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Carrhae Capital LLP

Q1 2026 · Filed 2026-05-14
Market Value
$1.3B
-6.4%
Holdings
33
+5
New Purchases
8
Added To
7
Closed
14
Reduced
4
Top 10 Concentration
91.1%
Turnover
66.7%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
ITUB 12.72% 0.00% +12.72% $171M
BABA 12.43% 3.14% +9.28% $167M
ERJ 12.73% 5.13% +7.60% $171M
IBN 9.69% 4.13% +5.57% $131M
CPA 4.37% 1.04% +3.33% $59M
EGO 12.48% 10.01% +2.48% $168M
HSAI 2.23% 0.00% +2.23% $30M
PDD 3.91% 1.75% +2.16% $53M
SLB 2.12% 0.00% +2.12% $29M
HAL 1.73% 0.00% +1.73% $23M
TSM 14.02% 12.42% +1.60% $189M
TS 1.46% 0.00% +1.46% $20M
GDS 6.54% 5.25% +1.28% $88M
VNET 0.94% 0.00% +0.94% $13M
MT 0.76% 0.00% +0.76% $10M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
SE 0.00% 7.48% -7.48% $0
TECK 0.00% 6.87% -6.87% $0
NU 0.00% 5.75% -5.75% $0
FNV 0.00% 4.23% -4.23% $0
MMYT 0.42% 4.28% -3.87% $6M
BBD 0.00% 3.74% -3.74% $0
BAP 0.00% 3.36% -3.36% $0
SNPS 0.00% 3.11% -3.11% $0
BIDU 0.00% 3.10% -3.10% $0
GGAL 0.00% 2.98% -2.98% $0
YMM 0.00% 2.84% -2.84% $0
EQT 0.00% 2.77% -2.77% $0
VIST 0.45% 2.81% -2.36% $6M
WRD 0.00% 1.46% -1.46% $0
HBM 0.00% 1.11% -1.11% $0

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 2 $356M 26.5%
Large Cap 19 $615M 45.7%
Mid Cap 12 $375M 27.9%

Portfolio Analytics

Avg Market Cap
$107.8B
Median Market Cap
$34.6B
Avg P/E
23.0
Median P/E
16.9
Avg Dividend Yield
0.01%
Avg Beta
0.85
# Stocks
33
# ETFs / Funds
0

Top Holdings (33 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 TSM 14.02% 558,880 $189M $337.95 $10M -29,579 -5.0%
2 ERJ 12.73% 2,888,680 $171M $59.34 $98M +1,741,411 +151.8%
3 ITUB 12.72% 20,443,133 $171M $8.38 +20,443,133 NEW
4 EGO 12.48% 4,897,751 $168M $34.33 $24M +887,537 +22.1%
5 BABA 12.43% 1,334,070 $167M $125.46 $122M +1,025,431 +332.2%
6 IBN 9.69% 5,039,743 $131M $25.90 $71M +3,046,977 +152.9%
7 GDS 6.54% 2,184,662 $88M $40.29 $12M +17,463 +0.8%
8 CPA 4.37% 518,114 $59M $113.61 $44M +393,397 +315.4%
9 PDD 3.91% 515,274 $53M $102.18 $27M +292,620 +131.4%
10 HSAI 2.23% 1,568,343 $30M $19.12 +1,568,343 NEW
11 SLB 2.12% 556,816 $29M $51.39 +556,816 NEW
12 HAL 1.73% 597,721 $23M $38.99 +597,721 NEW
13 TS 1.46% 337,428 $20M $58.18 +337,428 NEW
14 VNET 0.94% 1,513,055 $13M $8.39 +1,513,055 NEW
15 MT 0.76% 196,677 $10M $51.98 +196,677 NEW
16 NTES 0.57% 69,167 $8M $111.94 +69,167 NEW
17 VIST 0.45% 79,692 $6M $75.47 -$34M -750,520 -90.4%
18 RNW 0.43% 1,277,071 $6M $4.58 -$8M -1,181,862 -48.1%
19 MMYT 0.42% 150,562 $6M $37.29 -$56M -600,380 -80.0%
20 YMM —% -$41M -3,807,441 -100.0% SOLD
21 WRD —% -$21M -2,421,132 -100.0% SOLD
22 FNV —% -$61M -293,772 -100.0% SOLD
23 KSPI —% -$4M -50,668 -100.0% SOLD
24 GGAL —% -$43M -795,204 -100.0% SOLD
25 NU —% -$83M -4,942,239 -100.0% SOLD
26 SE —% -$108M -843,557 -100.0% SOLD
27 BAP —% -$48M -168,399 -100.0% SOLD
28 TECK —% -$99M -2,063,912 -100.0% SOLD
29 BBD —% -$54M -16,185,404 -100.0% SOLD
30 HBM —% -$16M -802,513 -100.0% SOLD
31 EQT —% -$40M -745,266 -100.0% SOLD
32 SNPS —% -$45M -95,365 -100.0% SOLD
33 BIDU —% -$45M -341,747 -100.0% SOLD

Options Breakdown

5 Calls $380M Call Value 4 Puts $1.5B Put Value 4.06 P/C Ratio

Top Calls

SymbolSharesValueStatus
SLV 2,627,200 $179M
GLD 135,800 $58M
KWEB 1,859,200 $53M
BABA 365,600 $46M NEW
ASHR 1,335,300 $44M

Top Puts

SymbolSharesValueStatus
QQQ 2,477,800 $1.4B
USO 596,800 $76M NEW
TSM 100,300 $34M
EEM $0 SOLD

New Positions

SymbolValue% Port
ITUB $171M 12.72%
HSAI $30M 2.23%
SLB $29M 2.12%
HAL $23M 1.73%
TS $20M 1.46%
VNET $13M 0.94%
MT $10M 0.76%
NTES $8M 0.57%

Sold Out Positions

SymbolValue% Port
SE —%
BAP —%
FNV —%
BBD —%
TECK —%
EQT —%
NU —%
HBM —%
YMM —%
BIDU —%
KSPI —%
SNPS —%
GGAL —%
WRD —%
View SEC EDGAR Filings for Carrhae Capital LLP →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms