Carrhae Capital LLP Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ITUB	ITAU UNIBANCO HLDG S A	20,443,133	$171,313	5.1%	$8.38	—	SPON ADR REP PFD	465562106
USO	UNITED STS OIL FD LP	596,800	$75,943	2.3%	—	—	PUT	91232N207
BABA	ALIBABA GROUP HLDG LTD	365,600	$45,868	1.4%	$127.03	—	CALL	01609W102
HSAI	HESAI GROUP	1,568,343	$29,987	0.9%	$19.12	—	SPONSORED ADS	428050108
SLB	SLB LIMITED	556,816	$28,615	0.9%	$48.30	0.0%	COM STK	806857108
HAL	HALLIBURTON CO	597,721	$23,305	0.7%	$33.54	0.0%	COM	406216101
TS	TENARIS S A	337,428	$19,632	0.6%	$58.18	—	SPONSORED ADS	88031M109
VNET	VNET GROUP INC	1,513,055	$12,695	0.4%	$8.39	—	SPONSORED ADS A	90138A103
MT	ARCELORMITTAL SA LUXEMBOURG	196,677	$10,223	0.3%	$51.98	—	NY REGISTRY SH	03938L203
NTES	NETEASE COM INC	69,167	$7,743	0.2%	$111.94	—	SPONSORED ADS	64110W102

Increased Positions (9)

QQQ INVESCO QQQ TR 42.9%

Value ($000) $1,430,137 (+402.6%) Shares 2,477,800 (+434.9%) Est. Cost — Unrealized —

BABA ALIBABA GROUP HLDG LTD 5.0%

Value ($000) $167,372 (+270.0%) Shares 1,334,070 (+332.2%) Est. Cost $127.03 Unrealized —

EMBJ EMBRAER S.A. 5.1%

Value ($000) $171,414 (+132.1%) Shares 2,888,680 (+151.8%) Est. Cost $58.37 Unrealized —

IBN ICICI BANK LIMITED 3.9%

Value ($000) $130,529 (+119.8%) Shares 5,039,743 (+152.9%) Est. Cost $27.61 Unrealized —

CPA COPA HOLDINGS SA 1.8%

Value ($000) $58,863 (+291.3%) Shares 518,114 (+315.4%) Est. Cost $134.64 Unrealized +3.1%

GLD SPDR GOLD TR 1.8%

Value ($000) $58,433 (+104.2%) Shares 135,800 (+88.1%) Est. Cost — Unrealized —

PDD PDD HOLDINGS INC 1.6%

Value ($000) $52,651 (+108.5%) Shares 515,274 (+131.4%) Est. Cost $106.52 Unrealized —

EGO ELDORADO GOLD CORP NEW 5.0%

Value ($000) $168,140 (+16.7%) Shares 4,897,751 (+22.1%) Est. Cost $17.55 Unrealized +142.9%

AU ANGLOGOLD ASHANTI PLC 0.7%

Value ($000) $24,629 (+193.8%) Shares 252,966 (+157.4%) Est. Cost $71.87 Unrealized +44.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
QQQ	INVESCO QQQ TR	2,477,800 (+434.9%)	$1,430,137 (+402.6%)	42.9%	—	—	PUT	46090E103
BABA	ALIBABA GROUP HLDG LTD	1,334,070 (+332.2%)	$167,372 (+270.0%)	5.0%	$127.03	—	SPONSORED ADS	01609W102
EMBJ	EMBRAER S.A.	2,888,680 (+151.8%)	$171,414 (+132.1%)	5.1%	$58.37	—	SPONSORED ADS	29082A107
IBN	ICICI BANK LIMITED	5,039,743 (+152.9%)	$130,529 (+119.8%)	3.9%	$27.61	—	ADR	45104G104
CPA	COPA HOLDINGS SA	518,114 (+315.4%)	$58,863 (+291.3%)	1.8%	$134.64	+3.1%	CL A	P31076105
GLD	SPDR GOLD TR	135,800 (+88.1%)	$58,433 (+104.2%)	1.8%	—	—	CALL	78463V107
PDD	PDD HOLDINGS INC	515,274 (+131.4%)	$52,651 (+108.5%)	1.6%	$106.52	—	SPONSORED ADS	722304102
EGO	ELDORADO GOLD CORP NEW	4,897,751 (+22.1%)	$168,140 (+16.7%)	5.0%	$17.55	+142.9%	COM	284902509
AU	ANGLOGOLD ASHANTI PLC	252,966 (+157.4%)	$24,629 (+193.8%)	0.7%	$71.87	+44.2%	COM SHS	G0378L100

