2026 Q2 Portfolio Activity
In 2026 Q2, Carrhae Capital LLP maintained a portfolio of 38 distinct positions. The most significant new addition was ISHARES TR, now representing 15.16% of the total fund value. They heavily accumulated shares in TAIWAN SEMICONDUCTOR MANUFAC, increasing the position by 313.3%. The fund also reduced its exposure to INVESCO QQQ TR by 41.7%.
Position History
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Total Positions
38
Quarter
2026 Q2
Top Holding
QQQ (29.4%)
Top 10 Concentration
76.3%
Turnover Rate
23.4%
Sector HHI
0.18
Items per page:
Showing 1-38 of 38
Carrhae Capital LLP Full Holdings List — 2026 Q2
| 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 | 29.36% | 42.86% |
#1
Prev: #1
|
6.0 |
—
|
-1,033,800 | -41.7% |
P
S
|
1,444,000 | $1,063,361,600 |
$583.34
+23.3%
|
2025 Q4 | 13F Filing | 2026-06-30 | 2026-07-15 | ||
|
EEM
PUT
ISHARES TR
|
PUT Option | 15.16% | — |
#2
Prev: #—
|
9.0 |
—
|
8,027,800 | — |
NEW
|
8,027,800 | $549,181,798 | 2024 Q3 | 13F Filing | 2026-06-30 | 2026-07-15 | |||
|
GLD
CALL
SPDR GOLD TR
|
CALL Option | 6.18% | 1.75% |
#3
9
Prev: #12
|
6.5 |
—
|
472,200 | 347.7% |
P
S
|
608,000 | $223,975,040 | 2025 Q3 | 13F Filing | 2026-06-30 | 2026-07-15 | |||
|
TSM
TAIWAN SEMICOND...
|
Technology | 5.47% | 5.66% |
#4
2
Prev: #2
|
2.7 |
—
|
-144,324 | -25.8% |
P
S
|
414,556 | $197,979,509 | 2024 Q2 | 13F Filing | 2026-06-30 | 2026-07-15 | |||
|
SE
SEA LTD
|
Consumer Cyclical | 3.88% | — |
#5
Prev: #—
|
5.6 |
—
|
1,466,148 | — |
NEW
|
1,466,148 | $140,500,963 | 2024 Q4 | 13F Filing | 2026-06-30 | 2026-07-15 | |||
|
BABA
CALL
ALIBABA GROUP H...
|
CALL Option | 3.82% | 1.37% |
#6
9
Prev: #15
|
4.5 |
—
|
1,075,200 | 294.1% |
P
S
|
1,440,800 | $138,287,984 | 2024 Q2 | 13F Filing | 2026-06-30 | 2026-07-15 | |||
|
ERJ
EMBRAER S.A.
|
Unknown | 3.58% | 5.14% |
#7
3
Prev: #4
|
1.4 |
—
|
-858,914 | -29.7% |
P
S
|
2,029,766 | $129,499,071 | 2024 Q2 | 13F Filing | 2026-06-30 | 2026-07-15 | |||
|
EGO
ELDORADO GOLD C...
|
Basic Materials | 3.36% | 5.04% |
#8
2
Prev: #6
|
1.3 |
—
|
-988,614 | -20.2% |
P
S
|
3,909,137 | $121,535,069 | 2024 Q2 | 13F Filing | 2026-06-30 | 2026-07-15 | |||
|
IBN
ICICI BANK LIMI...
|
Financial Services | 2.80% | 3.91% |
#9
1
Prev: #8
|
1.1 |
—
|
-1,543,564 | -30.6% |
P
S
|
3,496,179 | $101,494,076 | 2024 Q2 | 13F Filing | 2026-06-30 | 2026-07-15 | |||
|
GDS
GDS HLDGS LTD
|
Technology | 2.74% | 2.64% |
#10
1
Prev: #9
|
4.1 |
—
|
1,115,757 | 51.1% |
P
S
|
3,300,419 | $99,111,583 | 2025 Q2 | 13F Filing | 2026-06-30 | 2026-07-15 | |||
|
PBR
PETROLEO BRASIL...
|
Energy | 2.41% | — |
#11
Prev: #—
|
4.5 |
—
|
5,411,909 | — |
NEW
|
5,411,909 | $87,456,449 | 2025 Q1 | 13F Filing | 2026-06-30 | 2026-07-15 | |||
|
ITUB
ITAU UNIBANCO H...
