Carrhae Capital LLP — Quarter-over-Quarter 13F Allocation Shifts Q1 2026
In Q1 2026, Carrhae Capital LLP initiated 8 new positions, increased allocation to 8 existing positions, trimmed 5 positions, and exited 15 positions entirely. The fund's 13F equity book declined from $1.50B to $1.42B (-5.6% QoQ) . All deltas are sourced from sequential SEC Form 13F-HR filings; share-count changes reflect explicit trading activity, while weight changes can also include price movement. This page lists every position change reported — the portfolio overview shows a summary of the top shifts.
Net Portfolio Value Change
- $1.50BPrior quarter
- $1.42BCurrent quarter
- $-0.08BNet delta
- -5.6%% change
New Position Initiations Q1 2026
Securities disclosed for the first time in Q1 2026 that were not present in the prior 13F-HR filing.
| Company | Ticker | Initial Allocation Weight | History |
|---|---|---|---|
| ITAU UNIBANCO HLDG S A | ITUB | 12.09% | History → |
| HESAI GROUP | HSAI | 2.12% | Holders → |
| SCHLUMBERGER LTD | SLB | 2.02% | Holders → |
| HALLIBURTON CO | HAL | 1.64% | Holders → |
| TENARIS S A | TS | 1.39% | Holders → |
| VNET GROUP INC | VNET | 0.90% | Holders → |
| ARCELORMITTAL SA LUXEMBOURG | MT | 0.72% | Holders → |
| NETEASE INC. - ADR | NTES | 0.55% | Holders → |
Largest Allocation Increases Q1 2026
Largest portfolio-weight increases in existing positions. Share-count delta is shown separately so price-only re-weighting can be distinguished from active adds.
| Company | Ticker | Δ Weight | Δ Shares | History |
|---|---|---|---|---|
| ALIBABA GROUP HLDG LTD | BABA | +8.80% | +332.24% | History → |
| COPA HOLDINGS SA | CPA | +3.15% | +315.43% | History → |
| ANGLOGOLD ASHANTI PLC | AU | +1.18% | +157.39% | Holders → |
| ICICI BANK LIMITED | IBN | +5.25% | +152.90% | History → |
| EMBRAER S.A. | EMBJ | +7.17% | +151.79% | History → |
| PDD HOLDINGS INC | PDD | +2.03% | +131.42% | History → |
| ELDORADO GOLD CORP NEW | EGO | +2.26% | +22.13% | History → |
| GDS HLDGS LTD | GDS | +1.17% | +0.81% | History → |
Largest Allocation Reductions Q1 2026
Largest portfolio-weight decreases in existing positions (positions kept open at a lower allocation).
| Company | Ticker | Δ Weight | Δ Shares | History |
|---|---|---|---|---|
| VISTA ENERGY S.A.B. DE C.V. | VIST | -2.27% | -90.40% | Holders → |
| MAKEMYTRIP LIMITED MAURITIUS | MMYT | -3.71% | -79.95% | Holders → |
| RENEW ENERGY GLOBAL PLC | RNW | -0.51% | -48.06% | Holders → |
| JBS N.V., CLASS A | JBS | -0.28% | -30.22% | History → |
| TAIWAN SEMICONDUCTOR MANUFAC | TSM | 1.41% | -5.03% | History → |
Exited Positions Q1 2026
Positions present in the prior 13F-HR filing that no longer appear in Q1 2026.
| Company | Ticker | Last-Reported Portfolio Weight |
|---|---|---|
| SEA LTD., CLASS A, ADR | SE | 7.17% |
| TECK RESOURCES LTD., CLASS B | TECK | 6.59% |
| NU HOLDINGS LTD | NU | 5.51% |
| FRANCO NEV CORP | FNV | 4.06% |
| BANCO BRADESCO S A | BBD | 3.59% |
| CREDICORP LTD | BAP | 3.22% |
| SYNOPSYS, INC. | SNPS | 2.99% |
| BAIDU INC | BIDU | 2.98% |
| GRUPO FINANCIERO GALICIA S.A | GGAL | 2.86% |
| FULL TRUCK ALLIANCE CO. LTD., ADR | YMM | 2.72% |
| EQT CORPORATION | EQT | 2.66% |
| WERIDE INC | WRD | 1.40% |
| HUDBAY MINERALS INC | HBM | 1.06% |
| KASPI KZ JSC | KSPI | 0.26% |
| RENEW ENERGY GLOBAL PLC | RNWWW | 0.00% |
Methodology & FAQ
How Carrhae Capital LLP Quarterly Changes Are Computed
Each row above is computed by joining the most recent 13F-HR filing for Carrhae Capital LLP against the immediately preceding quarterly filing for the same fund. Portfolio weights are normalized to exclude listed options for comparability. A complete description of the methodology — including how confidential treatment filings are handled and why share count rather than weight is the cleaner trading signal — is documented in the Methodology.
