,973 shares; 2025Q2: 523,722 shares; 2025Q3: 498,234 shares; 2025Q4: 308,639 shares; 2026Q1: 1,334,070 shares 1,334,070$167M11.81%+1,025,431Timeline
IBNICICI BK LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 1,325,165 shares; 2024Q4: 1,751,047 shares; 2025Q1: 2,581,585 shares; 2025Q2: not reported; 2025Q3: 4,002,553 shares; 2025Q4: 1,992,766 shares; 2026Q1: 5,039,743 shares 5,039,743$131M9.21%+3,046,977Timeline
GDSGDS HLDGS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 416,903 shares; 2025Q3: 1,648,278 shares; 2025Q4: 2,167,199 shares; 2026Q1: 2,184,662 shares 2,184,662$88M6.21%+17,463Timeline
CPACOPA HOLDINGS SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 555,900 shares; 2024Q4: 701,867 shares; 2025Q1: 777,929 shares; 2025Q2: 512,143 shares; 2025Q3: not reported; 2025Q4: 124,717 shares; 2026Q1: 518,114 shares 518,114$58.9M4.15%+393,397Timeline
PDDPDD HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 447,960 shares; 2024Q4: 60,220 shares; 2025Q1: 196,437 shares; 2025Q2: 503,595 shares; 2025Q3: 386,924 shares; 2025Q4: 222,654 shares; 2026Q1: 515,274 shares 515,274$52.7M3.72%+292,620Timeline
JBSJBS N.V.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 404,673 shares; 2025Q4: 3,649,226 shares; 2026Q1: 2,546,345 shares 2,546,345$45.7M3.23%-1,102,881Timeline
HSAIHESAI GROUPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 1,568,343 shares 1,568,343$30M2.12%newTimeline
SLBSLB LIMITEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 556,816 shares 556,816$28.6M2.02%newTimeline
AUANGLOGOLD ASHANTI PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 1,281,410 shares; 2024Q4: 3,459,193 shares; 2025Q1: 1,340,959 shares; 2025Q2: 1,200,111 shares; 2025Q3: 1,104,051 shares; 2025Q4: 98,283 shares; 2026Q1: 252,966 shares 252,966$24.6M1.74%+154,683Timeline
HALHALLIBURTON COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 597,721 shares 597,721$23.3M1.64%newTimeline
TSTENARIS S AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 437,806 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 337,428 shares 337,428$19.6M1.39%newTimeline
VNETVNET GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 1,513,055 shares 1,513,055$12.7M0.9%newTimeline
MTARCELORMITTAL SA LUXEMBOURGQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 196,677 shares 196,677$10.2M0.72%newTimeline
NTESNETEASE COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 69,167 shares 69,167$7.74M0.55%newTimeline
VISTVISTA ENERGY S.A.B. DE C.V.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 400,582 shares; 2025Q3: 688,405 shares; 2025Q4: 830,212 shares; 2026Q1: 79,692 shares 79,692$6.01M0.42%-750,520Timeline
RNWRENEW ENERGY GLOBAL PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 3,654,991 shares; 2024Q4: 3,654,991 shares; 2025Q1: 3,654,991 shares; 2025Q2: 2,767,298 shares; 2025Q3: 2,767,298 shares; 2025Q4: 2,458,933 shares; 2026Q1: 1,277,071 shares 1,277,071$5.85M0.41%-1,181,862Timeline
MMYTMAKEMYTRIP LIMITED MAURITIUSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 354,959 shares; 2024Q4: 210,950 shares; 2025Q1: 397,945 shares; 2025Q2: 576,586 shares; 2025Q3: 378,097 shares; 2025Q4: 750,942 shares; 2026Q1: 150,562 shares 150,562$5.61M0.4%-600,380Timeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
QQQINVESCO QQQ TR COMput2,477,800$1.43B+2,014,600
SLVISHARES SILVER TR COMcall2,627,200$179M-727,600
USOUNITED STS OIL FD LP COMput596,800$75.9Mnew
GLDSPDR GOLD TR GOLD SHScall135,800$58.4M+63,600
KWEBKRANESHARES TRUST CSI CHI INTERNETcall1,859,200$52.9M-4,974,300
BABAALIBABA GROUP HLDG LTD SPONSORED ADScall365,600$45.9Mnew
ASHRDBX ETF TR XTRACK HRVST CSIcall1,335,300$43.6M-2,647,900
TSMTAIWAN SEMICONDUCTOR MANUFAC SPONSORED ADSput100,300$33.9M-12,800

Sold out in Q1 2026

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
EEMISHARES TR3,940,000$216Mput
SESEA LTD843,557$108Mshares
TECKTECK RESOURCES LTD2,063,912$98.8Mshares
NUNU HLDGS LTD4,942,239$82.7Mshares
FNVFRANCO NEV CORP293,772$60.9Mshares
BBDBANCO BRADESCO S A16,185,404$53.9Mshares
BAPCREDICORP LTD168,399$48.3Mshares
SNPSSYNOPSYS INC95,365$44.8Mshares
BIDUBAIDU INC341,747$44.7Mshares
GGALGRUPO FINANCIERO GALICIA S.A795,204$42.9Mshares
YMMFULL TRUCK ALLIANCE CO LTD3,807,441$40.9Mshares
EQTEQT CORP745,266$39.9Mshares
WRDWERIDE INC2,421,132$21Mshares
HBMHUDBAY MINERALS INC802,513$15.9Mshares
KSPIKASPI KZ JSC50,668$3.96Mshares
RNWWWRENEW ENERGY GLOBAL PLC64,966$526shares

How Q1 2026 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001172661-26-001832 base2026-05-14acceptance time not in the bulk data set