Carrhae Capital LLP

Carrhae Capital LLP declares $372.7M in 4 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 10.3% of its $3.6B 13F portfolio. Largest positions: TSMC (0.01% of the company) and GDS Holdings (1.6% of the company). Over time: $372.7M in 4 of these companies for Q2 2026, against $7.8M in 1 for Q3 2020 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $97.3M and sold $69.3M of these stocks, at the quarter's prices: a net purchase of $28.0M; 1 new position.

Performance of its AI picks

The AI-stock portfolio Carrhae Capital LLP declared for Q2 2026 (Form 13F), held unchanged, returned -3.7% in Q3 2026 (SMH -7.1%). Over the last 12 months, quarter after quarter: +21.9% (SMH +87.2%). Over three years, quarter after quarter: +233.0% (SMH +325.8%). Trades made during a quarter are not visible in 13F filings: this measures its declared picks, not the return of its funds.

Largest positions

1. TSMC (TSM) — $198.0M: 414,556 shares, 0.01% of the company, 5.5% of its portfolio (trimmed this quarter); held since Q2 2025
2. GDS Holdings (GDS) — $99.1M: 3.3M shares, 1.6% of the company, 2.7% of its portfolio (added this quarter); held since Q2 2025
3. ASML (ASML) — $63.8M: 32,056 shares, 0.01% of the company, 1.8% of its portfolio (new position this quarter)
4. VNET Group (VNET) — $11.8M: 1.5M shares, 0.54% of the company, 0.33% of its portfolio (trimmed this quarter); held since Q1 2026

By sector

• Chips & compute — $198.0M, 53% of its AI holdings, 1 company
• Neoclouds & data centers — $110.9M, 30% of its AI holdings, 2 companies
• Equipment & test — $63.8M, 17% of its AI holdings, 1 company

Biggest changes this quarter

• trimmed TSMC (TSM): -$68.9M at the quarter's price
• opened a position in ASML (ASML): +$63.8M at the quarter's price
• added to GDS Holdings (GDS): +$33.5M at the quarter's price
• trimmed VNET Group (VNET): -$368,714.00 at the quarter's price

Other holders of this size

• Vanguard — $3.6T in 225 of these companies
• BlackRock — $3.1T in 226 of these companies
• State Street — $1.6T in 222 of these companies
• Fidelity (FMR) — $1.2T in 223 of these companies
• Geode Capital — $890.9B in 220 of these companies
• Capital Group — $881.7B in 132 of these companies
• JPMorgan — $717.8B in 225 of these companies
• Invesco — $683.3B in 220 of these companies

Follow Carrhae Capital LLP's SEC filings (Atom feed)

All holders · Who owns each AI company · All tracked companies · The AI market