Which positions did Carrhae Capital LLP initiate in Q1 2026?
Carrhae Capital LLP established 8 new positions in Q1 2026: ITAU UNIBANCO HLDG S A (ITUB, 12.09%), HESAI GROUP (HSAI, 2.12%), SCHLUMBERGER LTD (SLB, 2.02%), HALLIBURTON CO (HAL, 1.64%), TENARIS S A (TS, 1.39%), VNET GROUP INC (VNET, 0.90%), ARCELORMITTAL SA LUXEMBOURG (MT, 0.72%), NETEASE INC. - ADR (NTES, 0.55%).
Which existing positions saw the largest allocation increases for Carrhae Capital LLP in Q1 2026?
The largest portfolio-weight increases in existing positions were: ALIBABA GROUP HLDG LTD (BABA, +8.80% weight, +332.24% shares), COPA HOLDINGS SA (CPA, +3.15% weight, +315.43% shares), ANGLOGOLD ASHANTI PLC (AU, +1.18% weight, +157.39% shares), ICICI BANK LIMITED (IBN, +5.25% weight, +152.90% shares), EMBRAER S.A. (EMBJ, +7.17% weight, +151.79% shares), PDD HOLDINGS INC (PDD, +2.03% weight, +131.42% shares), ELDORADO GOLD CORP NEW (EGO, +2.26% weight, +22.13% shares), GDS HLDGS LTD (GDS, +1.17% weight, +0.81% shares).
Which positions did Carrhae Capital LLP fully exit in Q1 2026?
Carrhae Capital LLP fully exited 15 positions in Q1 2026: SEA LTD., CLASS A, ADR (SE, last-reported weight 7.17%), TECK RESOURCES LTD., CLASS B (TECK, last-reported weight 6.59%), NU HOLDINGS LTD (NU, last-reported weight 5.51%), FRANCO NEV CORP (FNV, last-reported weight 4.06%), BANCO BRADESCO S A (BBD, last-reported weight 3.59%), CREDICORP LTD (BAP, last-reported weight 3.22%), SYNOPSYS, INC. (SNPS, last-reported weight 2.99%), BAIDU INC (BIDU, last-reported weight 2.98%), GRUPO FINANCIERO GALICIA S.A (GGAL, last-reported weight 2.86%), FULL TRUCK ALLIANCE CO. LTD., ADR (YMM, last-reported weight 2.72%), EQT CORPORATION (EQT, last-reported weight 2.66%), WERIDE INC (WRD, last-reported weight 1.40%), HUDBAY MINERALS INC (HBM, last-reported weight 1.06%), KASPI KZ JSC (KSPI, last-reported weight 0.26%), RENEW ENERGY GLOBAL PLC (RNWWW, last-reported weight 0.00%).
Which existing positions saw the largest allocation reductions for Carrhae Capital LLP in Q1 2026?
The largest portfolio-weight reductions in positions kept open were: VISTA ENERGY S.A.B. DE C.V. (VIST, -2.27% weight, -90.40% shares), MAKEMYTRIP LIMITED MAURITIUS (MMYT, -3.71% weight, -79.95% shares), RENEW ENERGY GLOBAL PLC (RNW, -0.51% weight, -48.06% shares), JBS N.V., CLASS A (JBS, -0.28% weight, -30.22% shares), TAIWAN SEMICONDUCTOR MANUFAC (TSM, 1.41% weight, -5.03% shares).
Do quarter-over-quarter 13F allocation changes constitute explicit trading signals?
No. Quarter-over-quarter changes reflect a combination of active trading and market price movement. A weight increase can result from price appreciation alone, without the manager adding shares. Share-count delta is the cleaner indicator of explicit trading activity.