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Carrhae Capital LLP

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13F filer, CIK 1555254, London, United Kingdom

Carrhae Capital LLP reported $1,195,435,016 across 25 holdings for the quarter ended 2024-12-31, in a 13F-HR filed 2025-02-11. Its ten largest share positions make up 77.18% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001172661-25-000666

Period
2024-12-31
Reported value
$1.2B
Holdings
25
Top 10 weight
77.18%
New
7
Sold out
4

Part of the filer group Carrhae Capital LLP

How groups are built

Largest buys vs the previous quarter

SecurityShares changeApprox. value
AUadded+2,177,783$50.3M
BEKEnew+1,745,724$32.2M
EMBJadded+866,919$31.8M
JDnew+827,951$28.7M
EDUadded+358,502$23M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
BABAexited-724,856-$76.9M
GDXexited-1,081,695-$43.1M
PDDreduced-387,740-$37.6M
FCXexited-463,275-$23.1M
BAPreduced-113,908-$20.9M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q4 2024

Share positions as resolved from 13F-HR 0001172661-25-000666, largest first. % of portfolio is the value over $846,482,741, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
EMBJEMBRAER S.A.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,803,821 shares; 2024Q4: 2,670,740 shares 2,670,740$98M11.57%+866,919Timeline
EGOELDORADO GOLD CORP NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,302,497 shares; 2024Q4: 6,040,730 shares 6,040,730$89.8M10.61%+738,233Timeline
AUANGLOGOLD ASHANTI PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,281,410 shares; 2024Q4: 3,459,193 shares 3,459,193$79.8M9.43%+2,177,783Timeline
TSMTAIWAN SEMICONDUCTOR MANUFACQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 363,263 shares; 2024Q4: 383,886 shares 383,886$75.8M8.96%+20,623Timeline
EDUNEW ORIENTAL ED & TECHNOLOGYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 684,187 shares; 2024Q4: 1,042,689 shares 1,042,689$66.9M7.91%+358,502Timeline
CPACOPA HOLDINGS SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 555,900 shares; 2024Q4: 701,867 shares 701,867$61.7M7.29%+145,967Timeline
IBNICICI BK LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,325,165 shares; 2024Q4: 1,751,047 shares 1,751,047$52.3M6.18%+425,882Timeline
SESEA LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 549,394 shares; 2024Q4: 474,672 shares 474,672$50.4M5.95%-74,722Timeline
FMXFOMENTO ECONOMICO MEXICANO SQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 440,036 shares; 2024Q4: 543,167 shares 543,167$46.4M5.49%+103,131Timeline
BEKEKE HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,745,724 shares 1,745,724$32.2M3.8%newTimeline
JDJD.COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 827,951 shares 827,951$28.7M3.39%newTimeline
RNWRENEW ENERGY GLOBAL PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,654,991 shares; 2024Q4: 3,654,991 shares 3,654,991$25M2.95%0Timeline
FNVFRANCO NEV CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 224,084 shares; 2024Q4: 206,418 shares 206,418$24.3M2.87%-17,666Timeline
MMYTMAKEMYTRIP LIMITED MAURITIUSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 354,959 shares; 2024Q4: 210,950 shares 210,950$23.7M2.8%-144,009Timeline
YUMCYUM CHINA HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 470,300 shares; 2024Q4: 489,307 shares 489,307$23.6M2.78%+19,007Timeline
TSTENARIS S AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 437,806 shares 437,806$16.5M1.95%newTimeline
ASHRDBX ETF TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 506,000 shares 506,000$13.4M1.58%newTimeline
CXCEMEX SAB DE CVQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,864,650 shares; 2024Q4: 2,215,050 shares 2,215,050$12.5M1.48%+350,400Timeline
SPYSTATE STR SPDR S&P 500 ETF TQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 26,537 shares; 2024Q4: 20,931 shares 20,931$12.3M1.45%-5,606Timeline
BAPCREDICORP LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 154,577 shares; 2024Q4: 40,669 shares 40,669$7.46M0.88%-113,908Timeline
PDDPDD HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 447,960 shares; 2024Q4: 60,220 shares 60,220$5.84M0.69%-387,740Timeline
RNWWWRENEW ENERGY GLOBAL PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 64,966 shares; 2024Q4: 64,966 shares 64,966$10.6K<0.01%0Timeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
EEMISHARES TR MSCI EMG MKT ETFput4,403,300$184Mnew
ASHRDBX ETF TR XTRACK HRVST CSIcall4,357,700$115Mnew
AAPLAPPLE INC COMput197,500$49.5Mnew

Sold out in Q4 2024

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
BABAALIBABA GROUP HLDG LTD724,856$76.9Mshares
GDXVANECK ETF TRUST1,081,695$43.1Mshares
FCXFREEPORT MCMORAN INC463,275$23.1Mshares
VALEVALE S A1,749,987$20.4Mshares

How Q4 2024 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001172661-25-000666 base2025-02-11acceptance time not in the bulk data set