13F
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Carrhae Capital LLP

13F equity value
$1.4B
Positions
21
Top 10 concentration
87.7%
Quarters / total new picks
31 / 124
13F equity value over time
$0M$750M$2B2017201820192020202120222023202420252026

"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.

Not significant Verdict

13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.

We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 31 quarters, returned +1.0% per quarter — versus +3.5% per quarter from simply owning every 13F stock. It beat that baseline in only 45.2% of quarters (excess t = -0.96, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
-3.8%
t-stat
-0.96
Quarterly win rate
45%
Annualized excess
-15.7%
$1 → follow vs universe
$0.81 vs $2.59
Cumulative return: $1 invested in new picks vs universe
1.00 20180331: universe 1.04120180630: universe 0.95920180930: universe 1.00320181231: universe 0.99220190331: universe 0.97520190630: universe 1.04820190930: universe 1.12720200331: universe 1.35820200630: universe 1.50120200930: universe 1.84020201231: universe 1.92420210331: universe 1.94220210630: universe 2.09720210930: universe 1.88220211231: universe 1.60220220331: universe 1.72020220630: universe 1.59320220930: universe 1.71120221231: universe 1.59020230331: universe 1.67520230630: universe 1.61520230930: universe 1.83320231231: universe 1.91520240331: universe 1.95820240630: universe 2.13620240930: universe 2.11720241231: universe 1.97620250331: universe 2.15420250630: universe 2.22220250930: universe 2.49920251231: universe 2.585 20180331: follow 0.97320180630: follow 0.84020180930: follow 0.81220181231: follow 0.66120190331: follow 0.63320190630: follow 0.58420190930: follow 0.62120200331: follow 0.85320200630: follow 1.03920200930: follow 1.73520201231: follow 1.14520210331: follow 0.79820210630: follow 0.77420210930: follow 0.57420211231: follow 0.49420220331: follow 0.49820220630: follow 0.51420220930: follow 0.55220221231: follow 0.56020230331: follow 0.62720230630: follow 0.56120230930: follow 0.65720231231: follow 0.70920240331: follow 0.64520240630: follow 0.72520240930: follow 0.76220241231: follow 0.69920250331: follow 0.73120250630: follow 0.76720250930: follow 0.78320251231: follow 0.811 0.45 1.62 2.79 20182019202020212022202320242025 Follow Universe

Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)

Listed as facts. See the verdict above before treating this as signal.

Top 20 holdings of 21 · 2026 Q1

Ticker Value Weight QoQ
TSM $189M
13.3%
TRIM
EMBJ $171M
12.1%
ADD
ITUB $171M
12.1%
NEW
EGO $168M
11.9%
ADD
BABA $167M
11.8%
ADD
IBN $131M
9.2%
ADD
GDS $88M
6.2%
HOLD
CPA $59M
4.2%
ADD
PDD $53M
3.7%
ADD
JBS $46M
3.2%
TRIM
HSAI $30M
2.1%
NEW
SLB $29M
2.0%
NEW
AU $25M
1.7%
ADD
HAL $23M
1.6%
NEW
TS $20M
1.4%
NEW
VNET $13M
0.9%
NEW
MT $10M
0.7%
NEW
NTES $8M
0.5%
NEW
VIST $6M
0.4%
TRIM
RNW $6M
0.4%
TRIM

QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.

Listed as facts. See the verdict above before treating this as signal.

New positions in 2026 Q1

HALHSAIITUBMTNTESSLBTSVNET

Method & Limitations

Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.