In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 5, 2025), Carrhae Capital LLP reported 24 stock positions worth $1.0 billion . Its top holding was Embraer SA-Spon ADR (EMBJ) at 10.7% of the portfolio, followed by Eldorado Gold (EGO, 8.8% ) and Sea Ltd.-ADR (SE, 6.3% ). Compared with Q1 2025, it opened 10 new positions, sold out of 6, added to 5 and reduced 9. The biggest buy was a new position in Embraer SA-Spon ADR (EMBJ) and the biggest sale an exit from Icici Bank Ltd.-Spon ADR (IBN).
Location London, X0
CIK 0001555254
Portfolio Value $1.0B (Q2 2025) Holdings 24 stocks · $1.0B 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 2025 EMBJ Embraer SA-Spon ADR 1,973,790 $112.3M New EGO Eldorado Gold Corp. 4,514,485 $91.8M Reduce -32.5% SE Sea Ltd.-ADR 412,960 $66.0M Reduce -25.1% BABA Alibaba Group Holding-SP ADR 523,722 $59.4M Reduce -6.3% FCX Freeport-McMoran Inc. 1,349,063 $58.5M New TSM Taiwan Semiconductor-SP ADR 258,001 $58.4M New MMYT Makemytrip Ltd. 576,586 $56.5M Add +44.9% CPA Copa Holdings SA Class A 512,143 $56.3M Reduce -34.2% AU Anglogold Ashanti PLC 1,200,111 $54.7M Reduce -10.5% PDD PDD Holdings Inc. 503,595 $52.7M Add +156.4% YUMC Yum China Holdings Inc. 1,092,990 $48.9M New BAP Credicorp Ltd. 213,806 $47.8M Add +7.5% FNV Franco-Nevada Corp. 274,946 $45.1M Add +103.7% TECK Teck Resources Ltd.-CLS B 1,107,431 $44.7M Reduce -13.2% LVS Las Vegas Sands Corp. 961,827 $41.8M New BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC 1,361,179 $24.1M New SLV iShares Silver Trust 656,743 $21.5M Add +13.8% VIST Vista Energy Sab DE CV 400,582 $19.2M New RNW Renew Energy Global PLC-A 2,767,298 $19.1M Reduce -24.3% EDU New Oriental Educatio-SP ADR 346,937 $18.7M New HBM Hudbay Minerals Inc. 1,544,993 $16.4M Reduce -17.7% NXPI NXP Semiconductors NV 63,342 $13.8M Reduce -41.0% GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD 416,903 $12.7M New EH Ehang Holdings Ltd.-SPS ADR 271,700 $4.7M New
Options reported separately and not counted above: SLV calls ($119.7M), ASHR calls ($106.4M), EEM puts ($96.2M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $9K (not counted above) Security Class Shares / Principal Value Change RNWWW Renew Energy Global -CW26 *W EXP 08/21/202 64,966 $9K No change
Total filed on the 13F, all lines: $1.0B.
Portfolio Sells Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▲ IBN Icici Bank Ltd.-Spon ADR Sold out 0.00% −9.46 PBR Petroleo Brasileiro-Spon ADR Sold out 0.00% −7.53 HDB HDFC Bank Ltd.-ADR Sold out 0.00% −4.60 EGO Eldorado Gold Corp. Reduce -32.5% 8.78% −4.29 ASHR Xtrackers Harvest Csi 300 CH Sold out 0.00% −3.25 CPA Copa Holdings SA Class A Reduce -34.2% 5.39% −2.97 BABA Alibaba Group Holding-SP ADR Reduce -6.3% 5.68% −2.91 GGB Gerdau SA -Spon ADR Sold out 0.00% −2.17 SE Sea Ltd.-ADR Reduce -25.1% 6.32% −2.05 TECK Teck Resources Ltd.-CLS B Reduce -13.2% 4.28% −1.12 NXPI NXP Semiconductors NV Reduce -41.0% 1.32% −1.05 KWEB Kranesh Csi China Internet Sold out 0.00% −0.79 RNW Renew Energy Global PLC-A Reduce -24.3% 1.83% −0.67 AU Anglogold Ashanti PLC Reduce -10.5% 5.23% −0.55 HBM Hudbay Minerals Inc. Reduce -17.7% 1.57% −0.09
Portfolio Buys Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▼ EMBJ Embraer SA-Spon ADR New 10.74% +10.74 FCX Freeport-McMoran Inc. New 5.59% +5.59 TSM Taiwan Semiconductor-SP ADR New 5.59% +5.59 YUMC Yum China Holdings Inc. New 4.67% +4.67 LVS Las Vegas Sands Corp. New 4.00% +4.00 PDD PDD Holdings Inc. Add +156.4% 5.04% +2.34 BEKE Ke Holdings Inc.-ADR New 2.31% +2.31 FNV Franco-Nevada Corp. Add +103.7% 4.31% +1.84 VIST Vista Energy Sab DE CV New 1.83% +1.83 EDU New Oriental Educatio-SP ADR New 1.79% +1.79 GDS GDS Holdings Ltd. - ADR New 1.22% +1.22 MMYT Makemytrip Ltd. Add +44.9% 5.41% +0.87 EH Ehang Holdings Ltd.-SPS ADR New 0.45% +0.45 BAP Credicorp Ltd. Add +7.5% 4.57% +0.27 SLV iShares Silver Trust Add +13.8% 2.06% −0.02
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ SLV iShares Silver Trust call New 3,647,500 $119.7M ASHR Xtrackers Harvest Csi 300 CH call Reduce -26.6% 3,865,000 $106.4M EEM iShares MSCI Emerging Market put Reduce -74.3% 1,995,000 $96.2M FXI iShares China Large-Cap ETF put Sold out 764,500 $27.4Mbefore 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