Carrhae Capital LLP
Long book
$1.42B
Q1 2026
Positions
21
Top-10 weight
88%
concentration
Last quarter
+0.8%
SPY +14.8%
Turnover
64%
of book per quarter
Strategy in plain words
auto-generated from filingsCarrhae Capital LLP is a concentrated fundamental stock-picker, running a $1.42B US long book across 21 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is high — positions rotate quickly, so individual names matter less than the process. Current anchor positions: TAIWAN SEMICONDUCTOR-SP ADR, EMBRAER SA-SPON ADR, ITAU UNIBANCO H-SPON PRF ADR, ELDORADO GOLD CORP, ALIBABA GROUP HOLDING-SP ADR.
Over the last 9 quarters its long book ran on average 1.2pp per quarter ahead of the S&P 500, beating the index in 4 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+3.0%
Q2 2024
+14.4%
Q3 2024
-6.4%
Q4 2024
+11.7%
Q1 2025
+10.6%
Q2 2025
+18.9%
Q3 2025
+0.5%
Q4 2025
-2.2%
Q1 2026
+0.8%
Sector allocation
Materials 52%
Industrials 20%
Energy 14%
Consumer staples 12%
Utilities 2%
Long book by quarter
What does Carrhae Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| EGO ELDORADO GOLD CORP | Materials | 4.9M | $168.1M | 11.9% | +22.1% |
| CPA COPA HOLDINGS SA-CLASS A | Industrials | 518.1K | $58.9M | 4.2% | +315.4% |
| JBS JBS NV-A | Consumer staples | 2.5M | $45.7M | 3.2% | -30.2% |
| SLB SLB LTD | Energy | 556.8K | $28.6M | 2.0% | New |
| AU ANGLOGOLD ASHANTI PLC | Materials | 253.0K | $24.6M | 1.7% | +157.4% |
| HAL HALLIBURTON CO | Energy | 597.7K | $23.3M | 1.6% | New |
| MT ARCELORMITTAL-NY REGISTERED | Industrials | 196.7K | $10.2M | 0.7% | New |
| RNW RENEW ENERGY GLOBAL PLC-A | Utilities | 1.3M | $5.8M | 0.4% | -48.1% |
| MMYT MAKEMYTRIP LTD | Industrials | 150.6K | $5.6M | 0.4% | -80.0% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 14, 2026 | 29 | $3.34B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 6, 2026 | 35 | $2.64B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR/ARESTATEMENT | Nov 20, 2025 | 27 | $1.70B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 12, 2025 | 27 | $1.70B | SEC ↗ | |
| Q2 2025 | 13F-HR | Aug 5, 2025 | 28 | $1.37B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 2, 2025 | 24 | $1.37B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 11, 2025 | 25 | $1.20B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Oct 18, 2024 | 22 | $875.5M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 9, 2024 | 21 | $866.7M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | Aug 21, 2024 | 21 | $562.3M | canonical | SEC ↗ |
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