Carrhae Capital LLP Hedge Fund

Location: London, United Kingdom

CIK: 0001555254 · Show all filings

Period: Q2 2025 (← Previous) (Next →)

Filing Date: Aug 5, 2025

Total Value: $1.368B (100.0% shares, 0.0% debt)

Holdings (28)

SLV ISHARES SILVER TR 8.7%

Value $120M Shares 3,647,500 Share Price $32.81 Est. Cost/Share $29.24 Unrealized @ Report Date +12.2%

EMBJ EMBRAER S.A. 8.2%

Value $112M Shares 1,973,790 Share Price $56.91 Est. Cost/Share $47.23 Unrealized @ Report Date +20.5%

ASHR DBX ETF TR 7.8%

Value $106M Shares 3,865,000 Share Price $27.54 Est. Cost/Share $27.17 Unrealized @ Report Date +1.4%

EEM ISHARES TR 7.0%

Value $96.24M Shares 1,995,000 Share Price $48.24 Est. Cost/Share — Unrealized @ Report Date —

EGO ELDORADO GOLD CORP NEW 6.7%

Value $91.82M Shares 4,514,485 Share Price $20.34 Est. Cost/Share $10.78 Unrealized @ Report Date +88.8%

SE SEA LTD 4.8%

Value $66.05M Shares 412,960 Share Price $159.94 Est. Cost/Share $82.24 Unrealized @ Report Date +94.5%

BABA ALIBABA GROUP HLDG LTD 4.3%

Value $59.4M Shares 523,722 Share Price $113.41 Est. Cost/Share $115.31 Unrealized @ Report Date -1.6%

FCX FREEPORT-MCMORAN INC 4.3%

Value $58.48M Shares 1,349,063 Share Price $43.35 Est. Cost/Share $37.70 Unrealized @ Report Date +14.2%

TSM TAIWAN SEMICONDUCTOR MFG LTD 4.3%

Value $58.43M Shares 258,001 Share Price $226.49 Est. Cost/Share $185.25 Unrealized @ Report Date +22.3%

MMYT MAKEMYTRIP LIMITED MAURITIUS 4.1%

Value $56.52M Shares 576,586 Share Price $98.02 Est. Cost/Share $89.69 Unrealized @ Report Date +9.3%

CPA COPA HOLDINGS SA 4.1%

Value $56.32M Shares 512,143 Share Price $109.97 * Est. Cost/Share $84.32 Unrealized @ Report Date +27.0%

AU ANGLOGOLD ASHANTI PLC 4.0%

Value $54.69M Shares 1,200,111 Share Price $45.57 * Est. Cost/Share $21.89 Unrealized @ Report Date +103.0%

PDD PDD HOLDINGS INC 3.9%

Value $52.71M Shares 503,595 Share Price $104.66 Est. Cost/Share $109.76 Unrealized @ Report Date -4.6%

YUMC YUM CHINA HLDGS INC 3.6%

Value $48.87M Shares 1,092,990 Share Price $44.71 Est. Cost/Share $44.71 Unrealized @ Report Date +0.0%

BAP CREDICORP LTD 3.5%

Value $47.79M Shares 213,806 Share Price $223.52 Est. Cost/Share $174.06 Unrealized @ Report Date +28.4%

FNV FRANCO NEV CORP 3.3%

Value $45.07M Shares 274,946 Share Price $163.92 Est. Cost/Share $141.29 Unrealized @ Report Date +16.0%

TECK TECK RESOURCES LTD 3.3%

Value $44.72M Shares 1,107,431 Share Price $40.38 Est. Cost/Share $41.48 Unrealized @ Report Date -2.7%

LVS LAS VEGAS SANDS CORP 3.1%

Value $41.85M Shares 961,827 Share Price $43.51 Est. Cost/Share $38.47 Unrealized @ Report Date +12.1%

BEKE KE HLDGS INC 1.8%

Value $24.15M Shares 1,361,179 Share Price $17.74 Est. Cost/Share $19.23 Unrealized @ Report Date -7.8%

SLV ISHARES SILVER TR 1.6%

Value $21.55M Shares 656,743 Share Price $32.81 Est. Cost/Share $29.24 Unrealized @ Report Date +12.2%

VIST VISTA ENERGY S.A.B. DE C.V. 1.4%

Value $19.15M Shares 400,582 Share Price $47.81 Est. Cost/Share $47.32 Unrealized @ Report Date +1.0%

RNW RENEW ENERGY GLOBAL PLC 1.4%

Value $19.12M Shares 2,767,298 Share Price $6.91 Est. Cost/Share $7.64 Unrealized @ Report Date -9.5%

EDU NEW ORIENTAL ED & TECHNOLOGY 1.4%

Value $18.72M Shares 346,937 Share Price $53.95 Est. Cost/Share $47.49 Unrealized @ Report Date +13.6%

HBM HUDBAY MINERALS INC 1.2%

Value $16.39M Shares 1,544,993 Share Price $10.61 Est. Cost/Share $8.14 Unrealized @ Report Date +30.3%

