Carrhae Capital LLP 13F: Quarter-over-Quarter Portfolio Changes
Carrhae Capital LLP reported a disclosed portfolio value of approximately $1.6 billion in its latest SEC Form 13F-HR filing for Q3 2026, up 2.9% quarter on quarter. Over the quarter, the fund initiated 8 new positions, bought more shares in 7 holdings, trimmed 6 holdings, and exited 9 positions.
Carrhae Capital LLP's top buy was Alibaba Group (BABA). The fund bought 217.4% more shares, lifting the position's portfolio weight by 7.8 percentage points. Its top sell was Embraer (EMBJ). The fund sold 80.1% of its previously reported shares, reducing the position's portfolio weight by 6.6 percentage points.
New PositionsQ3 2026
Securities disclosed for the first time in Q3 2026 that were not present in the prior 13F-HR filing.
| Company | Ticker | Initial Portfolio Weight | History |
|---|---|---|---|
| ASE TECHNOLOGY HLDG CO LTD | ASX | 4.2% | History → |
| BP PLC | BP | 3.8% | History → |
| SHELL PLC | SHEL | 3.5% | Holders → |
| ISHARES TR | TLT | 1.9% | Holders → |
| INTEL CORP | INTC | 1.5% | Holders → |
| VANECK ETF TRUST | GDX | 1.4% | Holders → |
| NXP SEMICONDUCTORS N V | NXPI | 1.1% | Holders → |
| ARCELORMITTAL SA LUXEMBOURG | MT | 1.0% | Holders → |
Top BuysQ3 2026
The fund's top buys among existing positions in Q3 2026. Ranked by portfolio-weight impact, with the percentage of additional shares shown separately.
| Company | Ticker | Portfolio Weight Change | More Shares | History |
|---|---|---|---|---|
| ALIBABA GROUP HLDG LTD | BABA | +7.8% | +217.4% | History → |
| ITAU UNIBANCO HLDG S A | ITUB | +6.7% | +125.2% | History → |
| MAKEMYTRIP LIMITED MAURITIUS | MMYT | +0.2% | +53.3% | Holders → |
| ELDORADO GOLD CORP NEW | EGO | +4.7% | +31.7% | History → |
| TAIWAN SEMICONDUCTOR MANUFAC | TSM | +1.8% | +22.3% | History → |
| TENARIS S A | TS | +0.0% | +4.9% | Holders → |
| GDS HLDGS LTD | GDS | +0.3% | +4.1% | History → |
Top SellsQ3 2026
The fund's top sells among positions it retained in Q3 2026. Ranked by portfolio-weight impact. Full exits are listed separately.
| Company | Ticker | Portfolio Weight Change | Shares Sold | History |
|---|---|---|---|---|
| EMBRAER S.A. | EMBJ | -6.6% | 80.1% | Holders → |
| COPA HOLDINGS SA | CPA | -2.2% | 43.4% | Holders → |
| HALLIBURTON CO | HAL | -0.7% | 39.1% | Holders → |
| ICICI BK LTD | IBN | -2.6% | 33.6% | History → |
| PETROLEO BRASILEIRO S A | PBR | -0.3% | 25.0% | History → |
| SEA LTD | SE | -1.6% | 15.8% | History → |
Full ExitsQ3 2026
Positions present in the prior 13F-HR filing that no longer appear in Q3 2026.
| Company | Ticker | Last-Reported Portfolio Weight |
|---|---|---|
| GRUPO FINANCIERO GALICIA S.A | GGAL | 4.5% |
| ASML HOLDING NV NY REG SHS | ASML | 4.2% |
| ANGLOGOLD ASHANTI PLC | AU | 4.0% |
| PILGRIMS PRIDE CORP | PPC | 3.4% |
| NETEASE INC | NTES | 2.6% |
| SLB | SLB | 2.6% |
| COUPANG INC | CPNG | 2.5% |
| BANCO BRADESCO S A | BBD | 1.0% |
| KE HLDGS INC | BEKE | 0.7% |
Net Portfolio Value ChangeQ3 2026
- $1.5BPrior quarter
- $1.6BCurrent quarter
- +$0.0BNet delta
- +2.9%% 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 Q3 2026?
