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Carrhae Capital Portfolio holdings
AUM
$3.1B
Turnover
52.5%
1-Year Est. Return
20.09%
This Fund
S&P 500
This Quarter Est. Return
+6.9%
1 Year Est. Return
+20.09%
3 Year Est. Return
+182.3%
5 Year Est. Return
+183.2%
10 Year Est. Return
+744.02%
AUM
$3.1B
AUM Growth
-$519M
(-14%)
Cap. Flow
-$29M
Cap. Flow % of AUM
Cap. Flow %
-0.93%
Top 10 Holdings %
Top 10 Hldgs %
74.76%
Holding
40
New
11
Increased
8
Reduced
10
Closed
10
Avg Time Held
Equity + Options
0.7
years
Top 10 Avg Time Held
Equity + Options
0.8
years
Top 20 Avg Time Held
Equity + Options
0.8
years
Avg Time Held Equity only
0.8
years
Top 10 Avg Time Held Equity only
1
year
Top 20 Avg Time Held Equity only
0.7
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alibaba
BABA
|
+$126M |
| 2 |
Itaú Unibanco
ITUB
|
+$97.4M |
| 3 |
BP
BP
|
+$57.8M |
| 4 |
ASE Group
ASX
|
+$57.4M |
| 5 |
Shell
SHEL
|
+$51.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Embraer S.A. ADS
EMBJ
|
+$116M |
| 2 |
Galicia Financial Group
GGAL
|
+$68.1M |
| 3 |
ASML
ASML
|
+$63.8M |
| 4 |
AngloGold Ashanti
AU
|
+$61.2M |
| 5 |
Pilgrim's Pride
PPC
|
+$52.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 51.32% |
| 2 | Technology | 14.59% |
| 3 | Consumer Discretionary | 9.89% |
| 4 | Financials | 8.03% |
| 5 | Energy | 7.35% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
PUT
Invesco QQQ Trust
QQQ
$488B
| $724M | 23.34% |
978,700
-465,300
| -32% | -$332M |
2025 Q4
3 quarters
|
|
2
TSMC
TSM
$2.28T
| $231M | 7.46% |
507,110
+92,554
| +22% | +$39.2M |
2025 Q2
5 quarters
|
|
3
CALL
SPDR Gold Trust
GLD
$136B
| $225M | 7.26% |
591,600
-16,400
| -3% | -$6.41M |
2025 Q3
4 quarters
|
|
4
Eldorado Gold
EGO
$8.82B
| $198M | 6.39% |
5,149,668
+1,240,531
| +32% | +$47M |
2021 Q1
22 quarters
|
|
|
5
Itaú Unibanco
ITUB
$82B
| $185M | 5.97% |
21,715,203
+12,072,197
| +125% | +$97.4M |
2026 Q1
2 quarters
|
|
|
6
CALL
Alibaba
BABA
$250B
| $183M | 5.89% |
1,699,300
+258,500
| +18% | +$29.9M |
2026 Q1
2 quarters
|
|
|
7
Alibaba
BABA
$250B
| $171M | 5.5% |
1,587,270
+1,087,110
| +217% | +$126M |
2025 Q1
6 quarters
|
|
8
PUT
iShares MSCI Emerging Markets ETF
EEM
$29.4B
| $162M | 5.23% |
2,427,000
-5,600,800
| -70% | -$370M |
2026 Q2
1 quarter
|
|
9
Sea Limited
SE
$46B
| $120M | 3.88% |
1,234,958
-231,190
| -16% | -$25.4M |
2026 Q2
1 quarter
|
|
10
CALL
iShares Silver Trust
SLV
$26.2B
| $119M | 3.85% |
+2,189,800
| New | +$124M |
2026 Q3
0 quarters
|
|
11
GDS Holdings
GDS
$4.77B
| $107M | 3.46% |
3,434,200
+133,781
| +4% | +$4.31M |
2025 Q2
5 quarters
|
|
12
Petrobras
PBR
$142B
| $84.7M | 2.73% |
4,057,844
-1,354,065
| -25% | -$25.7M |
