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 Share Price $32.98 Est. Cost/Share — Unrealized @ Report Date —

SLV ISHARES SILVER TR 12.5%

Value $213M Shares 5,021,400 Share Price $42.37 Est. Cost/Share $29.24 Unrealized @ Report Date +44.9%

EGO ELDORADO GOLD CORP NEW 8.5%

Value $144M Shares 4,994,738 Share Price $28.89 Est. Cost/Share $12.00 Unrealized @ Report Date +140.7%

IBN ICICI BANK LIMITED 7.1%

Value $121M Shares 4,002,553 Share Price $30.23 Est. Cost/Share $32.65 Unrealized @ Report Date -7.4%

TSM TAIWAN SEMICONDUCTOR MFG LTD 6.7%

Value $113M Shares 405,100 Share Price $279.29 Est. Cost/Share $185.25 Unrealized @ Report Date +50.8%

SE SEA LTD 5.6%

Value $95.27M Shares 533,060 Share Price $178.73 Est. Cost/Share $102.32 Unrealized @ Report Date +74.7%

GLD SPDR GOLD TR 5.4%

Value $92.07M Shares 259,000 Share Price $355.47 Est. Cost/Share — Unrealized @ Report Date —

BABA ALIBABA GROUP HLDG LTD 5.2%

Value $89.05M Shares 498,234 Share Price $178.73 Est. Cost/Share $115.31 Unrealized @ Report Date +55.0%

AU ANGLOGOLD ASHANTI PLC 4.6%

Value $77.65M Shares 1,104,051 Share Price $70.33 Est. Cost/Share $21.89 Unrealized @ Report Date +218.0%

EMBJ EMBRAER S.A. 4.2%

Value $71.25M Shares 1,178,651 Share Price $60.45 Est. Cost/Share $47.23 Unrealized @ Report Date +28.0%

GDS GDS HLDGS LTD 3.8%

Value $63.79M Shares 1,648,278 Share Price $38.70 Est. Cost/Share $32.90 Unrealized @ Report Date +17.6%

TSM TAIWAN SEMICONDUCTOR MFG LTD 3.2%

Value $54.83M Shares 196,332 Share Price $279.29 Est. Cost/Share $185.25 Unrealized @ Report Date +50.8%

PDD PDD HOLDINGS INC 3.0%

Value $51.14M Shares 386,924 Share Price $132.17 Est. Cost/Share $109.76 Unrealized @ Report Date +20.4%

SNPS SYNOPSYS INC 2.8%

Value $47.47M Shares 96,215 Share Price $493.39 Est. Cost/Share $565.30 Unrealized @ Report Date -12.7%

MMYT MAKEMYTRIP LIMITED MAURITIUS 2.1%

Value $35.39M Shares 378,097 Share Price $93.60 Est. Cost/Share $89.69 Unrealized @ Report Date +4.4%

YMM FULL TRUCK ALLIANCE CO LTD 2.0%

Value $34.69M Shares 2,674,774 Share Price $12.97 Est. Cost/Share $12.39 Unrealized @ Report Date +4.7%

EQT EQT CORP 1.7%

Value $28.31M Shares 520,036 Share Price $54.43 Est. Cost/Share $52.61 Unrealized @ Report Date +3.1%

FCX FREEPORT-MCMORAN INC 1.5%

Value $25.27M Shares 644,376 Share Price $39.22 Est. Cost/Share $37.70 Unrealized @ Report Date +3.7%

FNV FRANCO NEV CORP 1.5%

Value $24.98M Shares 112,054 Share Price $222.91 Est. Cost/Share $141.29 Unrealized @ Report Date +57.8%

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

Value $23.68M Shares 688,405 Share Price $34.40 Est. Cost/Share $44.83 Unrealized @ Report Date -23.3%

RNW RENEW ENERGY GLOBAL PLC 1.3%

Value $21.31M Shares 2,767,298 Share Price $7.70 Est. Cost/Share $7.64 Unrealized @ Report Date +0.8%

WRD WERIDE INC 1.0%

Value $16.15M Shares 1,631,583 Share Price $9.90 Est. Cost/Share $9.48 Unrealized @ Report Date +4.4%

GGAL GRUPO FINANCIERO GALICIA S.A 0.5%

Value $8.701M Shares 315,700 Share Price $27.56 Est. Cost/Share $27.56 Unrealized @ Report Date —

PONY PONY AI INC 0.4%

Value $6.686M Shares 297,295 Share Price $22.49 Est. Cost/Share $15.21 Unrealized @ Report Date +47.8%

