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Carrhae Capital LLP

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13F filer, CIK 1555254, London, United Kingdom

Carrhae Capital LLP reported $2,643,321,233 across 35 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-06. Its ten largest share positions make up 62.87% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001172661-26-000520

Period
2025-12-31
Reported value
$2.64B
Holdings
35
Top 10 weight
62.87%
New
11
Sold out
3

Part of the filer group Carrhae Capital LLP

How groups are built

Largest buys vs the previous quarter

SecurityShares changeApprox. value
TSMadded+392,127$119M
TECKnew+2,063,912$98.8M
NUnew+4,942,239$82.7M
BBDnew+16,185,404$53.9M
BAPnew+168,399$48.3M

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
AUreduced-1,005,768-$85.8M
IBNreduced-2,009,787-$59.9M
EGOreduced-984,524-$35.4M
BABAreduced-189,595-$27.8M
FCXexited-644,376-$25.3M

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.

Holdings, Q4 2025

Share positions as resolved from 13F-HR 0001172661-26-000520, largest first. % of portfolio is the value over $1,500,586,889, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
TSMTAIWAN SEMICONDUCTOR MANUFACQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 363,263 shares; 2024Q4: 383,886 shares; 2025Q1: not reported; 2025Q2: 258,001 shares; 2025Q3: 196,332 shares; 2025Q4: 588,459 shares 588,459$179M11.92%+392,127Timeline
EGOELDORADO GOLD CORP NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 4,010,214 shares 4,010,214$144M9.6%-984,524Timeline
SESEA LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 549,394 shares; 2024Q4: 474,672 shares; 2025Q1: 551,700 shares; 2025Q2: 412,960 shares; 2025Q3: 533,060 shares; 2025Q4: 843,557 shares 843,557$108M7.17%+310,497Timeline
TECKTECK RESOURCES LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,275,810 shares; 2025Q2: 1,107,431 shares; 2025Q3: not reported; 2025Q4: 2,063,912 shares 2,063,912$98.8M6.59%newTimeline
NUNU HLDGS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 4,942,239 shares 4,942,239$82.7M5.51%newTimeline
GDSGDS HLDGS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 416,903 shares; 2025Q3: 1,648,278 shares; 2025Q4: 2,167,199 shares 2,167,199$75.6M5.04%+518,921Timeline
EMBJEMBRAER S.A.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,147,269 shares 1,147,269$73.8M4.92%-31,382Timeline
MMYTMAKEMYTRIP LIMITED MAURITIUSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 354,959 shares; 2024Q4: 210,950 shares; 2025Q1: 397,945 shares; 2025Q2: 576,586 shares; 2025Q3: 378,097 shares; 2025Q4: 750,942 shares 750,942$61.7M4.11%+372,845Timeline
FNVFRANCO NEV CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 224,084 shares; 2024Q4: 206,418 shares; 2025Q1: 134,994 shares; 2025Q2: 274,946 shares; 2025Q3: 112,054 shares; 2025Q4: 293,772 shares 293,772$60.9M4.06%+181,718Timeline
IBNICICI BK LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,992,766 shares 1,992,766$59.4M3.96%-2,009,787Timeline
BBDBANCO BRADESCO S AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 16,185,404 shares 16,185,404$53.9M3.59%newTimeline
JBSJBS N.V.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 404,673 shares; 2025Q4: 3,649,226 shares 3,649,226$52.6M3.51%+3,244,553Timeline
BAPCREDICORP LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 154,577 shares; 2024Q4: 40,669 shares; 2025Q1: 198,875 shares; 2025Q2: 213,806 shares; 2025Q3: not reported; 2025Q4: 168,399 shares 168,399$48.3M3.22%newTimeline
BABAALIBABA GROUP HLDG LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 724,856 shares; 2024Q4: not reported; 2025Q1: 558,973 shares; 2025Q2: 523,722 shares; 2025Q3: 498,234 shares; 2025Q4: 308,639 shares 308,639$45.2M3.01%-189,595Timeline
SNPSSYNOPSYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 96,215 shares; 2025Q4: 95,365 shares 95,365$44.8M2.99%-850Timeline
BIDUBAIDU INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 341,747 shares 341,747$44.7M2.98%newTimeline
GGALGRUPO FINANCIERO GALICIA S.AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 315,700 shares; 2025Q4: 795,204 shares 795,204$42.9M2.86%+479,504Timeline
YMMFULL TRUCK ALLIANCE CO LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 2,674,774 shares; 2025Q4: 3,807,441 shares 3,807,441$40.9M2.72%+1,132,667Timeline
VISTVISTA ENERGY S.A.B. DE C.V.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 400,582 shares; 2025Q3: 688,405 shares; 2025Q4: 830,212 shares 830,212$40.4M2.69%+141,807Timeline
EQTEQT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 520,036 shares; 2025Q4: 745,266 shares 745,266$39.9M2.66%+225,230Timeline
PDDPDD HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 447,960 shares; 2024Q4: 60,220 shares; 2025Q1: 196,437 shares; 2025Q2: 503,595 shares; 2025Q3: 386,924 shares; 2025Q4: 222,654 shares 222,654$25.2M1.68%-164,270Timeline
WRDWERIDE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,631,583 shares; 2025Q4: 2,421,132 shares 2,421,132$21M1.4%+789,549Timeline
HBMHUDBAY MINERALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,876,665 shares; 2025Q2: 1,544,993 shares; 2025Q3: not reported; 2025Q4: 802,513 shares 802,513$15.9M1.06%newTimeline
CPACOPA HOLDINGS SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 555,900 shares; 2024Q4: 701,867 shares; 2025Q1: 777,929 shares; 2025Q2: 512,143 shares; 2025Q3: not reported; 2025Q4: 124,717 shares 124,717$15M1%newTimeline
RNWRENEW ENERGY GLOBAL PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,458,933 shares 2,458,933$13.9M0.93%-308,365Timeline
AUANGLOGOLD ASHANTI PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 98,283 shares 98,283$8.38M0.56%-1,005,768Timeline
KSPIKASPI KZ JSCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 50,668 shares 50,668$3.96M0.26%newTimeline
RNWWWRENEW ENERGY GLOBAL PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 64,966 shares; 2024Q4: 64,966 shares; 2025Q1: 64,966 shares; 2025Q2: 64,966 shares; 2025Q3: 64,966 shares; 2025Q4: 64,966 shares 64,966$526<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
QQQINVESCO QQQ TR COMput463,200$285Mnew
KWEBKRANESHARES TRUST CSI CHI INTERNETcall6,833,500$233Mnew
SLVISHARES SILVER TR COMcall3,354,800$216M-1,666,600
EEMISHARES TR MSCI EMG MKT ETFput3,940,000$216Mnew
ASHRDBX ETF TR XTRACK HRVST CSIcall3,983,200$131M-2,884,800
TSMTAIWAN SEMICONDUCTOR MANUFAC SPONSORED ADSput113,100$34.4M-292,000
GLDSPDR GOLD TR GOLD SHScall72,200$28.6M-186,800

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
FCXFREEPORT MCMORAN INC644,376$25.3Mshares
PONYPONY AI INC297,295$6.69Mshares
SHELSHELL PLC88,632$6.34Mshares

How Q4 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 0001172661-26-000520 base2026-02-06acceptance time not in the bulk data set