Carrhae Capital LLP Hedge Fund

Location: London, United Kingdom

CIK: 0001555254 · Show all filings

Period: Q1 2026 (← Previous) (Next →)

Filing Date: May 14, 2026

Total Value: $3.337B (100.0% shares, 0.0% debt)

Holdings (29)

QQQ INVESCO QQQ TR 42.9%

Value $1.43B Shares 2,477,800 Est. Cost — Unrealized —

TSM TAIWAN SEMICONDUCTOR MANUFAC 5.7%

Value $189M Shares 558,880 Est. Cost $278.07 Unrealized —

SLV ISHARES SILVER TR 5.4%

Value $179M Shares 2,627,200 Est. Cost — Unrealized —

EMBJ EMBRAER S.A. 5.1%

Value $171M Shares 2,888,680 Est. Cost $58.37 Unrealized —

ITUB ITAU UNIBANCO HLDG S A 5.1%

Value $171M Shares 20,443,133 Est. Cost $8.38 Unrealized —

EGO ELDORADO GOLD CORP NEW 5.0%

Value $168M Shares 4,897,751 Est. Cost $17.55 Unrealized +142.9%

BABA ALIBABA GROUP HLDG LTD 5.0%

Value $167M Shares 1,334,070 Est. Cost $127.03 Unrealized —

IBN ICICI BANK LIMITED 3.9%

Value $131M Shares 5,039,743 Est. Cost $27.61 Unrealized —

GDS GDS HLDGS LTD 2.6%

Value $88.02M Shares 2,184,662 Est. Cost $36.23 Unrealized —

USO UNITED STS OIL FD LP 2.3%

Value $75.94M Shares 596,800 Est. Cost — Unrealized —

CPA COPA HOLDINGS SA 1.8%

Value $58.86M Shares 518,114 Est. Cost $134.64 Unrealized +3.1%

GLD SPDR GOLD TR 1.8%

Value $58.43M Shares 135,800 Est. Cost — Unrealized —

KWEB KRANESHARES TRUST 1.6%

Value $52.86M Shares 1,859,200 Est. Cost — Unrealized —

PDD PDD HOLDINGS INC 1.6%

Value $52.65M Shares 515,274 Est. Cost $106.52 Unrealized —

BABA ALIBABA GROUP HLDG LTD 1.4%

Value $45.87M Shares 365,600 Est. Cost $127.03 Unrealized —

JBS JBS N.V. 1.4%

Value $45.73M Shares 2,546,345 Est. Cost $13.83 Unrealized +11.3%

ASHR DBX ETF TR 1.3%

Value $43.58M Shares 1,335,300 Est. Cost — Unrealized —

TSM TAIWAN SEMICONDUCTOR MANUFAC 1.0%

Value $33.9M Shares 100,300 Est. Cost $278.07 Unrealized —

HSAI HESAI GROUP 0.9%

Value $29.99M Shares 1,568,343 Est. Cost $19.12 Unrealized —

SLB SLB LIMITED 0.9%

Value $28.61M Shares 556,816 Est. Cost $48.30 Unrealized 0.0%

AU ANGLOGOLD ASHANTI PLC 0.7%

Value $24.63M Shares 252,966 Est. Cost $71.87 Unrealized +44.2%

HAL HALLIBURTON CO 0.7%

Value $23.31M Shares 597,721 Est. Cost $33.54 Unrealized 0.0%

TS TENARIS S A 0.6%

Value $19.63M Shares 337,428 Est. Cost $58.18 Unrealized —

VNET VNET GROUP INC 0.4%

Value $12.69M Shares 1,513,055 Est. Cost $8.39 Unrealized —

MT ARCELORMITTAL SA LUXEMBOURG 0.3%

Value $10.22M Shares 196,677 Est. Cost $51.98 Unrealized —

NTES NETEASE COM INC 0.2%

