Carrhae Capital LLP
- SEC CIK
- 0001555254
- Latest filing
- Jul 15, 2026
Holdings in Q4 2025
Holdings as of Dec 31, 2025, filed Feb 6, 2026. Long positions only; changes compare share counts with Q3 2025.
- Positions
- 28
- +5 vs. Q3 2025
- Portfolio value
- $1.50B
- +$447.3M (+42.5%) vs. Q3 2025
| Security | Class | Shares | Value | % of portfolio | Share change | Action | History |
|---|---|---|---|---|---|---|---|
| TSMTaiwan Semiconductor Manufacturing Co Ltd | ADR | 588,459 | $178.8M | 11.9% | +392,127+199.7% | Added | History |
| EGOEldorado Gold Corp | COM | 4,010,214 | $144.0M | 9.6% | −984,524−19.7% | Reduced | History |
| SESea Ltd | SPONSORD ADS | 843,557 | $107.6M | 7.2% | +310,497+58.2% | Added | History |
| TECKTeck Resources Ltd | CL B | 2,063,912 | $98.8M | 6.6% | +2,063,912 | New | History |
| NUNu Holdings Ltd. | ORD SHS CL A | 4,942,239 | $82.7M | 5.5% | +4,942,239 | New | History |
| GDSGDS Holdings Ltd | SPONSORED ADS | 2,167,199 | $75.6M | 5.0% | +518,921+31.5% | Added | History |
| EMBJEmbraer S.A. | ADR | 1,147,269 | $73.8M | 4.9% | −31,382−2.7% | Reduced | History |
| MMYTMakeMyTrip Ltd | Stock | 750,942 | $61.7M | 4.1% | +372,845+98.6% | Added | History |
| FNVFranco Nevada Corp | Stock | 293,772 | $60.9M | 4.1% | +181,718+162.2% | Added | History |
| IBNIcici Bank Ltd | ADR | 1,992,766 | $59.4M | 4.0% | −2,009,787−50.2% | Reduced | History |
| BBDBank Bradesco | SP ADR PFD NEW | 16,185,404 | $53.9M | 3.6% | +16,185,404 | New | History |
| JBSJBS N.V. | ADR | 3,649,226 | $52.6M | 3.5% | +3,244,553+801.8% | Added | History |
| BAPCredicorp Ltd | COM | 168,399 | $48.3M | 3.2% | +168,399 | New | History |
| BABAAlibaba Group Holding Ltd | ADR | 308,639 | $45.2M | 3.0% | −189,595−38.1% | Reduced | History |
| SNPSSynopsys Inc | COM | 95,365 | $44.8M | 3.0% | −850−0.9% | Reduced | History |
| BIDUBaidu, Inc. | ADR | 341,747 | $44.7M | 3.0% | +341,747 | New | History |
| GGALGrupo Financiero Galicia SA | SPONSORED ADR | 795,204 | $42.9M | 2.9% | +479,504+151.9% | Added | History |
| YMMFull Truck Alliance Co. Ltd. | SPONSORED ADS | 3,807,441 | $40.9M | 2.7% | +1,132,667+42.3% | Added | History |
| VISTVista Energy, S.A.B. de C.V. | SPONSORED ADS | 830,212 | $40.4M | 2.7% | +141,807+20.6% | Added | History |
| EQTEQT Corp | Stock | 745,266 | $39.9M | 2.7% | +225,230+43.3% | Added | History |
| PDDPDD Holdings Inc. | SPONSORED ADS | 222,654 | $25.2M | 1.7% | −164,270−42.5% | Reduced | History |
| WRDWeRide Inc. | ADR | 2,421,132 | $21.0M | 1.4% | +789,549+48.4% | Added | History |
| HBMHudbay Minerals Inc. | COM | 802,513 | $15.9M | 1.1% | +802,513 | New | History |
| CPACopa Holdings, S.A. | CL A | 124,717 | $15.0M | 1.0% | +124,717 | New | History |
| RNWReNew Energy Global plc | CL A SHS | 2,458,933 | $13.9M | 0.9% | −308,365−11.1% | Reduced | History |
| AUAngloGold Ashanti PLC | COM SHS | 98,283 | $8.38M | 0.6% | −1,005,768−91.1% | Reduced | History |
| KSPIJoint Stock Co Kaspi.kz | SPONSORED ADS | 50,668 | $3.96M | 0.3% | +50,668 | New | History |
| ReNew Energy Global plcG7500M120 | *W EXP 08/30/202 | 64,966 | $526 | <0.1% | 00.0% | Unchanged | – |
Options (7)
Puts and calls in the same filing. Amounts are the market value of the underlying shares, which is what 13F reports.
| Security | Class | Puts | Calls |
|---|---|---|---|
| Invesco QQQ Trust Series I46090E103 | ETF | $284.5M | – |
| Kraneshares Trust500767306 | CSI CHI INTERNET | – | $232.7M |
| SLViShares Silver Trust | ETF | – | $216.1M |
| iShares Tr464287234 | MSCI EMG MKT ETF | $215.6M | – |
| DBX ETF Tr233051879 | XTRACK HRVST CSI | – | $130.8M |
| TSMTaiwan Semiconductor Manufacturing Co Ltd | ADR | $34.4M | – |
| GLDSPDR Gold Trust | ETF | – | $28.6M |
Sold out since Q3 2025 (3)
Positions held at the end of Q3 2025 that are gone from this filing.