Carrhae Capital LLP Hedge Fund

Location: London, United Kingdom

CIK: 0001555254 · Show all filings

Period: Q1 2025 (← Previous) (Next →)

Filing Date: May 2, 2025

Total Value: $1.367B (100.0% shares, 0.0% debt)

Holdings (24)

EEM ISHARES TR 24.8%

Value $339M Shares 7,764,700 Share Price $43.70 Est. Cost/Share — Unrealized @ Report Date —

ASHR DBX ETF TR 10.2%

Value $140M Shares 5,264,000 Share Price $26.57 Est. Cost/Share $27.17 Unrealized @ Report Date -2.2%

EGO ELDORADO GOLD CORP NEW 8.2%

Value $113M Shares 6,689,304 Share Price $16.82 Est. Cost/Share $10.78 Unrealized @ Report Date +56.1%

IBN ICICI BANK LIMITED 6.0%

Value $81.37M Shares 2,581,585 Share Price $31.52 Est. Cost/Share $25.67 Unrealized @ Report Date +22.8%

BABA ALIBABA GROUP HLDG LTD 5.4%

Value $73.91M Shares 558,973 Share Price $132.23 Est. Cost/Share $115.31 Unrealized @ Report Date +14.7%

SE SEA LTD 5.3%

Value $71.99M Shares 551,700 Share Price $130.49 Est. Cost/Share $82.24 Unrealized @ Report Date +58.7%

CPA COPA HOLDINGS SA 5.3%

Value $71.93M Shares 777,929 Share Price $92.46 * Est. Cost/Share $84.32 Unrealized @ Report Date +5.2%

PBR PETROLEO BRASILEIRO SA PETRO 4.7%

Value $64.76M Shares 4,516,382 Share Price $14.34 Est. Cost/Share $13.79 Unrealized @ Report Date +4.0%

AU ANGLOGOLD ASHANTI PLC 3.6%

Value $49.78M Shares 1,340,959 Share Price $37.12 * Est. Cost/Share $21.89 Unrealized @ Report Date +64.9%

TECK TECK RESOURCES LTD 3.4%

Value $46.48M Shares 1,275,810 Share Price $36.43 Est. Cost/Share $41.48 Unrealized @ Report Date -12.2%

HDB HDFC BANK LTD 2.9%

Value $39.59M Shares 595,900 Share Price $66.44 Est. Cost/Share $60.99 Unrealized @ Report Date +8.9%

MMYT MAKEMYTRIP LIMITED MAURITIUS 2.9%

Value $38.99M Shares 397,945 Share Price $97.99 Est. Cost/Share $84.68 Unrealized @ Report Date +15.7%

BAP CREDICORP LTD 2.7%

Value $37.02M Shares 198,875 Share Price $186.16 * Est. Cost/Share $172.32 Unrealized @ Report Date +2.3%

ASHR DBX ETF TR 2.0%

Value $28M Shares 1,053,785 Share Price $26.57 Est. Cost/Share $27.17 Unrealized @ Report Date -2.2%

FXI ISHARES TR 2.0%

Value $27.4M Shares 764,500 Share Price $35.84 Est. Cost/Share — Unrealized @ Report Date —

PDD PDD HOLDINGS INC 1.7%

Value $23.25M Shares 196,437 Share Price $118.35 Est. Cost/Share $117.32 Unrealized @ Report Date +0.9%

RNW RENEW ENERGY GLOBAL PLC 1.6%

Value $21.53M Shares 3,654,991 Share Price $5.89 Est. Cost/Share $7.64 Unrealized @ Report Date -22.9%

FNV FRANCO NEV CORP 1.6%

Value $21.27M Shares 134,994 Share Price $157.56 Est. Cost/Share $116.46 Unrealized @ Report Date +35.0%

NXPI NXP SEMICONDUCTORS N V 1.5%

Value $20.42M Shares 107,428 Share Price $190.06 Est. Cost/Share $209.53 Unrealized @ Report Date -10.5%

GGB GERDAU SA 1.4%

Value $18.66M Shares 6,568,703 Share Price $2.84 Est. Cost/Share $2.92 Unrealized @ Report Date -2.7%

SLV ISHARES SILVER TR 1.3%

Value $17.88M Shares 576,960 Share Price $30.99 Est. Cost/Share $29.06 Unrealized @ Report Date +6.7%

