Carrhae Capital LLP holds a focused book of 23 stocks worth $1.5B as of Q2 2026 (disclosed Jul 15, 2026, a ~45-day 13F lag). This quarter they opened Sea Ltd-ADR and trimmed Taiwan Semiconductor-SP ADR. Their largest long position is Taiwan Semiconductor-SP ADR at 13% of the equity book. They also disclosed $1.7B in put options (a bearish bet) and $428.1M in call options (bullish), shown separately below and excluded from the equity book.
The public view is the crawlable proof. The same sourced dataset is available through REST and MCP for agents, research scripts, and back-office tools.
This fund page is the Follow view. The Build view lets your agent pull holdings, quarter changes, overlap, and source filings through API or MCP.
curl -H "Authorization: Bearer YOUR_API_KEY" \ "https://arkolith.com/api/v1/funds/1555254/holdings"
Use Arkolith to show Carrhae Capital LLP's latest holdings, largest changes, and filing provenance.
Top-heavy: focused book
Share of the disclosed book in its largest positions. A higher top-5 share means a more concentrated, higher-conviction portfolio.
100% mapped to company sectors
Direct operating-company sectors from our SIC-based security master. ETF/fund and unclassified holdings stay visible separately; this is not ETF look-through exposure.
Estimated $ traded · quarter-end prices, no cost basis
Bars show each stock's share of the portfolio. Click a row for its position history.
| # | Security | Value | Shares | % Port | Last move | History |
|---|---|---|---|---|---|---|
| 1 | Taiwan Semiconductor Manufac SPONSORED ADS | $198.0M | 414.6K | 13.0% | ▼−26% Reduced · −144K sh | |
| 2 | Sea Ltd SPONSORD ADS | $140.5M | 1.47M | 9.3% | ▲New New position | |
| 3 | Embraer S.A. SPONSORED ADS | $129.5M | 2.03M | 8.5% | ▼−30% Reduced · −859K sh | |
| 4 | Eldorado Gold Corp New COM | $121.5M | 3.91M | 8.0% | ▼−20% Reduced · −989K sh | |
| 5 | Icici Bank Limited ADR | $101.5M | 3.50M | 6.7% | ▼−31% Reduced · −1.5M sh | |
| 6 | GDS Hldgs Ltd SPONSORED ADS | $99.1M | 3.30M | 6.5% | ▲+51% Added · +1.1M sh | |
| 7 | Petroleo Brasileiro S A SPONSORED ADR | $87.5M | 5.41M | 5.8% | ▲New New position | |
| 8 | Itau Unibanco Hldg S A SPON ADR REP PFD | $78.8M | 9.64M | 5.2% | ▼−53% Reduced · −10.8M sh | |
| 9 | Grupo Financiero Galicia S.a SPONSORED ADR | $68.1M | 1.36M | 4.5% | ▲New New position | |
| 10 | ASML Hldg NV N Y REGISTRY SHS | $63.8M | 32.1K | 4.2% | ▲New New position | |
| 11 | Copa Holdings Sa CL A | $62.3M | 400.3K | 4.1% | ▼−23% Reduced · −118K sh | |
| 12 | Anglogold Ashanti PLC COM SHS | $61.2M | 756.6K | 4.0% | ▲+199% Added · +504K sh | |
| 13 | Pilgrims Pride Corp COM | $52.2M | 1.86M | 3.4% | ▲New New position | |
| 14 | Alibaba Group Hldg Ltd SPONSORED ADS | $48.0M | 500.2K | 3.2% | ▼−63% Reduced · −834K sh | |
| 15 | Netease Com Inc SPONSORED ADS | $39.3M | 306.6K | 2.6% | ▲+343% Added · +237K sh | |
| 16 | SLB Limited COM STK | $38.8M | 834.3K | 2.6% | ▲+50% Added · +278K sh | |
| 17 | Coupang Inc CL A | $38.2M | 2.20M | 2.5% | ▲New New position | |
| 18 | Halliburton Co COM | $24.7M | 726.2K | 1.6% | ▲+21% Added · +128K sh | |
| 19 | Banco Bradesco S A SP ADR PFD NEW | $15.6M | 4.48M | 1.0% | ▲New New position | |
| 20 | Tenaris S A SPONSORED ADS | $15.4M | 278.3K | 1.0% | ▼−18% Reduced · −59K sh | |
| 21 | Makemytrip Limited Mauritius SHS | $11.8M | 221.4K | 0.8% | ▲+47% Added · +71K sh | |
| 22 | Vnet Group Inc SPONSORED ADS A | $11.8M | 1.47M | 0.8% | ▼−3.0% Reduced · −46K sh | |
| 23 | Ke Hldgs Inc SPONSORED ADS | $10.1M | 697.8K | 0.7% | ▲New New position |
Put / call positions from the 13F — totals include every disclosed option leg
| Type | Underlying | Notional value | Underlying shares |
|---|---|---|---|
| PUT · bearish | INVESCO QQQ TRUST SERIES 1QQQ | $1.1B | 1.4M |
| PUT · bearish | ISHARES MSCI EMERGING MARKETEEM | $549.2M | 8.0M |
| CALL · bullish | SPDR GOLD SHARESGLD | $224.0M | 608K |
| CALL · bullish | ALIBABA GROUP HOLDING-SP ADRBABA | $138.3M | 1.4M |
| CALL · bullish | KRANESH CSI CHINA INTERNETKWEB | $65.9M | 2.7M |
| PUT · bearish | UNITED STATES OIL FUND LPUSO | $63.5M | 597K |
13F filers disclose option positions at the market value of the underlying the contracts reference, not the premium paid. A put is a bearish bet (it gains if the stock falls); a call is bullish. “Underlying shares” is the share count the contracts control, not a share holding. These legs are excluded from the equity book, weighting, concentration and sector figures above.
