Carrhae Capital LLP reported 19 positions worth $1.31B for the quarter ended Sep 30, 2026, down 6.0% on the prior quarter. It opened 6 new positions, added to 6, trimmed 6 and exited 9. Its largest holding is Taiwan Semiconductor Manufacturing Co Ltd at 17.6% of the portfolio.
Reported 13F market value at each quarter end. A change mixes trading with price moves in the positions held.
Dollar value of shares bought and sold each quarter, at that quarter’s price. It counts trading only, not price changes.
How many positions were opened, added to, trimmed or closed each quarter.
Share of reported value in each sector at every quarter end.
| Holding | Change | Change % | Trade Value | Weight |
|---|---|---|---|---|
| BABA Alibaba Group Holding Ltd | +1.09M | +217.4% | $116.91M | 13.01% |
| ITUB Itau Unibanco Holding S.A. | +12.07M | +125.2% | $102.98M | 14.12% |
| ASX ASE Technology Holding Co., Ltd. | +1.46M | – | $65.12M | 4.96% |
| BP Bp Plc | +1.35M | – | $59.27M | 4.52% |
| SHEL Shell plc | +567.7K | – | $53.96M | 4.11% |
| TSM Taiwan Semiconductor Manufacturing Co Ltd | +92.6K | +22.3% | $42.22M | 17.63% |
| INTC Intel Corp | +197.1K | – | $23.70M | 1.81% |
| NXPI NXP Semiconductors N.V. | +71.5K | – | $16.98M | 1.29% |
| MT ArcelorMittal | +222.4K | – | $14.85M | 1.13% |
| MMYT MakeMyTrip Ltd | +118.1K | +53.3% | $5.57M | 1.22% |
| Holding | Change | Change % | Trade Value | Weight |
|---|---|---|---|---|
| EMBJ Embraer S.A. | -1.63M | -80.1% | $122.52M | 2.31% |
| GGAL Grupo Financiero Galicia Sa | -1.36M | -100.0% | $68.05M | Exited |
| ASML Asml Holding Nv | -32.1K | -100.0% | $63.77M | Exited |
| AU AngloGold Ashanti PLC | -756.6K | -100.0% | $61.20M | Exited |
| PPC Pilgrims Pride Corp | -1.86M | -100.0% | $52.19M | Exited |
| NTES NetEase, Inc. | -306.6K | -100.0% | $39.28M | Exited |
| SLB Slb Limited | -834.3K | -100.0% | $38.79M | Exited |
| CPNG Coupang, Inc. | -2.20M | -100.0% | $38.19M | Exited |
| IBN Icici Bank Ltd | -1.17M | -33.6% | $32.35M | 4.88% |
| PBR Petrobras - Petroleo Brasileiro Sa | -1.35M | -25.0% | $28.26M | 6.46% |
| Holding | Shares Sold | Trade Value | Prior Weight |
|---|---|---|---|
| GGAL Grupo Financiero Galicia Sa | -1.36M | $68.05M | 4.87% |
| ASML Asml Holding Nv | -32.1K | $63.77M | 4.57% |
| AU AngloGold Ashanti PLC | -756.6K | $61.20M | 4.38% |
| PPC Pilgrims Pride Corp | -1.86M | $52.19M | 3.74% |
| NTES NetEase, Inc. | -306.6K | $39.28M | 2.81% |
| SLB Slb Limited | -834.3K | $38.79M | 2.78% |
| CPNG Coupang, Inc. | -2.20M | $38.19M | 2.74% |
| BBD Bank Bradesco | -4.48M | $15.56M | 1.11% |
| BEKE KE Holdings Inc. | -697.8K | $10.14M | 0.726% |
| # | Activity | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 1 | TSM Taiwan Semiconductor Manufacturing Co Ltd | Technology | 507.1K | $231.34M | 17.63% | +92.6K | +22.3% | Added | 0% |
| 2 | ITUB Itau Unibanco Holding S.A. | Financial Services | 21.72M | $185.23M | 14.12% | +12.07M | +125.2% | Added | 0.2% |
| 3 | BABA Alibaba Group Holding Ltd | Technology | 1.59M | $170.70M | 13.01% | +1.09M | +217.4% | Added | 0.07% |
| 4 | SE Sea Ltd | Technology | 1.23M | $120.24M | 9.17% | -231.2K | -15.8% | Reduced | 0.21% |
| 5 | GDS GDS Holdings Ltd | Technology | 3.43M | $107.25M | 8.18% | +133.8K | +4.1% | Added | 1.66% |
| 6 | PBR Petrobras - Petroleo Brasileiro Sa | Energy | 4.06M | $84.69M | 6.46% | -1.35M | -25.0% | Reduced | 0.06% |
| 7 | ASX ASE Technology Holding Co., Ltd. | Technology | 1.46M | $65.12M | 4.96% | +1.46M | – | New | 0.07% |
| 8 | IBN Icici Bank Ltd | Financial Services | 2.32M | $63.97M | 4.88% | -1.17M | -33.6% | Reduced | 0.03% |
| 9 | BP Bp Plc | Energy | 1.35M | $59.27M | 4.52% | +1.35M | – | New | 0.04% |
| 10 | SHEL Shell plc | Energy | 567.7K | $53.96M | 4.11% | +567.7K | – | New | 0.01% |
| 11 | EMBJ Embraer S.A. | Industrials | 403.1K | $30.36M | 2.31% | -1.63M | -80.1% | Reduced | 0.22% |
| 12 | CPA Copa Holdings, S.A. | Industrials | 226.5K | $29.86M | 2.28% | -173.8K | -43.4% | Reduced | 0.55% |
| 13 | INTC Intel Corp | Technology | 197.1K | $23.70M | 1.81% | +197.1K | – | New | 0% |
| 14 | NXPI NXP Semiconductors N.V. | Technology | 71.5K | $16.98M | 1.29% | +71.5K | – | New | 0.03% |
| 15 | TS Tenaris Sa | Industrials | 291.9K | $16.11M | 1.23% | +13.6K | +4.9% | Added | 0.03% |
Tip. Select a row to see that position’s full history at Carrhae Capital LLP.
As of its Q3 2026 13F filing, Carrhae Capital LLP’s five largest positions were Taiwan Semiconductor Manufacturing Co Ltd (TSM) at 17.6%, Itau Unibanco Holding S.A. (ITUB) at 14.1%, Alibaba Group Holding Ltd (BABA) at 13.0%, Sea Ltd (SE) at 9.2%, GDS Holdings Ltd (GDS) at 8.2% of the reported portfolio.
Carrhae Capital LLP reported a 13F portfolio worth $1.31B across 19 positions for Q3 2026. That is down 6.0% from the previous quarter.
Its largest purchases by value were Alibaba Group Holding Ltd ($116.91M), Itau Unibanco Holding S.A. ($102.98M), ASE Technology Holding Co., Ltd. ($65.12M). It opened 6 new positions.
Its largest sales by value were Embraer S.A. ($122.52M), Grupo Financiero Galicia Sa ($68.05M), Asml Holding Nv ($63.77M). It exited 9 positions entirely.
From the Form 13F-HR reports Carrhae Capital LLP files with the SEC each quarter, within 45 days of quarter end. A 13F lists long positions in US-listed equities and options; it excludes short positions, cash, bonds and most non-US holdings.
13F data reflects long positions in US-listed equities and options as reported to the SEC up to 45 days after quarter end. It excludes short positions, cash, bonds and most non-US securities, so it is not a complete picture of a manager’s assets.