Reported positions
Quarter-end holdings as filed
Explore the full published position list and its source filing. This record excludes the manager’s cash, shorts and non-13(f) assets.
Carrhae Capital LLP
A quarter-end snapshot. Filed up to 45 days later, so this page is not current holdings and never a complete portfolio. what a 13F is — and is not ↓ · methodology §13F ↗
Period
$3.3B
reported valuesum of disclosed values for 2026-03-31; 0 positions carry a NULL value and are excluded from the sum, surfaced here rather than folded away
29
positionsALL retained default holdings for this (filer, period), including NULL-value ones
10
new stakespositions with no comparable holding in the prior quarter (kind new), 2026-03-31
16
exitspositions absent from this quarter's filing after being held last quarter (kind exit), 2026-03-31 — inferred from absence, not a sale record
Position changes — into 2026-03-31
by shares · Δ value · filing link · how changes are classified §Positionposition matched across quarters by exact reported CUSIP over a registry gap — producer-reconciled identity, never a name match identity_reconciled_by_cusip | Changethe reported share count is unchanged across the pair, so the position reads as held rather than as a buy or a sell; only builds before this release inferred a direction from the reported value instead classified_by_value · "exit" = absent this quarter: disposed, delisted, under confidential treatment, or reported instead by an affiliated manager — the filing does not say which · change not classifiable: value undisclosed on one side of the quarter pair, or neither shares nor value can classify it · "no change" = the share count is identical in both quarters; the value moved only with price, so the row is mark-to-market and never an add or a trim (Add / New / Trim / Exit / No change) · "no prior" = this filer has no comparable holdings list for the previous quarter on record — a first filing under this registration, or a quarter reported inside an affiliated manager's filing — so the position is not called a new stake | Δ valuederived by Public Filings from the published aggregate; NULL means the source did not disclose a usable value — never zero | Δ shares | Prev value | Curr value | Prev shares | Curr shares | Flags |
|---|---|---|---|---|---|---|---|---|
INVESCO QQQ TR UNIT SER 1position key pos:12022 · issuer key iss:1207 PUT | add | +$1.1B | +2,014,600 | $285M | $1.4B | 463,200 | 2,477,800 | |
TAIWAN SEMICONDUCTOR MANUFAC SPONSORED ADSposition key pos:18380 · issuer key iss:2080 | trim | +$10.0M | −29,579 | $179M | $189M | 588,459 | 558,880 | |
ISHARES SILVER TR ISHARESposition key pos:11871 · issuer key iss:1233 CALL | trim | −$37.1M | −727,600 | $216M | $179M | 3,354,800 | 2,627,200 | |
EMBRAER S.A. SPONSORED ADSposition key pos:16621 · issuer key iss:807 | add | +$97.6M | +1,741,411 | $73.8M | $171M | 1,147,269 | 2,888,680 | |
ITAU UNIBANCO HLDG S A SPON ADR REP PFDposition key pos:16248 · issuer key iss:1239 | new | +$171M | +20,443,133 | $0 | $171M | — | 20,443,133 | |
ELDORADO GOLD CORP NEW COMposition key pos:12690 · issuer key iss:803 | add | +$24.1M | +887,537 | $144M | $168M | 4,010,214 | 4,897,751 | |
