2026 Q3 Portfolio Activity
In 2026 Q3, Carrhae Capital LLP maintained a portfolio of 40 distinct positions. The most significant new addition was ISHARES SILVER TR, now representing 3.85% of the total fund value. They heavily accumulated shares in ALIBABA GROUP HLDG LTD, increasing the position by 239.8%. The fund also reduced its exposure to ISHARES TR by 69.8%.
Position History
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Total Positions
40
Quarter
2026 Q3
Top Holding
QQQ (23.3%)
Top 10 Concentration
74.8%
Turnover Rate
23.4%
Sector HHI
0.18
Items per page:
Showing 1-40 of 40
Carrhae Capital LLP Full Holdings List — 2026 Q3
| 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 | 23.34% | 29.36% |
#1
Prev: #1
|
6.0 |
—
|
-465,300 | -32.2% |
P
S
|
978,700 | $724,012,899 |
$582.73
+23.1%
|
2025 Q4 | 13F Filing | 2026-09-30 | 2026-10-20 | ||
|
TSM
TAIWAN SEMICOND...
|
Technology | 7.46% | 5.47% |
#2
2
Prev: #4
|
7.0 |
—
|
92,554 | 22.3% |
P
S
|
507,110 | $231,338,511 | 2024 Q2 | 13F Filing | 2026-09-30 | 2026-10-20 | |||
|
GLD
CALL
SPDR GOLD TR
|
CALL Option | 7.26% | 6.18% |
#3
Prev: #3
|
4.4 |
—
|
-16,400 | -2.7% |
P
S
|
591,600 | $225,304,944 | 2025 Q3 | 13F Filing | 2026-09-30 | 2026-10-20 | |||
|
EGO
ELDORADO GOLD C...
|
Basic Materials | 6.39% | 3.36% |
#4
4
Prev: #8
|
5.6 |
—
|
1,240,531 | 31.7% |
P
S
|
5,149,668 | $198,210,721 | 2024 Q2 | 13F Filing | 2026-09-30 | 2026-10-20 | |||
|
ITUB
ITAU UNIBANCO H...
|
Preferred | 5.97% | 2.18% |
#5
7
Prev: #12
|
5.9 |
—
|
12,072,197 | 125.2% |
P
S
|
21,715,203 | $185,230,682 | 2026 Q1 | 13F Filing | 2026-09-30 | 2026-10-20 | |||
|
BABA
CALL
ALIBABA GROUP H...
|
CALL Option | 5.89% | 3.82% |
#6
Prev: #6
|
4.4 |
—
|
258,500 | 17.9% |
P
S
|
1,699,300 | $182,742,722 | 2024 Q2 | 13F Filing | 2026-09-30 | 2026-10-20 | |||
|
BABA
ALIBABA GROUP H...
|
Consumer Cyclical | 5.50% | 1.33% |
#7
13
Prev: #20
|
5.2 |
—
|
1,087,110 | 217.4% |
P
S
|
1,587,270 | $170,695,016 | 2024 Q2 | 13F Filing | 2026-09-30 | 2026-10-20 | |||
|
EEM
PUT
ISHARES TR
|
PUT Option | 5.23% | 15.16% |
#8
6
Prev: #2
|
2.1 |
—
|
-5,600,800 | -69.8% |
P
S
|
2,427,000 | $162,099,330 | 2024 Q3 | 13F Filing | 2026-09-30 | 2026-10-20 | |||
|
SE
SEA LTD
|
Consumer Cyclical | 3.88% | 3.88% |
#9
4
Prev: #5
|
2.1 |
—
|
-231,190 | -15.8% |
P
S
|
1,234,958 | $120,235,511 | 2024 Q4 | 13F Filing | 2026-09-30 | 2026-10-20 | |||
|
SLV
CALL
ISHARES SILVER ...
|
CALL Option | 3.85% | — |
#10
Prev: #—
|
5.0 |
—
|
2,189,800 | — |
NEW
|
2,189,800 | $119,365,998 | 2024 Q3 | 13F Filing | 2026-09-30 | 2026-10-20 | |||
|
GDS
GDS HLDGS LTD
|
Technology | 3.46% | 2.74% |
#11
1
Prev: #10
|
1.9 |
—
|
133,781 | 4.1% |
P
S
|
3,434,200 | $107,250,066 | 2025 Q2 | 13F Filing | 2026-09-30 | 2026-10-20 | |||
|
PBR
PETROLEO BRASIL...
