1y return+17.0%S&P 500 +20.9%
3y return+91.6%S&P 500 +68.5%
5y return+75.7%S&P 500 +74.5%
10y return+172.9%S&P 500 +256.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since June 30, 2016: $273 against $357 in the S&P 500.2
Carrhae Capital LLPS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| TSMTaiwan Semiconductor Manufac | $198.0M | 13.0% | −25.8% |
| SESea Ltd | $140.5M | 9.3% | New |
| EMBJEmbraer S.a. | $129.5M | 8.5% | −29.7% |
| EGOEldorado Gold Corp New | $121.5M | 8.0% | −20.2% |
| IBNIcici Bank Limited | $101.5M | 6.7% | −30.6% |
| GDSGds Hldgs Ltd | $99.1M | 6.5% | +51.1% |
| PBRPetroleo Brasileiro S A | $87.5M | 5.8% | New |
| ITUBItau Unibanco Hldg S A | $78.8M | 5.2% | −52.8% |
| GGALGrupo Financiero Galicia S.a | $68.1M | 4.5% | New |
| Asml Hldg NvCUSIP N07059210 | $63.8M | 4.2% | New |
| Copa Holdings SaCUSIP P31076105 | $62.3M | 4.1% | −22.7% |
| Anglogold Ashanti PLCCUSIP G0378L100 | $61.2M | 4.0% | +199.1% |
| PPCPilgrims Pride Corp | $52.2M | 3.4% | New |
| BABAAlibaba Group Hldg Ltd | $48.0M | 3.2% | −62.5% |
| NTESNetease Com Inc | $39.3M | 2.6% | +343.2% |
| SLBSlb Limited | $38.8M | 2.6% | +49.8% |
| CPNGCoupang Inc | $38.2M | 2.5% | New |
| HALHalliburton Co | $24.7M | 1.6% | +21.5% |
| BBDBanco Bradesco S A | $15.6M | 1.0% | New |
| TSTenaris S A | $15.4M | 1.0% | −17.5% |
| Makemytrip Limited MauritiusCUSIP V5633W109 | $11.8M | 0.8% | +47.0% |
| VNETVnet Group Inc | $11.8M | 0.8% | −3.0% |
| BEKEKe Hldgs Inc | $10.1M | 0.7% | New |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| Anglogold Ashanti PLCCUSIP G0378L100 | December 31, 2023 | +332.8% | $61.2M |
| EGOEldorado Gold Corp New | March 31, 2021 | +188.1% | $121.5M |
| TSMTaiwan Semiconductor Manufac | June 30, 2025 | +110.9% | $198.0M |
| Copa Holdings SaCUSIP P31076105 | December 31, 2025 | +29.0% | $62.3M |
| NTESNetease Com Inc | March 31, 2026 | +14.5% | $39.3M |
| EMBJEmbraer S.a. | June 30, 2025 | +12.1% | $129.5M |
| GDSGds Hldgs Ltd | June 30, 2025 | −1.8% | $99.1M |
| ITUBItau Unibanco Hldg S A | March 31, 2026 | −2.5% | $78.8M |
| IBNIcici Bank Limited | September 30, 2025 | −4.0% | $101.5M |
| VNETVnet Group Inc | March 31, 2026 | −4.2% | $11.8M |
Sold off last quarter
- PDDPdd Holdings Inc was $52.7M
- Jbs N.v.CUSIP N4732M103 was $45.7M
- HSAIHesai Group was $30.0M
- MTArcelormittal Sa Luxembourg was $10.2M
- VISTVista Energy S.a.b. De C.v. was $6.0M
- Renew Energy Global PLCCUSIP G7500M104 was $5.8M
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +0.8% | +14.8% |
| March 31, 2026 | −2.4% | −4.6% |
| December 31, 2025 | +0.3% | +2.4% |
| September 30, 2025 | +18.6% | +7.8% |
| June 30, 2025 | +9.7% | +10.5% |
| March 31, 2025 | +11.1% | −4.6% |
| December 31, 2024 | −6.6% | +2.1% |
| September 30, 2024 | +13.9% | +5.4% |
| June 30, 2024 | +2.7% | +4.0% |
| March 31, 2024 | +7.6% | +10.0% |
| December 31, 2023 | +18.2% | +11.2% |
| September 30, 2023 | −3.3% | −3.6% |
| June 30, 2023 | +0.4% | +8.3% |
| March 31, 2023 | +13.5% | +7.0% |
| December 31, 2022 | +18.7% | +7.1% |
| September 30, 2022 | −4.6% | −5.3% |
| June 30, 2022 | −13.2% | −16.5% |
| March 31, 2022 | −0.3% | −4.9% |
| December 31, 2021 | −5.6% | +10.7% |
| September 30, 2021 | −12.9% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Carrhae Capital LLP Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1555254&type=13F-HR&dateb=&owner=include&count=40CIK 1555254
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1555254/000117266126002627/Filed July 15, 2026 · accession 0001172661-26-002627