Institutional Manager · CIK 0001555254

Carrhae Capital LLP

London, X0 · File #028-24285

Latest AUM

$2.64B

Positions

Top-10 Concentration

64.0%

Filings

Portfolio Value Over Time

2024-09

2024-12

2025-03

2025-06

2025-09

2025-12

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
NEW	INVESCO QQQ TR	IVZ	+463,200	+$284.5M	$0
NEW	KRANESHARES TRUST	500767306	+6,833,500	+$232.7M	$0
NEW	ISHARES TR	464287234	+3,940,000	+$215.6M	$0
ADD	TAIWAN SEMICONDUCTOR MFG LTD	874039100	+392,127	+$119.2M	+$4.8M
REDUCE	ISHARES SILVER TR	SLV	-1,666,600	-$107.4M	+$110.7M
NEW	TECK RESOURCES LTD	TCKRF	+2,063,912	+$98.8M	$0
REDUCE	DBX ETF TR	233051879	-2,884,800	-$94.8M	-$892,840
REDUCE	ANGLOGOLD ASHANTI PLC	AU	-1,005,768	-$85.8M	+$16.5M
NEW	NU HLDGS LTD	NU	+4,942,239	+$82.7M	$0
REDUCE	SPDR GOLD TR	GLD	-186,800	-$74.0M	+$10.6M

Sector Allocation

Financials

19.6%$517.9M

Consumer Discretionary

7.3%$194.5M

3.4%$88.9M

3.2%$85.6M

3.2%$85.2M

2.0%$52.6M

1.5%$39.9M

Filing History

Feb 6, 202613F HOLDINGS REPORTQ/E Dec 202535 pos · $2.64B
Nov 20, 202513F HOLDINGS REPORT (Amended)Q/E Sep 202527 pos · $1.70B
Nov 12, 202513F HOLDINGS REPORTQ/E Sep 202527 pos · $1.70B
Aug 5, 202513F HOLDINGS REPORTQ/E Jun 202528 pos · $1.37B
May 2, 202513F HOLDINGS REPORTQ/E Mar 202524 pos · $1.37B
Feb 11, 202513F HOLDINGS REPORTQ/E Dec 202425 pos · $1.20B
Nov 27, 202413F HOLDINGS REPORTQ/E Sep 20248 pos · $306.7M
Nov 27, 202413F HOLDINGS REPORTQ/E Sep 202411 pos · $289.7M
Nov 27, 202413F HOLDINGS REPORTQ/E Sep 20246 pos · $97.6M
Nov 27, 202413F HOLDINGS REPORTQ/E Sep 20247 pos · $143.2M
Nov 27, 202413F HOLDINGS REPORTQ/E Sep 202413 pos · $237.8M
Nov 27, 202413F HOLDINGS REPORTQ/E Sep 20249 pos · $187.3M
Nov 27, 202413F HOLDINGS REPORTQ/E Sep 20245 pos · $36.8M
Nov 27, 202413F HOLDINGS REPORTQ/E Sep 20246 pos · $133.6M
Nov 27, 202413F HOLDINGS REPORTQ/E Sep 202411 pos · $314.5M
Nov 27, 202413F HOLDINGS REPORTQ/E Sep 202410 pos · $156.7M
Nov 27, 202413F HOLDINGS REPORTQ/E Sep 202411 pos · $235.8M
Nov 27, 202413F HOLDINGS REPORTQ/E Sep 202415 pos · $137.4M
Nov 27, 202413F HOLDINGS REPORTQ/E Sep 202418 pos · $118.5M
Nov 27, 202413F HOLDINGS REPORTQ/E Sep 20248 pos · $115.9M

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
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%