|
Preferred | 2.18% | 5.13% |
#12
7
Prev: #5
|
0.9 |
—
|
-10,800,127 | -52.8% |
P
S
|
9,643,006 | $78,783,359 | 2026 Q1 | 13F Filing | 2026-06-30 | 2026-07-15 | |||
|
GGAL
GRUPO FINANCIER...
|
Financial Services | 1.88% | — |
#13
Prev: #—
|
4.3 |
—
|
1,360,220 | — |
NEW
|
1,360,220 | $68,051,807 | 2025 Q3 | 13F Filing | 2026-06-30 | 2026-07-15 | |||
|
KWEB
CALL
KRANESHARES TRU...
|
CALL Option | 1.82% | 1.58% |
#14
1
Prev: #13
|
3.2 |
—
|
832,400 | 44.8% |
P
S
|
2,691,600 | $65,863,452 | 2025 Q1 | 13F Filing | 2026-06-30 | 2026-07-15 | |||
|
ASML
ASML HLDG NV
|
Technology | 1.76% | — |
#15
Prev: #—
|
4.2 |
—
|
32,056 | — |
NEW
|
32,056 | $63,773,489 | 2026 Q2 | 13F Filing | 2026-06-30 | 2026-07-15 | |||
|
USO
PUT
UNITED STS OIL ...
|
PUT Option | 1.75% | 2.28% |
#16
6
Prev: #10
|
1.7 |
—
|
no change | no change |
P
S
|
596,800 | $63,523,392 | 2026 Q1 | 13F Filing | 2026-06-30 | 2026-07-15 | |||
|
CPA
COPA HOLDINGS S...
|
Industrials | 1.72% | 1.76% |
#17
6
Prev: #11
|
0.7 |
—
|
-117,852 | -22.7% |
P
S
|
400,262 | $62,268,759 | 2024 Q4 | 13F Filing | 2026-06-30 | 2026-07-15 | |||
|
AU
ANGLOGOLD ASHAN...
|
Basic Materials | 1.69% | 0.74% |
#18
3
Prev: #21
|
3.7 |
—
|
503,644 | 199.1% |
P
S
|
756,610 | $61,202,183 | 2024 Q2 | 13F Filing | 2026-06-30 | 2026-07-15 | |||
|
PPC
PILGRIMS PRIDE ...
|
Consumer Defensive | 1.44% | — |
#19
Prev: #—
|
4.1 |
—
|
1,856,460 | — |
NEW
|
1,856,460 | $52,185,091 | 2026 Q2 | 13F Filing | 2026-06-30 | 2026-07-15 | |||
|
BABA
ALIBABA GROUP H...
|
Consumer Cyclical | 1.33% | 5.02% |
#20
13
Prev: #7
|
0.5 |
—
|
-833,910 | -62.5% |
P
S
|
500,160 | $48,005,357 | 2024 Q2 | 13F Filing | 2026-06-30 | 2026-07-15 | |||
|
NTES
NETEASE COM INC
|
Communication Services | 1.08% | 0.23% |
#21
5
Prev: #26
|
3.4 |
—
|
237,410 | 343.2% |
P
S
|
306,577 | $39,284,777 | 2024 Q2 | 13F Filing | 2026-06-30 | 2026-07-15 | |||
|
SLB
SLB LIMITED
|
Energy | 1.07% | 0.86% |
#22
2
Prev: #20
|
2.9 |
—
|
277,506 | 49.8% |
P
S
|
834,322 | $38,787,630 | 2026 Q1 | 13F Filing | 2026-06-30 | 2026-07-15 | |||
|
CPNG
COUPANG INC
|
Consumer Cyclical | 1.05% | — |
#23
Prev: #—
|
3.9 |
—
|
2,198,457 | — |
NEW
|
2,198,457 | $38,187,198 | 2026 Q2 | 13F Filing | 2026-06-30 | 2026-07-15 | |||
|
HAL
HALLIBURTON CO
|
Energy | 0.68% | 0.70% |
#24
2
Prev: #22
|
2.8 |
—
|
128,472 | 21.5% |
P
S
|
726,193 | $24,654,252 | 2026 Q1 | 13F Filing | 2026-06-30 | 2026-07-15 | |||
|
BBD
BANCO BRADESCO ...
