Carrhae Capital
Carrhae Capital reported 22 stocks worth $1.6B in its 13F filing for Q3 2026, filed Oct 20, 2026. Its largest holdings are TSM (14.8%), EGO (12.7%) and ITUB (11.9%). Compared with Q2 2026, the fund opened new positions in ASX, BP and SHEL, added to TSM, EGO and ITUB, trimmed SE, PBR and IBN and sold out of GGAL, ASML and AU.
Holdings
| # | Stock | Value | Weight | Shares | Change | Shares, 8 qtrs | Held |
|---|---|---|---|---|---|---|---|
| 1 |  TSM Taiwan Semiconductor Mfg Ltd | $231M | 14.8% | 507K | +93K (+22%) | 7 of 8 | |
| 2 |  EGO Eldorado Gold Corp New | $198M | 12.7% | 5.1M | +1.2M (+32%) | 8 of 8 | |
| 3 |  ITUB Itau Unibanco Hldg S A | $185M | 11.9% | 21.7M | +12.1M (+125%) | 3 of 8 | |
| 4 |  BABA Alibaba Group Hldg Ltd F | $171M | 10.9% | 1.6M | +1.1M (+217%) | 7 of 8 | |
| 5 |  SE Sea Ltd | $120M | 7.7% | 1.2M | −231K (−16%) | 7 of 8 | |
| 6 |  GDS Gds Hldgs Ltd | $107M | 6.9% | 3.4M | +134K (+4%) | 6 of 8 | |
| 7 |  PBR Petroleo Brasileiro SA Petro | $84.7M | 5.4% | 4.1M | −1.4M (−25%) | 3 of 8 | |
| 8 |  ASX Ase Technology Hldg Co Ltd | $65.1M | 4.2% | 1.5M | New position | 1 of 8 | |
| 9 |  IBN Icici Bank Limited | $64M | 4.1% | 2.3M | −1.2M (−34%) | 7 of 8 | |
| 10 |  BP BP P L C F | $59.3M | 3.8% | 1.3M | New position | 1 of 8 |
Positions at Sep 30, 2026, as reported. Change is against the fund's Q2 2026 filing; weight is the share of the fund's reported stocks.
Sold out
held in Q2 2026, gone in Q3 2026| Stock | Value last quarter | Shares sold |
|---|---|---|
 GGAL Grupo Financiero Galicia S.a | $68.1M | 1.4M |
 ASML Asml Holding N V | $63.8M | 32K |
 AU Anglogold Ashanti PLC | $61.2M | 757K |
 PPC Pilgrims Pride Corp | $52.2M | 1.9M |
 NTES Netease Inc | $39.3M | 307K |
🔒 Free account: see all 9.
Options
valued at the underlying shares| Stock | Type | Value | Shares | Change |
|---|---|---|---|---|
 QQQ Invesco Qqq TR | Put | $724M | 979K | −465,300 |
 GLD Spdr Gold TR | Call | $225M | 592K | −16,400 |
BABA Alibaba Group Hldg Ltd F | Call | $183M | 1.7M | +258,500 |
 EEM Ishares Msci Emerging | Put | $162M | 2.4M | −5,600,800 |
 SLV Ishares Silver Trust | Call | $119M | 2.2M | +2,189,800 |
🔒 Free account: see all 8.
Reported value
last 8 quartersThe value of the US stocks the fund reported, at quarter end prices. It moves with the market as well as with buying and selling.
Filings for Q3 2026
straight from the SEC| Filed | Form | Quarter | |
|---|---|---|---|
| Oct 20, 2026 | 13F-HR | Q3 2026 | SEC filing ↗ |
Other superinvestors
All hedge fund holdings →Carrhae Capital 13F FAQ
What does Carrhae Capital own?
Carrhae Capital reported 22 stocks worth $1.6B in its 13F filing for Q3 2026, filed Oct 20, 2026. Its largest holdings are TSM (14.8%), EGO (12.7%) and ITUB (11.9%). The table above lists every position in the filing (the top 10 without an account).
What did Carrhae Capital buy and sell in Q3 2026?
Compared with Q2 2026: 8 new positions, 7 added to, 6 trimmed and 9 sold out. New positions include ASX, BP and SHEL. It sold all of GGAL, ASML and AU.
When will Carrhae Capital file its next 13F?
Holdings as of Dec 31, 2026 are due by Feb 15, 2027. The filing appears on this page within minutes of reaching the SEC.
How much is Carrhae Capital's portfolio worth?
The Q3 2026 filing reports $1.6B in US stocks ($3.1B including options). That leaves out cash, bonds, short positions and most foreign holdings, so the fund's total assets are usually larger.
For informational and educational purposes only. Not investment advice, and not a recommendation to buy or sell any security. Holdings come from the fund's SEC Form 13F filings as reported and show positions at the end of the quarter, up to 45 days before the filing. The fund may have changed its positions since. A 13F leaves out short positions, cash, bonds and most foreign holdings. See all hedge fund holdings.