In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 20, 2025), Carrhae Capital LLP reported 22 stock positions worth $1.1 billion . Its top holding was Eldorado Gold (EGO) at 13.7% of the portfolio, followed by Icici Bank Ltd.-Spon ADR (IBN, 11.5% ) and Sea Ltd.-ADR (SE, 9.0% ). Compared with Q2 2025, it opened 9 new positions, sold out of 11, added to 4 and reduced 8. The biggest buy was a new position in Icici Bank Ltd.-Spon ADR (IBN) and the biggest sale an exit from Copa Class A (CPA).
Location London, X0
CIK 0001555254
Portfolio Value $1.1B (Q3 2025) Holdings 22 stocks · $1.1B 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 2025 EGO Eldorado Gold Corp. 4,994,738 $144.3M Add +10.6% IBN Icici Bank Ltd.-Spon ADR 4,002,553 $121.0M New SE Sea Ltd.-ADR 533,060 $95.3M Add +29.1% BABA Alibaba Group Holding-SP ADR 498,234 $89.0M Reduce -4.9% AU Anglogold Ashanti PLC 1,104,051 $77.6M Reduce -8.0% EMBJ Embraer SA-Spon ADR 1,178,651 $71.2M Reduce -40.3% GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD 1,648,278 $63.8M Add +295.4% TSM Taiwan Semiconductor-SP ADR 196,332 $54.8M Reduce -23.9% PDD PDD Holdings Inc. 386,924 $51.1M Reduce -23.2% SNPS Synopsys Inc. 96,215 $47.5M New MMYT Makemytrip Ltd. 378,097 $35.4M Reduce -34.4% YMM Full Truck Alliance -SPN ADR 2,674,774 $34.7M New EQT Eqt Corp. 520,036 $28.3M New FCX Freeport-McMoran Inc. 644,376 $25.3M Reduce -52.2% FNV Franco-Nevada Corp. 112,054 $25.0M Reduce -59.3% VIST Vista Energy Sab DE CV 688,405 $23.7M Add +71.8% RNW Renew Energy Global PLC-A 2,767,298 $21.3M No change WRD Weride Inc.-ADR 1,631,583 $16.2M New GGAL Grupo Financiero Galicia-ADR 315,700 $8.7M New PONY Pony AI Inc. 297,295 $6.7M New SHEL Shell PLC-ADR 88,632 $6.3M New JBS JBS NV-A 404,673 $6.0M New
Options reported separately and not counted above: ASHR calls ($226.5M), SLV calls ($212.8M), TSM puts ($113.1M), GLD calls ($92.1M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $3K (not counted above) Security Class Shares / Principal Value Change RNWWW Renew Energy Global -CW26 *W EXP 08/21/202 64,966 $3K No change
Total filed on the 13F, all lines: $1.1B.
Portfolio Sells Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▲ CPA Copa Holdings SA Class A Sold out 0.00% −5.39 YUMC Yum China Holdings Inc. Sold out 0.00% −4.67 BAP Credicorp Ltd. Sold out 0.00% −4.57 TECK Teck Resources Ltd.-CLS B Sold out 0.00% −4.28 LVS Las Vegas Sands Corp. Sold out 0.00% −4.00 EMBJ Embraer SA-Spon ADR Reduce -40.3% 6.76% −3.98 FCX Freeport-McMoran Inc. Reduce -52.2% 2.40% −3.19 BEKE Ke Holdings Inc.-ADR Sold out 0.00% −2.31 SLV iShares Silver Trust Sold out 0.00% −2.06 MMYT Makemytrip Ltd. Reduce -34.4% 3.36% −2.05 FNV Franco-Nevada Corp. Reduce -59.3% 2.37% −1.94 EDU New Oriental Educatio-SP ADR Sold out 0.00% −1.79 HBM Hudbay Minerals Inc. Sold out 0.00% −1.57 NXPI NXP Semiconductors NV Sold out 0.00% −1.32 EH Ehang Holdings Ltd.-SPS ADR Sold out 0.00% −0.45 TSM Taiwan Semiconductor-SP ADR Reduce -23.9% 5.21% −0.38 PDD PDD Holdings Inc. Reduce -23.2% 4.86% −0.19 AU Anglogold Ashanti PLC Reduce -8.0% 7.37% +2.14 BABA Alibaba Group Holding-SP ADR Reduce -4.9% 8.45% +2.77
Portfolio Buys Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▼ IBN Icici Bank Ltd.-Spon ADR New 11.49% +11.49 EGO Eldorado Gold Corp. Add +10.6% 13.70% +4.92 GDS GDS Holdings Ltd. - ADR Add +295.4% 6.06% +4.84 SNPS Synopsys Inc. New 4.51% +4.51 YMM Full Truck Alliance -SPN ADR New 3.29% +3.29 SE Sea Ltd.-ADR Add +29.1% 9.05% +2.73 EQT Eqt Corp. New 2.69% +2.69 WRD Weride Inc.-ADR New 1.53% +1.53 GGAL Grupo Financiero Galicia-ADR New 0.83% +0.83 PONY Pony AI Inc. New 0.63% +0.63 SHEL Shell PLC-ADR New 0.60% +0.60 JBS JBS NV-A New 0.57% +0.57 VIST Vista Energy Sab DE CV Add +71.8% 2.25% +0.42
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ ASHR Xtrackers Harvest Csi 300 CH call Add +77.7% 6,868,000 $226.5M SLV iShares Silver Trust call Add +37.7% 5,021,400 $212.8M TSM Taiwan Semiconductor-SP ADR put New 405,100 $113.1M EEM iShares MSCI Emerging Market put Sold out 1,995,000 $96.2Mbefore exit GLD SPDR Gold Shares call New 259,000 $92.1M
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