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Carrhae Capital LLP

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13F filer, CIK 1555254, London, United Kingdom

Carrhae Capital LLP reported $3,621,690,093 across 29 holdings for the quarter ended 2026-06-30, in a 13F-HR filed 2026-07-15. Its ten largest share positions make up 71.71% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001172661-26-002627

Period
2026-06-30
Reported value
$3.62B
Holdings
29
Top 10 weight
71.71%
New
9
Sold out
9

Part of the filer group Carrhae Capital LLP

How groups are built

Largest buys vs the previous quarter

SecurityShares changeApprox. value
SEnew+1,466,148$141M
PBRnew+5,411,909$87.5M
GGALnew+1,360,220$68.1M
ASMLnew+32,056$63.8M
PPCnew+1,856,460$52.2M

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
ITUBreduced-10,800,127-$88.2M
BABAreduced-833,910-$80M
TSMreduced-144,324-$68.9M
EMBJreduced-858,914-$54.8M
PDDexited-515,274-$52.7M

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.

Holdings, Q2 2026

Share positions as resolved from 13F-HR 0001172661-26-002627, largest first. % of portfolio is the value over $1,517,496,827, 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; 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; 2026Q2: 414,556 shares 414,556$198M13.05%-144,324Timeline
SESEA LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q3: 549,394 shares; 2024Q4: 474,672 shares; 2025Q1: 551,700 shares; 2025Q2: 412,960 shares; 2025Q3: 533,060 shares; 2025Q4: 843,557 shares; 2026Q1: not reported; 2026Q2: 1,466,148 shares 1,466,148$141M9.26%newTimeline
EMBJEMBRAER S.A.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 2,029,766 shares 2,029,766$129M8.53%-858,914Timeline
EGOELDORADO GOLD CORP NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 3,909,137 shares 3,909,137$122M8.01%-988,614Timeline
IBNICICI BK LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 3,496,179 shares 3,496,179$101M6.69%-1,543,564Timeline
GDSGDS HLDGS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 3,300,419 shares 3,300,419$99.1M6.53%+1,115,757Timeline
PBRPETROLEO BRASILEIRO S AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 4,516,382 shares; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: not reported; 2026Q2: 5,411,909 shares 5,411,909$87.5M5.76%newTimeline
ITUBITAU UNIBANCO HLDG S AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 20,443,133 shares; 2026Q2: 9,643,006 shares 9,643,006$78.8M5.19%-10,800,127Timeline
GGALGRUPO FINANCIERO GALICIA S.AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 315,700 shares; 2025Q4: 795,204 shares; 2026Q1: not reported; 2026Q2: 1,360,220 shares 1,360,220$68.1M4.48%newTimeline
ASMLASML HLDG NVQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: not reported; 2026Q2: 32,056 shares 32,056$63.8M4.2%newTimeline
CPACOPA HOLDINGS SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 400,262 shares 400,262$62.3M4.1%-117,852Timeline
AUANGLOGOLD ASHANTI PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 756,610 shares 756,610$61.2M4.03%+503,644Timeline
PPCPILGRIMS PRIDE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: not reported; 2026Q2: 1,856,460 shares 1,856,460$52.2M3.44%newTimeline
BABAALIBABA GROUP HLDG LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 500,160 shares 500,160$48M3.16%-833,910Timeline
NTESNETEASE COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 69,167 shares; 2026Q2: 306,577 shares 306,577$39.3M2.59%+237,410Timeline
SLBSLB LIMITEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 556,816 shares; 2026Q2: 834,322 shares 834,322$38.8M2.56%+277,506Timeline
CPNGCOUPANG INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: not reported; 2026Q2: 2,198,457 shares 2,198,457$38.2M2.52%newTimeline
HALHALLIBURTON COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 597,721 shares; 2026Q2: 726,193 shares 726,193$24.7M1.62%+128,472Timeline
BBDBANCO BRADESCO S AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 16,185,404 shares; 2026Q1: not reported; 2026Q2: 4,484,271 shares 4,484,271$15.6M1.03%newTimeline
TSTENARIS S AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q3: not reported; 2024Q4: 437,806 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 337,428 shares; 2026Q2: 278,311 shares 278,311$15.4M1.02%-59,117Timeline
MMYTMAKEMYTRIP LIMITED MAURITIUSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 221,385 shares 221,385$11.8M0.78%+70,823Timeline
VNETVNET GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 1,513,055 shares; 2026Q2: 1,467,195 shares 1,467,195$11.8M0.78%-45,860Timeline
BEKEKE HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q3: not reported; 2024Q4: 1,745,724 shares; 2025Q1: not reported; 2025Q2: 1,361,179 shares; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: not reported; 2026Q2: 697,760 shares 697,760$10.1M0.67%newTimeline

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 COMput1,444,000$1.06B-1,033,800
EEMISHARES TR MSCI EMG MKT ETFput8,027,800$549Mnew
GLDSPDR GOLD TR GOLD SHScall608,000$224M+472,200
BABAALIBABA GROUP HLDG LTD SPONSORED ADScall1,440,800$138M+1,075,200
KWEBKRANESHARES TRUST CSI CHI INTERNETcall2,691,600$65.9M+832,400
USOUNITED STS OIL FD LP COMput596,800$63.5M0

Sold out in Q2 2026

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

SecurityShares beforeValue beforeType
SLVISHARES SILVER TR2,627,200$179Mcall
PDDPDD HOLDINGS INC515,274$52.7Mshares
JBSJBS N.V.2,546,345$45.7Mshares
ASHRDBX ETF TR1,335,300$43.6Mcall
TSMTAIWAN SEMICONDUCTOR MANUFAC100,300$33.9Mput
HSAIHESAI GROUP1,568,343$30Mshares
MTARCELORMITTAL SA LUXEMBOURG196,677$10.2Mshares
VISTVISTA ENERGY S.A.B. DE C.V.79,692$6.01Mshares
RNWRENEW ENERGY GLOBAL PLC1,277,071$5.85Mshares

How Q2 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 0001172661-26-002627 base2026-07-15acceptance time not in the bulk data set