13F HOLDINGS REPORT (Amended)
Carrhae Capital LLP
Quarter ended Q3 2025 · Filed November 20, 2025 · Accession 0001172661-25-005213
Total Value
$1.70B
Positions
27
Other Managers
1
Confidential Omitted
No
Holdings (27)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | DBX ETF TR | 233051879 | 6,868,000 | $226.5M | 13.34% |
| 2 | ISHARES SILVER TR | SLV | 5,021,400 | $212.8M | 12.53% |
| 3 | ELDORADO GOLD CORP NEW | 284902509 | 4,994,738 | $144.3M | 8.50% |
| 4 | ICICI BANK LIMITED | IBN | 4,002,553 | $121.0M | 7.13% |
| 5 | TAIWAN SEMICONDUCTOR MFG LTD | 874039100 | 405,100 | $113.1M | 6.66% |
| 6 | SEA LTD | SE | 533,060 | $95.3M | 5.61% |
| 7 | SPDR GOLD TR | GLD | 259,000 | $92.1M | 5.42% |
| 8 | ALIBABA GROUP HLDG LTD | BBAAY | 498,234 | $89.0M | 5.25% |
| 9 | ANGLOGOLD ASHANTI PLC | AU | 1,104,051 | $77.6M | 4.57% |
| 10 | EMBRAER S.A. | EMBJ | 1,178,651 | $71.2M | 4.20% |
| 11 | GDS HLDGS LTD | GDHLF | 1,648,278 | $63.8M | 3.76% |
| 12 | TAIWAN SEMICONDUCTOR MFG LTD | 874039100 | 196,332 | $54.8M | 3.23% |
| 13 | PDD HOLDINGS INC | PDD | 386,924 | $51.1M | 3.01% |
| 14 | SYNOPSYS INC | SNPS | 96,215 | $47.5M | 2.80% |
| 15 | MAKEMYTRIP LIMITED MAURITIUS | MMYT | 378,097 | $35.4M | 2.08% |
| 16 | FULL TRUCK ALLIANCE CO LTD | YMM | 2,674,774 | $34.7M | 2.04% |
| 17 | EQT CORP | EQT | 520,036 | $28.3M | 1.67% |
| 18 | FREEPORT-MCMORAN INC | FCX | 644,376 | $25.3M | 1.49% |
| 19 | FRANCO NEV CORP | FNV | 112,054 | $25.0M | 1.47% |
| 20 | VISTA ENERGY S.A.B. DE C.V. | VSOGF | 688,405 | $23.7M | 1.39% |
| 21 | RENEW ENERGY GLOBAL PLC | RNWWW | 2,767,298 | $21.3M | 1.26% |
| 22 | WERIDE INC | WRDIF | 1,631,583 | $16.2M | 0.95% |
| 23 | GRUPO FINANCIERO GALICIA S.A | GGAL | 315,700 | $8.7M | 0.51% |
| 24 | PONY AI INC | PYAIF | 297,295 | $6.7M | 0.39% |
| 25 | SHELL PLC | RYDAF | 88,632 | $6.3M | 0.37% |
| 26 | JBS N.V. | JBS | 404,673 | $6.0M | 0.36% |
| 27 | RENEW ENERGY GLOBAL PLC | RNWWW | 64,966 | $2,962 | 0.00% |