Carrhae Capital LLP Hedge Fund

Location: London, United Kingdom

CIK: 0001555254 · Show all filings

Period: Q2 2026 (← Previous) (Next →)

Filing Date: Jul 15, 2026

Total Value: $3.622B (100.0% shares, 0.0% debt)

Holdings (29)

QQQ INVESCO QQQ TR 29.4%

Value $1.063B Shares 1,444,000 Share Price $736.40 Est. Cost/Share — Unrealized @ Report Date —

EEM ISHARES TR 15.2%

Value $549M Shares 8,027,800 Share Price $68.41 Est. Cost/Share — Unrealized @ Report Date —

GLD SPDR GOLD TR 6.2%

Value $224M Shares 608,000 Share Price $368.38 Est. Cost/Share — Unrealized @ Report Date —

TSM TAIWAN SEMICONDUCTOR MANUFAC 5.5%

Value $198M Shares 414,556 Share Price $477.57 Est. Cost/Share $257.33 Unrealized @ Report Date +85.6%

SE SEA LTD 3.9%

Value $141M Shares 1,466,148 Share Price $95.83 Est. Cost/Share $87.91 Unrealized @ Report Date +9.0%

BABA ALIBABA GROUP HLDG LTD 3.8%

Value $138M Shares 1,440,800 Share Price $95.98 Est. Cost/Share $142.22 Unrealized @ Report Date -32.5%

EMBJ EMBRAER S.A. 3.6%

Value $129M Shares 2,029,766 Share Price $63.80 Est. Cost/Share $60.03 Unrealized @ Report Date +6.3%

EGO ELDORADO GOLD CORP NEW 3.4%

Value $122M Shares 3,909,137 Share Price $31.09 Est. Cost/Share $17.21 Unrealized @ Report Date +80.7%

IBN ICICI BANK LIMITED 2.8%

Value $101M Shares 3,496,179 Share Price $29.03 Est. Cost/Share $30.64 Unrealized @ Report Date -5.2%

GDS GDS HLDGS LTD 2.7%

Value $99.11M Shares 3,300,419 Share Price $30.03 Est. Cost/Share $35.09 Unrealized @ Report Date -14.4%

PBR PETROLEO BRASILEIRO S A 2.4%

Value $87.46M Shares 5,411,909 Share Price $16.16 Est. Cost/Share $19.54 Unrealized @ Report Date -17.3%

ITUB ITAU UNIBANCO HLDG S A 2.2%

Value $78.78M Shares 9,643,006 Share Price $8.17 Est. Cost/Share $8.37 Unrealized @ Report Date -2.3%

GGAL GRUPO FINANCIERO GALICIA S.A 1.9%

Value $68.05M Shares 1,360,220 Share Price $50.03 Est. Cost/Share $50.03 Unrealized @ Report Date —

KWEB KRANESHARES TRUST 1.8%

Value $65.86M Shares 2,691,600 Share Price $24.47 Est. Cost/Share — Unrealized @ Report Date —

ASML ASML HLDG NV 1.8%

Value $63.77M Shares 32,056 Share Price $1989.44 Est. Cost/Share $1591.72 Unrealized @ Report Date +25.0%

USO UNITED STS OIL FD LP 1.8%

Value $63.52M Shares 596,800 Share Price $106.44 Est. Cost/Share — Unrealized @ Report Date —

CPA COPA HOLDINGS SA 1.7%

Value $62.27M Shares 400,262 Share Price $155.57 Est. Cost/Share $128.87 Unrealized @ Report Date +20.7%

AU ANGLOGOLD ASHANTI PLC 1.7%

Value $61.2M Shares 756,610 Share Price $80.89 Est. Cost/Share $87.02 Unrealized @ Report Date -7.0%

PPC PILGRIMS PRIDE CORP 1.4%

Value $52.19M Shares 1,856,460 Share Price $28.11 Est. Cost/Share $30.73 Unrealized @ Report Date -8.5%

BABA ALIBABA GROUP HLDG LTD 1.3%

Value $48.01M Shares 500,160 Share Price $95.98 Est. Cost/Share $142.22 Unrealized @ Report Date -32.5%

NTES NETEASE COM INC 1.1%

Value $39.28M Shares 306,577 Share Price $128.14 Est. Cost/Share $119.39 Unrealized @ Report Date +7.3%

SLB SLB LIMITED 1.1%

Value $38.79M Shares 834,322 Share Price $46.49 Est. Cost/Share $50.13 Unrealized @ Report Date -7.3%

CPNG COUPANG INC 1.1%

Value $38.19M Shares 2,198,457 Share Price $17.37 Est. Cost/Share $18.05 Unrealized @ Report Date -3.8%

HAL HALLIBURTON CO 0.7%

Value $24.65M Shares 726,193 Share Price $33.95 Est. Cost/Share $35.38 Unrealized @ Report Date -4.1%

BBD BANCO BRADESCO S A 0.4%

Value $15.56M Shares 4,484,271 Share Price $3.47 Est. Cost/Share $3.66 Unrealized @ Report Date -5.2%

