2026 Q1 Portfolio Activity
In 2026 Q1, Carrhae Capital LLP maintained a portfolio of 45 distinct positions. The most significant new addition was ITAU UNIBANCO HLDG S A, now representing 5.13% of the total fund value. They heavily accumulated shares in INVESCO QQQ TR, increasing the position by 434.9%. Conversely, Carrhae Capital LLP completely exited their position in ISHARES TR.
Position History
hover any row below to update
Loading…
Total Positions
45
Quarter
2026 Q1
Top Holding
QQQ (42.9%)
Top 10 Concentration
83.0%
Turnover Rate
23.4%
Sector HHI
0.18
Items per page:
Showing 1-45 of 45
Carrhae Capital LLP Full Holdings List — 2026 Q1
| Stock | History | Sector / Type | Port % | Prev % | Rank / Prev | Conviction | Change | % Change | Influence | Shares | Mkt Value | Avg Cost | Price Held | 1st Owned | Source | Source Date | Date Reported | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
QQQ
PUT
INVESCO QQQ TR
|
PUT Option | 42.86% | 10.76% |
#1
Prev: #1
|
9.0 |
—
|
2,014,600 | 434.9% |
P
S
|
2,477,800 | $1,430,136,604 |
$583.98
+22.9%
|
2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-14 | ||
|
TSM
TAIWAN SEMICOND...
|
Technology | 5.66% | 6.77% |
#2
3
Prev: #5
|
4.3 |
—
|
-29,579 | -5.0% |
P
S
|
558,880 | $188,873,496 | 2024 Q2 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
SLV
CALL
ISHARES SILVER ...
|
CALL Option | 5.36% | 8.18% |
#3
Prev: #3
|
3.1 |
—
|
-727,600 | -21.7% |
P
S
|
2,627,200 | $179,017,408 | 2024 Q3 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
ERJ
EMBRAER S.A.
|
Unknown | 5.14% | 2.79% |
#4
8
Prev: #12
|
5.6 |
—
|
1,741,411 | 151.8% |
P
S
|
2,888,680 | $171,414,271 | 2024 Q2 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
ITUB
ITAU UNIBANCO H...
|
Preferred | 5.13% | — |
#5
Prev: #—
|
6.1 |
—
|
20,443,133 | — |
NEW
|
20,443,133 | $171,313,455 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
EGO
ELDORADO GOLD C...
|
Basic Materials | 5.04% | 5.45% |
#6
Prev: #6
|
4.5 |
—
|
887,537 | 22.1% |
P
S
|
4,897,751 | $168,139,792 | 2024 Q2 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
BABA
ALIBABA GROUP H...
|
Consumer Cyclical | 5.02% | 1.71% |
#7
12
Prev: #19
|
5.0 |
—
|
1,025,431 | 332.2% |
P
S
|
1,334,070 | $167,372,422 | 2024 Q2 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
IBN
ICICI BANK LIMI...
|
Financial Services | 3.91% | 2.25% |
#8
7
Prev: #15
|
4.6 |
—
|
3,046,977 | 152.9% |
P
S
|
5,039,743 | $130,529,344 | 2024 Q2 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
GDS
GDS HLDGS LTD
|
Technology | 2.64% | 2.86% |
#9
2
Prev: #11
|
1.6 |
—
|
17,463 | 0.8% |
P
S
|
2,184,662 | $88,020,032 | 2025 Q2 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
USO
PUT
UNITED STS OIL ...
|
PUT Option | 2.28% | — |
#10
Prev: #—
|
4.4 |
—
|
596,800 | — |
NEW
|
596,800 | $75,942,800 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
CPA
COPA HOLDINGS S...
|
Industrials | 1.76% | 0.57% |
#11
20
Prev: #31
|
3.7 |
—
|
393,397 | 315.4% |
P
S
|
518,114 | $58,862,932 | 2024 Q4 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
GLD
CALL
SPDR GOLD TR
|
CALL Option | 1.75% | 1.08% |
#12
15
Prev: #27
|
3.7 |
—
|
63,600 | 88.1% |
P
S
|
135,800 | $58,433,382 | 2025 Q3 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
KWEB
CALL
KRANESHARES TRU...