In Q3 2026, Carrhae Capital LLP initiated 8 new positions (ASE TECHNOLOGY HLDG CO LTD (ASX), BP PLC (BP), SHELL PLC (SHEL), ISHARES TR (TLT), INTEL CORP (INTC), VANECK ETF TRUST (GDX), NXP SEMICONDUCTORS N V (NXPI), ARCELORMITTAL SA LUXEMBOURG (MT)); bought more shares of ALIBABA GROUP HLDG LTD (BABA), ITAU UNIBANCO HLDG S A (ITUB), MAKEMYTRIP LIMITED MAURITIUS (MMYT), ELDORADO GOLD CORP NEW (EGO), TAIWAN SEMICONDUCTOR MANUFAC (TSM) (the largest 5 of 7 adds).
What stocks did Carrhae Capital LLP sell in Q3 2026?
In Q3 2026, Carrhae Capital LLP fully sold 9 positions (GRUPO FINANCIERO GALICIA S.A (GGAL), ASML HOLDING NV NY REG SHS (ASML), ANGLOGOLD ASHANTI PLC (AU), PILGRIMS PRIDE CORP (PPC), NETEASE INC (NTES), SLB (SLB), COUPANG INC (CPNG), BANCO BRADESCO S A (BBD), KE HLDGS INC (BEKE)); reduced holdings in EMBRAER S.A. (EMBJ), COPA HOLDINGS SA (CPA), HALLIBURTON CO (HAL), ICICI BK LTD (IBN), PETROLEO BRASILEIRO S A (PBR) (the largest 5 of 6 reductions).
Which positions did Carrhae Capital LLP initiate in Q3 2026?
Carrhae Capital LLP established 8 new positions in Q3 2026: ASE TECHNOLOGY HLDG CO LTD (ASX, 4.2%), BP PLC (BP, 3.8%), SHELL PLC (SHEL, 3.5%), ISHARES TR (TLT, 1.9%), INTEL CORP (INTC, 1.5%), VANECK ETF TRUST (GDX, 1.4%), NXP SEMICONDUCTORS N V (NXPI, 1.1%), ARCELORMITTAL SA LUXEMBOURG (MT, 1.0%).
Which existing positions saw the largest allocation increases for Carrhae Capital LLP in Q3 2026?
Of 7 existing positions with share-count increases in Q3 2026, the largest were: ALIBABA GROUP HLDG LTD (BABA, +7.8% weight, +217.4% shares), ITAU UNIBANCO HLDG S A (ITUB, +6.7% weight, +125.2% shares), MAKEMYTRIP LIMITED MAURITIUS (MMYT, +0.2% weight, +53.3% shares), ELDORADO GOLD CORP NEW (EGO, +4.7% weight, +31.7% shares), TAIWAN SEMICONDUCTOR MANUFAC (TSM, +1.8% weight, +22.3% shares), TENARIS S A (TS, +0.0% weight, +4.9% shares), GDS HLDGS LTD (GDS, +0.3% weight, +4.1% shares).
Which positions did Carrhae Capital LLP fully exit in Q3 2026?
Carrhae Capital LLP fully exited 9 positions in Q3 2026: GRUPO FINANCIERO GALICIA S.A (GGAL, last-reported weight 4.5%), ASML HOLDING NV NY REG SHS (ASML, last-reported weight 4.2%), ANGLOGOLD ASHANTI PLC (AU, last-reported weight 4.0%), PILGRIMS PRIDE CORP (PPC, last-reported weight 3.4%), NETEASE INC (NTES, last-reported weight 2.6%), SLB (SLB, last-reported weight 2.6%), COUPANG INC (CPNG, last-reported weight 2.5%), BANCO BRADESCO S A (BBD, last-reported weight 1.0%), KE HLDGS INC (BEKE, last-reported weight 0.7%).
Which existing positions saw the largest allocation reductions for Carrhae Capital LLP in Q3 2026?
Of 6 existing positions with share-count reductions in Q3 2026, the largest were: EMBRAER S.A. (EMBJ, -6.6% weight, -80.1% shares), COPA HOLDINGS SA (CPA, -2.2% weight, -43.4% shares), HALLIBURTON CO (HAL, -0.7% weight, -39.1% shares), ICICI BK LTD (IBN, -2.6% weight, -33.6% shares), PETROLEO BRASILEIRO S A (PBR, -0.3% weight, -25.0% shares), SEA LTD (SE, -1.6% weight, -15.8% 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.