Carrhae Capital LLP 13F: Quarter-over-Quarter Portfolio Changes
Carrhae Capital LLP reported a disclosed portfolio value of approximately $1.5 billion in its latest SEC Form 13F-HR filing for Q2 2026, up 7.1% quarter on quarter. Over the quarter, the fund initiated 8 new positions, bought more shares in 6 holdings, trimmed 9 holdings, and exited 6 positions.
Carrhae Capital LLP's top buy was a new stake in Sea LTD (SE) , equal to 9.3% of the disclosed portfolio. Its top sell was Alibaba Grp-Adr (BABA) . The fund sold 62.5% of its previously reported shares, reducing the position's portfolio weight by 8.6 percentage points.
New PositionsQ2 2026
Securities disclosed for the first time in Q2 2026 that were not present in the prior 13F-HR filing.
| Company | Ticker | Initial Portfolio Weight | History |
|---|---|---|---|
| SEA LTD | SE | 9.3% | History → |
| PETROBRAS SA-ADR | PBR | 5.8% | History → |
| GRUPO FINANCIERO GALICIA S.A | GGAL | 4.5% | History → |
| ASML HLDG NV | ASML | 4.2% | History → |
| PILGRIMS PRIDE CORP | PPC | 3.4% | Holders → |
| COUPANG INC | CPNG | 2.5% | Holders → |
| BANCO BRADESCO S A | BBD | 1.0% | Holders → |
| KE HLDGS INC | BEKE | 0.7% | Holders → |
Top BuysQ2 2026
The fund's top buys among existing positions in Q2 2026. Ranked by portfolio-weight impact, with the percentage of additional shares shown separately.
| Company | Ticker | Portfolio Weight Change | More Shares | History |
|---|---|---|---|---|
| NETEASE COM INC | NTES | +2.0% | +343.2% | Holders → |
| ANGLOGOLD ASHANTI PLC | AU | +2.3% | +199.1% | Holders → |
| GDS HLDGS LTD | GDS | +0.3% | +51.1% | History → |
| SLB | SLB | +0.5% | +49.8% | Holders → |
| MAKEMYTRIP LIMITED MAURITIUS | MMYT | +0.4% | +47.0% | Holders → |
| HALLIBURTON CO | HAL | +-0.0% | +21.5% | Holders → |
Top SellsQ2 2026
The fund's top sells among positions it retained in Q2 2026. Ranked by portfolio-weight impact. Full exits are listed separately.
| Company | Ticker | Portfolio Weight Change | Shares Sold | History |
|---|---|---|---|---|
| ALIBABA GRP-ADR | BABA | -8.6% | 62.5% | Holders → |
| ITAU UNIBANCO HLDG S A | ITUB | -6.9% | 52.8% | History → |
| ICICI BANK-ADR | IBN | -2.5% | 30.6% | History → |
| EMBRAER S.A. | EMBJ | -3.6% | 29.7% | History → |
| TAIWAN SEMIC-ADR | TSM | -0.3% | 25.8% | History → |
| COPA HOLDINGS SA | CPA | -0.1% | 22.7% | Holders → |
| ELDORADO GOLD CORP NEW | EGO | -3.9% | 20.2% | History → |
| TENARIS S A | TS | -0.4% | 17.5% | Holders → |
| VNET GROUP INC | VNET | -0.1% | 3.0% | Holders → |
Full ExitsQ2 2026
Positions present in the prior 13F-HR filing that no longer appear in Q2 2026.
| Company | Ticker | Last-Reported Portfolio Weight |
|---|---|---|
| PDD HOLDINGS INC | PDD | 3.7% |
| JBS N.V. | JBS | 3.2% |
| HESAI GROUP | HSAI | 2.1% |
| ARCELORMITTAL SA LUXEMBOURG | MT | 0.7% |
| VISTA ENERGY SAB | VIST | 0.4% |
| RENEW ENERGY GLOBAL PLC | RNW | 0.4% |
Net Portfolio Value ChangeQ2 2026
- $1.4BPrior quarter
- $1.5BCurrent quarter
- +$0.1BNet delta
- +7.1%% change
Methodology & FAQ
How Carrhae Capital LLP Quarterly Changes Are Computed
All deltas are sourced from sequential SEC Form 13F-HR filings for Carrhae Capital LLP: each row joins the most recent filing against the immediately preceding quarterly filing for the same fund. Share-count changes reflect reported trading activity, while portfolio weights can also move because of market price changes. Portfolio weights are normalized to exclude listed options for comparability. A complete description — including how confidential treatment filings are handled — is documented in the Methodology.
