Carrhae Capital Q2 2026 Portfolio Highlights: Strategic Shifts and Key Holdings

As of June 30, 2026, Carrhae Capital Llp's portfolio reflects a dynamic investment period with substantial changes observed across various sectors. The fund's total assets under management stood at approximately $1.52 billion, showcasing its continued focus on significant market positions.

Sector Focus and Overall Strategy

Carrhae Capital maintains a diversified portfolio but shows particular emphasis within the Financial Services and Technology sectors. The fund holds several large-cap stocks representing over 13% of the total value each, indicating confidence in these areas despite quarterly fluctuations.

Major Purchases This Quarter

The most significant buying activity during Q2 2026 involved increasing stakes in key Technology and Financial Services companies. Carrhae Capital notably boosted its position in GDS Hldgs Ltd (Technology sector, now representing ~6.5% of the portfolio), acquiring shares that increased its allocation by over 1 million units.

Furthermore, substantial investments were made in Sea Ltd, a Consumer Cyclical company where Carrhae added nearly half a million new shares increasing the stake to ~9.26% of the portfolio value; and in Petroleo Brasileiro S A (Energy sector, now ~5.76%), where the fund quintupled its holdings through a fresh purchase.

The firm also demonstrated strong interest in Grupo Financial Galicia S.A (Financial Services sector, now ~4.48%) and made a significant investment in Anglogold Ashanti Plc, increasing its allocation to 4.03% despite the stock being outside its primary Technology focus.

Substantial Sales and Reductions

Carrhae Capital's portfolio saw considerable reductions in several holdings during Q2, reflecting strategic exits or rebalancing activities. The largest sale involved Itau Unibanco Hldg S A, where the fund sold over 10 million shares, reducing its stake by nearly half and decreasing portfolio allocation from ~6.7% to ~5.2%, a change of -53.48%.

Similarly, Alibaba Group Hldg Ltd experienced a significant decrease in its stake following the sale of nearly 0.9 million shares, reducing portfolio allocation from ~3.16% to ~2.54%, a change of -62.51%. The fund also divested a portion of Banco Bradesco S A, selling over 1 million shares and reducing its portfolio allocation from ~1.03% to ~0.29%, a change of -72.29%.

New Positions and Minor Adjustments

While the top holdings list primarily shows changes, it also includes new positions created this quarter. Carrhae Capital initiated significant purchases in Coupons Inc, adding over 2 million shares to reach a ~2.5% allocation; and similarly invested heavily in Pilgrim's Pride Corp (Consumer Defensive sector), acquiring nearly 1.9 million new shares for an overall portfolio weight of ~3.4%.

The fund also entered a position with Asml Holding Nv (Technology sector), investing fully at once to achieve the current allocation of 4.2%. Other notable additions include Ke Holdings Inc, purchased entirely new shares for a small ~0.67% position.

Conversely, the fund completely exited positions in several companies including Banco Bradesco S A, Itau Unibanco Hldg S A (which was also sold significantly), and Alibaba Group Hldg Ltd. These exits, coupled with substantial reductions elsewhere, indicate a period of significant portfolio turnover for Carrhae Capital.

For stocks where the fund maintained its position but saw minor changes, examples include Taiwan Semiconductor Manufacturing Co, which experienced a slight reduction in shares (-25.8%), and Anglogold Ashanti Plc (though this was an increase, it's worth noting the fund also holds other unchanged positions).