|
Energy | 2.73% | 2.41% |
#12
1
Prev: #11
|
1.1 |
—
|
-1,354,065 | -25.0% |
P
S
|
4,057,844 | $84,687,204 | 2025 Q1 | 13F Filing | 2026-09-30 | 2026-10-20 | |||
|
ASX
ASE TECHNOLOGY ...
|
Technology | 2.10% | — |
#13
Prev: #—
|
4.3 |
—
|
1,464,677 | — |
NEW
|
1,464,677 | $65,119,539 | 2026 Q3 | 13F Filing | 2026-09-30 | 2026-10-20 | |||
|
IBN
ICICI BK LTD
|
Financial Services | 2.06% | 2.80% |
#14
5
Prev: #9
|
0.8 |
—
|
-1,174,306 | -33.6% |
P
S
|
2,321,873 | $63,967,601 | 2024 Q2 | 13F Filing | 2026-09-30 | 2026-10-20 | |||
|
BP
BP PLC
|
Energy | 1.91% | — |
#15
Prev: #—
|
4.3 |
—
|
1,347,372 | — |
NEW
|
1,347,372 | $59,270,894 | 2026 Q3 | 13F Filing | 2026-09-30 | 2026-10-20 | |||
|
EWY
CALL
ISHARES INC
|
CALL Option | 1.74% | — |
#16
Prev: #—
|
4.2 |
—
|
295,700 | — |
NEW
|
295,700 | $54,048,046 | 2026 Q3 | 13F Filing | 2026-09-30 | 2026-10-20 | |||
|
SHEL
SHELL PLC
|
Energy | 1.74% | — |
#17
Prev: #—
|
4.2 |
—
|
567,748 | — |
NEW
|
567,748 | $53,964,447 | 2025 Q3 | 13F Filing | 2026-09-30 | 2026-10-20 | |||
|
MU
PUT
MICRON TECHNOLO...
|
PUT Option | 1.48% | — |
#18
Prev: #—
|
4.1 |
—
|
43,000 | — |
NEW
|
43,000 | $45,799,730 | 2026 Q3 | 13F Filing | 2026-09-30 | 2026-10-20 | |||
|
ERJ
EMBRAER S.A.
|
Unknown | 0.98% | 3.58% |
#19
12
Prev: #7
|
0.4 |
—
|
-1,626,695 | -80.1% |
P
S
|
403,071 | $30,359,308 | 2024 Q2 | 13F Filing | 2026-09-30 | 2026-10-20 | |||
|
CPA
COPA HOLDINGS S...
|
Industrials | 0.96% | 1.72% |
#20
3
Prev: #17
|
0.4 |
—
|
-173,787 | -43.4% |
P
S
|
226,475 | $29,860,729 | 2024 Q4 | 13F Filing | 2026-09-30 | 2026-10-20 | |||
|
TLT
ISHARES TR
|
ETF | 0.94% | — |
#21
Prev: #—
|
3.9 |
—
|
376,785 | — |
NEW
|
376,785 | $29,306,337 | 2026 Q3 | 13F Filing | 2026-09-30 | 2026-10-20 | |||
|
KWEB
CALL
KRANESHARES TRU...
|
CALL Option | 0.88% | 1.82% |
#22
8
Prev: #14
|
0.4 |
—
|
-1,576,600 | -58.6% |
P
S
|
1,115,000 | $27,328,650 | 2025 Q1 | 13F Filing | 2026-09-30 | 2026-10-20 | |||
|
INTC
INTEL CORP
|
Technology | 0.76% | — |
#23
Prev: #—
|
3.8 |
—
|
197,123 | — |
NEW
|
197,123 | $23,700,098 | 2026 Q3 | 13F Filing | 2026-09-30 | 2026-10-20 | |||
|
GDX
VANECK ETF TRUS...
|
ETF | 0.72% | — |
#24
Prev: #—
|
3.8 |
—
|
252,819 | — |
NEW
|
252,819 | $22,197,508 | 2026 Q3 | 13F Filing | 2026-09-30 | 2026-10-20 | |||
|
NXPI
NXP SEMICONDUCT...
|
Technology | 0.55% | — |
#25
Prev: #—
|
3.7 |
—
|
71,483 | — |
NEW
|
71,483 | $16,979,357 | 2025 Q1 | 13F Filing | 2026-09-30 | 2026-10-20 | |||
|
TS
TENARIS S A
|
Energy | 0.52% | 0.43% |
#26
Prev: #26
|
0.7 |
—
|
13,575 | 4.9% |
P
S
|
291,886 | $16,106,269 | 2024 Q4 | 13F Filing | 2026-09-30 | 2026-10-20 | |||
|
MMYT
MAKEMYTRIP LIMI...
