In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 9, 2024), Carrhae Capital LLP reported 18 stock positions worth $611.1 million . Its top holding was Eldorado Gold (EGO) at 14.5% of the portfolio, followed by Alibaba Group Holding-SP ADR (BABA, 11.8% ) and Icici Bank Ltd.-Spon ADR (IBN, 10.5% ). Compared with Q1 2024, it opened 5 new positions, sold out of 5, added to 9 and reduced 4. The biggest buy was Alibaba Group Holding-SP ADR (BABA, shares +516% ) and the biggest sale an exit from Netease Inc.-ADR (NTES).
Location London, X0
CIK 0001555254
Portfolio Value $611.1M (Q2 2024) Holdings 18 stocks · $611.1M 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 Q1 2024 EGO Eldorado Gold Corp. 5,994,078 $88.7M Reduce -1.6% BABA Alibaba Group Holding-SP ADR 1,001,048 $72.1M Add +516.4% IBN Icici Bank Ltd.-Spon ADR 2,220,095 $64.0M Add +15.1% TSM Taiwan Semiconductor-SP ADR 293,014 $50.9M Reduce -37.0% EMBJ Embraer SA-Spon ADR 1,800,911 $46.5M Add +126.5% AU Anglogold Ashanti PLC 1,658,495 $41.7M Reduce -18.0% EDU New Oriental Educatio-SP ADR 524,339 $40.8M Add +145.7% FMX Fomento Economico Mex-SP ADR 301,496 $32.5M Add +46.1% YMM Full Truck Alliance -SPN ADR 3,966,866 $31.9M Add +17.4% MMYT Makemytrip Ltd. 293,821 $24.7M Add +50.4% VALE Vale SA-SP ADR 2,210,904 $24.7M New BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC 1,348,487 $19.1M New HBM Hudbay Minerals Inc. 1,845,991 $16.7M New FNV Franco-Nevada Corp. 134,716 $16.0M Reduce -13.0% PDD PDD Holdings Inc. 113,079 $15.0M Add +18.7% RNW Renew Energy Global PLC-A 2,159,172 $13.5M Add +17.6% SPY SS SPDR S&P 500 ETF Trust-US 14,095 $7.7M New QQQ Invesco QQQ Trust Series 1 10,260 $4.9M New
Options reported separately and not counted above: FXI puts ($183.4M), EEM puts ($72.2M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $36K (not counted above) Security Class Shares / Principal Value Change RNWWW Renew Energy Global -CW26 *W EXP 08/21/202 64,966 $36K No change
Total filed on the 13F, all lines: $611.2M.
Portfolio Sells Q1 2024 → Q2 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 Q1 2024 % Of Portfolio Change To Portfolio ▲ NTES Netease Inc.-ADR Sold out 0.00% −7.87 XP XP Inc. Class A Sold out 0.00% −5.01 YUMC Yum China Holdings Inc. Sold out 0.00% −4.67 TSM Taiwan Semiconductor-SP ADR Reduce -37.0% 8.33% −4.05 RIO Rio Tinto PLC-Spon ADR Sold out 0.00% −2.65 EGO Eldorado Gold Corp. Reduce -1.6% 14.51% −2.29 AU Anglogold Ashanti PLC Reduce -18.0% 6.82% −1.97 DLO Dlocal Ltd. Sold out 0.00% −1.05 FNV Franco-Nevada Corp. Reduce -13.0% 2.61% −1.00
Portfolio Buys Q1 2024 → Q2 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 Q1 2024 % Of Portfolio Change To Portfolio ▼ BABA Alibaba Group Holding-SP ADR Add +516.4% 11.79% +9.49 VALE Vale SA-SP ADR New 4.04% +4.04 EMBJ Embraer SA-Spon ADR Add +126.5% 7.60% +3.45 BEKE Ke Holdings Inc.-ADR New 3.12% +3.12 EDU New Oriental Educatio-SP ADR Add +145.7% 6.67% +3.04 HBM Hudbay Minerals Inc. New 2.73% +2.73 MMYT Makemytrip Ltd. Add +50.4% 4.04% +1.32 SPY SS SPDR S&P 500 ETF Trust-US New 1.26% +1.26 QQQ Invesco QQQ Trust Series 1 New 0.80% +0.80 IBN Icici Bank Ltd.-Spon ADR Add +15.1% 10.47% +0.49 YMM Full Truck Alliance -SPN ADR Add +17.4% 5.22% +0.41 PDD PDD Holdings Inc. Add +18.7% 2.46% +0.29 RNW Renew Energy Global PLC-A Add +17.6% 2.20% +0.05 FMX Fomento Economico Mex-SP ADR Add +46.1% 5.31% +0.05
Options Activity Q1 2024 → Q2 2024 Security Type Change vs Q1 2024 Underlying Shares Value ▼ FXI iShares China Large-Cap ETF put New 7,055,800 $183.4M EEM iShares MSCI Emerging Market put New 1,694,700 $72.2M FXI iShares China Large-Cap ETF call Sold out 1,902,500 $45.8Mbefore exit DLO Dlocal Ltd. call Sold out 400,000 $5.9Mbefore exit
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