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 Share Price $577.18 Est. Cost/Share — Unrealized @ Report Date —

TSM TAIWAN SEMICONDUCTOR MANUFAC 5.7%

Value $189M Shares 558,880 Share Price $337.95 Est. Cost/Share $257.33 Unrealized @ Report Date +31.3%

SLV ISHARES SILVER TR 5.4%

Value $179M Shares 2,627,200 Share Price $68.14 Est. Cost/Share — Unrealized @ Report Date —

EMBJ EMBRAER S.A. 5.1%

Value $171M Shares 2,888,680 Share Price $59.34 Est. Cost/Share $60.03 Unrealized @ Report Date -1.2%

ITUB ITAU UNIBANCO HLDG S A 5.1%

Value $171M Shares 20,443,133 Share Price $8.38 Est. Cost/Share $8.37 Unrealized @ Report Date +0.2%

EGO ELDORADO GOLD CORP NEW 5.0%

Value $168M Shares 4,897,751 Share Price $34.33 Est. Cost/Share $17.21 Unrealized @ Report Date +99.5%

BABA ALIBABA GROUP HLDG LTD 5.0%

Value $167M Shares 1,334,070 Share Price $125.46 Est. Cost/Share $142.22 Unrealized @ Report Date -11.8%

IBN ICICI BANK LIMITED 3.9%

Value $131M Shares 5,039,743 Share Price $25.90 Est. Cost/Share $30.64 Unrealized @ Report Date -15.5%

GDS GDS HLDGS LTD 2.6%

Value $88.02M Shares 2,184,662 Share Price $40.29 Est. Cost/Share $33.30 Unrealized @ Report Date +21.0%

USO UNITED STS OIL FD LP 2.3%

Value $75.94M Shares 596,800 Share Price $127.25 Est. Cost/Share — Unrealized @ Report Date —

CPA COPA HOLDINGS SA 1.8%

Value $58.86M Shares 518,114 Share Price $113.61 Est. Cost/Share $128.87 Unrealized @ Report Date -11.8%

GLD SPDR GOLD TR 1.8%

Value $58.43M Shares 135,800 Share Price $430.29 Est. Cost/Share — Unrealized @ Report Date —

KWEB KRANESHARES TRUST 1.6%

Value $52.86M Shares 1,859,200 Share Price $28.43 Est. Cost/Share — Unrealized @ Report Date —

PDD PDD HOLDINGS INC 1.6%

Value $52.65M Shares 515,274 Share Price $102.18 Est. Cost/Share $107.12 Unrealized @ Report Date -4.6%

BABA ALIBABA GROUP HLDG LTD 1.4%

Value $45.87M Shares 365,600 Share Price $125.46 Est. Cost/Share $142.22 Unrealized @ Report Date -11.8%

JBS JBS N.V. 1.4%

Value $45.73M Shares 2,546,345 Share Price $17.96 Est. Cost/Share $13.83 Unrealized @ Report Date +29.8%

ASHR DBX ETF TR 1.3%

Value $43.58M Shares 1,335,300 Share Price $32.64 Est. Cost/Share — Unrealized @ Report Date —

TSM TAIWAN SEMICONDUCTOR MANUFAC 1.0%

Value $33.9M Shares 100,300 Share Price $337.95 Est. Cost/Share $257.33 Unrealized @ Report Date +31.3%

HSAI HESAI GROUP 0.9%

Value $29.99M Shares 1,568,343 Share Price $19.12 Est. Cost/Share $25.21 Unrealized @ Report Date -24.2%

SLB SLB LIMITED 0.9%

Value $28.61M Shares 556,816 Share Price $51.39 Est. Cost/Share $48.40 Unrealized @ Report Date +6.2%

AU ANGLOGOLD ASHANTI PLC 0.7%

Value $24.63M Shares 252,966 Share Price $97.36 Est. Cost/Share $71.22 Unrealized @ Report Date +36.7%

HAL HALLIBURTON CO 0.7%

Value $23.31M Shares 597,721 Share Price $38.99 Est. Cost/Share $34.59 Unrealized @ Report Date +12.7%

TS TENARIS S A 0.6%

Value $19.63M Shares 337,428 Share Price $58.18 Est. Cost/Share $49.26 Unrealized @ Report Date +18.1%

VNET VNET GROUP INC 0.4%

Value $12.69M Shares 1,513,055 Share Price $8.39 Est. Cost/Share $10.60 Unrealized @ Report Date -20.8%

MT ARCELORMITTAL SA LUXEMBOURG 0.3%

Value $10.22M Shares 196,677 Share Price $51.98 Est. Cost/Share $55.46 Unrealized @ Report Date -6.3%

NTES NETEASE COM INC 0.2%

Value $7.743M Shares 69,167 Share Price $111.94 Est. Cost/Share $124.07 Unrealized @ Report Date -9.8%

