In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 14, 2026), Carrhae Capital LLP reported 21 stock positions worth $1.4 billion . Its top holding was Taiwan Semiconductor-SP ADR (TSM) at 13.3% of the portfolio, followed by Embraer SA-Spon ADR (EMBJ, 12.1% ) and Itau Unibanco H-Spon PRF ADR (ITUB, 12.1% ). Compared with Q4 2025, it opened 8 new positions, sold out of 14, added to 8 and reduced 5. The biggest buy was a new position in Itau Unibanco H-Spon PRF ADR (ITUB) and the biggest sale an exit from Sea Ltd.-ADR (SE).
Location London, X0
CIK 0001555254
Portfolio Value $1.4B (Q1 2026) Holdings 21 stocks · $1.4B 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 Q4 2025 TSM Taiwan Semiconductor-SP ADR 558,880 $188.9M Reduce -5.0% EMBJ Embraer SA-Spon ADR 2,888,680 $171.4M Add +151.8% ITUB Itau Unibanco H-Spon PRF ADR 20,443,133 $171.3M New EGO Eldorado Gold Corp. 4,897,751 $168.1M Add +22.1% BABA Alibaba Group Holding-SP ADR 1,334,070 $167.4M Add +332.2% IBN Icici Bank Ltd.-Spon ADR 5,039,743 $130.5M Add +152.9% GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD 2,184,662 $88.0M Add +0.8% CPA Copa Holdings SA Class A 518,114 $58.9M Add +315.4% PDD PDD Holdings Inc. 515,274 $52.7M Add +131.4% JBS JBS NV-A 2,546,345 $45.7M Reduce -30.2% HSAI Hesai Group 1,568,343 $30.0M New SLB SLB Ltd. filed as SLB LIMITED 556,816 $28.6M New AU Anglogold Ashanti PLC 252,966 $24.6M Add +157.4% HAL Halliburton Co. 597,721 $23.3M New TS Tenaris SA-ADR 337,428 $19.6M New VNET Vnet Group Inc.-ADR 1,513,055 $12.7M New MT Arcelormittal-NY Registered 196,677 $10.2M New NTES Netease Inc.-ADR 69,167 $7.7M New VIST Vista Energy Sab DE CV 79,692 $6.0M Reduce -90.4% RNW Renew Energy Global PLC-A 1,277,071 $5.8M Reduce -48.1% MMYT Makemytrip Ltd. 150,562 $5.6M Reduce -80.0%
Options reported separately and not counted above: QQQ puts ($1.4B), SLV calls ($179.0M), USO puts ($75.9M), GLD calls ($58.4M), KWEB calls ($52.9M), BABA calls ($45.9M), ASHR calls ($43.6M), TSM puts ($33.9M).
Portfolio Sells Q4 2025 → Q1 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 Q4 2025 % Of Portfolio Change To Portfolio ▲ SE Sea Ltd.-ADR Sold out 0.00% −7.17 TECK Teck Resources Ltd.-CLS B Sold out 0.00% −6.59 NU Nu Holdings Ltd./Cayman Isl-A Sold out 0.00% −5.51 FNV Franco-Nevada Corp. Sold out 0.00% −4.06 MMYT Makemytrip Ltd. Reduce -80.0% 0.40% −3.71 BBD Banco Bradesco-ADR Sold out 0.00% −3.59 BAP Credicorp Ltd. Sold out 0.00% −3.22 SNPS Synopsys Inc. Sold out 0.00% −2.99 BIDU Baidu Inc. - Spon ADR Sold out 0.00% −2.98 GGAL Grupo Financiero Galicia-ADR Sold out 0.00% −2.86 YMM Full Truck Alliance -SPN ADR Sold out 0.00% −2.72 EQT Eqt Corp. Sold out 0.00% −2.66 VIST Vista Energy Sab DE CV Reduce -90.4% 0.42% −2.27 WRD Weride Inc.-ADR Sold out 0.00% −1.40 HBM Hudbay Minerals Inc. Sold out 0.00% −1.06 RNW Renew Energy Global PLC-A Reduce -48.1% 0.41% −0.51 JBS JBS NV-A Reduce -30.2% 3.23% −0.28 KSPI JSC Kaspi.kz ADR Sold out 0.00% −0.26 TSM Taiwan Semiconductor-SP ADR Reduce -5.0% 13.33% +1.41
Portfolio Buys Q4 2025 → Q1 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 Q4 2025 % Of Portfolio Change To Portfolio ▼ ITUB Itau Unibanco H-Spon PRF ADR New 12.09% +12.09 BABA Alibaba Group Holding-SP ADR Add +332.2% 11.81% +8.80 EMBJ Embraer SA-Spon ADR Add +151.8% 12.10% +7.17 IBN Icici Bank Ltd.-Spon ADR Add +152.9% 9.21% +5.25 CPA Copa Holdings SA Class A Add +315.4% 4.15% +3.15 EGO Eldorado Gold Corp. Add +22.1% 11.86% +2.26 HSAI Hesai Group New 2.12% +2.12 PDD PDD Holdings Inc. Add +131.4% 3.72% +2.03 SLB SLB Ltd. New 2.02% +2.02 HAL Halliburton Co. New 1.64% +1.64 TS Tenaris SA-ADR New 1.39% +1.39 AU Anglogold Ashanti PLC Add +157.4% 1.74% +1.18 GDS GDS Holdings Ltd. - ADR Add +0.8% 6.21% +1.17 VNET Vnet Group Inc.-ADR New 0.90% +0.90 MT Arcelormittal-NY Registered New 0.72% +0.72 NTES Netease Inc.-ADR New 0.55% +0.55
Options Activity Q4 2025 → Q1 2026 Security Type Change vs Q4 2025 Underlying Shares Value ▼ QQQ Invesco QQQ Trust Series 1 put Add +434.9% 2,477,800 $1.4B EEM iShares MSCI Emerging Market put Sold out 3,940,000 $215.6Mbefore exit SLV iShares Silver Trust call Reduce -21.7% 2,627,200 $179.0M USO United States Oil Fund LP put New 596,800 $75.9M GLD SPDR Gold Shares call Add +88.1% 135,800 $58.4M KWEB Kranesh Csi China Internet call Reduce -72.8% 1,859,200 $52.9M BABA Alibaba Group Holding-SP ADR call New 365,600 $45.9M ASHR Xtrackers Harvest Csi 300 CH call Reduce -66.5% 1,335,300 $43.6M TSM Taiwan Semiconductor-SP ADR put Reduce -11.3% 100,300 $33.9M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2025 → Q1 2026 Security Class Change vs Q4 2025 Shares / Principal Value ▼ RNWWW Renew Energy Global -CW26 *W EXP 08/21/202 Sold out 64,966 $526before exit
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages 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