CC
Carrhae Capital LLP — 13F Portfolio Analysis & Stock Picks (Q2 2026)
Carrhae Capital LLPCIK: 0001555254
Long-term holderQuality / disciplined sizing
Total reported value
$3.6B
Reporting period: 2026-06-30 · Number of holdings: 29
Carrhae Capital LLP disclosed 29 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $3.6B and a quarterly turnover rate of 0.0%.
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Personality snowflake
- Concentration
- 51.08
- Portfolio Stability
- 0
- Momentum
- 50
- Sector conviction
- 44.82
- Diversification
- 56
- Sizing Uniformity
- 83.66
Carrhae Capital LLP's disclosed holdings carry a Herfindahl concentration index of 0.128 — mathematically equivalent to about 8 equally-sized positions, well below its 29 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.63), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 34% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govNew buy EEM
Trim QQQ
-41.7% -$366.8M
Sold out SLV
Add GLD
+347.7% $165.5M
New buy SE
Trim ITUB
-52.8% -$92.5M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
Showing top 28 holdings (of 29 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | QQQ | Invesco Qqq Trust Series 1 | ETF-Tech | 29.36% | -13.50% | -41.72% | |
| 2 | EEM | Ishares Msci Emerging Market | ETF-Emerging Markets | 15.16% | +15.16% | NEW | |
| 3 | GLD | Spdr Gold Shares | ETF-Commodities | 6.18% | +4.43% | +347.72% | |
| 4 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 5.47% | -1.21% | -37.11% | |
| 5 | BABA | Alibaba Group Holding-sp Adr | Stock-Consumer Disc | 5.14% | -1.25% | +14.20% | |
| 6 | SE | Sea Ltd-adr | Stock-Comm Services | 3.88% | +3.88% | NEW | |
| 7 | EMBJ | Embraer Sa-spon Adr | Stock-Industrials | 3.58% | -1.56% | -29.73% | |
| 8 | EGO | Eldorado Gold CORP | Stock-Other | 3.36% | -1.68% | -20.19% | |
| 9 | IBN | Icici Bank Ltd-spon Adr | Stock-Financials | 2.80% | -1.11% | -30.63% | |
| 10 | GDS | Gds Holdings LTD - Adr | Stock-Other | 2.74% | +0.10% | +51.07% | |
| 11 | PBR | Petroleo Brasileiro-spon Adr | Stock-Energy | 2.41% | +2.41% | NEW | |
| 12 | ITUB | Itau Unibanco H-spon Prf Adr | Stock-Financials | 2.18% | -2.95% | -52.83% | |
| 13 | GGAL | Grupo Financiero Galicia-adr | Stock-Other | 1.88% | +1.88% | NEW | |
| 14 | KWEB | Kranesh Csi China Internet | ETF-Emerging Markets | 1.82% | +0.24% | +44.77% | |
| 15 | ASML | ASML Holding N.V. | Stock-Tech | 1.76% | +1.76% | NEW | |
| 16 | USO | United States Oil Fund LP | ETF-Other | 1.75% | -0.53% | — | |
| 17 | CPA | Copa Holdings, S.A. | Stock-Other | 1.72% | -0.04% | -22.75% | |
| 18 | AU | AngloGold Ashanti plc | Stock-Materials | 1.69% | +0.95% | +199.10% | |
| 19 | PPC | Pilgrim's Pride CORP | Stock-Consumer Staples | 1.44% | +1.44% | NEW | |
| 20 | NTES | Netease Inc-adr | Stock-Comm Services | 1.08% | +0.85% | +343.24% | |
| 21 | SLB | Slb LTD | Stock-Energy | 1.07% | +0.21% | +49.84% | |
| 22 | CPNG | Coupang Inc | Stock-Consumer Disc | 1.05% | +1.05% | NEW | |
| 23 | HAL | Halliburton Co | Stock-Energy | 0.68% | -0.02% | +21.49% | |
| 24 | BBD | Banco Bradesco-adr | Stock-Other | 0.43% | +0.43% | NEW | |
| 25 | TS | Tenaris Sa-adr | Stock-Other | 0.43% | -0.16% | -17.52% | |
| 26 | MMYT | MakeMyTrip Limited | Stock-Other | 0.33% | +0.16% | +47.04% | |
| 27 | VNET | Vnet Group Inc-adr | Stock-Other | 0.33% | -0.05% | -3.03% | |
| 28 | BEKE | Ke Holdings Inc-adr | Stock-Other | 0.28% | +0.28% | NEW |
Portfolio Performance
Performance for Q3 2026
