Carrhae Capital LLP Hedge Fund

Location: London, United Kingdom

CIK: 0001555254 · Show all filings

Period: Q3 2025 (← Previous) (Next →)

Filing Date: Nov 20, 2025

Total Value: $1.698B (100.0% shares, 0.0% debt)

Holdings (27)

ASHR DBX ETF TR 13.3%

Value $227M Shares 6,868,000 Est. Cost — Unrealized —

SLV ISHARES SILVER TR 12.5%

Value $213M Shares 5,021,400 Est. Cost $31.21 Unrealized —

EGO ELDORADO GOLD CORP NEW 8.5%

Value $144M Shares 4,994,738 Est. Cost $12.00 Unrealized +96.1%

IBN ICICI BANK LIMITED 7.1%

Value $121M Shares 4,002,553 Est. Cost $30.23 Unrealized —

TSM TAIWAN SEMICONDUCTOR MFG LTD 6.7%

Value $113M Shares 405,100 Est. Cost $226.49 Unrealized —

SE SEA LTD 5.6%

Value $95.27M Shares 533,060 Est. Cost $117.22 Unrealized —

GLD SPDR GOLD TR 5.4%

Value $92.07M Shares 259,000 Est. Cost — Unrealized —

BABA ALIBABA GROUP HLDG LTD 5.2%

Value $89.05M Shares 498,234 Est. Cost $132.23 Unrealized —

AU ANGLOGOLD ASHANTI PLC 4.6%

Value $77.65M Shares 1,104,051 Est. Cost $21.89 Unrealized +150.9%

EMBJ EMBRAER S.A. 4.2%

Value $71.25M Shares 1,178,651 Est. Cost $56.91 Unrealized —

GDS GDS HLDGS LTD 3.8%

Value $63.79M Shares 1,648,278 Est. Cost $36.64 Unrealized —

TSM TAIWAN SEMICONDUCTOR MFG LTD 3.2%

Value $54.83M Shares 196,332 Est. Cost $226.49 Unrealized —

PDD PDD HOLDINGS INC 3.0%

Value $51.14M Shares 386,924 Est. Cost $112.23 Unrealized —

SNPS SYNOPSYS INC 2.8%

Value $47.47M Shares 96,215 Est. Cost $565.30 Unrealized 0.0%

MMYT MAKEMYTRIP LIMITED MAURITIUS 2.1%

Value $35.39M Shares 378,097 Est. Cost $89.69 Unrealized +8.4%

YMM FULL TRUCK ALLIANCE CO LTD 2.0%

Value $34.69M Shares 2,674,774 Est. Cost $12.97 Unrealized —

EQT EQT CORP 1.7%

Value $28.31M Shares 520,036 Est. Cost $52.61 Unrealized 0.0%

FCX FREEPORT-MCMORAN INC 1.5%

Value $25.27M Shares 644,376 Est. Cost $37.70 Unrealized +14.6%

FNV FRANCO NEV CORP 1.5%

Value $24.98M Shares 112,054 Est. Cost $141.29 Unrealized +27.5%

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

Value $23.68M Shares 688,405 Est. Cost $42.20 Unrealized —

RNW RENEW ENERGY GLOBAL PLC 1.3%

Value $21.31M Shares 2,767,298 Est. Cost $7.64 Unrealized -0.4%

WRD WERIDE INC 1.0%

Value $16.15M Shares 1,631,583 Est. Cost $9.90 Unrealized —

GGAL GRUPO FINANCIERO GALICIA S.A 0.5%

Value $8.701M Shares 315,700 Est. Cost $27.56 Unrealized —

