13F HOLDINGS REPORT
Carrhae Capital LLP
Quarter ended Q4 2025 · Filed February 6, 2026 · Accession 0001172661-26-000520
Total Value
$2.64B
Positions
35
Other Managers
1
Confidential Omitted
No
Holdings (35)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | INVESCO QQQ TR | IVZ | 463,200 | $284.5M | 10.76% |
| 2 | KRANESHARES TRUST | 500767306 | 6,833,500 | $232.7M | 8.80% |
| 3 | ISHARES SILVER TR | SLV | 3,354,800 | $216.1M | 8.18% |
| 4 | ISHARES TR | 464287234 | 3,940,000 | $215.6M | 8.15% |
| 5 | TAIWAN SEMICONDUCTOR MFG LTD | 874039100 | 588,459 | $178.8M | 6.77% |
| 6 | ELDORADO GOLD CORP NEW | 284902509 | 4,010,214 | $144.0M | 5.45% |
| 7 | DBX ETF TR | 233051879 | 3,983,200 | $130.8M | 4.95% |
| 8 | SEA LTD | SE | 843,557 | $107.6M | 4.07% |
| 9 | TECK RESOURCES LTD | TCKRF | 2,063,912 | $98.8M | 3.74% |
| 10 | NU HLDGS LTD | NU | 4,942,239 | $82.7M | 3.13% |
| 11 | GDS HLDGS LTD | GDHLF | 2,167,199 | $75.6M | 2.86% |
| 12 | EMBRAER S.A. | EMBJ | 1,147,269 | $73.8M | 2.79% |
| 13 | MAKEMYTRIP LIMITED MAURITIUS | MMYT | 750,942 | $61.7M | 2.33% |
| 14 | FRANCO NEV CORP | FNV | 293,772 | $60.9M | 2.30% |
| 15 | ICICI BANK LIMITED | IBN | 1,992,766 | $59.4M | 2.25% |
| 16 | BANCO BRADESCO S A | 059460303 | 16,185,404 | $53.9M | 2.04% |
| 17 | JBS N.V. | JBS | 3,649,226 | $52.6M | 1.99% |
| 18 | CREDICORP LTD | BAP | 168,399 | $48.3M | 1.83% |
| 19 | ALIBABA GROUP HLDG LTD | BBAAY | 308,639 | $45.2M | 1.71% |
| 20 | SYNOPSYS INC | SNPS | 95,365 | $44.8M | 1.69% |
| 21 | BAIDU INC | BAIDF | 341,747 | $44.7M | 1.69% |
| 22 | GRUPO FINANCIERO GALICIA S.A | GGAL | 795,204 | $42.9M | 1.62% |
| 23 | FULL TRUCK ALLIANCE CO LTD | YMM | 3,807,441 | $40.9M | 1.55% |
| 24 | VISTA ENERGY S.A.B. DE C.V. | VSOGF | 830,212 | $40.4M | 1.53% |
| 25 | EQT CORP | EQT | 745,266 | $39.9M | 1.51% |
| 26 | TAIWAN SEMICONDUCTOR MFG LTD | 874039100 | 113,100 | $34.4M | 1.30% |
| 27 | SPDR GOLD TR | GLD | 72,200 | $28.6M | 1.08% |
| 28 | PDD HOLDINGS INC | PDD | 222,654 | $25.2M | 0.96% |
| 29 | WERIDE INC | WRDIF | 2,421,132 | $21.0M | 0.80% |
| 30 | HUDBAY MINERALS INC | HBM | 802,513 | $15.9M | 0.60% |
| 31 | COPA HOLDINGS SA | CPA | 124,717 | $15.0M | 0.57% |
| 32 | RENEW ENERGY GLOBAL PLC | RNWWW | 2,458,933 | $13.9M | 0.53% |
| 33 | ANGLOGOLD ASHANTI PLC | AU | 98,283 | $8.4M | 0.32% |
| 34 | KASPI KZ JSC | 48581R205 | 50,668 | $4.0M | 0.15% |
| 35 | RENEW ENERGY GLOBAL PLC | RNWWW | 64,966 | $526 | 0.00% |