ALIBABA GROUP HLDG LTD SPONSORED ADSposition key pos:16587 · issuer key iss:133 | add | +$122M | +1,025,431 | $45.2M | $167M | 308,639 | 1,334,070 | |
ICICI BANK LIMITED ADRposition key pos:15293 · issuer key iss:1157 | add | +$71.1M | +3,046,977 | $59.4M | $131M | 1,992,766 | 5,039,743 | |
GDS HLDGS LTD SPONSORED ADSposition key pos:18772 · issuer key iss:975 | add | +$12.4M | +17,463 | $75.6M | $88.0M | 2,167,199 | 2,184,662 | |
UNITED STS OIL FD LP UNITSposition key pos:17876 · issuer key iss:2213 PUT | new | +$75.9M | +596,800 | $0 | $75.9M | — | 596,800 | |
COPA HOLDINGS SA CL Aposition key pos:15644 · issuer key iss:2713 | add | +$43.8M | +393,397 | $15.0M | $58.9M | 124,717 | 518,114 | |
SPDR GOLD TR GOLD SHSposition key pos:12087 · issuer key iss:1899 CALL | add | +$29.8M | +63,600 | $28.6M | $58.4M | 72,200 | 135,800 | |
KRANESHARES TRUST CSI CHI INTERNETposition key sid:sec:prov:bf8919fd0533a1886f7583f69194231e · issuer key cusip6:500767 CALL | trim | −$180M | −4,974,300 | $233M | $52.9M | 6,833,500 | 1,859,200 | |
PDD HOLDINGS INC SPONSORED ADSposition key pos:15186 · issuer key iss:1721 | add | +$27.4M | +292,620 | $25.2M | $52.7M | 222,654 | 515,274 | |
ALIBABA GROUP HLDG LTD SPONSORED ADSposition key pos:16587 · issuer key iss:133 CALL | new | +$45.9M | +365,600 | $0 | $45.9M | — | 365,600 | |
JBS N.V. CL A SHSposition key pos:12249 · issuer key iss:2700 | trim | −$6.9M | −1,102,881 | $52.6M | $45.7M | 3,649,226 | 2,546,345 | |
DBX ETF TR XTRACK HRVST CSIposition key sid:sec:prov:0b83acfdfca8b0e64ba9b683eebc8aac · issuer key cusip6:233051 CALL | trim | −$87.3M | −2,647,900 | $131M | $43.6M | 3,983,200 | 1,335,300 | |
TAIWAN SEMICONDUCTOR MANUFAC SPONSORED ADSposition key pos:18380 · issuer key iss:2080 PUT | trim | −$474K | −12,800 | $34.4M | $33.9M | 113,100 | 100,300 | |
HESAI GROUP SPONSORED ADSposition key sid:sec:prov:0825b58bb5ad38f33e25b6a309b3918d · issuer key cusip6:428050 | new | +$30.0M | +1,568,343 | $0 | $30.0M | — | 1,568,343 | |
SLB LIMITED COM STKposition key pos:13230 · issuer key iss:1933 | new | +$28.6M | +556,816 | $0 | $28.6M | — | 556,816 | |
ANGLOGOLD ASHANTI PLC COM SHSposition key pos:15409 · issuer key iss:2425 | add | +$16.2M | +154,683 | $8.4M | $24.6M | 98,283 | 252,966 | |
HALLIBURTON CO COMposition key pos:11214 · issuer key iss:1074 | new | +$23.3M | +597,721 | $0 | $23.3M | — | 597,721 | |
TENARIS S A SPONSORED ADSposition key pos:14838 · issuer key iss:2107 | new | +$19.6M | +337,428 | $0 | $19.6M | — | 337,428 | |
VNET GROUP INC SPONSORED ADS Aposition key pos:13164 · issuer key iss:2175 | new | +$12.7M | +1,513,055 | $0 | $12.7M | — | 1,513,055 | |
ARCELORMITTAL SA LUXEMBOURG NY REGISTRY SHposition key sid:sec:prov:dfc258937165c462fd1ad3d4e37e4beb · issuer key cusip6:03938L | new | +$10.2M | +196,677 | $0 | $10.2M | — | 196,677 | |
NETEASE COM INC SPONSORED ADSposition key pos:16941 · issuer key iss:1547 | new | +$7.7M | +69,167 | $0 | $7.7M | — | 69,167 | |
VISTA ENERGY S.A.B. DE C.V. SPONSORED ADSposition key pos:10993 · issuer key iss:2281 | trim | −$34.4M | −750,520 | $40.4M | $6.0M | 830,212 | 79,692 | |