PONY PONY AI INC 0.4%

Value $6.686M Shares 297,295 Est. Cost $22.49 Unrealized —

SHEL SHELL PLC 0.4%

Value $6.34M Shares 88,632 Est. Cost $71.53 Unrealized —

JBS JBS N.V. 0.4%

Value $6.042M Shares 404,673 Est. Cost $14.58 Unrealized 0.0%

RNWWW RENEW ENERGY GLOBAL PLC 0.0%

Value $2,962 Shares 64,966 Est. Cost $1.09 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ASHR	DBX ETF TR	6,868,000	$227M	13.3%	—	—	Call	233051879
SLV	ISHARES SILVER TR	5,021,400	$213M	12.5%	$31.21	—	Call	46428Q109
EGO	ELDORADO GOLD CORP NEW	4,994,738	$144M	8.5%	$12.00	+96.1%	COM	284902509
IBN	ICICI BANK LIMITED	4,002,553	$121M	7.1%	$30.23	—	ADR	45104G104
TSM	TAIWAN SEMICONDUCTOR MFG LTD	405,100	$113M	6.7%	$226.49	—	Put	874039100
SE	SEA LTD	533,060	$95.27M	5.6%	$117.22	—	SPONSORD ADS	81141R100
GLD	SPDR GOLD TR	259,000	$92.07M	5.4%	—	—	Call	78463V107
BABA	ALIBABA GROUP HLDG LTD	498,234	$89.05M	5.2%	$132.23	—	SPONSORED ADS	01609W102
AU	ANGLOGOLD ASHANTI PLC	1,104,051	$77.65M	4.6%	$21.89	+150.9%	COM SHS	G0378L100
EMBJ	EMBRAER S.A.	1,178,651	$71.25M	4.2%	$56.91	—	SPONSORED ADS	29082A107
GDS	GDS HLDGS LTD	1,648,278	$63.79M	3.8%	$36.64	—	SPONSORED ADS	36165L108
TSM	TAIWAN SEMICONDUCTOR MFG LTD	196,332	$54.83M	3.2%	$226.49	—	SPONSORED ADS	874039100
PDD	PDD HOLDINGS INC	386,924	$51.14M	3.0%	$112.23	—	SPONSORED ADS	722304102
SNPS	SYNOPSYS INC	96,215	$47.47M	2.8%	$565.30	0.0%	COM	871607107
MMYT	MAKEMYTRIP LIMITED MAURITIUS	378,097	$35.39M	2.1%	$89.69	+8.4%	SHS	V5633W109
YMM	FULL TRUCK ALLIANCE CO LTD	2,674,774	$34.69M	2.0%	$12.97	—	SPONSORED ADS	35969L108
EQT	EQT CORP	520,036	$28.31M	1.7%	$52.61	0.0%	COM	26884L109
FCX	FREEPORT-MCMORAN INC	644,376	$25.27M	1.5%	$37.70	+14.6%	CL B	35671D857
FNV	FRANCO NEV CORP	112,054	$24.98M	1.5%	$141.29	+27.5%	COM	351858105
VIST	VISTA ENERGY S.A.B. DE C.V.	688,405	$23.68M	1.4%	$42.20	—	SPONSORED ADS	92837L109
RNW	RENEW ENERGY GLOBAL PLC	2,767,298	$21.31M	1.3%	$7.64	-0.4%	CL A SHS	G7500M104
WRD	WERIDE INC	1,631,583	$16.15M	1.0%	$9.90	—	SPONSORED ADS	950915108
GGAL	GRUPO FINANCIERO GALICIA S.A	315,700	$8.701M	0.5%	$27.56	—	SPONSORED ADR	399909100
PONY	PONY AI INC	297,295	$6.686M	0.4%	$22.49	—	SPONSORED ADS	732908108
SHEL	SHELL PLC	88,632	$6.34M	0.4%	$71.53	—	SPON ADS	780259305
JBS	JBS N.V.	404,673	$6.042M	0.4%	$14.58	0.0%	CL A SHS	N4732M103
RNWWW	RENEW ENERGY GLOBAL PLC	64,966	$2,962	0.0%	$1.09	—	*W EXP 08/21/202	G7500M120