In its 13F for Q2 2026 (holdings as of June 30, 2026, filed July 15, 2026), Carrhae Capital LLP reported 23 stock positions worth $1.5 billion . Its top holding was Taiwan Semiconductor-SP ADR (TSM) at 13.0% of the portfolio, followed by Sea Ltd.-ADR (SE, 9.3% ) and Embraer SA-Spon ADR (EMBJ, 8.5% ). Compared with Q1 2026, it opened 8 new positions, sold out of 6, added to 6 and reduced 9. The biggest buy was a new position in Sea Ltd.-ADR (SE) and the biggest sale Alibaba Group Holding-SP ADR (BABA, shares −63% ).
Location London, X0
CIK 0001555254
Portfolio Value $1.5B (Q2 2026) Holdings 23 stocks · $1.5B Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q1 2026 TSM Taiwan Semiconductor-SP ADR 414,556 $198.0M Reduce -25.8% SE Sea Ltd.-ADR 1,466,148 $140.5M New EMBJ Embraer SA-Spon ADR 2,029,766 $129.5M Reduce -29.7% EGO Eldorado Gold Corp. 3,909,137 $121.5M Reduce -20.2% IBN Icici Bank Ltd.-Spon ADR 3,496,179 $101.5M Reduce -30.6% GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD 3,300,419 $99.1M Add +51.1% PBR Petroleo Brasileiro-Spon ADR 5,411,909 $87.5M New ITUB Itau Unibanco H-Spon PRF ADR 9,643,006 $78.8M Reduce -52.8% GGAL Grupo Financiero Galicia-ADR 1,360,220 $68.1M New ASML ASML Holding NV-NY Reg SHS filed as ASML HLDG NV 32,056 $63.8M New CPA Copa Holdings SA Class A 400,262 $62.3M Reduce -22.8% AU Anglogold Ashanti PLC 756,610 $61.2M Add +199.1% PPC Pilgrim's Pride Corp. 1,856,460 $52.2M New BABA Alibaba Group Holding-SP ADR 500,160 $48.0M Reduce -62.5% NTES Netease Inc.-ADR 306,577 $39.3M Add +343.2% SLB SLB Ltd. filed as SLB LIMITED 834,322 $38.8M Add +49.8% CPNG Coupang Inc. 2,198,457 $38.2M New HAL Halliburton Co. 726,193 $24.7M Add +21.5% BBD Banco Bradesco-ADR 4,484,271 $15.6M New TS Tenaris SA-ADR 278,311 $15.4M Reduce -17.5% MMYT Makemytrip Ltd. 221,385 $11.8M Add +47.0% VNET Vnet Group Inc.-ADR 1,467,195 $11.8M Reduce -3.0% BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC 697,760 $10.1M New
Options reported separately and not counted above: QQQ puts ($1.1B), EEM puts ($549.2M), GLD calls ($224.0M), BABA calls ($138.3M), KWEB calls ($65.9M), USO puts ($63.5M).
Portfolio Sells Q1 2026 → Q2 2026 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2026 % Of Portfolio Change To Portfolio ▲ BABA Alibaba Group Holding-SP ADR Reduce -62.5% 3.16% −8.65 ITUB Itau Unibanco H-Spon PRF ADR Reduce -52.8% 5.19% −6.90 EGO Eldorado Gold Corp. Reduce -20.2% 8.01% −3.86 PDD PDD Holdings Inc. Sold out 0.00% −3.72 EMBJ Embraer SA-Spon ADR Reduce -29.7% 8.53% −3.56 JBS JBS NV-A Sold out 0.00% −3.23 IBN Icici Bank Ltd.-Spon ADR Reduce -30.6% 6.69% −2.52 HSAI Hesai Group Sold out 0.00% −2.12 MT Arcelormittal-NY Registered Sold out 0.00% −0.72 VIST Vista Energy Sab DE CV Sold out 0.00% −0.42 RNW Renew Energy Global PLC-A Sold out 0.00% −0.41 TS Tenaris SA-ADR Reduce -17.5% 1.02% −0.37 TSM Taiwan Semiconductor-SP ADR Reduce -25.8% 13.05% −0.28 VNET Vnet Group Inc.-ADR Reduce -3.0% 0.78% −0.12 CPA Copa Holdings SA Class A Reduce -22.8% 4.10% −0.05
Portfolio Buys Q1 2026 → Q2 2026 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2026 % Of Portfolio Change To Portfolio ▼ SE Sea Ltd.-ADR New 9.26% +9.26 PBR Petroleo Brasileiro-Spon ADR New 5.76% +5.76 GGAL Grupo Financiero Galicia-ADR New 4.48% +4.48 ASML ASML Holding NV-NY Reg SHS New 4.20% +4.20 PPC Pilgrim's Pride Corp. New 3.44% +3.44 CPNG Coupang Inc. New 2.52% +2.52 AU Anglogold Ashanti PLC Add +199.1% 4.03% +2.30 NTES Netease Inc.-ADR Add +343.2% 2.59% +2.04 BBD Banco Bradesco-ADR New 1.03% +1.03 BEKE Ke Holdings Inc.-ADR New 0.67% +0.67 SLB SLB Ltd. Add +49.8% 2.56% +0.54 MMYT Makemytrip Ltd. Add +47.0% 0.78% +0.38 GDS GDS Holdings Ltd. - ADR Add +51.1% 6.53% +0.32 HAL Halliburton Co. Add +21.5% 1.62% −0.02
Options Activity Q1 2026 → Q2 2026 Security Type Change vs Q1 2026 Underlying Shares Value ▼ QQQ Invesco QQQ Trust Series 1 put Reduce -41.7% 1,444,000 $1.1B EEM iShares MSCI Emerging Market put New 8,027,800 $549.2M GLD SPDR Gold Shares call Add +347.7% 608,000 $224.0M SLV iShares Silver Trust call Sold out 2,627,200 $179.0Mbefore exit BABA Alibaba Group Holding-SP ADR call Add +294.1% 1,440,800 $138.3M KWEB Kranesh Csi China Internet call Add +44.8% 2,691,600 $65.9M ASHR Xtrackers Harvest Csi 300 CH call Sold out 1,335,300 $43.6Mbefore exit TSM Taiwan Semiconductor-SP ADR put Sold out 100,300 $33.9Mbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 23 $1.5B TSM, SE, EMBJ, EGO, IBN Q1 2026 21 $1.4B TSM, EMBJ, ITUB, EGO, BABA Q4 2025 27 $1.5B TSM, EGO, SE, TECK, NU Q3 2025 Amended 22 $1.1B EGO, IBN, SE, BABA, AU Q2 2025 24 $1.0B EMBJ, EGO, SE, BABA, FCX Q1 2025 20 $860.3M EGO, IBN, BABA, SE, CPA Q4 2024 21 $846.5M EMBJ, EGO, AU, TSM, EDU Q3 2024 21 $875.5M EGO, BABA, EMBJ, TSM, PDD Q2 2024 18 $611.1M EGO, BABA, IBN, TSM, EMBJ Q1 2024 18 $510.6M EGO, TSM, IBN, AU, NTES