In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 2, 2025), Carrhae Capital LLP reported 20 stock positions worth $860.3 million . Its top holding was Eldorado Gold (EGO) at 13.1% of the portfolio, followed by Icici Bank Ltd.-Spon ADR (IBN, 9.5% ) and Alibaba Group Holding-SP ADR (BABA, 8.6% ). Compared with Q4 2024, it opened 9 new positions, sold out of 10, added to 8 and reduced 2. The biggest buy was a new position in Alibaba Group Holding-SP ADR (BABA) and the biggest sale an exit from Embraer SA-Spon ADR (EMBJ).
Location London, X0
CIK 0001555254
Portfolio Value $860.3M (Q1 2025) Holdings 20 stocks · $860.3M 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 2024 EGO Eldorado Gold Corp. 6,689,304 $112.5M Add +10.7% IBN Icici Bank Ltd.-Spon ADR 2,581,585 $81.4M Add +47.4% BABA Alibaba Group Holding-SP ADR 558,973 $73.9M New SE Sea Ltd.-ADR 551,700 $72.0M Add +16.2% CPA Copa Holdings SA Class A 777,929 $71.9M Add +10.8% PBR Petroleo Brasileiro-Spon ADR 4,516,382 $64.8M New AU Anglogold Ashanti PLC 1,340,959 $49.8M Reduce -61.2% TECK Teck Resources Ltd.-CLS B 1,275,810 $46.5M New HDB HDFC Bank Ltd.-ADR 595,900 $39.6M New MMYT Makemytrip Ltd. 397,945 $39.0M Add +88.6% BAP Credicorp Ltd. 198,875 $37.0M Add +389.0% ASHR Xtrackers Harvest Csi 300 CH 1,053,785 $28.0M Add +108.3% PDD PDD Holdings Inc. 196,437 $23.2M Add +226.2% RNW Renew Energy Global PLC-A 3,654,991 $21.5M No change FNV Franco-Nevada Corp. 134,994 $21.3M Reduce -34.6% NXPI NXP Semiconductors NV 107,428 $20.4M New GGB Gerdau SA -Spon ADR 6,568,703 $18.7M New SLV iShares Silver Trust 576,960 $17.9M New HBM Hudbay Minerals Inc. 1,876,665 $14.2M New KWEB Kranesh Csi China Internet 193,593 $6.8M New
Options reported separately and not counted above: EEM puts ($339.3M), ASHR calls ($139.9M), FXI puts ($27.4M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $6K (not counted above) Security Class Shares / Principal Value Change RNWWW Renew Energy Global -CW26 *W EXP 08/21/202 64,966 $6K No change
Total filed on the 13F, all lines: $860.4M.
Portfolio Sells Q4 2024 → Q1 2025 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 2024 % Of Portfolio Change To Portfolio ▲ EMBJ Embraer SA-Spon ADR Sold out 0.00% −11.57 TSM Taiwan Semiconductor-SP ADR Sold out 0.00% −8.96 EDU New Oriental Educatio-SP ADR Sold out 0.00% −7.91 FMX Fomento Economico Mex-SP ADR Sold out 0.00% −5.49 BEKE Ke Holdings Inc.-ADR Sold out 0.00% −3.80 AU Anglogold Ashanti PLC Reduce -61.2% 5.79% −3.65 JD Jd.com Inc.-ADR Sold out 0.00% −3.39 YUMC Yum China Holdings Inc. Sold out 0.00% −2.78 TS Tenaris SA-ADR Sold out 0.00% −1.95 CX Cemex Sab-Spons ADR Part Cer Sold out 0.00% −1.48 SPY SS SPDR S&P 500 ETF Trust-US Sold out 0.00% −1.45 FNV Franco-Nevada Corp. Reduce -34.6% 2.47% −0.40
Portfolio Buys Q4 2024 → Q1 2025 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 2024 % Of Portfolio Change To Portfolio ▼ BABA Alibaba Group Holding-SP ADR New 8.59% +8.59 PBR Petroleo Brasileiro-Spon ADR New 7.53% +7.53 TECK Teck Resources Ltd.-CLS B New 5.40% +5.40 HDB HDFC Bank Ltd.-ADR New 4.60% +4.60 BAP Credicorp Ltd. Add +389.0% 4.30% +3.42 IBN Icici Bank Ltd.-Spon ADR Add +47.4% 9.46% +3.28 EGO Eldorado Gold Corp. Add +10.7% 13.08% +2.47 SE Sea Ltd.-ADR Add +16.2% 8.37% +2.42 NXPI NXP Semiconductors NV New 2.37% +2.37 GGB Gerdau SA -Spon ADR New 2.17% +2.17 SLV iShares Silver Trust New 2.08% +2.08 PDD PDD Holdings Inc. Add +226.2% 2.70% +2.01 MMYT Makemytrip Ltd. Add +88.6% 4.53% +1.73 ASHR Xtrackers Harvest Csi 300 CH Add +108.3% 3.25% +1.67 HBM Hudbay Minerals Inc. New 1.66% +1.66 CPA Copa Holdings SA Class A Add +10.8% 8.36% +1.07 KWEB Kranesh Csi China Internet New 0.79% +0.79
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ EEM iShares MSCI Emerging Market put Add +76.3% 7,764,700 $339.3M ASHR Xtrackers Harvest Csi 300 CH call Add +20.8% 5,264,000 $139.9M AAPL Apple Inc. put Sold out 197,500 $49.5Mbefore exit FXI iShares China Large-Cap ETF put New 764,500 $27.4M
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