As-of date vs the date the SEC received each filing
| Quarter | As of | Filed | Positions | Value | Form |
|---|---|---|---|---|---|
| Q2 2026 | Jun 30, 2026 | Jul 15, 2026 | 29 | $3.6B | 13F-HR |
| Q1 2026 | Mar 31, 2026 | May 14, 2026 | 29 | $3.3B | 13F-HR |
| Q4 2025 | Dec 31, 2025 | Feb 6, 2026 | 35 | $2.6B | 13F-HR |
| Q3 2025 | Sep 30, 2025 | Nov 20, 2025 | 27 | $1.7B | 13F-HR/A |
| Q2 2025 | Jun 30, 2025 | Aug 5, 2025 | 28 | $1.4B | 13F-HR |
| Q1 2025 | Mar 31, 2025 | May 2, 2025 | 24 | $1.4B | 13F-HR |
| Q4 2024 | Dec 31, 2024 | Feb 11, 2025 | 25 | $1.2B | 13F-HR |
| Q3 2024 | Sep 30, 2024 | Oct 18, 2024 | 22 | $875.5M | 13F-HR |
| Q2 2024 | Jun 30, 2024 | Aug 9, 2024 | 21 | $866.7M | 13F-HR |
| Q1 2024 | Mar 31, 2024 | Aug 21, 2024 | 21 | $562.3M | 13F-HR |
| Q4 2023 | Dec 31, 2023 | Aug 21, 2024 | 21 | $506.0M | 13F-HR |
| Q3 2023 | Sep 30, 2023 | Nov 27, 2024 | 15 | $291.2M | 13F-HR |
| Q2 2023 | Jun 30, 2023 | Nov 27, 2024 | 14 | $226.8M | 13F-HR |
| Q1 2023 | Mar 31, 2023 | Nov 27, 2024 | 21 | $314.9M | 13F-HR |
| Q4 2022 | Dec 31, 2022 | Nov 27, 2024 | 24 | $471.8M | 13F-HR |
| Q3 2022 | Sep 30, 2022 | Nov 27, 2024 | 15 | $137.4M | 13F-HR |
| Q2 2022 | Jun 30, 2022 | Nov 27, 2024 | 18 | $118.5M | 13F-HR |
| Q1 2022 | Mar 31, 2022 | Nov 27, 2024 | 18 | $277.4M | 13F-HR |
| Q4 2021 | Dec 31, 2021 | Nov 27, 2024 | 14 | $291.9M | 13F-HR |
| Q3 2021 | Sep 30, 2021 | Nov 27, 2024 | 11 | $289.7M | 13F-HR |
| Q2 2021 | Jun 30, 2021 | Nov 27, 2024 | 16 | $454.1M | 13F-HR |
| Q1 2021 | Mar 31, 2021 | Nov 27, 2024 | 12 | $357.3M | 13F-HR |
| Q4 2020 | Dec 31, 2020 | Nov 27, 2024 | 9 | $187.3M | 13F-HR |
Holdings from SEC EDGAR 13F-HR filings, updated quarterly ~45 days after quarter-end. Public domain. The book and weighting are long equity only; disclosed put/call options are listed separately and excluded from those totals. Price-derived performance is withheld until the price-source policy and freshness gate are green.