HBM HUDBAY MINERALS INC 1.0%

Value $14.24M Shares 1,876,665 Share Price $7.59 Est. Cost/Share $8.14 Unrealized @ Report Date -6.8%

KWEB KRANESHARES TRUST 0.5%

Value $6.758M Shares 193,593 Share Price $34.91 Est. Cost/Share $33.14 Unrealized @ Report Date +5.3%

RNWWW RENEW ENERGY GLOBAL PLC 0.0%

Value $6,256 Shares 64,966 Share Price $0.10 Est. Cost/Share $1.09 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
EEM	ISHARES TR	7,764,700	$339M	24.8%	$43.70	—	—	Put	464287234
ASHR	DBX ETF TR	5,264,000	$140M	10.2%	$26.57	$27.17	-2.2%	Call	233051879
EGO	ELDORADO GOLD CORP NEW	6,689,304	$113M	8.2%	$16.82	$10.78	+56.1%	COM	284902509
IBN	ICICI BANK LIMITED	2,581,585	$81.37M	6.0%	$31.52	$25.67	+22.8%	ADR	45104G104
BABA	ALIBABA GROUP HLDG LTD	558,973	$73.91M	5.4%	$132.23	$115.31	+14.7%	SPONSORED ADS	01609W102
SE	SEA LTD	551,700	$71.99M	5.3%	$130.49	$82.24	+58.7%	SPONSORD ADS	81141R100
CPA	COPA HOLDINGS SA	777,929	$71.93M	5.3%	$92.46 *	$84.32	+5.2%	CL A	P31076105
PBR	PETROLEO BRASILEIRO SA PETRO	4,516,382	$64.76M	4.7%	$14.34	$13.79	+4.0%	SPONSORED ADR	71654V408
AU	ANGLOGOLD ASHANTI PLC	1,340,959	$49.78M	3.6%	$37.12 *	$21.89	+64.9%	COM SHS	G0378L100
TECK	TECK RESOURCES LTD	1,275,810	$46.48M	3.4%	$36.43	$41.48	-12.2%	CL B	878742204
HDB	HDFC BANK LTD	595,900	$39.59M	2.9%	$66.44	$60.99	+8.9%	SPONSORED ADS	40415F101
MMYT	MAKEMYTRIP LIMITED MAURITIUS	397,945	$38.99M	2.9%	$97.99	$84.68	+15.7%	SHS	V5633W109
BAP	CREDICORP LTD	198,875	$37.02M	2.7%	$186.16 *	$172.32	+2.3%	COM	G2519Y108
ASHR	DBX ETF TR	1,053,785	$28M	2.0%	$26.57	$27.17	-2.2%	XTRACK HRVST CSI	233051879
FXI	ISHARES TR	764,500	$27.4M	2.0%	$35.84	—	—	Put	464287184
PDD	PDD HOLDINGS INC	196,437	$23.25M	1.7%	$118.35	$117.32	+0.9%	SPONSORED ADS	722304102
RNW	RENEW ENERGY GLOBAL PLC	3,654,991	$21.53M	1.6%	$5.89	$7.64	-22.9%	CL A SHS	G7500M104
FNV	FRANCO NEV CORP	134,994	$21.27M	1.6%	$157.56	$116.46	+35.0%	COM	351858105
NXPI	NXP SEMICONDUCTORS N V	107,428	$20.42M	1.5%	$190.06	$209.53	-10.5%	COM	N6596X109
GGB	GERDAU SA	6,568,703	$18.66M	1.4%	$2.84	$2.92	-2.7%	SPON ADR REP PFD	373737105
SLV	ISHARES SILVER TR	576,960	$17.88M	1.3%	$30.99	$29.06	+6.7%	ISHARES	46428Q109
HBM	HUDBAY MINERALS INC	1,876,665	$14.24M	1.0%	$7.59	$8.14	-6.8%	COM	443628102
KWEB	KRANESHARES TRUST	193,593	$6.758M	0.5%	$34.91	$33.14	+5.3%	CSI CHI INTERNET	500767306
RNWWW	RENEW ENERGY GLOBAL PLC	64,966	$6,256	0.0%	$0.10	$1.09	—	*W EXP 08/21/202	G7500M120