|
Preferred | 0.43% | — |
#25
Prev: #—
|
3.7 |
—
|
4,484,271 | — |
NEW
|
4,484,271 | $15,560,420 | 2025 Q4 | 13F Filing | 2026-06-30 | 2026-07-15 | |||
|
TS
TENARIS S A
|
Energy | 0.43% | 0.59% |
#26
3
Prev: #23
|
0.7 |
—
|
-59,117 | -17.5% |
P
S
|
278,311 | $15,443,477 | 2024 Q4 | 13F Filing | 2026-06-30 | 2026-07-15 | |||
|
MMYT
MAKEMYTRIP LIMI...
|
Consumer Cyclical | 0.33% | 0.17% |
#27
2
Prev: #29
|
2.6 |
—
|
70,823 | 47.0% |
P
S
|
221,385 | $11,797,607 | 2024 Q2 | 13F Filing | 2026-06-30 | 2026-07-15 | |||
|
VNET
VNET GROUP INC
|
Technology | 0.33% | 0.38% |
#28
4
Prev: #24
|
0.6 |
—
|
-45,860 | -3.0% |
P
S
|
1,467,195 | $11,796,248 | 2026 Q1 | 13F Filing | 2026-06-30 | 2026-07-15 | |||
|
BEKE
KE HLDGS INC
|
Real Estate | 0.28% | — |
#29
Prev: #—
|
3.6 |
—
|
697,760 | — |
NEW
|
697,760 | $10,138,453 | 2024 Q4 | 13F Filing | 2026-06-30 | 2026-07-15 | |||
|
RNW
RENEW ENERGY GL...
|
Utilities | 0.00% | 0.18% |
Sold All 😨
(Was: #28) |
0.0 |
—
|
-1,277,071 | -100.0% |
CLOSED
|
— | $— | 2024 Q2 | 13F Filing | 2026-06-30 | 2026-07-15 | |||
|
VIST
VISTA ENERGY S....
|
Energy | 0.00% | 0.18% |
Sold All 😨
(Was: #27) |
0.0 |
—
|
-79,692 | -100.0% |
CLOSED
|
— | $— | 2025 Q2 | 13F Filing | 2026-06-30 | 2026-07-15 | |||
|
MT
ARCELORMITTAL S...
|
Basic Materials | 0.00% | 0.31% |
Sold All 😨
(Was: #25) |
0.0 |
—
|
-196,677 | -100.0% |
CLOSED
|
— | $— | 2026 Q1 | 13F Filing | 2026-06-30 | 2026-07-15 | |||
|
HSAI
HESAI GROUP
|
Consumer Cyclical | 0.00% | 0.90% |
Sold All 😨
(Was: #19) |
0.0 |
—
|
-1,568,343 | -100.0% |
CLOSED
|
— | $— | 2026 Q1 | 13F Filing | 2026-06-30 | 2026-07-15 | |||
|
TSM
PUT
TAIWAN SEMICOND...
|
PUT Option | 0.00% | 1.02% |
Sold All 😨
(Was: #18) |
0.0 |
—
|
-100,300 | -100.0% |
CLOSED
|
— | $— | 2024 Q2 | 13F Filing | 2026-06-30 | 2026-07-15 | |||
|
ASHR
CALL
DBX ETF TR
|
CALL Option | 0.00% | 1.31% |
Sold All 😨
(Was: #17) |
0.0 |
—
|
-1,335,300 | -100.0% |
CLOSED
|
— | $— | 2024 Q4 | 13F Filing | 2026-06-30 | 2026-07-15 | |||
|
N/A
JBS N.V.
|
|
Unknown | 0.00% | 1.37% |
Sold All 😨
(Was: #16) |
0.0 |
—
|
-2,546,345 | -100.0% |
CLOSED
|
— | $— | — | 13F Filing | 2026-06-30 | 2026-07-15 | ||
|
PDD
PDD HOLDINGS IN...
|
Consumer Cyclical | 0.00% | 1.58% |
Sold All 😨
(Was: #14) |
0.0 |
—
|
-515,274 | -100.0% |
CLOSED
|
— | $— | 2024 Q2 | 13F Filing | 2026-06-30 | 2026-07-15 | |||
|
SLV
CALL
ISHARES SILVER ...
|
CALL Option | 0.00% | 5.36% |
Sold All 😨
(Was: #3) |
0.0 |
—
|
-2,627,200 | -100.0% |
CLOSED
|
— | $— | 2024 Q3 | 13F Filing | 2026-06-30 | 2026-07-15 |
Showing 1-38 of 38 holdings