RENEW ENERGY GLOBAL PLC CL A SHSposition key pos:12683 · issuer key cusip6:G7500M | trim | −$8.0M | −1,181,862 | $13.9M | $5.8M | 2,458,933 | 1,277,071 | |
MAKEMYTRIP LIMITED MAURITIUS SHSposition key sid:sec:prov:98708b6123f38d2ff57483572ee45be4 · issuer key cusip6:V5633W | trim | −$56.1M | −600,380 | $61.7M | $5.6M | 750,942 | 150,562 | |
| pos:11326 | exit‡e | −$60.9M | −293,772 | $60.9M | $0 | 293,772 | — | |
| pos:11735 | exit‡e | −$4.0M | −50,668 | $4.0M | $0 | 50,668 | — | |
| pos:13443 | exit‡e | −$39.9M | −745,266 | $39.9M | $0 | 745,266 | — | |
| pos:13898 | exit‡e | −$108M | −843,557 | $108M | $0 | 843,557 | — | |
| pos:14032 PUT | exit‡e | −$216M | −3,940,000 | $216M | $0 | 3,940,000 | — | |
| pos:14068 | exit‡e | −$98.8M | −2,063,912 | $98.8M | $0 | 2,063,912 | — | |
| pos:16468 | exit‡e | −$40.9M | −3,807,441 | $40.9M | $0 | 3,807,441 | — | |
| pos:16546 | exit‡e | −$48.3M | −168,399 | $48.3M | $0 | 168,399 | — | |
| pos:16658 | exit‡e | −$82.7M | −4,942,239 | $82.7M | $0 | 4,942,239 | — | |
| pos:16670 | exit‡e | −$15.9M | −802,513 | $15.9M | $0 | 802,513 | — | |
| pos:17667 | exit‡e | −$53.9M | −16,185,404 | $53.9M | $0 | 16,185,404 | — | |
| pos:18764 | exit‡e | −$44.7M | −341,747 | $44.7M | $0 | 341,747 | — | |
| pos:19140 | exit‡e | −$44.8M | −95,365 | $44.8M | $0 | 95,365 | — | |
| sid:sec:prov:1063ba207c7ce99a467b0ac98b7d527b | exit‡e | −$42.9M | −795,204 | $42.9M | $0 | 795,204 | — | |
| sid:sec:prov:8a797c366441813b53b106775bc48399 | exit‡e | −$526 | −64,966 | $526 | $0 | 64,966 | — | |
| sid:sec:prov:ba32367c9f51a0841841c2ddaf166614 | exit‡e | −$21.0M | −2,421,132 | $21.0M | $0 | 2,421,132 | — |
25 more changes below.
Quarter ended 2026-03-31Newest filing in this build: 2026-07-31. Per-row filing dates are on each receipt.
Changes derive from the aggregate's top-25 slices and keyable positions only; unkeyable holdings are counted in the registry, not differenced. methodology §13F ↗
Book shape
2026-03-31 · concentration · vs tracked median · tick = median- Top-25 concentration
- 99.2%above median 80.0%
- Concentration index
- 2,049 bpsabove median 446 bps
- Positions with value
- 29 / 29median book 97.5 positions
Concentration uses reported 13F long value, not total assets. The index is withheld when any position lacks a value. Medians are over the 8,748 tracked filers with a 2026-03-31 book; the index median over the 8,662 with a complete book.
null-value positions: 0holdings whose <value> did not parse — retained and counted, never zero-filled · top-N share ·§: 99.2% · HHI (bps) ·§: 2,049integer Herfindahl–Hirschman index in basis points over disclosed position values · QoQ moves: 45
Filing history
AVAILABLE QUARTERSPLANNED sector rotation · Congress overlap · signals for this filer
Complete source filings on SEC EDGAR
The complete filing on EDGAR.
The position list above is served from the published Public Filings build — every position this filer reported for the selected quarter, as it reported it. This block is provenance, not a substitute: the filing itself is the record, and it is one click away. Serving this list is M2-CONTRACT §3, amended 2026-08-02; §3.1 keeps live EDGAR for filings newer than this build.