|
Consumer Cyclical | 0.52% | 0.33% |
#27
Prev: #27
|
3.2 |
—
|
118,099 | 53.3% |
P
S
|
339,484 | $16,023,645 | 2024 Q2 | 13F Filing | 2026-09-30 | 2026-10-20 | |||
|
MT
ARCELORMITTAL S...
|
Basic Materials | 0.48% | — |
#28
Prev: #—
|
3.7 |
—
|
222,440 | — |
NEW
|
222,440 | $14,845,646 | 2026 Q1 | 13F Filing | 2026-09-30 | 2026-10-20 | |||
|
HAL
HALLIBURTON CO
|
Energy | 0.45% | 0.68% |
#29
5
Prev: #24
|
0.2 |
—
|
-284,124 | -39.1% |
P
S
|
442,069 | $14,057,794 | 2026 Q1 | 13F Filing | 2026-09-30 | 2026-10-20 | |||
|
VNET
VNET GROUP INC
|
Technology | 0.26% | 0.33% |
#30
2
Prev: #28
|
1.1 |
—
|
no change | no change |
P
S
|
1,467,195 | $8,142,932 | 2026 Q1 | 13F Filing | 2026-09-30 | 2026-10-20 | |||
|
BEKE
KE HLDGS INC
|
Real Estate | 0.00% | 0.28% |
Sold All 😨
(Was: #29) |
0.0 |
—
|
-697,760 | -100.0% |
CLOSED
|
— | $— | 2024 Q4 | 13F Filing | 2026-09-30 | 2026-10-20 | |||
|
BBD
BANCO BRADESCO ...
|
Preferred | 0.00% | 0.43% |
Sold All 😨
(Was: #25) |
0.0 |
—
|
-4,484,271 | -100.0% |
CLOSED
|
— | $— | 2025 Q4 | 13F Filing | 2026-09-30 | 2026-10-20 | |||
|
CPNG
COUPANG INC
|
Consumer Cyclical | 0.00% | 1.05% |
Sold All 😨
(Was: #23) |
0.0 |
—
|
-2,198,457 | -100.0% |
CLOSED
|
— | $— | 2026 Q2 | 13F Filing | 2026-09-30 | 2026-10-20 | |||
|
SLB
SLB LIMITED
|
Energy | 0.00% | 1.07% |
Sold All 😨
(Was: #22) |
0.0 |
—
|
-834,322 | -100.0% |
CLOSED
|
— | $— | 2026 Q1 | 13F Filing | 2026-09-30 | 2026-10-20 | |||
|
NTES
NETEASE COM INC
|
Communication Services | 0.00% | 1.08% |
Sold All 😨
(Was: #21) |
0.0 |
—
|
-306,577 | -100.0% |
CLOSED
|
— | $— | 2024 Q2 | 13F Filing | 2026-09-30 | 2026-10-20 | |||
|
PPC
PILGRIMS PRIDE ...
|
Consumer Defensive | 0.00% | 1.44% |
Sold All 😨
(Was: #19) |
0.0 |
—
|
-1,856,460 | -100.0% |
CLOSED
|
— | $— | 2026 Q2 | 13F Filing | 2026-09-30 | 2026-10-20 | |||
|
AU
ANGLOGOLD ASHAN...
|
Basic Materials | 0.00% | 1.69% |
Sold All 😨
(Was: #18) |
0.0 |
—
|
-756,610 | -100.0% |
CLOSED
|
— | $— | 2024 Q2 | 13F Filing | 2026-09-30 | 2026-10-20 | |||
|
USO
PUT
UNITED STS OIL ...
|
PUT Option | 0.00% | 1.75% |
Sold All 😨
(Was: #16) |
0.0 |
—
|
-596,800 | -100.0% |
CLOSED
|
— | $— | 2026 Q1 | 13F Filing | 2026-09-30 | 2026-10-20 | |||
|
ASML
ASML HLDG NV
|
Technology | 0.00% | 1.76% |
Sold All 😨
(Was: #15) |
0.0 |
—
|
-32,056 | -100.0% |
CLOSED
|
— | $— | 2026 Q2 | 13F Filing | 2026-09-30 | 2026-10-20 | |||
|
GGAL
GRUPO FINANCIER...
|
Financial Services | 0.00% | 1.88% |
Sold All 😨
(Was: #13) |
0.0 |
—
|
-1,360,220 | -100.0% |
CLOSED
|
— | $— | 2025 Q3 | 13F Filing | 2026-09-30 | 2026-10-20 |
Showing 1-40 of 40 holdings