+0.5%
Performance Last 4 Quarters
+33.7%
- Stdev
- +15.3%
- Beta
- +0.58
- Alpha
- +19.4%
- Max Drawdown
- -10.4%
- Annualized Perf
- +34.3%
- Batting Avg vs S&P
- +52.8%
- Sortino
- +4.31
- Stutzer
- +0.56
- Treynor
- +0.54
- Sterling
- +2.13
- Calmar
- +3.3
- Information Ratio
- +0.76
- Tracking Error
- +14.5%
- Stdev Down
- +7.2%
- Winning Months %
- +69.4%
- Losing Months %
- +30.6%
- Best 12 Months
- +72.4%
- Worst 12 Months
- +24.2%
- Efficiency Ratio
- +0.95
- Sharpe
- +2.02
- Stdev Sectors
- +5.5%
- Skewness
- -0.51
- Kurtosis
- +0.43
- Upside Potential
- +5.64
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 29 | $3.6B | 0 | ||
| 2026 Q1 | 29 | $3.3B | 100 | ||
| 2025 Q4 | 35 | $2.6B | 81 | ||
| 2025 Q3 | 27 | $1.7B | 100 | ||
| 2025 Q2 | 28 | $1.4B | 0 | ||
| 2025 Q1 | 24 | $1.4B | 0 | ||
| 2024 Q4 | 25 | $1.2B | 0 | ||
| 2024 Q3 | 22 | $875.5M | 0 | ||
| 2024 Q2 | 21 | $866.7M | 0 | ||
| 2024 Q1 | 21 | $562.3M | 0 | ||
| 2023 Q4 | 21 | $506.0M | 0 | ||
| 2023 Q3 | 15 | $291.2M | 0 | ||
| 2023 Q2 | 14 | $226.8M | — | ||
| 2023 Q1 | 21 | $314.9M | — | ||
| 2022 Q4 | 24 | $471.8M | — | ||
| 2022 Q3 | 15 | $137.4M | — | ||
| 2022 Q2 | 18 | $118.5M | — | ||
| 2022 Q1 | 18 | $277.4M | — | ||
| 2021 Q4 | 14 | $291.9M | — | ||
| 2021 Q3 | 11 | $289.7M | — | ||
| 2021 Q2 | 16 | $454.1M | — | ||
| 2021 Q1 | 12 | $357.3M | — | ||
| 2020 Q4 | 9 | $187.3M | — | ||
| 2020 Q3 | 9 | $169.1M | — | ||
| 2020 Q2 | 10 | $156.7M | — | ||
| 2020 Q1 | 8 | $123.6M | — | ||
| 2019 Q4 | 8 | $306.7M | — | ||
| 2019 Q3 | 12 | $290.3M | — | ||
| 2019 Q2 | 16 | $319.4M | — | ||
| 2019 Q1 | 13 | $237.8M | — | ||
| 2018 Q4 | 11 | $314.5M | — | ||
| 2018 Q3 | 8 | $329.5M | — | ||
| 2018 Q2 | 8 | $283.7M | — | ||
| 2018 Q1 | 6 | $97.6M | — | ||
| 2017 Q4 | 11 | $365.4M | — | ||
| 2017 Q3 | 11 | $390.8M | — | ||
| 2017 Q2 | 6 | $133.6M | — | ||
| 2017 Q1 | 7 | $143.2M | — | ||
| 2016 Q4 | 11 | $235.8M | — | ||
| 2016 Q3 | 12 | $128.6M | — | ||
| 2016 Q2 | 13 | $107.5M | — | ||
| 2016 Q1 | 9 | $116.1M | — | ||
| 2015 Q4 | 5 | $36.8M | — | ||
| 2015 Q3 | 12 | $77.6M | — | ||
| 2015 Q2 | 13 | $227.6M | — | ||
| 2015 Q1 | 11 | $156.1M | — | ||
| 2014 Q4 | 8 | $115.9M | — |
Holding changes this quarter
Carrhae Capital LLP's most significant position changes for 2026-06-30: New buy: Ishares Msci Emerging Market (EEM); Sold out: Ishares Silver Trust (SLV); New buy: Sea Ltd-adr (SE); New buy: Petroleo Brasileiro-spon Adr (PBR); New buy: Grupo Financiero Galicia-adr (GGAL).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | EEM | Ishares Msci Emerging Market | +15.2% | NEW | New buy |
| 2 | GLD | Spdr Gold Shares | +4.4% | +347.72% | Add |
| 3 | SE | Sea Ltd-adr | +3.9% | NEW | New buy |
| 4 | PBR | Petroleo Brasileiro-spon Adr | +2.4% | NEW | New buy |
| 5 | GGAL | Grupo Financiero Galicia-adr | +1.9% | NEW | New buy |
| 6 | ASML | ASML Holding N.V. | +1.8% | NEW | New buy |
| 7 | PPC | Pilgrim's Pride CORP | +1.4% | NEW | New buy |
| 8 | CPNG | Coupang Inc | +1.1% | NEW | New buy |
| 9 | AU | AngloGold Ashanti plc | +1% | +199.10% | Add |
| 10 | NTES | Netease Inc-adr | +0.9% | +343.24% | Add |
| 11 | BBD | Banco Bradesco-adr | +0.4% | NEW | New buy |
| 12 | BEKE | Ke Holdings Inc-adr | +0.3% | NEW | New buy |
| 13 | KWEB | Kranesh Csi China Internet | +0.2% | +44.77% | Add |
| 14 | SLB | Slb LTD | +0.2% | +49.84% | Add |
| 15 | MMYT | MakeMyTrip Limited | +0.2% | +47.04% | Add |
| 16 | GDS | Gds Holdings LTD - Adr | +0.1% | +51.07% | Add |