Open Carrhae Capital LLP's 13F filings on SEC EDGAR ↗Notes on this data
Share changes
Compare consecutive quarters
Position changes retain the producer’s classification and comparability flags. Share counts and reported values describe different changes.
Coverage
A snapshot, not current holdings
Use the quarter selector to inspect available periods. Unknown values stay unknown and each table states its coverage.
ViewPrior quarter not yet availableThis build carries one quarter for this manager: 2026-03-31. Notable managers carry four published quarters, others two.
Reported positions — 2026-03-31
1–27 of 27 issuers · $3.3B disclosed value over 29 rows · 0 undisclosed-value rowsEvery row below carries ticker not yet mapped — stated once here rather than repeated on every row.
| KindClassification is not joined into this reported-position view. Use the changed-positions view to compare the two published quarters. | TickerThis list carries reported issuer names and security identities, without a dated ticker mapping. Symbols are not inferred from names. | Issuera position composed from a base filing plus NEW-HOLDINGS amendments keeps every source row here; the composition's latest filed date is the one shown served from this build's published holdings (derived from the filer's own reported rows); every row resolves to its filing | WeightShare of total reported value, calculated only when the full position list has disclosed values. This is 13F long value, not total assets. | Valuevalue undisclosed on the filing: retained and counted, excluded from sums, never shown as $0 | Shares | Position changeShare change is available in the separate comparison view; it is not joined into this position list. | Wt | CongressThe congressional transaction join is unavailable in this build. |
|---|---|---|---|---|---|---|---|---|
| — | QQQverified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred) | INVESCO QQQ TR INVESCO QQQ TR · UNIT SER 1 · PUT CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d | $1.4B | 2,477,800 | — | 42.9% | — | |
| — | TSMverified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred) | TAIWAN SEMICONDUCTOR MANUFAC | $223M | 659,180 | — | 6.7% | — | |
| — | BABAverified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred) | ALIBABA GROUP HLDG LTD | $213M | 1,699,670 | — | 6.4% | — | |
| — | SLVverified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred) | ISHARES SILVER TR ISHARES SILVER TR · ISHARES · CALL CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d | $179M | 2,627,200 | — | 5.4% | — | |
| — | EMBJverified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred) | EMBRAER S.A. EMBRAER S.A. · SPONSORED ADS CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d | $171M | 2,888,680 | — | 5.1% | — | |
| — | ITUBverified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred) | ITAU UNIBANCO HLDG S A ITAU UNIBANCO HLDG S A · SPON ADR REP PFD CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d | $171M | 20,443,133 | — | 5.1% | — | |
| — | EGOverified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred) | ELDORADO GOLD CORP NEW ELDORADO GOLD CORP NEW · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d | $168M | 4,897,751 | — | 5.0% | — | |
| — | IBNverified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred) | ICICI BANK LIMITED ICICI BANK LIMITED · ADR CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d | $131M | 5,039,743 | — | 3.9% | — | |
| — | GDSverified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred) | GDS HLDGS LTD GDS HLDGS LTD · SPONSORED ADS CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d | $88.0M | 2,184,662 | — | 2.6% | — | |
| — | USOverified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred) | UNITED STS OIL FD LP UNITED STS OIL FD LP · UNITS · PUT CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d | $75.9M | 596,800 | — | 2.3% | — | |
| — | CPAverified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred) | COPA HOLDINGS SA COPA HOLDINGS SA · CL A CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d | $58.9M | 518,114 | — | 1.8% | — | |
| — | GLDverified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred) | SPDR GOLD TR SPDR GOLD TR · GOLD SHS · CALL CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d | $58.4M | 135,800 | — | 1.8% | — | |
