In its 13F for Q3 2024 (holdings as of September 30, 2024, filed October 18, 2024), Carrhae Capital LLP reported 21 stock positions worth $875.5 million . Its top holding was Eldorado Gold (EGO) at 10.5% of the portfolio, followed by Alibaba Group Holding-SP ADR (BABA, 8.8% ) and Embraer SA-Spon ADR (EMBJ, 7.3% ). Compared with Q2 2024, it opened 7 new positions, sold out of 4, added to 9 and reduced 5. The biggest buy was a new position in Copa Class A (CPA) and the biggest sale Icici Bank Ltd.-Spon ADR (IBN, shares −40% ).
Location London, X0
CIK 0001555254
Portfolio Value $875.5M (Q3 2024) Holdings 21 stocks · $875.5M 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 Q2 2024 EGO Eldorado Gold Corp. 5,302,497 $92.1M Reduce -11.5% BABA Alibaba Group Holding-SP ADR 724,856 $76.9M Reduce -27.6% EMBJ Embraer SA-Spon ADR 1,803,821 $63.8M Add +0.2% TSM Taiwan Semiconductor-SP ADR 363,263 $63.1M Add +24.0% PDD PDD Holdings Inc. 447,960 $60.4M Add +296.1% CPA Copa Holdings SA Class A 555,900 $52.2M New EDU New Oriental Educatio-SP ADR 684,187 $51.9M Add +30.5% SE Sea Ltd.-ADR 549,394 $51.8M New FMX Fomento Economico Mex-SP ADR 440,036 $43.4M Add +46.0% GDX Vaneck Gold Miners ETF 1,081,695 $43.1M New IBN Icici Bank Ltd.-Spon ADR 1,325,165 $39.6M Reduce -40.3% AU Anglogold Ashanti PLC 1,281,410 $34.1M Reduce -22.7% MMYT Makemytrip Ltd. 354,959 $33.0M Add +20.8% BAP Credicorp Ltd. 154,577 $28.0M New FNV Franco-Nevada Corp. 224,084 $27.8M Add +66.3% FCX Freeport-McMoran Inc. 463,275 $23.1M New RNW Renew Energy Global PLC-A 3,654,991 $23.0M Add +69.3% YUMC Yum China Holdings Inc. 470,300 $21.2M New VALE Vale SA-SP ADR 1,749,987 $20.4M Reduce -20.9% SPY SS SPDR S&P 500 ETF Trust-US 26,537 $15.2M Add +88.3% CX Cemex Sab-Spons ADR Part Cer 1,864,650 $11.4M New
Other holdings (1): bonds, preferreds, convertibles and warrants · $22K (not counted above) Security Class Shares / Principal Value Change RNWWW Renew Energy Global -CW26 *W EXP 08/21/202 64,966 $22K No change
Total filed on the 13F, all lines: $875.5M.
Portfolio Sells Q2 2024 → Q3 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 Q2 2024 % Of Portfolio Change To Portfolio ▲ IBN Icici Bank Ltd.-Spon ADR Reduce -40.3% 4.52% −5.95 YMM Full Truck Alliance -SPN ADR Sold out 0.00% −5.22 EGO Eldorado Gold Corp. Reduce -11.5% 10.52% −3.99 BEKE Ke Holdings Inc.-ADR Sold out 0.00% −3.12 BABA Alibaba Group Holding-SP ADR Reduce -27.6% 8.79% −3.01 AU Anglogold Ashanti PLC Reduce -22.7% 3.90% −2.92 HBM Hudbay Minerals Inc. Sold out 0.00% −2.73 VALE Vale SA-SP ADR Reduce -20.9% 2.33% −1.71 QQQ Invesco QQQ Trust Series 1 Sold out 0.00% −0.80
Portfolio Buys Q2 2024 → Q3 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 Q2 2024 % Of Portfolio Change To Portfolio ▼ CPA Copa Holdings SA Class A New 5.96% +5.96 SE Sea Ltd.-ADR New 5.92% +5.92 GDX Vaneck Gold Miners ETF New 4.92% +4.92 PDD PDD Holdings Inc. Add +296.1% 6.90% +4.44 BAP Credicorp Ltd. New 3.20% +3.20 FCX Freeport-McMoran Inc. New 2.64% +2.64 YUMC Yum China Holdings Inc. New 2.42% +2.42 CX Cemex Sab-Spons ADR Part Cer New 1.30% +1.30 FNV Franco-Nevada Corp. Add +66.3% 3.18% +0.57 SPY SS SPDR S&P 500 ETF Trust-US Add +88.3% 1.74% +0.48 RNW Renew Energy Global PLC-A Add +69.3% 2.63% +0.42 MMYT Makemytrip Ltd. Add +20.8% 3.77% −0.27 EMBJ Embraer SA-Spon ADR Add +0.2% 7.29% −0.32 FMX Fomento Economico Mex-SP ADR Add +46.0% 4.96% −0.35 EDU New Oriental Educatio-SP ADR Add +30.5% 5.93% −0.74 TSM Taiwan Semiconductor-SP ADR Add +24.0% 7.21% −1.13
Options Activity Q2 2024 → Q3 2024 Security Type Change vs Q2 2024 Underlying Shares Value ▼ FXI iShares China Large-Cap ETF put Sold out 7,055,800 $183.4Mbefore exit EEM iShares MSCI Emerging Market put Sold out 1,694,700 $72.2Mbefore 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