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Disclosery

Carrhae Capital LLP

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13F filer, CIK 1555254, London, United Kingdom

Carrhae Capital LLP reported $1,697,770,423 across 27 holdings for the quarter ended 2025-09-30, in a 13F-HR/A filed 2025-11-20. Its ten largest share positions make up 77.45% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR/A 0001172661-25-005213

Period
2025-09-30
Reported value
$1.7B
Holdings
27
Top 10 weight
77.45%
New
11
Sold out
12

Part of the filer group Carrhae Capital LLP

How groups are built

Largest buys vs the previous quarter

SecurityShares changeApprox. value
IBNnew+4,002,553$121M
GDSadded+1,231,375$47.7M
SNPSnew+96,215$47.5M
YMMnew+2,674,774$34.7M
EQTnew+520,036$28.3M

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
CPAexited-512,143-$56.3M
YUMCexited-1,092,990-$48.9M
EMBJreduced-795,139-$48.1M
BAPexited-213,806-$47.8M
TECKexited-1,107,431-$44.7M

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, Q3 2025

Share positions as resolved from 13F-HR/A 0001172661-25-005213, largest first. % of portfolio is the value over $1,053,299,956, 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; 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; 2025Q3: 4,994,738 shares 4,994,738$144M13.7%+480,253Timeline
IBNICICI BK LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,325,165 shares; 2024Q4: 1,751,047 shares; 2025Q1: 2,581,585 shares; 2025Q2: not reported; 2025Q3: 4,002,553 shares 4,002,553$121M11.49%newTimeline
SESEA LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 549,394 shares; 2024Q4: 474,672 shares; 2025Q1: 551,700 shares; 2025Q2: 412,960 shares; 2025Q3: 533,060 shares 533,060$95.3M9.05%+120,100Timeline
BABAALIBABA GROUP HLDG LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 724,856 shares; 2024Q4: not reported; 2025Q1: 558,973 shares; 2025Q2: 523,722 shares; 2025Q3: 498,234 shares 498,234$89M8.45%-25,488Timeline
AUANGLOGOLD ASHANTI PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 1,104,051 shares 1,104,051$77.6M7.37%-96,060Timeline
EMBJEMBRAER S.A.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,803,821 shares; 2024Q4: 2,670,740 shares; 2025Q1: not reported; 2025Q2: 1,973,790 shares; 2025Q3: 1,178,651 shares 1,178,651$71.2M6.76%-795,139Timeline
GDSGDS HLDGS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 416,903 shares; 2025Q3: 1,648,278 shares 1,648,278$63.8M6.06%+1,231,375Timeline
TSMTAIWAN SEMICONDUCTOR MANUFACQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 363,263 shares; 2024Q4: 383,886 shares; 2025Q1: not reported; 2025Q2: 258,001 shares; 2025Q3: 196,332 shares 196,332$54.8M5.21%-61,669Timeline
PDDPDD HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 447,960 shares; 2024Q4: 60,220 shares; 2025Q1: 196,437 shares; 2025Q2: 503,595 shares; 2025Q3: 386,924 shares 386,924$51.1M4.86%-116,671Timeline
SNPSSYNOPSYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 96,215 shares 96,215$47.5M4.51%newTimeline
MMYTMAKEMYTRIP LIMITED MAURITIUSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 354,959 shares; 2024Q4: 210,950 shares; 2025Q1: 397,945 shares; 2025Q2: 576,586 shares; 2025Q3: 378,097 shares 378,097$35.4M3.36%-198,489Timeline
YMMFULL TRUCK ALLIANCE CO LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 2,674,774 shares 2,674,774$34.7M3.29%newTimeline
EQTEQT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 520,036 shares 520,036$28.3M2.69%newTimeline
FCXFREEPORT MCMORAN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 463,275 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,349,063 shares; 2025Q3: 644,376 shares 644,376$25.3M2.4%-704,687Timeline
FNVFRANCO NEV CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 224,084 shares; 2024Q4: 206,418 shares; 2025Q1: 134,994 shares; 2025Q2: 274,946 shares; 2025Q3: 112,054 shares 112,054$25M2.37%-162,892Timeline
VISTVISTA ENERGY S.A.B. DE C.V.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 400,582 shares; 2025Q3: 688,405 shares 688,405$23.7M2.25%+287,823Timeline
RNWRENEW ENERGY GLOBAL PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 2,767,298 shares 2,767,298$21.3M2.02%0Timeline
WRDWERIDE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,631,583 shares 1,631,583$16.2M1.53%newTimeline
GGALGRUPO FINANCIERO GALICIA S.AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 315,700 shares 315,700$8.7M0.83%newTimeline
PONYPONY AI INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 297,295 shares 297,295$6.69M0.63%newTimeline
SHELSHELL PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 88,632 shares 88,632$6.34M0.6%newTimeline
JBSJBS N.V.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 404,673 shares 404,673$6.04M0.57%newTimeline
RNWWWRENEW ENERGY GLOBAL PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 64,966 shares; 2024Q4: 64,966 shares; 2025Q1: 64,966 shares; 2025Q2: 64,966 shares; 2025Q3: 64,966 shares 64,966$2.96K<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
ASHRDBX ETF TR XTRACK HRVST CSIcall6,868,000$227M+3,003,000
SLVISHARES SILVER TR COMcall5,021,400$213M+1,373,900
TSMTAIWAN SEMICONDUCTOR MANUFAC SPONSORED ADSput405,100$113Mnew
GLDSPDR GOLD TR GOLD SHScall259,000$92.1Mnew

Sold out in Q3 2025

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

SecurityShares beforeValue beforeType
EEMISHARES TR1,995,000$96.2Mput
CPACOPA HOLDINGS SA512,143$56.3Mshares
YUMCYUM CHINA HLDGS INC1,092,990$48.9Mshares
BAPCREDICORP LTD213,806$47.8Mshares
TECKTECK RESOURCES LTD1,107,431$44.7Mshares
LVSLAS VEGAS SANDS CORP961,827$41.8Mshares
BEKEKE HLDGS INC1,361,179$24.1Mshares
SLVISHARES SILVER TR656,743$21.5Mshares
EDUNEW ORIENTAL ED & TECHNOLOGY346,937$18.7Mshares
HBMHUDBAY MINERALS INC1,544,993$16.4Mshares
NXPINXP SEMICONDUCTORS N V63,342$13.8Mshares
EHEHANG HLDGS LTD271,700$4.72Mshares

How Q3 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 0001172661-25-004724 superseded2025-11-12acceptance time not in the bulk data set
13F-HR/A 0001172661-25-005213 baserestatement2025-11-20acceptance time not in the bulk data set