SHEL SHELL PLC 0.4%

Value $6.34M Shares 88,632 Share Price $71.53 Est. Cost/Share $72.01 Unrealized @ Report Date -0.7%

JBS JBS N.V. 0.4%

Value $6.042M Shares 404,673 Share Price $14.93 Est. Cost/Share $14.58 Unrealized @ Report Date +2.4%

RNWWW RENEW ENERGY GLOBAL PLC 0.0%

Value $2,962 Shares 64,966 Share Price $0.05 Est. Cost/Share $1.09 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
ASHR	DBX ETF TR	6,868,000	$227M	13.3%	$32.98	—	—	Call	233051879
SLV	ISHARES SILVER TR	5,021,400	$213M	12.5%	$42.37	$29.24	+44.9%	Call	46428Q109
EGO	ELDORADO GOLD CORP NEW	4,994,738	$144M	8.5%	$28.89	$12.00	+140.7%	COM	284902509
IBN	ICICI BANK LIMITED	4,002,553	$121M	7.1%	$30.23	$32.65	-7.4%	ADR	45104G104
TSM	TAIWAN SEMICONDUCTOR MFG LTD	405,100	$113M	6.7%	$279.29	$185.25	+50.8%	Put	874039100
SE	SEA LTD	533,060	$95.27M	5.6%	$178.73	$102.32	+74.7%	SPONSORD ADS	81141R100
GLD	SPDR GOLD TR	259,000	$92.07M	5.4%	$355.47	—	—	Call	78463V107
BABA	ALIBABA GROUP HLDG LTD	498,234	$89.05M	5.2%	$178.73	$115.31	+55.0%	SPONSORED ADS	01609W102
AU	ANGLOGOLD ASHANTI PLC	1,104,051	$77.65M	4.6%	$70.33	$21.89	+218.0%	COM SHS	G0378L100
EMBJ	EMBRAER S.A.	1,178,651	$71.25M	4.2%	$60.45	$47.23	+28.0%	SPONSORED ADS	29082A107
GDS	GDS HLDGS LTD	1,648,278	$63.79M	3.8%	$38.70	$32.90	+17.6%	SPONSORED ADS	36165L108
TSM	TAIWAN SEMICONDUCTOR MFG LTD	196,332	$54.83M	3.2%	$279.29	$185.25	+50.8%	SPONSORED ADS	874039100
PDD	PDD HOLDINGS INC	386,924	$51.14M	3.0%	$132.17	$109.76	+20.4%	SPONSORED ADS	722304102
SNPS	SYNOPSYS INC	96,215	$47.47M	2.8%	$493.39	$565.30	-12.7%	COM	871607107
MMYT	MAKEMYTRIP LIMITED MAURITIUS	378,097	$35.39M	2.1%	$93.60	$89.69	+4.4%	SHS	V5633W109
YMM	FULL TRUCK ALLIANCE CO LTD	2,674,774	$34.69M	2.0%	$12.97	$12.39	+4.7%	SPONSORED ADS	35969L108
EQT	EQT CORP	520,036	$28.31M	1.7%	$54.43	$52.61	+3.1%	COM	26884L109
FCX	FREEPORT-MCMORAN INC	644,376	$25.27M	1.5%	$39.22	$37.70	+3.7%	CL B	35671D857
FNV	FRANCO NEV CORP	112,054	$24.98M	1.5%	$222.91	$141.29	+57.8%	COM	351858105
VIST	VISTA ENERGY S.A.B. DE C.V.	688,405	$23.68M	1.4%	$34.40	$44.83	-23.3%	SPONSORED ADS	92837L109
RNW	RENEW ENERGY GLOBAL PLC	2,767,298	$21.31M	1.3%	$7.70	$7.64	+0.8%	CL A SHS	G7500M104
WRD	WERIDE INC	1,631,583	$16.15M	1.0%	$9.90	$9.48	+4.4%	SPONSORED ADS	950915108
GGAL	GRUPO FINANCIERO GALICIA S.A	315,700	$8.701M	0.5%	$27.56	$27.56	—	SPONSORED ADR	399909100
PONY	PONY AI INC	297,295	$6.686M	0.4%	$22.49	$15.21	+47.8%	SPONSORED ADS	732908108
SHEL	SHELL PLC	88,632	$6.34M	0.4%	$71.53	$72.01	-0.7%	SPON ADS	780259305
JBS	JBS N.V.	404,673	$6.042M	0.4%	$14.93	$14.58	+2.4%	CL A SHS	N4732M103
RNWWW	RENEW ENERGY GLOBAL PLC	64,966	$2,962	0.0%	$0.05	$1.09	—	*W EXP 08/21/202	G7500M120