Q4 2025 · 13F-HR
Carrhae Capital LLPholdings as filed
Filed 2026-02-06 · accession 0001172661-26-000520
$2.64B
Reported value
35
Positions
2025-12-31
Period end
The Brief · Carrhae Capital LLP · Q4 2025
AI · grounded in 13F
Carrhae Capital LLP initiated a new position in QQQ valued at $284.5M. The fund also added new stakes in KWEB for $232.7M and EEM for $215.6M. To offset these additions, the fund trimmed its holdings in AU by 91.1% and GLD by 72.1%.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 46090E103 | QQQ | INVESCO QQQ TR | $284.5M | 10.8% | 463,200 | PUT | SOLE |
| 500767306 | KWEB | KRANESHARES TRUST | $232.7M | 8.80% | 6,833,500 | CALL | SOLE |
| 46428Q109 | SLV | ISHARES SILVER TR | $216.1M | 8.18% | 3,354,800 | CALL | SOLE |
| 464287234 | EEM | ISHARES TR | $215.6M | 8.15% | 3,940,000 | PUT | SOLE |
| 874039100 | TSM | TAIWAN SEMICONDUCTOR MFG LTD | $178.8M | 6.77% | 588,459 | Common | SOLE |
| 284902509 | EGO | ELDORADO GOLD CORP NEW | $144.0M | 5.45% | 4,010,214 | Common | SOLE |
| 233051879 | ASHR | DBX ETF TR | $130.8M | 4.95% | 3,983,200 | CALL | SOLE |
| 81141R100 | SE | SEA LTD | $107.6M | 4.07% | 843,557 | Common | SOLE |
| 878742204 | TECK | TECK RESOURCES LTD | $98.8M | 3.74% | 2,063,912 | Common | SOLE |
| G6683N103 | NU | NU HLDGS LTD | $82.7M | 3.13% | 4,942,239 | Common | SOLE |
| 36165L108 | GDS | GDS HLDGS LTD | $75.6M | 2.86% | 2,167,199 | Common | SOLE |
| 29082A107 | EMBJ | EMBRAER S.A. | $73.8M | 2.79% | 1,147,269 | Common | SOLE |
| V5633W109 | MMYT | MAKEMYTRIP LIMITED MAURITIUS | $61.7M | 2.33% | 750,942 | Common | SOLE |
| 351858105 | FNV | FRANCO NEV CORP | $60.9M | 2.30% | 293,772 | Common | SOLE |
| 45104G104 | IBN | ICICI BANK LIMITED | $59.4M | 2.25% | 1,992,766 | Common | SOLE |
| 059460303 | BBD | BANCO BRADESCO S A | $53.9M | 2.04% | 16,185,404 | Common | SOLE |
| N4732M103 | JBS | JBS N.V. | $52.6M | 1.99% | 3,649,226 | Common | SOLE |
| G2519Y108 | BAP | CREDICORP LTD | $48.3M | 1.83% | 168,399 | Common | SOLE |
| 01609W102 | BABA | ALIBABA GROUP HLDG LTD | $45.2M | 1.71% | 308,639 | Common | SOLE |
| 871607107 | SNPS | SYNOPSYS INC | $44.8M | 1.69% | 95,365 | Common | SOLE |
| 056752108 | BIDU | BAIDU INC | $44.7M | 1.69% | 341,747 | Common | SOLE |
| 399909100 | GGAL | GRUPO FINANCIERO GALICIA S.A | $42.9M | 1.62% | 795,204 | Common | SOLE |
| 35969L108 | YMM | FULL TRUCK ALLIANCE CO LTD | $40.9M | 1.55% | 3,807,441 | Common | SOLE |
| 92837L109 | VIST | VISTA ENERGY S.A.B. DE C.V. | $40.4M | 1.53% | 830,212 | Common | SOLE |
| 26884L109 | EQT | EQT CORP | $39.9M | 1.51% | 745,266 | Common | SOLE |
| 874039100 | TSM | TAIWAN SEMICONDUCTOR MFG LTD | $34.4M | 1.30% | 113,100 | PUT | SOLE |
| 78463V107 | GLD | SPDR GOLD TR | $28.6M | 1.08% | 72,200 | CALL | SOLE |
| 722304102 | PDD | PDD HOLDINGS INC | $25.2M | 0.96% | 222,654 | Common | SOLE |
| 950915108 | WRD | WERIDE INC | $21.0M | 0.80% | 2,421,132 | Common | SOLE |
| 443628102 | HBM | HUDBAY MINERALS INC | $15.9M | 0.60% | 802,513 | Common | SOLE |
| P31076105 | CPA | COPA HOLDINGS SA | $15.0M | 0.57% | 124,717 | Common | SOLE |
| G7500M104 | RNW | RENEW ENERGY GLOBAL PLC | $13.9M | 0.53% | 2,458,933 | Common | SOLE |
| G0378L100 | AU | ANGLOGOLD ASHANTI PLC | $8.4M | 0.32% | 98,283 | Common | SOLE |
| 48581R205 | KSPI | KASPI KZ JSC | $4.0M | 0.15% | 50,668 | Common | SOLE |
| G7500M120 | RNWWW | RENEW ENERGY GLOBAL PLC | $526 | 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.