Carrhae Capital LLP
CIK: 1555254
Last 13F
Oct 20, 2026
Next 13F
Filed · awaiting next quarter
Options Notional
$1.54B
Holdings (22)
Q3 2026 13F, quarter ended Sep 30, 2026, filed Oct 20, 2026
- TSM
TAIWAN SEMICONDUCTOR MANUFAC
$231.34M
507,110 sh14.81%+22.3% - EGO
ELDORADO GOLD CORP NEW
$198.21M
5.15M sh12.69%+31.7% - ITUB
ITAU UNIBANCO HLDG S A
$185.23M
21.72M sh11.86%+125.2% - BABA
ALIBABA GROUP HLDG LTD
$170.7M
1.59M sh10.93%+217.3% - SE
SEA LTD
$120.24M
1.23M sh7.70%-15.8% - GDS
GDS HLDGS LTD
$107.25M
3.43M sh6.87%+4.0% - PBR
PETROLEO BRASILEIRO S A
$84.69M
4.06M sh5.42%-25.0% - ASX
ASE TECHNOLOGY HLDG CO LTD
$65.12M
1.46M sh4.17%New - IBN
ICICI BK LTD
$63.97M
2.32M sh4.10%-33.6% - BP
BP PLC
$59.27M
1.35M sh3.80%New - SHEL
SHELL PLC
$53.96M
567,748 sh3.46%New - EMBJ
EMBRAER S.A.
$30.36M
403,071 sh1.94%-80.1% - CPA
COPA HOLDINGS SA
$29.86M
226,475 sh1.91%-43.4% - TLT
ISHARES TR
$29.31M
376,785 sh1.88%New - INTC
INTEL CORP
$23.7M
197,123 sh1.52%New - GDX
VANECK ETF TRUST
$22.2M
252,819 sh1.42%New - NXPI
NXP SEMICONDUCTORS N V
$16.98M
71,483 sh1.09%New - TS
TENARIS S A
$16.11M
291,886 sh1.03%+4.9% - MMYT
MAKEMYTRIP LIMITED MAURITIUS
$16.02M
339,484 sh1.03%+53.4% - MT
ARCELORMITTAL SA LUXEMBOURG
$14.85M
222,440 sh0.95%New - HAL
HALLIBURTON CO
$14.06M
442,069 sh0.90%-39.1% - VNET
VNET GROUP INC
$8.14M
1.47M sh0.52%+0.0%
| Security | Shares | Value | Change | Weight | Period |
|---|---|---|---|---|---|
 TSM TAIWAN SEMICONDUCTOR MANUFAC | 507,110 | $231.34M | +22.3% | 14.81% | Q3 2026 |
 EGO ELDORADO GOLD CORP NEW | 5.15M | $198.21M | +31.7% | 12.69% | Q3 2026 |
 ITUB ITAU UNIBANCO HLDG S A | 21.72M | $185.23M | +125.2% | 11.86% | Q3 2026 |
 BABA ALIBABA GROUP HLDG LTD | 1.59M | $170.7M | +217.3% | 10.93% | Q3 2026 |
 SE SEA LTD | 1.23M | $120.24M | -15.8% | 7.70% | Q3 2026 |
 GDS GDS HLDGS LTD | 3.43M | $107.25M | +4.0% | 6.87% | Q3 2026 |
 PBR PETROLEO BRASILEIRO S A | 4.06M | $84.69M | -25.0% | 5.42% | Q3 2026 |
 ASX ASE TECHNOLOGY HLDG CO LTD | 1.46M | $65.12M | New | 4.17% | Q3 2026 |
 IBN ICICI BK LTD | 2.32M | $63.97M | -33.6% | 4.10% | Q3 2026 |
 BP BP PLC | 1.35M | $59.27M | New | 3.80% | Q3 2026 |
 SHEL SHELL PLC | 567,748 | $53.96M | New | 3.46% | Q3 2026 |
 EMBJ EMBRAER S.A. | 403,071 | $30.36M | -80.1% | 1.94% | Q3 2026 |
 CPA COPA HOLDINGS SA | 226,475 | $29.86M | -43.4% | 1.91% | Q3 2026 |
 TLT ISHARES TR | 376,785 | $29.31M | New | 1.88% | Q3 2026 |
 INTC INTEL CORP | 197,123 | $23.7M | New | 1.52% | Q3 2026 |
 GDX VANECK ETF TRUST | 252,819 | $22.2M | New | 1.42% | Q3 2026 |
 NXPI NXP SEMICONDUCTORS N V | 71,483 | $16.98M | New | 1.09% | Q3 2026 |
 TS TENARIS S A | 291,886 | $16.11M | +4.9% | 1.03% | Q3 2026 |
 MMYT MAKEMYTRIP LIMITED MAURITIUS | 339,484 | $16.02M | +53.4% | 1.03% | Q3 2026 |
 MT ARCELORMITTAL SA LUXEMBOURG | 222,440 | $14.85M | New | 0.95% | Q3 2026 |
 HAL HALLIBURTON CO | 442,069 | $14.06M | -39.1% | 0.90% | Q3 2026 |
 VNET VNET GROUP INC | 1.47M | $8.14M | +0.0% | 0.52% | Q3 2026 |
1-22 of 22 holdings
Derivatives (8)
PUT + CALL positions. Value is notional exposure of the underlying, not capital deployed.
