Carrhae Capital LLP
London, X0 · CIK 1555254 · 13F filing filed 2026-07-15
SEC-registered investment adviser since 2012 · limited liability partnership
- Assets managed$6.1bn
- Staff27 · 17 in investment roles
- Main clients (by assets)Private funds 100%
- Private funds3 (3 hedge) · $5.9bn gross assets
- Websitecarrhaecap.com
- Form ADV · 2026-08-11SEC adviser record
- Legal entityCARRHAE CAPITAL LLP (GB)
- Kindhedge funds, futures, FCA fund manager
- Others nearbyLondon, Dubai, Oslo
- FamilyCarrhae Capital LLP · 2 related pages
As an employer
- Offices in3 countries
- Private fundshedge 3
Where they work
Offices
From Form ADV: the main office and the other offices where it does advisory work (at most the 25 largest), with the people doing investment work at each. “About” is worked out: the firm's investment staff less its other offices. Each city links to the other managers there.
In the UK
- FCA-authorised companies1
- Manages investmentsyes
- Runs fundsyes
- Retail clientsno, professional only
| Company | Staff |
|---|---|
| CARRHAE CAPITAL LLP Limited Liability PartnershipFCA: Authorised · manages investments, manages AIFs, advises, deals |
Sources: Companies House (accounts filed electronically; the largest groups often file on paper, so their staff numbers can be missing), the UK gender pay gap service (employers with 250+ staff) and the FCA's Financial Services Register. Contains public sector information licensed under the Open Government Licence v3.0.
Map: places from GeoNames (CC BY 4.0), outlines from Natural Earth.
Options: 3 call positions ($428.1m notional), 3 put positions ($1.7bn notional) – listed below, not included above.
This report includes the holdings of 1 other manager that shares the investment decisions:
- Carrhae Capital (DIFC) Ltd – reports through this filing
Shares in two reports are counted once in each security's totals.
Holdings, Q2 2026
The small lines show how much was held over the last 4 quarters (adjusted for stock splits).
| Security | Value | Change |
|---|---|---|
| TAIWAN SEMICONDUCTOR MFG LTD TSM | $198.0m13.05% | Reduced -144.3k |
| SEA LTD SE | $140.5m9.26% | New |
| EMBRAER S.A. EMBJ | $129.5m8.53% | Reduced -858.9k |
| ELDORADO GOLD CORP NEW EGO | $121.5m8.01% | Reduced -988.6k |
| ICICI BANK LIMITED IBN | $101.5m6.69% | Reduced -1.5m |
| GDS HLDGS LTD GDS | $99.1m6.53% | Added +1.1m |
| PETROLEO BRASILEIRO SA PETRO PBR | $87.5m5.76% | New |
| ITAU UNIBANCO HLDG S A ITUB | $78.8m5.19% | Reduced -10.8m |
| GRUPO FINANCIERO GALICIA S.A GGAL | $68.1m4.48% | New |
| ASML HOLDING N V ASML | $63.8m4.20% | New |
| COPA HOLDINGS SA CPA | $62.3m4.10% | Reduced -117.9k |
| ANGLOGOLD ASHANTI PLC AU | $61.2m4.03% | Added +503.6k |
| PILGRIMS PRIDE CORP PPC | $52.2m3.44% | New |
| ALIBABA GROUP HLDG LTD BABA | $48.0m3.16% | Reduced -833.9k |
| NETEASE INC NTES | $39.3m2.59% | Added +237.4k |
| SCHLUMBERGER LTD SLB | $38.8m2.56% | Added +277.5k |
| COUPANG INC CPNG | $38.2m2.52% | New |
| HALLIBURTON CO HAL | $24.7m1.62% | Added +128.5k |
| BANCO BRADESCO S A BBD | $15.6m1.03% | New |
| TENARIS S A TS | $15.4m1.02% | Reduced -59.1k |
| MAKEMYTRIP LIMITED MAURITIUS MMYT | $11.8m0.78% | Added +70.8k |
| VNET GROUP INC VNET | $11.8m0.78% | Reduced -45.9k |
| KE HLDGS INC BEKE | $10.1m0.67% | New |
Sold out since Q1 2026
| Security | Value then |
|---|---|
| PDD HOLDINGS INC PDD | $52.7m515.3k shares |
| JBS N.V. JBS | $45.7m2.5m shares |
| HESAI GROUP HSAI | $30.0m1.6m shares |
| ARCELORMITTAL SA LUXEMBOURG MT | $10.2m196.7k shares |
| VISTA ENERGY S.A.B. DE C.V. VIST | $6.0m79.7k shares |
| RENEW ENERGY GLOBAL PLC RNW | $5.8m1.3m shares |
Options (notional value)
| Underlying | Notional | Change |
|---|---|---|
| INVESCO QQQ TR QQQ · Put | $1.1bn1.4m shares | Reduced |
| ISHARES TR EEM · Put | $549.2m8.0m shares | New |
| SPDR GOLD TR GLD · Call | $224.0m608.0k shares | Added |
| ALIBABA GROUP HLDG LTD BABA · Call | $138.3m1.4m shares | Added |
| KRANESHARES TRUST KWEB · Call | $65.9m2.7m shares | Added |
| UNITED STS OIL FD LP USO · Put | $63.5m596.8k shares | Unchanged |