Carrhae Capital LLP Hedge Fund

Location: London, United Kingdom

CIK: 0001555254 · Show all filings

Period: Q4 2025 (← Previous) (Next →)

Filing Date: Feb 6, 2026

Total Value: $2.643B (100.0% shares, 0.0% debt)

Holdings (35)

QQQ INVESCO QQQ TR 10.8%

Value $285M Shares 463,200 Share Price $614.31 Est. Cost/Share — Unrealized @ Report Date —

KWEB KRANESHARES TRUST 8.8%

Value $233M Shares 6,833,500 Share Price $34.05 Est. Cost/Share — Unrealized @ Report Date —

SLV ISHARES SILVER TR 8.2%

Value $216M Shares 3,354,800 Share Price $64.42 Est. Cost/Share — Unrealized @ Report Date —

EEM ISHARES TR 8.2%

Value $216M Shares 3,940,000 Share Price $54.71 Est. Cost/Share — Unrealized @ Report Date —

TSM TAIWAN SEMICONDUCTOR MFG LTD 6.8%

Value $179M Shares 588,459 Share Price $303.89 Est. Cost/Share $257.33 Unrealized @ Report Date +18.1%

EGO ELDORADO GOLD CORP NEW 5.4%

Value $144M Shares 4,010,214 Share Price $35.92 Est. Cost/Share $12.00 Unrealized @ Report Date +199.3%

ASHR DBX ETF TR 5.0%

Value $131M Shares 3,983,200 Share Price $32.85 Est. Cost/Share — Unrealized @ Report Date —

SE SEA LTD 4.1%

Value $108M Shares 843,557 Share Price $127.57 Est. Cost/Share $119.17 Unrealized @ Report Date +7.0%

TECK TECK RESOURCES LTD 3.7%

Value $98.84M Shares 2,063,912 Share Price $47.89 Est. Cost/Share $43.32 Unrealized @ Report Date +10.6%

NU NU HLDGS LTD 3.1%

Value $82.73M Shares 4,942,239 Share Price $16.74 Est. Cost/Share $16.07 Unrealized @ Report Date +4.2%

GDS GDS HLDGS LTD 2.9%

Value $75.64M Shares 2,167,199 Share Price $34.90 Est. Cost/Share $33.30 Unrealized @ Report Date +4.8%

EMBJ EMBRAER S.A. 2.8%

Value $73.85M Shares 1,147,269 Share Price $64.37 Est. Cost/Share $47.23 Unrealized @ Report Date +36.3%

MMYT MAKEMYTRIP LIMITED MAURITIUS 2.3%

Value $61.67M Shares 750,942 Share Price $82.12 Est. Cost/Share $85.89 Unrealized @ Report Date -4.4%

FNV FRANCO NEV CORP 2.3%

Value $60.89M Shares 293,772 Share Price $207.28 Est. Cost/Share $179.33 Unrealized @ Report Date +15.6%

IBN ICICI BANK LIMITED 2.2%

Value $59.38M Shares 1,992,766 Share Price $29.80 Est. Cost/Share $32.65 Unrealized @ Report Date -8.7%

BBD BANCO BRADESCO S A 2.0%

Value $53.9M Shares 16,185,404 Share Price $3.33 Est. Cost/Share $3.40 Unrealized @ Report Date -2.1%

JBS JBS N.V. 2.0%

Value $52.62M Shares 3,649,226 Share Price $14.42 Est. Cost/Share $13.83 Unrealized @ Report Date +4.2%

BAP CREDICORP LTD 1.8%

Value $48.33M Shares 168,399 Share Price $287.00 Est. Cost/Share $264.77 Unrealized @ Report Date +8.4%

BABA ALIBABA GROUP HLDG LTD 1.7%

Value $45.24M Shares 308,639 Share Price $146.58 Est. Cost/Share $115.31 Unrealized @ Report Date +27.1%

SNPS SYNOPSYS INC 1.7%

Value $44.79M Shares 95,365 Share Price $469.72 Est. Cost/Share $565.30 Unrealized @ Report Date -16.9%