|
CALL Option | 1.58% | 8.80% |
#13
11
Prev: #2
|
0.6 |
—
|
-4,974,300 | -72.8% |
P
S
|
1,859,200 | $52,857,056 | 2025 Q1 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
PDD
PDD HOLDINGS IN...
|
Consumer Cyclical | 1.58% | 0.96% |
#14
14
Prev: #28
|
3.6 |
—
|
292,620 | 131.4% |
P
S
|
515,274 | $52,650,697 | 2024 Q2 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
BABA
CALL
ALIBABA GROUP H...
|
CALL Option | 1.37% | — |
#15
Prev: #—
|
4.0 |
—
|
365,600 | — |
NEW
|
365,600 | $45,868,176 | 2024 Q2 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
N/A
JBS N.V.
|
|
Unknown | 1.37% | 1.99% |
#16
1
Prev: #17
|
0.5 |
—
|
-1,102,881 | -30.2% |
P
S
|
2,546,345 | $45,732,356 | — | 13F Filing | 2026-03-31 | 2026-05-14 | ||
|
ASHR
CALL
DBX ETF TR
|
CALL Option | 1.31% | 4.95% |
#17
10
Prev: #7
|
0.5 |
—
|
-2,647,900 | -66.5% |
P
S
|
1,335,300 | $43,584,192 | 2024 Q4 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
TSM
PUT
TAIWAN SEMICOND...
|
PUT Option | 1.02% | 1.30% |
#18
8
Prev: #26
|
0.9 |
—
|
-12,800 | -11.3% |
P
S
|
100,300 | $33,896,385 | 2024 Q2 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
HSAI
HESAI GROUP
|
Consumer Cyclical | 0.90% | — |
#19
Prev: #—
|
3.9 |
—
|
1,568,343 | — |
NEW
|
1,568,343 | $29,986,718 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
SLB
SLB LIMITED
|
Energy | 0.86% | — |
#20
Prev: #—
|
3.8 |
—
|
556,816 | — |
NEW
|
556,816 | $28,614,774 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
AU
ANGLOGOLD ASHAN...
|
Basic Materials | 0.74% | 0.32% |
#21
12
Prev: #33
|
3.3 |
—
|
154,683 | 157.4% |
P
S
|
252,966 | $24,628,770 | 2024 Q2 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
HAL
HALLIBURTON CO
|
Energy | 0.70% | — |
#22
Prev: #—
|
3.8 |
—
|
597,721 | — |
NEW
|
597,721 | $23,305,142 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
TS
TENARIS S A
|
Energy | 0.59% | — |
#23
Prev: #—
|
3.7 |
—
|
337,428 | — |
NEW
|
337,428 | $19,631,561 | 2024 Q4 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
VNET
VNET GROUP INC
|
Technology | 0.38% | — |
#24
Prev: #—
|
3.7 |
—
|
1,513,055 | — |
NEW
|
1,513,055 | $12,694,531 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
MT
ARCELORMITTAL S...
|
Basic Materials | 0.31% | — |
#25
Prev: #—
|
3.6 |
—
|
196,677 | — |
NEW
|
196,677 | $10,223,270 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
NTES
NETEASE COM INC
|
Communication Services | 0.23% | — |
#26
Prev: #—
|
3.6 |
—
|
69,167 | — |
NEW
|
69,167 | $7,742,554 | 2024 Q2 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
VIST
VISTA ENERGY S....
|
Energy | 0.18% | 1.53% |
#27
3
Prev: #24
|
0.1 |
—
|
-750,520 | -90.4% |
P
S
|
79,692 | $6,014,355 | 2025 Q2 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
RNW
RENEW ENERGY GL...
|
Utilities | 0.18% | 0.53% |
#28
4
Prev: #32
|
0.1 |
—
|
-1,181,862 | -48.1% |
P
S
|
1,277,071 | $5,848,985 | 2024 Q2 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
MMYT
MAKEMYTRIP LIMI...