Exited Positions (16)

EEM ISHARES TR 6.5%

Value ($000) $215,557 Shares 3,940,000 Est. Cost — Unrealized —

SE SEA LTD 3.2%

Value ($000) $107,613 Shares 843,557 Est. Cost $121.03 Unrealized —

TECK TECK RESOURCES LTD 3.0%

Value ($000) $98,841 Shares 2,063,912 Est. Cost $43.32 Unrealized +26.9%

NU NU HLDGS LTD 2.5%

Value ($000) $82,733 Shares 4,942,239 Est. Cost $16.07 Unrealized +7.9%

FNV FRANCO NEV CORP 1.8%

Value ($000) $60,893 Shares 293,772 Est. Cost $179.33 Unrealized +37.1%

BBD BANCO BRADESCO S A 1.6%

Value ($000) $53,897 Shares 16,185,404 Est. Cost $3.33 Unrealized —

BAP CREDICORP LTD 1.4%

Value ($000) $48,331 Shares 168,399 Est. Cost $264.77 Unrealized +27.2%

SNPS SYNOPSYS INC 1.3%

Value ($000) $44,795 Shares 95,365 Est. Cost $565.30 Unrealized -16.6%

BIDU BAIDU INC 1.3%

Value ($000) $44,653 Shares 341,747 Est. Cost $130.66 Unrealized —

GGAL GRUPO FINANCIERO GALICIA S.A 1.3%

Value ($000) $42,893 Shares 795,204 Est. Cost $43.47 Unrealized —

YMM FULL TRUCK ALLIANCE CO LTD 1.2%

Value ($000) $40,854 Shares 3,807,441 Est. Cost $12.30 Unrealized —

EQT EQT CORP 1.2%

Value ($000) $39,946 Shares 745,266 Est. Cost $53.67 Unrealized +3.0%

WRD WERIDE INC 0.6%

Value ($000) $21,015 Shares 2,421,132 Est. Cost $9.50 Unrealized —

HBM HUDBAY MINERALS INC 0.5%

Value ($000) $15,930 Shares 802,513 Est. Cost $16.91 Unrealized +44.6%

KSPI KASPI KZ JSC 0.1%

Value ($000) $3,959 Shares 50,668 Est. Cost $78.13 Unrealized —

RNWWW RENEW ENERGY GLOBAL PLC 0.0%

Value ($000) $1 Shares 64,966 Est. Cost $1.09 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EEM	ISHARES TR	3,940,000	$215,557	6.5%	—	—	PUT	464287234
SE	SEA LTD	843,557	$107,613	3.2%	$121.03	—	—	81141R100
TECK	TECK RESOURCES LTD	2,063,912	$98,841	3.0%	$43.32	+26.9%	—	878742204
NU	NU HLDGS LTD	4,942,239	$82,733	2.5%	$16.07	+7.9%	—	G6683N103
FNV	FRANCO NEV CORP	293,772	$60,893	1.8%	$179.33	+37.1%	—	351858105
BBD	BANCO BRADESCO S A	16,185,404	$53,897	1.6%	$3.33	—	—	059460303
BAP	CREDICORP LTD	168,399	$48,331	1.4%	$264.77	+27.2%	—	G2519Y108
SNPS	SYNOPSYS INC	95,365	$44,795	1.3%	$565.30	-16.6%	—	871607107
BIDU	BAIDU INC	341,747	$44,653	1.3%	$130.66	—	—	056752108
GGAL	GRUPO FINANCIERO GALICIA S.A	795,204	$42,893	1.3%	$43.47	—	—	399909100
YMM	FULL TRUCK ALLIANCE CO LTD	3,807,441	$40,854	1.2%	$12.30	—	—	35969L108
EQT	EQT CORP	745,266	$39,946	1.2%	$53.67	+3.0%	—	26884L109
WRD	WERIDE INC	2,421,132	$21,015	0.6%	$9.50	—	—	950915108
HBM	HUDBAY MINERALS INC	802,513	$15,930	0.5%	$16.91	+44.6%	—	443628102
KSPI	KASPI KZ JSC	50,668	$3,959	0.1%	$78.13	—	—	48581R205
RNWWW	RENEW ENERGY GLOBAL PLC	64,966	$1	0.0%	$1.09	—	—	G7500M120

