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Carrhae Capital LLP

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13F filer, CIK 1555254, London, United Kingdom

Carrhae Capital LLP reported $1,367,783,704 across 28 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-08-05. Its ten largest share positions make up 63.78% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001172661-25-002883

Period
2025-06-30
Reported value
$1.37B
Holdings
28
Top 10 weight
63.78%
New
11
Sold out
7

Part of the filer group Carrhae Capital LLP

How groups are built

Largest buys vs the previous quarter

SecurityShares changeApprox. value
EMBJnew+1,973,790$112M
FCXnew+1,349,063$58.5M
TSMnew+258,001$58.4M
YUMCnew+1,092,990$48.9M
LVSnew+961,827$41.8M

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
IBNexited-2,581,585-$81.4M
PBRexited-4,516,382-$64.8M
EGOreduced-2,174,819-$44.2M
HDBexited-595,900-$39.6M
CPAreduced-265,786-$29.2M

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, Q2 2025

Share positions as resolved from 13F-HR 0001172661-25-002883, largest first. % of portfolio is the value over $1,045,428,329, 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; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,803,821 shares; 2024Q4: 2,670,740 shares; 2025Q1: not reported; 2025Q2: 1,973,790 shares 1,973,790$112M10.74%newTimeline
EGOELDORADO GOLD CORP NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,302,497 shares; 2024Q4: 6,040,730 shares; 2025Q1: 6,689,304 shares; 2025Q2: 4,514,485 shares 4,514,485$91.8M8.78%-2,174,819Timeline
SESEA LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 549,394 shares; 2024Q4: 474,672 shares; 2025Q1: 551,700 shares; 2025Q2: 412,960 shares 412,960$66M6.32%-138,740Timeline
BABAALIBABA GROUP HLDG LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 724,856 shares; 2024Q4: not reported; 2025Q1: 558,973 shares; 2025Q2: 523,722 shares 523,722$59.4M5.68%-35,251Timeline
FCXFREEPORT MCMORAN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 463,275 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,349,063 shares 1,349,063$58.5M5.59%newTimeline
TSMTAIWAN SEMICONDUCTOR MANUFACQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 363,263 shares; 2024Q4: 383,886 shares; 2025Q1: not reported; 2025Q2: 258,001 shares 258,001$58.4M5.59%newTimeline
MMYTMAKEMYTRIP LIMITED MAURITIUSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 354,959 shares; 2024Q4: 210,950 shares; 2025Q1: 397,945 shares; 2025Q2: 576,586 shares 576,586$56.5M5.41%+178,641Timeline
CPACOPA HOLDINGS SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 555,900 shares; 2024Q4: 701,867 shares; 2025Q1: 777,929 shares; 2025Q2: 512,143 shares 512,143$56.3M5.39%-265,786Timeline
AUANGLOGOLD ASHANTI PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,281,410 shares; 2024Q4: 3,459,193 shares; 2025Q1: 1,340,959 shares; 2025Q2: 1,200,111 shares 1,200,111$54.7M5.23%-140,848Timeline
PDDPDD HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 447,960 shares; 2024Q4: 60,220 shares; 2025Q1: 196,437 shares; 2025Q2: 503,595 shares 503,595$52.7M5.04%+307,158Timeline
YUMCYUM CHINA HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 470,300 shares; 2024Q4: 489,307 shares; 2025Q1: not reported; 2025Q2: 1,092,990 shares 1,092,990$48.9M4.67%newTimeline
BAPCREDICORP LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 154,577 shares; 2024Q4: 40,669 shares; 2025Q1: 198,875 shares; 2025Q2: 213,806 shares 213,806$47.8M4.57%+14,931Timeline
FNVFRANCO NEV CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 224,084 shares; 2024Q4: 206,418 shares; 2025Q1: 134,994 shares; 2025Q2: 274,946 shares 274,946$45.1M4.31%+139,952Timeline
TECKTECK RESOURCES LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,275,810 shares; 2025Q2: 1,107,431 shares 1,107,431$44.7M4.28%-168,379Timeline
LVSLAS VEGAS SANDS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 961,827 shares 961,827$41.8M4%newTimeline
BEKEKE HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,745,724 shares; 2025Q1: not reported; 2025Q2: 1,361,179 shares 1,361,179$24.1M2.31%newTimeline
SLVISHARES SILVER TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 576,960 shares; 2025Q2: 656,743 shares 656,743$21.5M2.06%+79,783Timeline
VISTVISTA ENERGY S.A.B. DE C.V.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 400,582 shares 400,582$19.2M1.83%newTimeline
RNWRENEW ENERGY GLOBAL PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,654,991 shares; 2024Q4: 3,654,991 shares; 2025Q1: 3,654,991 shares; 2025Q2: 2,767,298 shares 2,767,298$19.1M1.83%-887,693Timeline
EDUNEW ORIENTAL ED & TECHNOLOGYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 684,187 shares; 2024Q4: 1,042,689 shares; 2025Q1: not reported; 2025Q2: 346,937 shares 346,937$18.7M1.79%newTimeline
HBMHUDBAY MINERALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,876,665 shares; 2025Q2: 1,544,993 shares 1,544,993$16.4M1.57%-331,672Timeline
NXPINXP SEMICONDUCTORS N VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 107,428 shares; 2025Q2: 63,342 shares 63,342$13.8M1.32%-44,086Timeline
GDSGDS HLDGS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 416,903 shares 416,903$12.7M1.22%newTimeline
EHEHANG HLDGS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 271,700 shares 271,700$4.72M0.45%newTimeline
RNWWWRENEW ENERGY GLOBAL PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 64,966 shares; 2024Q4: 64,966 shares; 2025Q1: 64,966 shares; 2025Q2: 64,966 shares 64,966$8.65K<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
SLVISHARES SILVER TR COMcall3,647,500$120Mnew
ASHRDBX ETF TR XTRACK HRVST CSIcall3,865,000$106M-1,399,000
EEMISHARES TR MSCI EMG MKT ETFput1,995,000$96.2M-5,769,700

Sold out in Q2 2025

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

SecurityShares beforeValue beforeType
IBNICICI BK LTD2,581,585$81.4Mshares
PBRPETROLEO BRASILEIRO S A4,516,382$64.8Mshares
HDBHDFC BANK LTD595,900$39.6Mshares
ASHRDBX ETF TR1,053,785$28Mshares
FXIISHARES TR764,500$27.4Mput
GGBGERDAU SA6,568,703$18.7Mshares
KWEBKRANESHARES TRUST193,593$6.76Mshares

How Q2 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 0001172661-25-002883 base2025-08-05acceptance time not in the bulk data set