What stocks did Carrhae Capital LLP buy in Q2 2026?
In Q2 2026, Carrhae Capital LLP initiated 8 new positions (SEA LTD (SE), PETROBRAS SA-ADR (PBR), GRUPO FINANCIERO GALICIA S.A (GGAL), ASML HLDG NV (ASML), PILGRIMS PRIDE CORP (PPC), COUPANG INC (CPNG), BANCO BRADESCO S A (BBD), KE HLDGS INC (BEKE)); bought more shares of NETEASE COM INC (NTES), ANGLOGOLD ASHANTI PLC (AU), GDS HLDGS LTD (GDS), SLB (SLB), MAKEMYTRIP LIMITED MAURITIUS (MMYT) — the largest 5 of 6 adds.
What stocks did Carrhae Capital LLP sell in Q2 2026?
In Q2 2026, Carrhae Capital LLP fully sold 6 positions (PDD HOLDINGS INC (PDD), JBS N.V. (JBS), HESAI GROUP (HSAI), ARCELORMITTAL SA LUXEMBOURG (MT), VISTA ENERGY SAB (VIST), RENEW ENERGY GLOBAL PLC (RNW)); reduced holdings in ALIBABA GRP-ADR (BABA), ITAU UNIBANCO HLDG S A (ITUB), ICICI BANK-ADR (IBN), EMBRAER S.A. (EMBJ), TAIWAN SEMIC-ADR (TSM) — the largest 5 of 9 reductions.
Which positions did Carrhae Capital LLP initiate in Q2 2026?
Carrhae Capital LLP established 8 new positions in Q2 2026: SEA LTD (SE, 9.3%), PETROBRAS SA-ADR (PBR, 5.8%), GRUPO FINANCIERO GALICIA S.A (GGAL, 4.5%), ASML HLDG NV (ASML, 4.2%), PILGRIMS PRIDE CORP (PPC, 3.4%), COUPANG INC (CPNG, 2.5%), BANCO BRADESCO S A (BBD, 1.0%), KE HLDGS INC (BEKE, 0.7%).
Which existing positions saw the largest allocation increases for Carrhae Capital LLP in Q2 2026?
Of 6 existing positions with share-count increases in Q2 2026, the largest were: NETEASE COM INC (NTES, +2.0% weight, +343.2% shares), ANGLOGOLD ASHANTI PLC (AU, +2.3% weight, +199.1% shares), GDS HLDGS LTD (GDS, +0.3% weight, +51.1% shares), SLB (SLB, +0.5% weight, +49.8% shares), MAKEMYTRIP LIMITED MAURITIUS (MMYT, +0.4% weight, +47.0% shares), HALLIBURTON CO (HAL, +-0.0% weight, +21.5% shares).
Which positions did Carrhae Capital LLP fully exit in Q2 2026?
Carrhae Capital LLP fully exited 6 positions in Q2 2026: PDD HOLDINGS INC (PDD, last-reported weight 3.7%), JBS N.V. (JBS, last-reported weight 3.2%), HESAI GROUP (HSAI, last-reported weight 2.1%), ARCELORMITTAL SA LUXEMBOURG (MT, last-reported weight 0.7%), VISTA ENERGY SAB (VIST, last-reported weight 0.4%), RENEW ENERGY GLOBAL PLC (RNW, last-reported weight 0.4%).
Which existing positions saw the largest allocation reductions for Carrhae Capital LLP in Q2 2026?
Of 9 existing positions with share-count reductions in Q2 2026, the largest were: ALIBABA GRP-ADR (BABA, -8.6% weight, -62.5% shares), ITAU UNIBANCO HLDG S A (ITUB, -6.9% weight, -52.8% shares), ICICI BANK-ADR (IBN, -2.5% weight, -30.6% shares), EMBRAER S.A. (EMBJ, -3.6% weight, -29.7% shares), TAIWAN SEMIC-ADR (TSM, -0.3% weight, -25.8% shares), COPA HOLDINGS SA (CPA, -0.1% weight, -22.7% shares), ELDORADO GOLD CORP NEW (EGO, -3.9% weight, -20.2% shares), TENARIS S A (TS, -0.4% weight, -17.5% shares), VNET GROUP INC (VNET, -0.1% weight, -3.0% 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. All deltas on this page are sourced from sequential SEC Form 13F-HR filings.