In its 13F for Q1 2024 (holdings as of March 31, 2024, filed August 21, 2024), Carrhae Capital LLP reported 18 stock positions worth $510.6 million . Its top holding was Eldorado Gold (EGO) at 16.8% of the portfolio, followed by Taiwan Semiconductor-SP ADR (TSM, 12.4% ) and Icici Bank Ltd.-Spon ADR (IBN, 10.0% ). Compared with Q4 2023, it opened 5 new positions, sold out of 7, added to 5 and reduced 7. The biggest buy was a new position in Full Truck Alliance -SPN ADR (YMM) and the biggest sale an exit from Tenaris SA-ADR (TS).
Location London, X0
CIK 0001555254
Portfolio Value $510.6M (Q1 2024) Holdings 18 stocks · $510.6M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2023 EGO Eldorado Gold Corp. 6,093,156 $85.7M Add +11.1% TSM Taiwan Semiconductor-SP ADR 464,914 $63.3M Reduce -0.7% IBN Icici Bank Ltd.-Spon ADR 1,929,382 $51.0M Reduce -3.5% AU Anglogold Ashanti PLC 2,022,263 $44.9M Add +7.9% NTES Netease Inc.-ADR 388,115 $40.2M Add +89.1% FMX Fomento Economico Mex-SP ADR 206,370 $26.9M Reduce -25.7% XP XP Inc. Class A 995,857 $25.6M Reduce -40.1% YMM Full Truck Alliance -SPN ADR 3,378,147 $24.6M New YUMC Yum China Holdings Inc. 598,622 $23.8M New EMBJ Embraer SA-Spon ADR 795,066 $21.2M New EDU New Oriental Educatio-SP ADR 213,442 $18.5M Reduce -25.0% FNV Franco-Nevada Corp. 154,886 $18.5M Add +168.1% MMYT Makemytrip Ltd. 195,421 $13.9M New RIO Rio Tinto PLC-Spon ADR 211,880 $13.5M Reduce -37.1% BABA Alibaba Group Holding-SP ADR 162,396 $11.8M Reduce -45.2% PDD PDD Holdings Inc. 95,231 $11.1M Add +3.5% RNW Renew Energy Global PLC-A 1,836,579 $11.0M No change DLO Dlocal Ltd. 364,176 $5.4M New
Options reported separately and not counted above: FXI calls ($45.8M), DLO calls ($5.9M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $32K (not counted above) Security Class Shares / Principal Value Change RNWWW Renew Energy Global -CW26 *W EXP 08/21/202 64,966 $32K No change
Total filed on the 13F, all lines: $510.6M.
Portfolio Sells Q4 2023 → Q1 2024 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▲ TS Tenaris SA-ADR Sold out 0.00% −4.66 BIDU Baidu Inc. - Spon ADR Sold out 0.00% −3.58 XP XP Inc. Class A Reduce -40.1% 5.01% −3.56 QQQ Invesco QQQ Trust Series 1 Sold out 0.00% −3.15 CPA Copa Holdings SA Class A Sold out 0.00% −2.66 TME Tencent Music Entertainm-ADR Sold out 0.00% −2.38 RIO Rio Tinto PLC-Spon ADR Reduce -37.1% 2.65% −2.31 NU Nu Holdings Ltd./Cayman Isl-A Sold out 0.00% −2.30 BABA Alibaba Group Holding-SP ADR Reduce -45.2% 2.30% −2.24 FMX Fomento Economico Mex-SP ADR Reduce -25.7% 5.27% −1.89 BAP Credicorp Ltd. Sold out 0.00% −1.41 EDU New Oriental Educatio-SP ADR Reduce -25.0% 3.63% −0.49 IBN Icici Bank Ltd.-Spon ADR Reduce -3.5% 9.98% +0.56 TSM Taiwan Semiconductor-SP ADR Reduce -0.7% 12.39% +2.77
Portfolio Buys Q4 2023 → Q1 2024 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▼ YMM Full Truck Alliance -SPN ADR New 4.81% +4.81 YUMC Yum China Holdings Inc. New 4.67% +4.67 EMBJ Embraer SA-Spon ADR New 4.15% +4.15 NTES Netease Inc.-ADR Add +89.1% 7.87% +4.09 EGO Eldorado Gold Corp. Add +11.1% 16.79% +2.73 MMYT Makemytrip Ltd. New 2.72% +2.72 FNV Franco-Nevada Corp. Add +168.1% 3.61% +2.35 AU Anglogold Ashanti PLC Add +7.9% 8.79% +1.87 DLO Dlocal Ltd. New 1.05% +1.05 PDD PDD Holdings Inc. Add +3.5% 2.17% −0.49
Options Activity Q4 2023 → Q1 2024 Security Type Change vs Q4 2023 Underlying Shares Value ▼ FXI iShares China Large-Cap ETF call New 1,902,500 $45.8M DLO Dlocal Ltd. call New 400,000 $5.9M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 23 $1.5B TSM, SE, EMBJ, EGO, IBN Q1 2026 21 $1.4B TSM, EMBJ, ITUB, EGO, BABA Q4 2025 27 $1.5B TSM, EGO, SE, TECK, NU Q3 2025 Amended 22 $1.1B EGO, IBN, SE, BABA, AU Q2 2025 24 $1.0B EMBJ, EGO, SE, BABA, FCX Q1 2025 20 $860.3M EGO, IBN, BABA, SE, CPA Q4 2024 21 $846.5M EMBJ, EGO, AU, TSM, EDU Q3 2024 21 $875.5M EGO, BABA, EMBJ, TSM, PDD Q2 2024 18 $611.1M EGO, BABA, IBN, TSM, EMBJ Q1 2024 18 $510.6M EGO, TSM, IBN, AU, NTES