Value $7.743M Shares 69,167 Est. Cost $111.94 Unrealized —

VIST VISTA ENERGY S.A.B. DE C.V. 0.2%

Value $6.014M Shares 79,692 Est. Cost $43.31 Unrealized —

RNW RENEW ENERGY GLOBAL PLC 0.2%

Value $5.849M Shares 1,277,071 Est. Cost $7.64 Unrealized -28.8%

MMYT MAKEMYTRIP LIMITED MAURITIUS 0.2%

Value $5.614M Shares 150,562 Est. Cost $85.89 Unrealized -23.7%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
QQQ	INVESCO QQQ TR	2,477,800	$1.43B	42.9%	—	—	Put	46090E103
TSM	TAIWAN SEMICONDUCTOR MANUFAC	558,880	$189M	5.7%	$278.07	—	SPONSORED ADS	874039100
SLV	ISHARES SILVER TR	2,627,200	$179M	5.4%	—	—	Call	46428Q109
EMBJ	EMBRAER S.A.	2,888,680	$171M	5.1%	$58.37	—	SPONSORED ADS	29082A107
ITUB	ITAU UNIBANCO HLDG S A	20,443,133	$171M	5.1%	$8.38	—	SPON ADR REP PFD	465562106
EGO	ELDORADO GOLD CORP NEW	4,897,751	$168M	5.0%	$17.55	+142.9%	COM	284902509
BABA	ALIBABA GROUP HLDG LTD	1,334,070	$167M	5.0%	$127.03	—	SPONSORED ADS	01609W102
IBN	ICICI BANK LIMITED	5,039,743	$131M	3.9%	$27.61	—	ADR	45104G104
GDS	GDS HLDGS LTD	2,184,662	$88.02M	2.6%	$36.23	—	SPONSORED ADS	36165L108
USO	UNITED STS OIL FD LP	596,800	$75.94M	2.3%	—	—	Put	91232N207
CPA	COPA HOLDINGS SA	518,114	$58.86M	1.8%	$134.64	+3.1%	CL A	P31076105
GLD	SPDR GOLD TR	135,800	$58.43M	1.8%	—	—	Call	78463V107
KWEB	KRANESHARES TRUST	1,859,200	$52.86M	1.6%	—	—	Call	500767306
PDD	PDD HOLDINGS INC	515,274	$52.65M	1.6%	$106.52	—	SPONSORED ADS	722304102
BABA	ALIBABA GROUP HLDG LTD	365,600	$45.87M	1.4%	$127.03	—	Call	01609W102
JBS	JBS N.V.	2,546,345	$45.73M	1.4%	$13.83	+11.3%	CL A SHS	N4732M103
ASHR	DBX ETF TR	1,335,300	$43.58M	1.3%	—	—	Call	233051879
TSM	TAIWAN SEMICONDUCTOR MANUFAC	100,300	$33.9M	1.0%	$278.07	—	Put	874039100
HSAI	HESAI GROUP	1,568,343	$29.99M	0.9%	$19.12	—	SPONSORED ADS	428050108
SLB	SLB LIMITED	556,816	$28.61M	0.9%	$48.30	0.0%	COM STK	806857108
AU	ANGLOGOLD ASHANTI PLC	252,966	$24.63M	0.7%	$71.87	+44.2%	COM SHS	G0378L100
HAL	HALLIBURTON CO	597,721	$23.31M	0.7%	$33.54	0.0%	COM	406216101
TS	TENARIS S A	337,428	$19.63M	0.6%	$58.18	—	SPONSORED ADS	88031M109
VNET	VNET GROUP INC	1,513,055	$12.69M	0.4%	$8.39	—	SPONSORED ADS A	90138A103
MT	ARCELORMITTAL SA LUXEMBOURG	196,677	$10.22M	0.3%	$51.98	—	NY REGISTRY SH	03938L203
NTES	NETEASE COM INC	69,167	$7.743M	0.2%	$111.94	—	SPONSORED ADS	64110W102
VIST	VISTA ENERGY S.A.B. DE C.V.	79,692	$6.014M	0.2%	$43.31	—	SPONSORED ADS	92837L109
RNW	RENEW ENERGY GLOBAL PLC	1,277,071	$5.849M	0.2%	$7.64	-28.8%	CL A SHS	G7500M104
MMYT	MAKEMYTRIP LIMITED MAURITIUS	150,562	$5.614M	0.2%	$85.89	-23.7%	SHS	V5633W109