In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 11, 2025), Carrhae Capital LLP reported 21 stock positions worth $846.5 million . Its top holding was Embraer SA-Spon ADR (EMBJ) at 11.6% of the portfolio, followed by Eldorado Gold (EGO, 10.6% ) and Anglogold Ashanti (AU, 9.4% ). Compared with Q3 2024, it opened 4 new positions, sold out of 4, added to 10 and reduced 6. The biggest buy was Anglogold Ashanti (AU, shares +170% ) and the biggest sale an exit from Alibaba Group Holding-SP ADR (BABA).
Location London, X0
CIK 0001555254
Portfolio Value $846.5M (Q4 2024) Holdings 21 stocks · $846.5M 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 Q3 2024 EMBJ Embraer SA-Spon ADR 2,670,740 $98.0M Add +48.1% EGO Eldorado Gold Corp. 6,040,730 $89.8M Add +13.9% AU Anglogold Ashanti PLC 3,459,193 $79.8M Add +169.9% TSM Taiwan Semiconductor-SP ADR 383,886 $75.8M Add +5.7% EDU New Oriental Educatio-SP ADR 1,042,689 $66.9M Add +52.4% CPA Copa Holdings SA Class A 701,867 $61.7M Add +26.3% IBN Icici Bank Ltd.-Spon ADR 1,751,047 $52.3M Add +32.1% SE Sea Ltd.-ADR 474,672 $50.4M Reduce -13.6% FMX Fomento Economico Mex-SP ADR 543,167 $46.4M Add +23.4% BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC 1,745,724 $32.2M New JD Jd.com Inc.-ADR 827,951 $28.7M New RNW Renew Energy Global PLC-A 3,654,991 $25.0M No change FNV Franco-Nevada Corp. 206,418 $24.3M Reduce -7.9% MMYT Makemytrip Ltd. 210,950 $23.7M Reduce -40.6% YUMC Yum China Holdings Inc. 489,307 $23.6M Add +4.0% TS Tenaris SA-ADR 437,806 $16.5M New ASHR Xtrackers Harvest Csi 300 CH 506,000 $13.4M New CX Cemex Sab-Spons ADR Part Cer 2,215,050 $12.5M Add +18.8% SPY SS SPDR S&P 500 ETF Trust-US 20,931 $12.3M Reduce -21.1% BAP Credicorp Ltd. 40,669 $7.5M Reduce -73.7% PDD PDD Holdings Inc. 60,220 $5.8M Reduce -86.6%
Options reported separately and not counted above: EEM puts ($184.1M), ASHR calls ($115.3M), AAPL puts ($49.5M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $11K (not counted above) Security Class Shares / Principal Value Change RNWWW Renew Energy Global -CW26 *W EXP 08/21/202 64,966 $11K No change
Total filed on the 13F, all lines: $846.5M.
Portfolio Sells Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▲ BABA Alibaba Group Holding-SP ADR Sold out 0.00% −8.79 PDD PDD Holdings Inc. Reduce -86.6% 0.69% −6.21 GDX Vaneck Gold Miners ETF Sold out 0.00% −4.92 FCX Freeport-McMoran Inc. Sold out 0.00% −2.64 VALE Vale SA-SP ADR Sold out 0.00% −2.33 BAP Credicorp Ltd. Reduce -73.7% 0.88% −2.31 MMYT Makemytrip Ltd. Reduce -40.6% 2.80% −0.97 FNV Franco-Nevada Corp. Reduce -7.9% 2.87% −0.31 SPY SS SPDR S&P 500 ETF Trust-US Reduce -21.1% 1.45% −0.29 SE Sea Ltd.-ADR Reduce -13.6% 5.95% +0.03
Portfolio Buys Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▼ AU Anglogold Ashanti PLC Add +169.9% 9.43% +5.53 EMBJ Embraer SA-Spon ADR Add +48.1% 11.57% +4.29 BEKE Ke Holdings Inc.-ADR New 3.80% +3.80 JD Jd.com Inc.-ADR New 3.39% +3.39 EDU New Oriental Educatio-SP ADR Add +52.4% 7.91% +1.98 TS Tenaris SA-ADR New 1.95% +1.95 TSM Taiwan Semiconductor-SP ADR Add +5.7% 8.96% +1.75 IBN Icici Bank Ltd.-Spon ADR Add +32.1% 6.18% +1.66 ASHR Xtrackers Harvest Csi 300 CH New 1.58% +1.58 CPA Copa Holdings SA Class A Add +26.3% 7.29% +1.33 FMX Fomento Economico Mex-SP ADR Add +23.4% 5.49% +0.52 YUMC Yum China Holdings Inc. Add +4.0% 2.78% +0.37 CX Cemex Sab-Spons ADR Part Cer Add +18.8% 1.48% +0.18 EGO Eldorado Gold Corp. Add +13.9% 10.61% +0.09
Options Activity Q3 2024 → Q4 2024 Security Type Change vs Q3 2024 Underlying Shares Value ▼ EEM iShares MSCI Emerging Market put New 4,403,300 $184.1M ASHR Xtrackers Harvest Csi 300 CH call New 4,357,700 $115.3M AAPL Apple Inc. put New 197,500 $49.5M
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