Q3 2025 · 13F-HR
Carrhae Capital LLPholdings as filed
Filed 2025-11-12 · accession 0001172661-25-004724
$1.70B
Reported value
27
Positions
2025-09-30
Period end
The Brief · Carrhae Capital LLP · Q3 2025
AI · grounded in 13F
Carrhae Capital LLP established a new position in ASHR valued at $226.5M. The fund also initiated new stakes in SLV for $212.8M and TSM for $168M. Additional new positions include EGO at $144.3M and IBN at $121M. Total assets under management stand at $1.7B across 26 positions.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 233051879 | ASHR | DBX ETF TR | $226.5M | 13.3% | 6,868,000 | CALL | SOLE |
| 46428Q109 | SLV | ISHARES SILVER TR | $212.8M | 12.5% | 5,021,400 | CALL | SOLE |
| 284902509 | EGO | ELDORADO GOLD CORP NEW | $144.3M | 8.50% | 4,994,738 | Common | SOLE |
| 45104G104 | IBN | ICICI BANK LIMITED | $121.0M | 7.13% | 4,002,553 | Common | SOLE |
| 874039100 | TSM | TAIWAN SEMICONDUCTOR MFG LTD | $113.1M | 6.66% | 405,100 | PUT | SOLE |
| 81141R100 | SE | SEA LTD | $95.3M | 5.61% | 533,060 | Common | SOLE |
| 78463V107 | GLD | SPDR GOLD TR | $92.1M | 5.42% | 259,000 | CALL | SOLE |
| 01609W102 | BABA | ALIBABA GROUP HLDG LTD | $89.0M | 5.25% | 498,234 | Common | SOLE |
| G0378L100 | AU | ANGLOGOLD ASHANTI PLC | $77.6M | 4.57% | 1,104,051 | Common | SOLE |
| 29082A107 | EMBJ | EMBRAER S.A. | $71.2M | 4.20% | 1,178,651 | Common | SOLE |
| 36165L108 | GDS | GDS HLDGS LTD | $63.8M | 3.76% | 1,648,278 | Common | SOLE |
| 874039100 | TSM | TAIWAN SEMICONDUCTOR MFG LTD | $54.8M | 3.23% | 196,332 | Common | SOLE |
| 722304102 | PDD | PDD HOLDINGS INC | $51.1M | 3.01% | 386,924 | Common | SOLE |
| 871607107 | SNPS | SYNOPSYS INC | $47.5M | 2.80% | 96,215 | Common | SOLE |
| V5633W109 | MMYT | MAKEMYTRIP LIMITED MAURITIUS | $35.4M | 2.08% | 378,097 | Common | SOLE |
| 35969L108 | YMM | FULL TRUCK ALLIANCE CO LTD | $34.7M | 2.04% | 2,674,774 | Common | SOLE |
| 26884L109 | EQT | EQT CORP | $28.3M | 1.67% | 520,036 | Common | SOLE |
| 35671D857 | FCX | FREEPORT-MCMORAN INC | $25.3M | 1.49% | 644,376 | Common | SOLE |
| 351858105 | FNV | FRANCO NEV CORP | $25.0M | 1.47% | 112,054 | Common | SOLE |
| 92837L109 | VIST | VISTA ENERGY S.A.B. DE C.V. | $23.7M | 1.39% | 688,405 | Common | SOLE |
| G7500M104 | RNW | RENEW ENERGY GLOBAL PLC | $21.3M | 1.26% | 2,767,298 | Common | SOLE |
| 950915108 | WRD | WERIDE INC | $16.2M | 0.95% | 1,631,583 | Common | SOLE |
| 399909100 | GGAL | GRUPO FINANCIERO GALICIA S.A | $8.7M | 0.51% | 315,700 | Common | SOLE |
| 732908108 | PONY | PONY AI INC | $6.7M | 0.39% | 297,295 | Common | SOLE |
| 780259305 | SHEL | SHELL PLC | $6.3M | 0.37% | 88,632 | Common | SOLE |
| N4732M103 | JBS | JBS N.V. | $6.0M | 0.36% | 404,673 | Common | SOLE |
| G7500M120 | RNWWW | RENEW ENERGY GLOBAL PLC | $2,962 | 0.00% | 64,966 | Common | SOLE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.