TS TENARIS S A 0.4%

Value $15.44M Shares 278,311 Share Price $55.49 Est. Cost/Share $49.26 Unrealized @ Report Date +12.6%

MMYT MAKEMYTRIP LIMITED MAURITIUS 0.3%

Value $11.8M Shares 221,385 Share Price $53.29 Est. Cost/Share $72.97 Unrealized @ Report Date -27.0%

VNET VNET GROUP INC 0.3%

Value $11.8M Shares 1,467,195 Share Price $8.04 Est. Cost/Share $10.60 Unrealized @ Report Date -24.1%

BEKE KE HLDGS INC 0.3%

Value $10.14M Shares 697,760 Share Price $14.53 Est. Cost/Share $16.47 Unrealized @ Report Date -11.8%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
QQQ	INVESCO QQQ TR	1,444,000	$1.063B	29.4%	$736.40	—	—	Put	46090E103
EEM	ISHARES TR	8,027,800	$549M	15.2%	$68.41	—	—	Put	464287234
GLD	SPDR GOLD TR	608,000	$224M	6.2%	$368.38	—	—	Call	78463V107
TSM	TAIWAN SEMICONDUCTOR MANUFAC	414,556	$198M	5.5%	$477.57	$257.33	+85.6%	SPONSORED ADS	874039100
SE	SEA LTD	1,466,148	$141M	3.9%	$95.83	$87.91	+9.0%	SPONSORD ADS	81141R100
BABA	ALIBABA GROUP HLDG LTD	1,440,800	$138M	3.8%	$95.98	$142.22	-32.5%	Call	01609W102
EMBJ	EMBRAER S.A.	2,029,766	$129M	3.6%	$63.80	$60.03	+6.3%	SPONSORED ADS	29082A107
EGO	ELDORADO GOLD CORP NEW	3,909,137	$122M	3.4%	$31.09	$17.21	+80.7%	COM	284902509
IBN	ICICI BANK LIMITED	3,496,179	$101M	2.8%	$29.03	$30.64	-5.2%	ADR	45104G104
GDS	GDS HLDGS LTD	3,300,419	$99.11M	2.7%	$30.03	$35.09	-14.4%	SPONSORED ADS	36165L108
PBR	PETROLEO BRASILEIRO S A	5,411,909	$87.46M	2.4%	$16.16	$19.54	-17.3%	SPONSORED ADR	71654V408
ITUB	ITAU UNIBANCO HLDG S A	9,643,006	$78.78M	2.2%	$8.17	$8.37	-2.3%	SPON ADR REP PFD	465562106
GGAL	GRUPO FINANCIERO GALICIA S.A	1,360,220	$68.05M	1.9%	$50.03	$50.03	—	SPONSORED ADR	399909100
KWEB	KRANESHARES TRUST	2,691,600	$65.86M	1.8%	$24.47	—	—	Call	500767306
ASML	ASML HLDG NV	32,056	$63.77M	1.8%	$1989.44	$1591.72	+25.0%	N Y REGISTRY SHS	N07059210
USO	UNITED STS OIL FD LP	596,800	$63.52M	1.8%	$106.44	—	—	Put	91232N207
CPA	COPA HOLDINGS SA	400,262	$62.27M	1.7%	$155.57	$128.87	+20.7%	CL A	P31076105
AU	ANGLOGOLD ASHANTI PLC	756,610	$61.2M	1.7%	$80.89	$87.02	-7.0%	COM SHS	G0378L100
PPC	PILGRIMS PRIDE CORP	1,856,460	$52.19M	1.4%	$28.11	$30.73	-8.5%	COM	72147K108
BABA	ALIBABA GROUP HLDG LTD	500,160	$48.01M	1.3%	$95.98	$142.22	-32.5%	SPONSORED ADS	01609W102
NTES	NETEASE COM INC	306,577	$39.28M	1.1%	$128.14	$119.39	+7.3%	SPONSORED ADS	64110W102
SLB	SLB LIMITED	834,322	$38.79M	1.1%	$46.49	$50.13	-7.3%	COM STK	806857108
CPNG	COUPANG INC	2,198,457	$38.19M	1.1%	$17.37	$18.05	-3.8%	CL A	22266T109
HAL	HALLIBURTON CO	726,193	$24.65M	0.7%	$33.95	$35.38	-4.1%	COM	406216101
BBD	BANCO BRADESCO S A	4,484,271	$15.56M	0.4%	$3.47	$3.66	-5.2%	SP ADR PFD NEW	059460303
TS	TENARIS S A	278,311	$15.44M	0.4%	$55.49	$49.26	+12.6%	SPONSORED ADS	88031M109
MMYT	MAKEMYTRIP LIMITED MAURITIUS	221,385	$11.8M	0.3%	$53.29	$72.97	-27.0%	SHS	V5633W109
VNET	VNET GROUP INC	1,467,195	$11.8M	0.3%	$8.04	$10.60	-24.1%	SPONSORED ADS A	90138A103
BEKE	KE HLDGS INC	697,760	$10.14M	0.3%	$14.53	$16.47	-11.8%	SPONSORED ADS	482497104