Decreased Positions (9)

KWEB KRANESHARES TRUST 1.6%

Value ($000) $52,857 (-77.3%) Shares 1,859,200 (-72.8%) Est. Cost — Unrealized —

ASHR DBX ETF TR 1.3%

Value ($000) $43,584 (-66.7%) Shares 1,335,300 (-66.5%) Est. Cost — Unrealized —

MMYT MAKEMYTRIP LIMITED MAURITIUS 0.2%

Value ($000) $5,614 (-90.9%) Shares 150,562 (-80.0%) Est. Cost $85.89 Unrealized -23.7%

SLV ISHARES SILVER TR 5.4%

Value ($000) $179,017 (-17.2%) Shares 2,627,200 (-21.7%) Est. Cost — Unrealized —

VIST VISTA ENERGY S.A.B. DE C.V. 0.2%

Value ($000) $6,014 (-85.1%) Shares 79,692 (-90.4%) Est. Cost $43.31 Unrealized —

TSM TAIWAN SEMICONDUCTOR MANUFAC 5.7%

Value ($000) $188,873 (+5.6%) Shares 558,880 (-5.0%) Est. Cost $278.07 Unrealized —

RNW RENEW ENERGY GLOBAL PLC 0.2%

Value ($000) $5,849 (-57.9%) Shares 1,277,071 (-48.1%) Est. Cost $7.64 Unrealized -28.8%

JBS JBS N.V. 1.4%

Value ($000) $45,732 (-13.1%) Shares 2,546,345 (-30.2%) Est. Cost $13.83 Unrealized +11.3%

TSM TAIWAN SEMICONDUCTOR MANUFAC 1.0%

Value ($000) $33,896 (-1.4%) Shares 100,300 (-11.3%) Est. Cost $278.07 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
KWEB	KRANESHARES TRUST	1,859,200 (-72.8%)	$52,857 (-77.3%)	1.6%	—	—	CALL	500767306
ASHR	DBX ETF TR	1,335,300 (-66.5%)	$43,584 (-66.7%)	1.3%	—	—	CALL	233051879
MMYT	MAKEMYTRIP LIMITED MAURITIUS	150,562 (-80.0%)	$5,614 (-90.9%)	0.2%	$85.89	-23.7%	SHS	V5633W109
SLV	ISHARES SILVER TR	2,627,200 (-21.7%)	$179,017 (-17.2%)	5.4%	—	—	CALL	46428Q109
VIST	VISTA ENERGY S.A.B. DE C.V.	79,692 (-90.4%)	$6,014 (-85.1%)	0.2%	$43.31	—	SPONSORED ADS	92837L109
TSM	TAIWAN SEMICONDUCTOR MANUFAC	558,880 (-5.0%)	$188,873 (+5.6%)	5.7%	$278.07	—	SPONSORED ADS	874039100
RNW	RENEW ENERGY GLOBAL PLC	1,277,071 (-48.1%)	$5,849 (-57.9%)	0.2%	$7.64	-28.8%	CL A SHS	G7500M104
JBS	JBS N.V.	2,546,345 (-30.2%)	$45,732 (-13.1%)	1.4%	$13.83	+11.3%	CL A SHS	N4732M103
TSM	TAIWAN SEMICONDUCTOR MANUFAC	100,300 (-11.3%)	$33,896 (-1.4%)	1.0%	$278.07	—	PUT	874039100

Unchanged Positions (1)

GDS GDS HLDGS LTD 2.6%

Value ($000) $88,020 Shares 2,184,662 Est. Cost $36.23 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GDS	GDS HLDGS LTD	2,184,662	$88,020	2.6%	$36.23	—	SPONSORED ADS	36165L108