# Carrhae Capital LLP: Form 13F holdings

An institutional investment manager in London. SEC CIK 1555254.

- Quarter ended: 2026-06-30
- Filed: 2026-07-15
- Reported value: $3.62bn
- Positions: 29 (29 lines in the filing's table; lines for the same security and option type are added together here)
- Compared with: the 13F for the quarter ended 2026-03-31
- Filing: https://www.sec.gov/Archives/edgar/data/1555254/000117266126002627/

## Holdings

As filed, largest first. Reported value is what the manager stated at the quarter end (Jun 30, 2026), in US dollars; it is filing data, not a price. Weight is the share of the total reported value.

| Issuer | Class | Reported value | Weight | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | ---: | --- | --- |
| INVESCO QQQ TR | UNIT SER 1 | $1.06bn | 29.4% | 1,444,000 | Put | Reduced −1,033,800 |
| ISHARES TR | MSCI EMG MKT ETF | $549.2m | 15.2% | 8,027,800 | Put | New +8,027,800 |
| [SPDR GOLD TR (GLD)](/companies/gld.md) | GOLD SHS | $224.0m | 6.2% | 608,000 | Call | Added +472,200 |
| [TAIWAN SEMICONDUCTOR MANUFAC (TSM)](/companies/tsm.md) | SPONSORED ADS | $198.0m | 5.5% | 414,556 |  | Reduced −144,324 |
| [SEA LTD (SE)](/companies/se.md) | SPONSORD ADS | $140.5m | 3.9% | 1,466,148 |  | New +1,466,148 |
| [ALIBABA GROUP HLDG LTD (BABA)](/companies/baba.md) | SPONSORED ADS | $138.3m | 3.8% | 1,440,800 | Call | Added +1,075,200 |
| [EMBRAER S.A. (EMBJ)](/companies/embj.md) | SPONSORED ADS | $129.5m | 3.6% | 2,029,766 |  | Reduced −858,914 |
| [ELDORADO GOLD CORP NEW (EGO)](/companies/ego.md) | COM | $121.5m | 3.4% | 3,909,137 |  | Reduced −988,614 |
| [ICICI BANK LIMITED (IBN)](/companies/ibn.md) | ADR | $101.5m | 2.8% | 3,496,179 |  | Reduced −1,543,564 |
| [GDS HLDGS LTD (GDS)](/companies/gds.md) | SPONSORED ADS | $99.1m | 2.7% | 3,300,419 |  | Added +1,115,757 |
| [PETROLEO BRASILEIRO S A (PBR)](/companies/pbr.md) | SPONSORED ADR | $87.5m | 2.4% | 5,411,909 |  | New +5,411,909 |
| [ITAU UNIBANCO HLDG S A (ITUB)](/companies/itub.md) | SPON ADR REP PFD | $78.8m | 2.2% | 9,643,006 |  | Reduced −10,800,127 |
| [GRUPO FINANCIERO GALICIA S.A (GGAL)](/companies/ggal.md) | SPONSORED ADR | $68.1m | 1.9% | 1,360,220 |  | New +1,360,220 |
| KRANESHARES TRUST | CSI CHI INTERNET | $65.9m | 1.8% | 2,691,600 | Call | Added +832,400 |
| ASML HLDG NV | N Y REGISTRY SHS | $63.8m | 1.8% | 32,056 |  | New +32,056 |
| [UNITED STS OIL FD LP (USO)](/companies/uso.md) | UNITS | $63.5m | 1.8% | 596,800 | Put | Unchanged |
| COPA HOLDINGS SA | CL A | $62.3m | 1.7% | 400,262 |  | Reduced −117,852 |
| ANGLOGOLD ASHANTI PLC | COM SHS | $61.2m | 1.7% | 756,610 |  | Added +503,644 |
| [PILGRIMS PRIDE CORP (PPC)](/companies/ppc.md) | COM | $52.2m | 1.4% | 1,856,460 |  | New +1,856,460 |
| [ALIBABA GROUP HLDG LTD (BABA)](/companies/baba.md) | SPONSORED ADS | $48.0m | 1.3% | 500,160 |  | Reduced −833,910 |
| [NETEASE COM INC (NTES)](/companies/ntes.md) | SPONSORED ADS | $39.3m | 1.1% | 306,577 |  | Added +237,410 |
| [SLB LIMITED (SLB)](/companies/slb.md) | COM STK | $38.8m | 1.1% | 834,322 |  | Added +277,506 |
| [COUPANG INC (CPNG)](/companies/cpng.md) | CL A | $38.2m | 1.1% | 2,198,457 |  | New +2,198,457 |
| [HALLIBURTON CO (HAL)](/companies/hal.md) | COM | $24.7m | 0.7% | 726,193 |  | Added +128,472 |
| [BANCO BRADESCO S A (BBD)](/companies/bbd.md) | SP ADR PFD NEW | $15.6m | 0.4% | 4,484,271 |  | New +4,484,271 |
| [TENARIS S A (TS)](/companies/ts.md) | SPONSORED ADS | $15.4m | 0.4% | 278,311 |  | Reduced −59,117 |
| MAKEMYTRIP LIMITED MAURITIUS | SHS | $11.8m | 0.3% | 221,385 |  | Added +70,823 |
| [VNET GROUP INC (VNET)](/companies/vnet.md) | SPONSORED ADS A | $11.8m | 0.3% | 1,467,195 |  | Reduced −45,860 |
| [KE HLDGS INC (BEKE)](/companies/beke.md) | SPONSORED ADS | $10.1m | 0.3% | 697,760 |  | New +697,760 |

## Sold out

Held at the end of the quarter before and not reported this quarter.

| Issuer | Class | Reported value | Weight | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | ---: | --- | --- |
| [ARCELORMITTAL SA LUXEMBOURG (MT)](/companies/mt.md) | NY REGISTRY SH | $0 | 0.0% | 0 |  | Sold out −196,677 |
| DBX ETF TR | XTRACK HRVST CSI | $0 | 0.0% | 0 | Call | Sold out −1,335,300 |
| [HESAI GROUP (HSAI)](/companies/hsai.md) | SPONSORED ADS | $0 | 0.0% | 0 |  | Sold out −1,568,343 |
| [ISHARES SILVER TR (SLV)](/companies/slv.md) | ISHARES | $0 | 0.0% | 0 | Call | Sold out −2,627,200 |
| JBS N.V. | CL A SHS | $0 | 0.0% | 0 |  | Sold out −2,546,345 |
| [PDD HOLDINGS INC (PDD)](/companies/pdd.md) | SPONSORED ADS | $0 | 0.0% | 0 |  | Sold out −515,274 |
| RENEW ENERGY GLOBAL PLC | CL A SHS | $0 | 0.0% | 0 |  | Sold out −1,277,071 |
| [TAIWAN SEMICONDUCTOR MANUFAC (TSM)](/companies/tsm.md) | SPONSORED ADS | $0 | 0.0% | 0 | Put | Sold out −100,300 |
| [VISTA ENERGY S.A.B. DE C.V. (VIST)](/companies/vist.md) | SPONSORED ADS | $0 | 0.0% | 0 |  | Sold out −79,692 |

Source: SEC EDGAR, Form 13F-HR, accession 0001172661-26-002627. Last ingested by Listed: Oct 22, 2026, 05:26 ET. No prices; not investment advice.