Carrhae Capital LLP Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
QQQ	INVESCO QQQ TR	463,200	$284,548	10.8%	—	—	PUT	46090E103
KWEB	KRANESHARES TRUST	6,833,500	$232,681	8.8%	—	—	CALL	500767306
EEM	ISHARES TR	3,940,000	$215,557	8.2%	—	—	PUT	464287234
TECK	TECK RESOURCES LTD	2,063,912	$98,841	3.7%	$43.32	0.0%	CL B	878742204
NU	NU HLDGS LTD	4,942,239	$82,733	3.1%	$16.07	0.0%	ORD SHS CL A	G6683N103
BBD	BANCO BRADESCO S A	16,185,404	$53,897	2.0%	$3.33	—	SP ADR PFD NEW	059460303
BAP	CREDICORP LTD	168,399	$48,331	1.8%	$264.77	0.0%	COM	G2519Y108
BIDU	BAIDU INC	341,747	$44,653	1.7%	$130.66	—	SPON ADR REP A	056752108
HBM	HUDBAY MINERALS INC	802,513	$15,930	0.6%	$16.91	0.0%	COM	443628102
CPA	COPA HOLDINGS SA	124,717	$15,042	0.6%	$121.26	0.0%	CL A	P31076105
KSPI	KASPI KZ JSC	50,668	$3,959	0.1%	$78.13	—	SPONSORED ADS	48581R205

Increased Positions (11)

TSM TAIWAN SEMICONDUCTOR MFG LTD 6.8%

Value ($000) $178,827 (+226.1%) Shares 588,459 (+199.7%) Est. Cost $278.07 Unrealized —

JBS JBS N.V. 2.0%

Value ($000) $52,622 (+771.0%) Shares 3,649,226 (+801.8%) Est. Cost $13.83 Unrealized -0.7%

FNV FRANCO NEV CORP 2.3%

Value ($000) $60,893 (+143.8%) Shares 293,772 (+162.2%) Est. Cost $179.33 Unrealized +13.1%

GGAL GRUPO FINANCIERO GALICIA S.A 1.6%

Value ($000) $42,893 (+393.0%) Shares 795,204 (+151.9%) Est. Cost $43.47 Unrealized —

MMYT MAKEMYTRIP LIMITED MAURITIUS 2.3%

Value ($000) $61,667 (+74.3%) Shares 750,942 (+98.6%) Est. Cost $85.89 Unrealized -4.5%

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

Value ($000) $40,398 (+70.6%) Shares 830,212 (+20.6%) Est. Cost $43.31 Unrealized —

SE SEA LTD 4.1%

Value ($000) $107,613 (+13.0%) Shares 843,557 (+58.2%) Est. Cost $121.03 Unrealized —

GDS GDS HLDGS LTD 2.9%

Value ($000) $75,635 (+18.6%) Shares 2,167,199 (+31.5%) Est. Cost $36.23 Unrealized —

EQT EQT CORP 1.5%

Value ($000) $39,946 (+41.1%) Shares 745,266 (+43.3%) Est. Cost $53.67 Unrealized +4.6%

YMM FULL TRUCK ALLIANCE CO LTD 1.5%

Value ($000) $40,854 (+17.8%) Shares 3,807,441 (+42.3%) Est. Cost $12.30 Unrealized —

WRD WERIDE INC 0.8%

Value ($000) $21,015 (+30.1%) Shares 2,421,132 (+48.4%) Est. Cost $9.50 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TSM	TAIWAN SEMICONDUCTOR MFG LTD	588,459 (+199.7%)	$178,827 (+226.1%)	6.8%	$278.07	—	SPONSORED ADS	874039100
JBS	JBS N.V.	3,649,226 (+801.8%)	$52,622 (+771.0%)	2.0%	$13.83	-0.7%	CL A SHS	N4732M103
FNV	FRANCO NEV CORP	293,772 (+162.2%)	$60,893 (+143.8%)	2.3%	$179.33	+13.1%	COM	351858105
GGAL	GRUPO FINANCIERO GALICIA S.A	795,204 (+151.9%)	$42,893 (+393.0%)	1.6%	$43.47	—	SPONSORED ADR	399909100
MMYT	MAKEMYTRIP LIMITED MAURITIUS	750,942 (+98.6%)	$61,667 (+74.3%)	2.3%	$85.89	-4.5%	SHS	V5633W109
VIST	VISTA ENERGY S.A.B. DE C.V.	830,212 (+20.6%)	$40,398 (+70.6%)	1.5%	$43.31	—	SPONSORED ADS	92837L109
SE	SEA LTD	843,557 (+58.2%)	$107,613 (+13.0%)	4.1%	$121.03	—	SPONSORD ADS	81141R100
GDS	GDS HLDGS LTD	2,167,199 (+31.5%)	$75,635 (+18.6%)	2.9%	$36.23	—	SPONSORED ADS	36165L108
EQT	EQT CORP	745,266 (+43.3%)	$39,946 (+41.1%)	1.5%	$53.67	+4.6%	COM	26884L109
YMM	FULL TRUCK ALLIANCE CO LTD	3,807,441 (+42.3%)	$40,854 (+17.8%)	1.5%	$12.30	—	SPONSORED ADS	35969L108
WRD	WERIDE INC	2,421,132 (+48.4%)	$21,015 (+30.1%)	0.8%	$9.50	—	SPONSORED ADS	950915108