- QQQPut
INVESCO QQQ TR
$724.01M
978,700 sh46.99%-32.2% - GLDCall
SPDR GOLD TR
$225.3M
591,600 sh14.62%-2.7% - BABACall
ALIBABA GROUP HLDG LTD
$182.74M
1.70M sh11.86%+17.9% - EEMPut
ISHARES TR
$162.1M
2.43M sh10.52%-69.8% - SLVCall
ISHARES SILVER TR
$119.37M
2.19M sh7.75%New - EWYCall
ISHARES INC
$54.05M
295,700 sh3.51%New - MUPut
MICRON TECHNOLOGY INC
$45.8M
43,000 sh2.97%New - KWEBCall
KRANESHARES TRUST
$27.33M
1.11M sh1.77%-58.6%
| Security | Type | Shares | Notional | Change | % of Book | Period |
|---|---|---|---|---|---|---|
 QQQ INVESCO QQQ TR | Put | 978,700 | $724.01M | -32.2% | 46.99% | Q3 2026 |
 GLD SPDR GOLD TR | Call | 591,600 | $225.3M | -2.7% | 14.62% | Q3 2026 |
BABA ALIBABA GROUP HLDG LTD | Call | 1.70M | $182.74M | +17.9% | 11.86% | Q3 2026 |
 EEM ISHARES TR | Put | 2.43M | $162.1M | -69.8% | 10.52% | Q3 2026 |
 SLV ISHARES SILVER TR | Call | 2.19M | $119.37M | New | 7.75% | Q3 2026 |
 EWY ISHARES INC | Call | 295,700 | $54.05M | New | 3.51% | Q3 2026 |
 MU MICRON TECHNOLOGY INC | Put | 43,000 | $45.8M | New | 2.97% | Q3 2026 |
 KWEB KRANESHARES TRUST | Call | 1.11M | $27.33M | -58.6% | 1.77% | Q3 2026 |
1-8 of 8 derivatives
Sector Allocation
SEC Filings
| Form | Description | Filed |
|---|---|---|
About Carrhae Capital LLP
Carrhae Capital LLP is an Investment Adviser that reports its US-listed stock and option positions to the SEC on Form 13F (CIK 1555254). Signal8 holds 11 13F filings from it.
Its most recent 13F holdings report covers Q3 2026 (the quarter ended Sep 30, 2026) and was filed on Oct 20, 2026. That report lists 22 securities, not counting options, down from 23 in Q2 2026.
Its five largest reported positions, in order, are TAIWAN SEMICONDUCTOR MANUFAC (TSM), ELDORADO GOLD CORP NEW (EGO), ITAU UNIBANCO HLDG S A (ITUB), ALIBABA GROUP HLDG LTD (BABA) and SEA LTD (SE). The next five are GDS HLDGS LTD (GDS), PETROLEO BRASILEIRO S A (PBR), ASE TECHNOLOGY HLDG CO LTD (ASX), ICICI BK LTD (IBN) and BP PLC (BP).
Recent 13F filings by Carrhae Capital LLP
- Q3 2026: 13F-HR filed Oct 20, 2026, listing 22 securities.
- Q2 2026: 13F-HR filed Jul 15, 2026, listing 23 securities.
- Q1 2026: 13F-HR filed May 13, 2026, listing 21 securities.
- Q4 2025: 13F-HR filed Feb 6, 2026, listing 28 securities.
- Q3 2025: 13F-HR/A filed Nov 20, 2025, listing 23 securities.
- Q3 2025: 13F-HR filed Nov 12, 2025, listing 23 securities.