|
Consumer Cyclical | 0.17% | 2.33% |
#29
16
Prev: #13
|
0.1 |
—
|
-600,380 | -80.0% |
P
S
|
150,562 | $5,614,457 | 2024 Q2 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
RNWWW
RENEW ENERGY GL...
|
Unknown | 0.00% | 0.00% |
Sold All 😨
(Was: #35) |
0.0 |
—
|
-64,966 | -100.0% |
CLOSED
|
— | $— | 2024 Q2 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
KSPI
KASPI KZ JSC
|
Technology | 0.00% | 0.15% |
Sold All 😨
(Was: #34) |
0.0 |
—
|
-50,668 | -100.0% |
CLOSED
|
— | $— | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
HBM
HUDBAY MINERALS...
|
Basic Materials | 0.00% | 0.60% |
Sold All 😨
(Was: #30) |
0.0 |
—
|
-802,513 | -100.0% |
CLOSED
|
— | $— | 2025 Q1 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
WRD
WERIDE INC
|
Technology | 0.00% | 0.80% |
Sold All 😨
(Was: #29) |
0.0 |
—
|
-2,421,132 | -100.0% |
CLOSED
|
— | $— | 2025 Q3 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
EQT
EQT CORP
|
Energy | 0.00% | 1.51% |
Sold All 😨
(Was: #25) |
0.0 |
—
|
-745,266 | -100.0% |
CLOSED
|
— | $— | 2025 Q3 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
YMM
FULL TRUCK ALLI...
|
Technology | 0.00% | 1.55% |
Sold All 😨
(Was: #23) |
0.0 |
—
|
-3,807,441 | -100.0% |
CLOSED
|
— | $— | 2024 Q2 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
GGAL
GRUPO FINANCIER...
|
Financial Services | 0.00% | 1.62% |
Sold All 😨
(Was: #22) |
0.0 |
—
|
-795,204 | -100.0% |
CLOSED
|
— | $— | 2025 Q3 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
BIDU
BAIDU INC
|
Communication Services | 0.00% | 1.69% |
Sold All 😨
(Was: #21) |
0.0 |
—
|
-341,747 | -100.0% |
CLOSED
|
— | $— | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
SNPS
SYNOPSYS INC
|
Technology | 0.00% | 1.69% |
Sold All 😨
(Was: #20) |
0.0 |
—
|
-95,365 | -100.0% |
CLOSED
|
— | $— | 2025 Q3 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
BAP
CREDICORP LTD
|
Financial Services | 0.00% | 1.83% |
Sold All 😨
(Was: #18) |
0.0 |
—
|
-168,399 | -100.0% |
CLOSED
|
— | $— | 2024 Q3 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
BBD
BANCO BRADESCO ...
|
Preferred | 0.00% | 2.04% |
Sold All 😨
(Was: #16) |
0.0 |
—
|
-16,185,404 | -100.0% |
CLOSED
|
— | $— | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
FNV
FRANCO NEV CORP
|
Basic Materials | 0.00% | 2.30% |
Sold All 😨
(Was: #14) |
0.0 |
—
|
-293,772 | -100.0% |
CLOSED
|
— | $— | 2024 Q2 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
NU
NU HLDGS LTD
|
Financial Services | 0.00% | 3.13% |
Sold All 😨
(Was: #10) |
0.0 |
—
|
-4,942,239 | -100.0% |
CLOSED
|
— | $— | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
TECK
TECK RESOURCES ...
|
Basic Materials | 0.00% | 3.74% |
Sold All 😨
(Was: #9) |
0.0 |
—
|
-2,063,912 | -100.0% |
CLOSED
|
— | $— | 2025 Q1 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
SE
SEA LTD
|
Consumer Cyclical | 0.00% | 4.07% |
Sold All 😨
(Was: #8) |
0.0 |
—
|
-843,557 | -100.0% |
CLOSED
|
— | $— | 2024 Q4 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
EEM
PUT
ISHARES TR
|
PUT Option | 0.00% | 8.15% |
Sold All 😨
(Was: #4) |
0.0 |
—
|
-3,940,000 | -100.0% |
CLOSED
|
— | $— | 2024 Q3 | 13F Filing | 2026-03-31 | 2026-05-14 |
Showing 1-45 of 45 holdings