2026 Q2
1 quarter
|
|
|
13
ASE Group
ASX
$96.8B
| $65.1M | 2.1% |
+1,464,677
| New | +$57.4M |
2026 Q3
0 quarters
|
|
14
ICICI Bank
IBN
$103B
| $64M | 2.06% |
2,321,873
-1,174,306
| -34% | -$34.5M |
2025 Q3
4 quarters
|
|
|
15
BP
BP
$129B
| $59.3M | 1.91% |
+1,347,372
| New | +$57.8M |
2026 Q3
0 quarters
|
|
16
CALL
iShares MSCI South Korea ETF
EWY
$24.2B
| $54M | 1.74% |
+295,700
| New | +$52M |
2026 Q3
0 quarters
|
|
|
17
Shell
SHEL
$300B
| $54M | 1.74% |
+567,748
| New | +$51.2M |
2026 Q3
0 quarters
|
|
18
PUT
Micron Technology
MU
$1.1T
| $45.8M | 1.48% |
+43,000
| New | +$40.8M |
2026 Q3
0 quarters
|
|
|
19
Embraer S.A. ADS
EMBJ
$12.8B
| $30.4M | 0.98% |
403,071
-1,626,695
| -80% | -$116M |
2025 Q2
5 quarters
|
|
20
Copa Holdings
CPA
$5.33B
| $29.9M | 0.96% |
226,475
-173,787
| -43% | -$23.8M |
2025 Q4
3 quarters
|
|
21
iShares 20+ Year Treasury Bond ETF
TLT
$47.8B
| $29.3M | 0.94% |
+376,785
| New | +$31.1M |
2026 Q3
0 quarters
|
|
22
CALL
KraneShares CSI China Internet ETF
KWEB
$4.26B
| $27.3M | 0.88% |
1,115,000
-1,576,600
| -59% | -$41.5M |
2025 Q4
3 quarters
|
|
23
Intel
INTC
$502B
| $23.7M | 0.76% |
+197,123
| New | +$20.1M |
2026 Q3
0 quarters
|
|
24
VanEck Gold Miners ETF
GDX
$25.4B
| $22.2M | 0.72% |
+252,819
| New | +$22.1M |
2026 Q3
0 quarters
|
|
25
NXP Semiconductors
NXPI
$62.4B
| $17M | 0.55% |
+71,483
| New | +$17.4M |
2026 Q3
0 quarters
|
|
Similar funds
Carrhae Capital's Q3 2026 Portfolio in Review
As of Q3 2026, Carrhae Capital held 40 positions worth $3.1B, down 14% from $3.62B the previous quarter. Its ten largest holdings account for 75% of the portfolio.
Carrhae Capital's Q3 2026 filing shows 11 new, 8 increased, 10 reduced and 10 closed positions. Its largest new stake was BP: 1,347,372 shares worth $59.3M. The largest sale was Embraer S.A. ADS, an estimated $116M.
By sector, the portfolio is most concentrated in Miscellaneous at 51% of assets, down from 58% a quarter earlier, followed by Technology and Consumer Discretionary.
- Carrhae Capital's largest Q3 2026 buy was BP: 1,347,372 shares worth $59.3M.
- Carrhae Capital added most to Alibaba in Q3 2026, an estimated $126M increase.
- Carrhae Capital's biggest Q3 2026 reduction was Embraer S.A. ADS, cutting an estimated $116M.
- Carrhae Capital fully exited Galicia Financial Group in Q3 2026, selling an estimated $68.1M.
- Carrhae Capital's ten largest holdings make up 75% of its $3.1B portfolio in Q3 2026.
- Carrhae Capital opened 11 new positions and closed 10 in Q3 2026.
- Carrhae Capital's portfolio value fell 14% quarter-over-quarter to $3.1B.
Based on Carrhae Capital's 13F filing for Q3 2026, filed 20 Oct 2026.