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Carrhae Capital LLP

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13F filer, CIK 1555254, London, United Kingdom

Carrhae Capital LLP reported $1,366,933,007 across 24 holdings for the quarter ended 2025-03-31, in a 13F-HR filed 2025-05-02. Its ten largest share positions make up 75.7% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001172661-25-001564

Period
2025-03-31
Reported value
$1.37B
Holdings
24
Top 10 weight
75.7%
New
10
Sold out
11

Part of the filer group Carrhae Capital LLP

How groups are built

Largest buys vs the previous quarter

SecurityShares changeApprox. value
BABAnew+558,973$73.9M
PBRnew+4,516,382$64.8M
TECKnew+1,275,810$46.5M
HDBnew+595,900$39.6M
BAPadded+158,206$29.5M

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
EMBJexited-2,670,740-$98M
AUreduced-2,118,234-$78.6M
TSMexited-383,886-$75.8M
EDUexited-1,042,689-$66.9M
FMXexited-543,167-$46.4M

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, Q1 2025

Share positions as resolved from 13F-HR 0001172661-25-001564, largest first. % of portfolio is the value over $860,351,457, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
EGOELDORADO GOLD CORP NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,302,497 shares; 2024Q4: 6,040,730 shares; 2025Q1: 6,689,304 shares 6,689,304$113M13.08%+648,574Timeline
IBNICICI BK LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,325,165 shares; 2024Q4: 1,751,047 shares; 2025Q1: 2,581,585 shares 2,581,585$81.4M9.46%+830,538Timeline
BABAALIBABA GROUP HLDG LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 724,856 shares; 2024Q4: not reported; 2025Q1: 558,973 shares 558,973$73.9M8.59%newTimeline
SESEA LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 549,394 shares; 2024Q4: 474,672 shares; 2025Q1: 551,700 shares 551,700$72M8.37%+77,028Timeline
CPACOPA HOLDINGS SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 555,900 shares; 2024Q4: 701,867 shares; 2025Q1: 777,929 shares 777,929$71.9M8.36%+76,062Timeline
PBRPETROLEO BRASILEIRO S AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 4,516,382 shares 4,516,382$64.8M7.53%newTimeline
AUANGLOGOLD ASHANTI PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,281,410 shares; 2024Q4: 3,459,193 shares; 2025Q1: 1,340,959 shares 1,340,959$49.8M5.79%-2,118,234Timeline
TECKTECK RESOURCES LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,275,810 shares 1,275,810$46.5M5.4%newTimeline
HDBHDFC BANK LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 595,900 shares 595,900$39.6M4.6%newTimeline
MMYTMAKEMYTRIP LIMITED MAURITIUSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 354,959 shares; 2024Q4: 210,950 shares; 2025Q1: 397,945 shares 397,945$39M4.53%+186,995Timeline
BAPCREDICORP LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 154,577 shares; 2024Q4: 40,669 shares; 2025Q1: 198,875 shares 198,875$37M4.3%+158,206Timeline
ASHRDBX ETF TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 506,000 shares; 2025Q1: 1,053,785 shares 1,053,785$28M3.25%+547,785Timeline
PDDPDD HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 447,960 shares; 2024Q4: 60,220 shares; 2025Q1: 196,437 shares 196,437$23.2M2.7%+136,217Timeline
RNWRENEW ENERGY GLOBAL PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,654,991 shares; 2024Q4: 3,654,991 shares; 2025Q1: 3,654,991 shares 3,654,991$21.5M2.5%0Timeline
FNVFRANCO NEV CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 224,084 shares; 2024Q4: 206,418 shares; 2025Q1: 134,994 shares 134,994$21.3M2.47%-71,424Timeline
NXPINXP SEMICONDUCTORS N VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 107,428 shares 107,428$20.4M2.37%newTimeline
GGBGERDAU SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 6,568,703 shares 6,568,703$18.7M2.17%newTimeline
SLVISHARES SILVER TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 576,960 shares 576,960$17.9M2.08%newTimeline
HBMHUDBAY MINERALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,876,665 shares 1,876,665$14.2M1.66%newTimeline
KWEBKRANESHARES TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 193,593 shares 193,593$6.76M0.79%newTimeline
RNWWWRENEW ENERGY GLOBAL PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 64,966 shares; 2024Q4: 64,966 shares; 2025Q1: 64,966 shares 64,966$6.26K<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 ETFput7,764,700$339M+3,361,400
ASHRDBX ETF TR XTRACK HRVST CSIcall5,264,000$140M+906,300
FXIISHARES TR CHINA LG-CAP ETFput764,500$27.4Mnew

Sold out in Q1 2025

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

SecurityShares beforeValue beforeType
EMBJEMBRAER S.A.2,670,740$98Mshares
TSMTAIWAN SEMICONDUCTOR MANUFAC383,886$75.8Mshares
EDUNEW ORIENTAL ED & TECHNOLOGY1,042,689$66.9Mshares
AAPLAPPLE INC197,500$49.5Mput
FMXFOMENTO ECONOMICO MEXICANO S543,167$46.4Mshares
BEKEKE HLDGS INC1,745,724$32.2Mshares
JDJD.COM INC827,951$28.7Mshares
YUMCYUM CHINA HLDGS INC489,307$23.6Mshares
TSTENARIS S A437,806$16.5Mshares
CXCEMEX SAB DE CV2,215,050$12.5Mshares
SPYSTATE STR SPDR S&P 500 ETF T20,931$12.3Mshares

How Q1 2025 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 0001172661-25-001564 base2025-05-02acceptance time not in the bulk data set