Exited Positions (3)

FCX FREEPORT-MCMORAN INC 1.0%

Value ($000) $25,272 Shares 644,376 Est. Cost $37.70 Unrealized +14.9%

PONY PONY AI INC 0.3%

Value ($000) $6,686 Shares 297,295 Est. Cost $22.49 Unrealized —

SHEL SHELL PLC 0.2%

Value ($000) $6,340 Shares 88,632 Est. Cost $71.53 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FCX	FREEPORT-MCMORAN INC	644,376	$25,272	1.0%	$37.70	+14.9%	—	35671D857
PONY	PONY AI INC	297,295	$6,686	0.3%	$22.49	—	—	732908108
SHEL	SHELL PLC	88,632	$6,340	0.2%	$71.53	—	—	780259305

Decreased Positions (11)

ASHR DBX ETF TR 5.0%

Value ($000) $130,848 (-42.2%) Shares 3,983,200 (-42.0%) Est. Cost — Unrealized —

TSM TAIWAN SEMICONDUCTOR MFG LTD 1.3%

Value ($000) $34,370 (-69.6%) Shares 113,100 (-72.1%) Est. Cost $278.07 Unrealized —

AU ANGLOGOLD ASHANTI PLC 0.3%

Value ($000) $8,382 (-89.2%) Shares 98,283 (-91.1%) Est. Cost $21.89 Unrealized +254.0%

GLD SPDR GOLD TR 1.1%

Value ($000) $28,614 (-68.9%) Shares 72,200 (-72.1%) Est. Cost — Unrealized —

IBN ICICI BANK LIMITED 2.2%

Value ($000) $59,384 (-50.9%) Shares 1,992,766 (-50.2%) Est. Cost $30.23 Unrealized —

BABA ALIBABA GROUP HLDG LTD 1.7%

Value ($000) $45,240 (-49.2%) Shares 308,639 (-38.1%) Est. Cost $132.23 Unrealized —

PDD PDD HOLDINGS INC 1.0%

Value ($000) $25,247 (-50.6%) Shares 222,654 (-42.5%) Est. Cost $112.23 Unrealized —

RNW RENEW ENERGY GLOBAL PLC 0.5%

Value ($000) $13,893 (-34.8%) Shares 2,458,933 (-11.1%) Est. Cost $7.64 Unrealized -5.3%

SLV ISHARES SILVER TR 8.2%

Value ($000) $216,116 (+1.6%) Shares 3,354,800 (-33.2%) Est. Cost — Unrealized —

EMBJ EMBRAER S.A. 2.8%

Value ($000) $73,850 (+3.6%) Shares 1,147,269 (-2.7%) Est. Cost $56.91 Unrealized —

EGO ELDORADO GOLD CORP NEW 5.4%

Value ($000) $144,047 (-0.2%) Shares 4,010,214 (-19.7%) Est. Cost $12.00 Unrealized +149.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ASHR	DBX ETF TR	3,983,200 (-42.0%)	$130,848 (-42.2%)	5.0%	—	—	CALL	233051879
TSM	TAIWAN SEMICONDUCTOR MFG LTD	113,100 (-72.1%)	$34,370 (-69.6%)	1.3%	$278.07	—	PUT	874039100
AU	ANGLOGOLD ASHANTI PLC	98,283 (-91.1%)	$8,382 (-89.2%)	0.3%	$21.89	+254.0%	COM SHS	G0378L100
GLD	SPDR GOLD TR	72,200 (-72.1%)	$28,614 (-68.9%)	1.1%	—	—	CALL	78463V107
IBN	ICICI BANK LIMITED	1,992,766 (-50.2%)	$59,384 (-50.9%)	2.2%	$30.23	—	ADR	45104G104
BABA	ALIBABA GROUP HLDG LTD	308,639 (-38.1%)	$45,240 (-49.2%)	1.7%	$132.23	—	SPONSORED ADS	01609W102
PDD	PDD HOLDINGS INC	222,654 (-42.5%)	$25,247 (-50.6%)	1.0%	$112.23	—	SPONSORED ADS	722304102
RNW	RENEW ENERGY GLOBAL PLC	2,458,933 (-11.1%)	$13,893 (-34.8%)	0.5%	$7.64	-5.3%	CL A SHS	G7500M104
SLV	ISHARES SILVER TR	3,354,800 (-33.2%)	$216,116 (+1.6%)	8.2%	—	—	CALL	46428Q109
EMBJ	EMBRAER S.A.	1,147,269 (-2.7%)	$73,850 (+3.6%)	2.8%	$56.91	—	SPONSORED ADS	29082A107
EGO	ELDORADO GOLD CORP NEW	4,010,214 (-19.7%)	$144,047 (-0.2%)	5.4%	$12.00	+149.4%	COM	284902509

Unchanged Positions (2)

SNPS SYNOPSYS INC 1.7%

Value ($000) $44,795 Shares 95,365 Est. Cost $565.30 Unrealized -21.4%

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
SNPS	SYNOPSYS INC	95,365	$44,795	1.7%	$565.30	-21.4%	COM	871607107
RNWWW	RENEW ENERGY GLOBAL PLC	64,966	$1	0.0%	$1.09	—	*W EXP 08/21/202	G7500M120