| 17 | HAL | Halliburton Co | 0% | +21.49% | Add |
| 18 | CPA | Copa Holdings, S.A. | 0% | -22.75% | Trim |
| 19 | VNET | Vnet Group Inc-adr | -0.1% | -3.03% | Trim |
| 20 | TS | Tenaris Sa-adr | -0.2% | -17.52% | Trim |
| 21 | VIST | Vista Energy Sab De Cv | -0.2% | EXIT | Sold out |
| 22 | RNW | ReNew Energy Global Plc | -0.2% | EXIT | Sold out |
| 23 | MT | Arcelormittal-ny Registered | -0.3% | EXIT | Sold out |
| 24 | USO | United States Oil Fund LP | -0.5% | — | Unchanged |
| 25 | HSAI | Hesai Group | -0.9% | EXIT | Sold out |
| 26 | IBN | Icici Bank Ltd-spon Adr | -1.1% | -30.63% | Trim |
| 27 | TSM | Taiwan Semiconductor-sp Adr | -1.2% | -37.11% | Trim |
| 28 | BABA | Alibaba Group Holding-sp Adr | -1.3% | +14.20% | Add |
| 29 | ASHR | Xtrackers Harvest Csi 300 Ch | -1.3% | EXIT | Sold out |
| 30 | JBS | Jbs N.v. | -1.4% | EXIT | Sold out |
| 31 | EMBJ | Embraer Sa-spon Adr | -1.6% | -29.73% | Trim |
| 32 | PDD | Pdd Holdings Inc | -1.6% | EXIT | Sold out |
| 33 | EGO | Eldorado Gold CORP | -1.7% | -20.19% | Trim |
| 34 | ITUB | Itau Unibanco H-spon Prf Adr | -3% | -52.83% | Trim |
| 35 | SLV | Ishares Silver Trust | -5.4% | EXIT | Sold out |
| 36 | QQQ | Invesco Qqq Trust Series 1 | -13.5% | -41.72% | Trim |
Filing History
FAQ
What is Carrhae Capital LLP and what type of investor is it?
Carrhae Capital LLP is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $3.6B, spread across 29 disclosed positions.
What are Carrhae Capital LLP's largest equity positions?
Based on the latest 13F filing, Carrhae Capital LLP's top holdings by market value are:
1. Invesco Qqq Trust Series 1 (QQQ) — $1.1B (29.4%)
2. Ishares Msci Emerging Market (EEM) — $549.2M (15.2%)
3. Spdr Gold Shares (GLD) — $224.0M (6.2%)
4. Taiwan Semiconductor-sp Adr (TSM) — $198.0M (5.5%)
5. Alibaba Group Holding-sp Adr (BABA) — $186.3M (5.1%)
What changes did Carrhae Capital LLP make in its most recent portfolio filing?
In the latest reported quarter, Carrhae Capital LLP made 35 notable position adjustments: 9 new positions were initiated, 9 existing holdings were added to, 9 positions were partially reduced, and 8 were completely exited. The largest of these moves: New buy: Ishares Msci Emerging Market (EEM); Sold out: Ishares Silver Trust (SLV); New buy: Sea Ltd-adr (SE); New buy: Petroleo Brasileiro-spon Adr (PBR); New buy: Grupo Financiero Galicia-adr (GGAL)
What sectors does Carrhae Capital LLP focus on?
Carrhae Capital LLP is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 21.1%
• Consumer Discretionary: 18.1%
• Financials: 14.5%
• Communication Services: 14.5%
• Energy: 12.2%
• Industrials: 10.4%
* This report is exclusively curated by the AlphaSMO team. AlphaSMO is the web's most authoritative 13F / Inside Trader database, delivering precise insider trading and institutional holdings insights.
Investment Profile
Carrhae Capital LLP returned an annualized 34.3% over the trailing 36 months — outperforming the S&P 500 by 19.4 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.58 (less volatile than the market) and a 53% quarterly batting average against the index.
Its portfolio is moderately concentrated and long-term-holding.
Its concentration score has risen from 22 to 51 over the past 4 quarters — a shift toward higher-conviction positions.
It has added to its GLD position for two straight quarters, increasing it by $195.4M to reach $224.0M.
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