undamentalytics Newsletter
Sign in

Hedge fund

Carrhae Capital LLP

13F for June 30, 2026, filed July 15, 2026 · SEC CIK 1555254

Reported value
$1.5bn
79% in companies we cover
Positions we cover
18
Largest TSM 13.0%
Copy, a year
+20.9%
S&P 500 +13.9%
Copy Sharpe ratio
0.66
S&P 500 0.53

How copying its 13F would have done

$10.0k 202420252026 $14.4k$12.8k
CopyS&P 500 $10,000 copying Carrhae Capital LLP's filed holdings in companies we cover from November 29, 2024, buying on the first trading day after each 13F was filed and holding until the next, against the S&P 500 (total return). Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −21.9% (S&P 500 −16.9%); beta 0.80; alpha +8.1% a year (t = 0.65); last 12 months −4.9% against +12.1%.

Reported value by quarter

Carrhae Capital LLP: 13F reported value Total value of all positions in each quarter's 13F, as filed (values before 2023 were filed in thousands of dollars and are converted).
$0 $100B $200B $300B $400B Reported value, 2014-12-31: $46.3B Reported value, 2015-03-31: $77B Reported value, 2015-06-30: $114.5B Reported value, 2015-09-30: $77.6B Reported value, 2015-12-31: $36.8B Reported value, 2016-03-31: $100.2B Reported value, 2016-06-30: $107.5B Reported value, 2016-09-30: $125.4B Reported value, 2016-12-31: $135.9B Reported value, 2017-03-31: $72.5B Reported value, 2017-06-30: $80.2B Reported value, 2017-09-30: $134.7B Reported value, 2017-12-31: $92.4B Reported value, 2018-03-31: $80B Reported value, 2018-06-30: $123B Reported value, 2018-09-30: $143.9B Reported value, 2018-12-31: $187.9B Reported value, 2019-03-31: $155.7B Reported value, 2019-06-30: $219.7B Reported value, 2019-09-30: $152.5B Reported value, 2019-12-31: $165.6B Reported value, 2020-03-31: $123.6B Reported value, 2020-06-30: $156.7B Reported value, 2020-09-30: $154.8B Reported value, 2020-12-31: $114B Reported value, 2021-03-31: $145.8B Reported value, 2021-06-30: $220.4B Reported value, 2021-09-30: $117.8B Reported value, 2021-12-31: $145.7B Reported value, 2022-03-31: $219B Reported value, 2022-06-30: $118.1B Reported value, 2022-09-30: $137.1B Reported value, 2022-12-31: $313.3B Reported value, 2023-03-31: $314.6M Reported value, 2023-06-30: $226.4M Reported value, 2023-09-30: $290.8M Reported value, 2023-12-31: $506M Reported value, 2024-03-31: $510.6M Reported value, 2024-06-30: $611.2M Reported value, 2024-09-30: $875.5M Reported value, 2024-12-31: $846.5M Reported value, 2025-03-31: $860.4M Reported value, 2025-06-30: $1B Reported value, 2025-09-30: $1.1B Reported value, 2025-12-31: $1.5B Reported value, 2026-03-31: $1.4B Reported value, 2026-06-30: $1.5B 2014-12-31 2017-06-30 2019-12-31 2022-06-30 2026-06-30 $1.5B
View chart data
Period Reported value
2014-12-31 $46.3B
2015-03-31 $77B
2015-06-30 $114.5B
2015-09-30 $77.6B
2015-12-31 $36.8B
2016-03-31 $100.2B
2016-06-30 $107.5B
2016-09-30 $125.4B
2016-12-31 $135.9B
2017-03-31 $72.5B
2017-06-30 $80.2B
2017-09-30 $134.7B
2017-12-31 $92.4B
2018-03-31 $80B
2018-06-30 $123B
2018-09-30 $143.9B
2018-12-31 $187.9B
2019-03-31 $155.7B
2019-06-30 $219.7B
2019-09-30 $152.5B
2019-12-31 $165.6B
2020-03-31 $123.6B
2020-06-30 $156.7B
2020-09-30 $154.8B
2020-12-31 $114B
2021-03-31 $145.8B
2021-06-30 $220.4B
2021-09-30 $117.8B
2021-12-31 $145.7B
2022-03-31 $219B
2022-06-30 $118.1B
2022-09-30 $137.1B
2022-12-31 $313.3B
2023-03-31 $314.6M
2023-06-30 $226.4M
2023-09-30 $290.8M
2023-12-31 $506M
2024-03-31 $510.6M
2024-06-30 $611.2M
2024-09-30 $875.5M
2024-12-31 $846.5M
2025-03-31 $860.4M
2025-06-30 $1B
2025-09-30 $1.1B
2025-12-31 $1.5B
2026-03-31 $1.4B
2026-06-30 $1.5B

Latest covered holdings and moves

Covered holdings as of June 30, 2026.