| — | — | KRANESHARES TRUST KRANESHARES TRUST · CSI CHI INTERNET · CALL CUSIP 500767306 quarter ended 2026-03-31 filed filed 2026-05-14 +44d | $52.9M | 1,859,200 | — | 1.6% | — | |
| — | PDDverified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred) | PDD HOLDINGS INC PDD HOLDINGS INC · SPONSORED ADS CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d | $52.7M | 515,274 | — | 1.6% | — | |
| — | JBSverified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred) | JBS N.V. JBS N.V. · CL A SHS CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d | $45.7M | 2,546,345 | — | 1.4% | — | |
| — | — | DBX ETF TR DBX ETF TR · XTRACK HRVST CSI · CALL CUSIP 233051879 quarter ended 2026-03-31 filed filed 2026-05-14 +44d | $43.6M | 1,335,300 | — | 1.3% | — | |
| — | — | HESAI GROUP HESAI GROUP · SPONSORED ADS CUSIP 428050108 quarter ended 2026-03-31 filed filed 2026-05-14 +44d | $30.0M | 1,568,343 | — | 0.9% | — | |
| — | SLBverified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred) | SLB LIMITED SLB LIMITED · COM STK CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d | $28.6M | 556,816 | — | 0.9% | — | |
| — | AUverified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred) | ANGLOGOLD ASHANTI PLC ANGLOGOLD ASHANTI PLC · COM SHS CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d | $24.6M | 252,966 | — | 0.7% | — | |
| — | HALverified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred) | HALLIBURTON CO HALLIBURTON CO · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d | $23.3M | 597,721 | — | 0.7% | — | |
| — | TSverified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred) | TENARIS S A TENARIS S A · SPONSORED ADS CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d | $19.6M | 337,428 | — | 0.6% | — | |
| — | VNETverified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred) | VNET GROUP INC VNET GROUP INC · SPONSORED ADS A CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d | $12.7M | 1,513,055 | — | 0.4% | — | |
| — | — | ARCELORMITTAL SA LUXEMBOURG ARCELORMITTAL SA LUXEMBOURG · NY REGISTRY SH CUSIP 03938L203 quarter ended 2026-03-31 filed filed 2026-05-14 +44d | $10.2M | 196,677 | — | 0.3% | — | |
| — | NTESverified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred) | NETEASE COM INC NETEASE COM INC · SPONSORED ADS CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d | $7.7M | 69,167 | — | 0.2% | — | |
| — | VISTverified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred) | VISTA ENERGY S.A.B. DE C.V. VISTA ENERGY S.A.B. DE C.V. · SPONSORED ADS CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d | $6.0M | 79,692 | — | 0.2% | — | |
| — | — | RENEW ENERGY GLOBAL PLC RENEW ENERGY GLOBAL PLC · CL A SHS CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d | $5.8M | 1,277,071 | — | 0.2% | — | |
| — | — | MAKEMYTRIP LIMITED MAURITIUS MAKEMYTRIP LIMITED MAURITIUS · SHS CUSIP V5633W109 quarter ended 2026-03-31 filed filed 2026-05-14 +44d | $5.6M | 150,562 | — | 0.2% | — |
1–27 of 27 issuers · page 1 of 1
every row this filer reported for the quarter, as it reported it — cross-filer de-duplication is applied to issuer totals elsewhere and never deletes a row here
A 13F is a quarterly, long-only snapshot filed up to 45 days late — not current holdings. what a 13F covers ↗
13F reports cover LONG positions in Section 13(f) securities (US exchange-traded equities plus reportable options, warrants, certain convertibles) held by managers with at least $100M in such securities — so managers below that threshold are absent entirely. No short positions, no cash, no non-13(f) assets — not a full portfolio, and not a census of institutional ownership.
Positions are quarter-end snapshots filed up to 45 days late — not current holdings. A position may have been changed or closed before you ever see it, and is older still by however long ago that quarter ended.
Values are the manager's stated market value at quarter-end in era-dependent units (whole dollars for form versions effective 2023-01-03 onward, thousands before), normalized here to whole dollars with unit_basis carried on every record.
Affiliated managers may report the same position (otherManager), so one position can appear under more than one filer.
Positions under confidential treatment may be omitted until a later amendment discloses them.
These are disclosures, not investment advice (ARCHITECTURE.md §5.2 / M2-CONTRACT §5).