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

Value $6.014M Shares 79,692 Share Price $75.47 Est. Cost/Share $44.90 Unrealized @ Report Date +68.1%

RNW RENEW ENERGY GLOBAL PLC 0.2%

Value $5.849M Shares 1,277,071 Share Price $4.58 Est. Cost/Share $7.64 Unrealized @ Report Date -40.0%

MMYT MAKEMYTRIP LIMITED MAURITIUS 0.2%

Value $5.614M Shares 150,562 Share Price $37.29 Est. Cost/Share $85.89 Unrealized @ Report Date -56.6%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
QQQ	INVESCO QQQ TR	2,477,800	$1.43B	42.9%	$577.18	—	—	Put	46090E103
TSM	TAIWAN SEMICONDUCTOR MANUFAC	558,880	$189M	5.7%	$337.95	$257.33	+31.3%	SPONSORED ADS	874039100
SLV	ISHARES SILVER TR	2,627,200	$179M	5.4%	$68.14	—	—	Call	46428Q109
EMBJ	EMBRAER S.A.	2,888,680	$171M	5.1%	$59.34	$60.03	-1.2%	SPONSORED ADS	29082A107
ITUB	ITAU UNIBANCO HLDG S A	20,443,133	$171M	5.1%	$8.38	$8.37	+0.2%	SPON ADR REP PFD	465562106
EGO	ELDORADO GOLD CORP NEW	4,897,751	$168M	5.0%	$34.33	$17.21	+99.5%	COM	284902509
BABA	ALIBABA GROUP HLDG LTD	1,334,070	$167M	5.0%	$125.46	$142.22	-11.8%	SPONSORED ADS	01609W102
IBN	ICICI BANK LIMITED	5,039,743	$131M	3.9%	$25.90	$30.64	-15.5%	ADR	45104G104
GDS	GDS HLDGS LTD	2,184,662	$88.02M	2.6%	$40.29	$33.30	+21.0%	SPONSORED ADS	36165L108
USO	UNITED STS OIL FD LP	596,800	$75.94M	2.3%	$127.25	—	—	Put	91232N207
CPA	COPA HOLDINGS SA	518,114	$58.86M	1.8%	$113.61	$128.87	-11.8%	CL A	P31076105
GLD	SPDR GOLD TR	135,800	$58.43M	1.8%	$430.29	—	—	Call	78463V107
KWEB	KRANESHARES TRUST	1,859,200	$52.86M	1.6%	$28.43	—	—	Call	500767306
PDD	PDD HOLDINGS INC	515,274	$52.65M	1.6%	$102.18	$107.12	-4.6%	SPONSORED ADS	722304102
BABA	ALIBABA GROUP HLDG LTD	365,600	$45.87M	1.4%	$125.46	$142.22	-11.8%	Call	01609W102
JBS	JBS N.V.	2,546,345	$45.73M	1.4%	$17.96	$13.83	+29.8%	CL A SHS	N4732M103
ASHR	DBX ETF TR	1,335,300	$43.58M	1.3%	$32.64	—	—	Call	233051879
TSM	TAIWAN SEMICONDUCTOR MANUFAC	100,300	$33.9M	1.0%	$337.95	$257.33	+31.3%	Put	874039100
HSAI	HESAI GROUP	1,568,343	$29.99M	0.9%	$19.12	$25.21	-24.2%	SPONSORED ADS	428050108
SLB	SLB LIMITED	556,816	$28.61M	0.9%	$51.39	$48.40	+6.2%	COM STK	806857108
AU	ANGLOGOLD ASHANTI PLC	252,966	$24.63M	0.7%	$97.36	$71.22	+36.7%	COM SHS	G0378L100
HAL	HALLIBURTON CO	597,721	$23.31M	0.7%	$38.99	$34.59	+12.7%	COM	406216101
TS	TENARIS S A	337,428	$19.63M	0.6%	$58.18	$49.26	+18.1%	SPONSORED ADS	88031M109
VNET	VNET GROUP INC	1,513,055	$12.69M	0.4%	$8.39	$10.60	-20.8%	SPONSORED ADS A	90138A103
MT	ARCELORMITTAL SA LUXEMBOURG	196,677	$10.22M	0.3%	$51.98	$55.46	-6.3%	NY REGISTRY SH	03938L203
NTES	NETEASE COM INC	69,167	$7.743M	0.2%	$111.94	$124.07	-9.8%	SPONSORED ADS	64110W102
VIST	VISTA ENERGY S.A.B. DE C.V.	79,692	$6.014M	0.2%	$75.47	$44.90	+68.1%	SPONSORED ADS	92837L109
RNW	RENEW ENERGY GLOBAL PLC	1,277,071	$5.849M	0.2%	$4.58	$7.64	-40.0%	CL A SHS	G7500M104
MMYT	MAKEMYTRIP LIMITED MAURITIUS	150,562	$5.614M	0.2%	$37.29	$85.89	-56.6%	SHS	V5633W109