CompanyShare of portfolioValueSharesChange in shares
TSMTaiwan Semiconductor Manufacturing Co LTD13.05%$198.0m414.6K−25.8% Reduced
SESea Ltd9.26%$140.5m1.47MNew
EMBJEmbraer S.a.8.53%$129.5m2.03M−29.7% Reduced
EGOEldorado Gold Corp8.01%$121.5m3.91M−20.2% Reduced
GDSGDS Holdings Ltd6.53%$99.1m3.30M+51.1% Added
PBRPetrobras - Petroleo Brasileiro SA5.76%$87.5m5.41MNew
ASMLAsml Holding NV4.20%$63.8m32.1KNew
AUAnglogold Ashanti PLC4.03%$61.2m756.6K+199.1% Added
PPCPilgrims Pride Corp3.44%$52.2m1.86MNew
BABAAlibaba Group Holding Ltd3.16%$48.0m500.2K−62.5% Reduced
NTESNetease, Inc.2.59%$39.3m306.6K+343.2% Added
SLBSchlumberger2.56%$38.8m834.3K+49.8% Added
CPNGCoupang, Inc.2.52%$38.2m2.20MNew
HALHalliburton1.63%$24.7m726.2K+21.5% Added
BBDBank Bradesco1.02%$15.6m4.48MNew
MMYTMakemytrip Ltd0.78%$11.8m221.4K+47.0% Added
VNETVnet Group, Inc.0.78%$11.8m1.47M−3.0% Reduced
BEKEKE Holdings Inc.0.67%$10.1m697.8KNew
CompanyBought (value)Shares
SESea Ltd$140.5m1.47M
PBRPetrobras - Petroleo Brasileiro SA$87.5m5.41M
ASMLAsml Holding NV$63.8m32.1K
PPCPilgrims Pride Corp$52.2m1.86M
AUAnglogold Ashanti PLC$40.7m503.6K
CPNGCoupang, Inc.$38.2m2.20M
GDSGDS Holdings Ltd$33.5m1.12M
NTESNetease, Inc.$30.4m237.4K
BBDBank Bradesco$15.6m4.48M
SLBSchlumberger$12.9m277.5K
BEKEKE Holdings Inc.$10.1m697.8K
HALHalliburton$4.4m128.5K
MMYTMakemytrip Ltd$3.8m70.8K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanySold (value)Shares
BABAAlibaba Group Holding Ltd−$80.0m−833.9K
TSMTaiwan Semiconductor Manufacturing Co LTD−$68.9m−144.3K
EMBJEmbraer S.a.−$54.8m−858.9K
PDDPDD Holdings Inc.−$52.7m−515.3K
JBSJBS N.V.−$45.7m−2.55M
EGOEldorado Gold Corp−$30.7m−988.6K
HSAIHesai Group−$30.0m−1.57M
MTArcelormittal−$10.2m−196.7K
RNWRenew Energy Global plc−$5.8m−1.28M
VNETVnet Group, Inc.−$368,714−45.9K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanyValue last quarterShares
PDDPDD Holdings Inc.$52.7m515.3K
JBSJBS N.V.$45.7m2.55M
HSAIHesai Group$30.0m1.57M
MTArcelormittal$10.2m196.7K
RNWRenew Energy Global plc$5.8m1.28M
  • Technology31.3%
  • Materials15.3%
  • Communication Services15.1%
  • Energy12.7%
  • Industrials10.9%
  • Consumer Discretionary8.2%
  • Consumer Staples4.4%
  • Financials1.3%
  • Real Estate0.9%

Share of the value held in companies we cover, by sector.

PeriodCopy, a yearS&P 500SharpeS&P 500Biggest dropBeta
Whole backtestNovember 29, 2024 to November 2, 2026+20.9%+13.9%0.660.53−21.9%0.80
Last yearNovember 7, 2025 to November 2, 2026−4.5%+14.2%−0.230.84−21.9%1.30

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.