BIDU BAIDU INC 1.7%

Value $44.65M Shares 341,747 Share Price $130.66 Est. Cost/Share $124.12 Unrealized @ Report Date +5.3%

GGAL GRUPO FINANCIERO GALICIA S.A 1.6%

Value $42.89M Shares 795,204 Share Price $53.94 Est. Cost/Share $43.47 Unrealized @ Report Date —

YMM FULL TRUCK ALLIANCE CO LTD 1.5%

Value $40.85M Shares 3,807,441 Share Price $10.73 Est. Cost/Share $12.27 Unrealized @ Report Date -12.5%

VIST VISTA ENERGY S.A.B. DE C.V. 1.5%

Value $40.4M Shares 830,212 Share Price $48.66 Est. Cost/Share $44.90 Unrealized @ Report Date +8.4%

EQT EQT CORP 1.5%

Value $39.95M Shares 745,266 Share Price $53.60 Est. Cost/Share $53.67 Unrealized @ Report Date -0.1%

TSM TAIWAN SEMICONDUCTOR MFG LTD 1.3%

Value $34.37M Shares 113,100 Share Price $303.89 Est. Cost/Share $257.33 Unrealized @ Report Date +18.1%

GLD SPDR GOLD TR 1.1%

Value $28.61M Shares 72,200 Share Price $396.31 Est. Cost/Share — Unrealized @ Report Date —

PDD PDD HOLDINGS INC 1.0%

Value $25.25M Shares 222,654 Share Price $113.39 Est. Cost/Share $109.76 Unrealized @ Report Date +3.3%

WRD WERIDE INC 0.8%

Value $21.02M Shares 2,421,132 Share Price $8.68 Est. Cost/Share $9.42 Unrealized @ Report Date -7.9%

HBM HUDBAY MINERALS INC 0.6%

Value $15.93M Shares 802,513 Share Price $19.85 Est. Cost/Share $16.91 Unrealized @ Report Date +17.4%

CPA COPA HOLDINGS SA 0.6%

Value $15.04M Shares 124,717 Share Price $120.61 Est. Cost/Share $121.26 Unrealized @ Report Date -0.5%

RNW RENEW ENERGY GLOBAL PLC 0.5%

Value $13.89M Shares 2,458,933 Share Price $5.65 Est. Cost/Share $7.64 Unrealized @ Report Date -26.0%

AU ANGLOGOLD ASHANTI PLC 0.3%

Value $8.382M Shares 98,283 Share Price $85.28 Est. Cost/Share $21.89 Unrealized @ Report Date +289.6%

KSPI KASPI KZ JSC 0.1%

Value $3.959M Shares 50,668 Share Price $78.13 Est. Cost/Share $75.58 Unrealized @ Report Date +3.4%

