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Carrhae Capital LLP
hedge fundUpdated 57 days agoManaged by Carrhae Capital Llp • Latest filing Q2 2026
Portfolio value
$3.6B
Q2 2026
Filings
47
Quarterly 13F history
Top-10 concentration
41.9%
Weight of largest holdings
Annualized return
26.5%
Implied from 13F holdings
Portfolio value history
13F-disclosed portfolio value over 23 quarters
Show data table
| Period | Portfolio value |
|---|---|
| Q4 2014 | $115.9M |
| Q1 2015 | $156.1M |
| Q1 2017 | $143.2M |
| Q3 2020 | $169.1M |
| Q4 2020 | $187.3M |
| Q1 2021 | $357.3M |
| Q2 2021 | $454.1M |
| Q3 2021 | $289.7M |
| Q4 2021 | $291.9M |
| Q1 2022 | $277.4M |
| Q2 2022 | $118.5M |
| Q3 2022 | $137.4M |
| Q4 2022 | $471.8M |
| Q1 2023 | $314.9M |
| Q2 2023 | $226.8M |
| Q3 2023 | $291.2M |
| Q4 2024 | $1.2B |
| Q1 2025 | $1.4B |
| Q2 2025 | $1.4B |
| Q3 2025 | $1.7B |
| Q4 2025 | $2.6B |
| Q1 2026 | $3.3B |
| Q2 2026 | $3.6B |
Top holdings
29 positions as of Q2 2026
| # | Stock | Value | Shares | % Portfolio | Change |
|---|---|---|---|---|---|
| 1 | Q QQQ INVESCO QQQ TR | $1.1B | 1.44M | 29.36% | — |
| 2 | E ETHA ISHARES TR | $549.2M | 8.03M | 15.16% | — |
| 3 | G GLD SPDR GOLD TR | $224M | 608.0K | 6.18% | — |
| 4 | T TSMWF TAIWAN SEMICONDUCTOR MANUFAC | $198M | 414.6K | 5.47% | — |
| 5 | S SE SEA LTD | $140.5M | 1.47M | 3.88% | — |
| 6 | B BBAAY ALIBABA GROUP HLDG LTD | $138.3M | 1.44M | 3.82% | — |
| 7 | E EMBJ EMBRAER S.A. | $129.5M | 2.03M | 3.58% | — |
| 8 | E EGO ELDORADO GOLD CORP NEW | $121.5M | 3.91M | 3.36% | — |
| 9 | I IBN ICICI BANK LIMITED | $101.5M | 3.50M | 2.80% | — |
| 10 | G GDHLF GDS HLDGS LTD | $99.1M | 3.30M | 2.74% | — |
| 11 | P PBR-A PETROLEO BRASILEIRO S A | $87.5M | 5.41M | 2.41% | — |
| 12 | I ITUB ITAU UNIBANCO HLDG S A | $78.8M | 9.64M | 2.18% | — |
| 13 | G GGAL GRUPO FINANCIERO GALICIA S.A | $68.1M | 1.36M | 1.88% | — |
| 14 | ? N/A KRANESHARES TRUST | $65.9M | 2.69M | 1.82% | — |
| 15 | A ASMLF ASML HLDG NV | $63.8M | 32.1K | 1.76% | — |
| 16 | U USO UNITED STS OIL FD LP | $63.5M | 596.8K | 1.75% | — |
| 17 | C CPA COPA HOLDINGS SA | $62.3M | 400.3K | 1.72% | — |
| 18 | A AU ANGLOGOLD ASHANTI PLC | $61.2M | 756.6K | 1.69% | — |
| 19 | P PPC PILGRIMS PRIDE CORP | $52.2M | 1.86M | 1.44% | — |
| 20 | B BBAAY ALIBABA GROUP HLDG LTD | $48M | 500.2K | 1.33% | — |