NXPI NXP SEMICONDUCTORS N V 1.0%

Value $13.84M Shares 63,342 Share Price $218.49 Est. Cost/Share $209.53 Unrealized @ Report Date +3.3%

GDS GDS HLDGS LTD 0.9%

Value $12.74M Shares 416,903 Share Price $30.57 Est. Cost/Share $25.35 Unrealized @ Report Date +20.6%

EH EHANG HLDGS LTD 0.3%

Value $4.717M Shares 271,700 Share Price $17.36 Est. Cost/Share $16.98 Unrealized @ Report Date +2.3%

RNWWW RENEW ENERGY GLOBAL PLC 0.0%

Value $8,647 Shares 64,966 Share Price $0.13 Est. Cost/Share $1.09 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
SLV	ISHARES SILVER TR	3,647,500	$120M	8.7%	$32.81	$29.24	+12.2%	Call	46428Q109
EMBJ	EMBRAER S.A.	1,973,790	$112M	8.2%	$56.91	$47.23	+20.5%	SPONSORED ADS	29082A107
ASHR	DBX ETF TR	3,865,000	$106M	7.8%	$27.54	$27.17	+1.4%	Call	233051879
EEM	ISHARES TR	1,995,000	$96.24M	7.0%	$48.24	—	—	Put	464287234
EGO	ELDORADO GOLD CORP NEW	4,514,485	$91.82M	6.7%	$20.34	$10.78	+88.8%	COM	284902509
SE	SEA LTD	412,960	$66.05M	4.8%	$159.94	$82.24	+94.5%	SPONSORD ADS	81141R100
BABA	ALIBABA GROUP HLDG LTD	523,722	$59.4M	4.3%	$113.41	$115.31	-1.6%	SPONSORED ADS	01609W102
FCX	FREEPORT-MCMORAN INC	1,349,063	$58.48M	4.3%	$43.35	$37.70	+14.2%	CL B	35671D857
TSM	TAIWAN SEMICONDUCTOR MFG LTD	258,001	$58.43M	4.3%	$226.49	$185.25	+22.3%	SPONSORED ADS	874039100
MMYT	MAKEMYTRIP LIMITED MAURITIUS	576,586	$56.52M	4.1%	$98.02	$89.69	+9.3%	SHS	V5633W109
CPA	COPA HOLDINGS SA	512,143	$56.32M	4.1%	$109.97 *	$84.32	+27.0%	CL A	P31076105
AU	ANGLOGOLD ASHANTI PLC	1,200,111	$54.69M	4.0%	$45.57 *	$21.89	+103.0%	COM SHS	G0378L100
PDD	PDD HOLDINGS INC	503,595	$52.71M	3.9%	$104.66	$109.76	-4.6%	SPONSORED ADS	722304102
YUMC	YUM CHINA HLDGS INC	1,092,990	$48.87M	3.6%	$44.71	$44.71	+0.0%	COM	98850P109
BAP	CREDICORP LTD	213,806	$47.79M	3.5%	$223.52	$174.06	+28.4%	COM	G2519Y108
FNV	FRANCO NEV CORP	274,946	$45.07M	3.3%	$163.92	$141.29	+16.0%	COM	351858105
TECK	TECK RESOURCES LTD	1,107,431	$44.72M	3.3%	$40.38	$41.48	-2.7%	CL B	878742204
LVS	LAS VEGAS SANDS CORP	961,827	$41.85M	3.1%	$43.51	$38.47	+12.1%	COM	517834107
BEKE	KE HLDGS INC	1,361,179	$24.15M	1.8%	$17.74	$19.23	-7.8%	SPONSORED ADS	482497104
SLV	ISHARES SILVER TR	656,743	$21.55M	1.6%	$32.81	$29.24	+12.2%	ISHARES	46428Q109
VIST	VISTA ENERGY S.A.B. DE C.V.	400,582	$19.15M	1.4%	$47.81	$47.32	+1.0%	SPONSORED ADS	92837L109
RNW	RENEW ENERGY GLOBAL PLC	2,767,298	$19.12M	1.4%	$6.91	$7.64	-9.5%	CL A SHS	G7500M104
EDU	NEW ORIENTAL ED & TECHNOLOGY	346,937	$18.72M	1.4%	$53.95	$47.49	+13.6%	SPON ADR	647581206
HBM	HUDBAY MINERALS INC	1,544,993	$16.39M	1.2%	$10.61	$8.14	+30.3%	COM	443628102
NXPI	NXP SEMICONDUCTORS N V	63,342	$13.84M	1.0%	$218.49	$209.53	+3.3%	COM	N6596X109
GDS	GDS HLDGS LTD	416,903	$12.74M	0.9%	$30.57	$25.35	+20.6%	SPONSORED ADS	36165L108
EH	EHANG HLDGS LTD	271,700	$4.717M	0.3%	$17.36	$16.98	+2.3%	ADS	26853E102
RNWWW	RENEW ENERGY GLOBAL PLC	64,966	$8,647	0.0%	$0.13	$1.09	—	*W EXP 08/21/202	G7500M120