RNWWW RENEW ENERGY GLOBAL PLC 0.0%

Value $526 Shares 64,966 Share Price $0.01 Est. Cost/Share $1.09 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
QQQ	INVESCO QQQ TR	463,200	$285M	10.8%	$614.31	—	—	Put	46090E103
KWEB	KRANESHARES TRUST	6,833,500	$233M	8.8%	$34.05	—	—	Call	500767306
SLV	ISHARES SILVER TR	3,354,800	$216M	8.2%	$64.42	—	—	Call	46428Q109
EEM	ISHARES TR	3,940,000	$216M	8.2%	$54.71	—	—	Put	464287234
TSM	TAIWAN SEMICONDUCTOR MFG LTD	588,459	$179M	6.8%	$303.89	$257.33	+18.1%	SPONSORED ADS	874039100
EGO	ELDORADO GOLD CORP NEW	4,010,214	$144M	5.4%	$35.92	$12.00	+199.3%	COM	284902509
ASHR	DBX ETF TR	3,983,200	$131M	5.0%	$32.85	—	—	Call	233051879
SE	SEA LTD	843,557	$108M	4.1%	$127.57	$119.17	+7.0%	SPONSORD ADS	81141R100
TECK	TECK RESOURCES LTD	2,063,912	$98.84M	3.7%	$47.89	$43.32	+10.6%	CL B	878742204
NU	NU HLDGS LTD	4,942,239	$82.73M	3.1%	$16.74	$16.07	+4.2%	ORD SHS CL A	G6683N103
GDS	GDS HLDGS LTD	2,167,199	$75.64M	2.9%	$34.90	$33.30	+4.8%	SPONSORED ADS	36165L108
EMBJ	EMBRAER S.A.	1,147,269	$73.85M	2.8%	$64.37	$47.23	+36.3%	SPONSORED ADS	29082A107
MMYT	MAKEMYTRIP LIMITED MAURITIUS	750,942	$61.67M	2.3%	$82.12	$85.89	-4.4%	SHS	V5633W109
FNV	FRANCO NEV CORP	293,772	$60.89M	2.3%	$207.28	$179.33	+15.6%	COM	351858105
IBN	ICICI BANK LIMITED	1,992,766	$59.38M	2.2%	$29.80	$32.65	-8.7%	ADR	45104G104
BBD	BANCO BRADESCO S A	16,185,404	$53.9M	2.0%	$3.33	$3.40	-2.1%	SP ADR PFD NEW	059460303
JBS	JBS N.V.	3,649,226	$52.62M	2.0%	$14.42	$13.83	+4.2%	CL A SHS	N4732M103
BAP	CREDICORP LTD	168,399	$48.33M	1.8%	$287.00	$264.77	+8.4%	COM	G2519Y108
BABA	ALIBABA GROUP HLDG LTD	308,639	$45.24M	1.7%	$146.58	$115.31	+27.1%	SPONSORED ADS	01609W102
SNPS	SYNOPSYS INC	95,365	$44.79M	1.7%	$469.72	$565.30	-16.9%	COM	871607107
BIDU	BAIDU INC	341,747	$44.65M	1.7%	$130.66	$124.12	+5.3%	SPON ADR REP A	056752108
GGAL	GRUPO FINANCIERO GALICIA S.A	795,204	$42.89M	1.6%	$53.94	$43.47	—	SPONSORED ADR	399909100
YMM	FULL TRUCK ALLIANCE CO LTD	3,807,441	$40.85M	1.5%	$10.73	$12.27	-12.5%	SPONSORED ADS	35969L108
VIST	VISTA ENERGY S.A.B. DE C.V.	830,212	$40.4M	1.5%	$48.66	$44.90	+8.4%	SPONSORED ADS	92837L109
EQT	EQT CORP	745,266	$39.95M	1.5%	$53.60	$53.67	-0.1%	COM	26884L109
TSM	TAIWAN SEMICONDUCTOR MFG LTD	113,100	$34.37M	1.3%	$303.89	$257.33	+18.1%	Put	874039100
GLD	SPDR GOLD TR	72,200	$28.61M	1.1%	$396.31	—	—	Call	78463V107
PDD	PDD HOLDINGS INC	222,654	$25.25M	1.0%	$113.39	$109.76	+3.3%	SPONSORED ADS	722304102
WRD	WERIDE INC	2,421,132	$21.02M	0.8%	$8.68	$9.42	-7.9%	SPONSORED ADS	950915108
HBM	HUDBAY MINERALS INC	802,513	$15.93M	0.6%	$19.85	$16.91	+17.4%	COM	443628102
CPA	COPA HOLDINGS SA	124,717	$15.04M	0.6%	$120.61	$121.26	-0.5%	CL A	P31076105
RNW	RENEW ENERGY GLOBAL PLC	2,458,933	$13.89M	0.5%	$5.65	$7.64	-26.0%	CL A SHS	G7500M104
AU	ANGLOGOLD ASHANTI PLC	98,283	$8.382M	0.3%	$85.28	$21.89	+289.6%	COM SHS	G0378L100
KSPI	KASPI KZ JSC	50,668	$3.959M	0.1%	$78.13	$75.58	+3.4%	SPONSORED ADS	48581R205
RNWWW	RENEW ENERGY GLOBAL PLC	64,966	$526	0.0%	$0.01	$1.09	—	*W EXP 08/21/202	G7500M120