In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 6, 2026), Carrhae Capital LLP reported 27 stock positions worth $1.5 billion . Its top holding was Taiwan Semiconductor-SP ADR (TSM) at 11.9% of the portfolio, followed by Eldorado Gold (EGO, 9.6% ) and Sea Ltd.-ADR (SE, 7.2% ). Compared with Q3 2025, it opened 8 new positions, sold out of 3, added to 11 and reduced 8. The biggest buy was Taiwan Semiconductor-SP ADR (TSM, shares +200% ) and the biggest sale Icici Bank Ltd.-Spon ADR (IBN, shares −50% ).
Location London, X0
CIK 0001555254
Portfolio Value $1.5B (Q4 2025) Holdings 27 stocks · $1.5B 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 2025 TSM Taiwan Semiconductor-SP ADR 588,459 $178.8M Add +199.7% EGO Eldorado Gold Corp. 4,010,214 $144.0M Reduce -19.7% SE Sea Ltd.-ADR 843,557 $107.6M Add +58.3% TECK Teck Resources Ltd.-CLS B 2,063,912 $98.8M New NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 4,942,239 $82.7M New GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD 2,167,199 $75.6M Add +31.5% EMBJ Embraer SA-Spon ADR 1,147,269 $73.8M Reduce -2.7% MMYT Makemytrip Ltd. 750,942 $61.7M Add +98.6% FNV Franco-Nevada Corp. 293,772 $60.9M Add +162.2% IBN Icici Bank Ltd.-Spon ADR 1,992,766 $59.4M Reduce -50.2% BBD Banco Bradesco-ADR 16,185,404 $53.9M New JBS JBS NV-A 3,649,226 $52.6M Add +801.8% BAP Credicorp Ltd. 168,399 $48.3M New BABA Alibaba Group Holding-SP ADR 308,639 $45.2M Reduce -38.0% SNPS Synopsys Inc. 95,365 $44.8M Reduce -0.9% BIDU Baidu Inc. - Spon ADR 341,747 $44.7M New GGAL Grupo Financiero Galicia-ADR 795,204 $42.9M Add +151.9% YMM Full Truck Alliance -SPN ADR 3,807,441 $40.9M Add +42.4% VIST Vista Energy Sab DE CV 830,212 $40.4M Add +20.6% EQT Eqt Corp. 745,266 $39.9M Add +43.3% PDD PDD Holdings Inc. 222,654 $25.2M Reduce -42.5% WRD Weride Inc.-ADR 2,421,132 $21.0M Add +48.4% HBM Hudbay Minerals Inc. 802,513 $15.9M New CPA Copa Holdings SA Class A 124,717 $15.0M New RNW Renew Energy Global PLC-A 2,458,933 $13.9M Reduce -11.1% AU Anglogold Ashanti PLC 98,283 $8.4M Reduce -91.1% KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC 50,668 $4.0M New
Options reported separately and not counted above: QQQ puts ($284.5M), KWEB calls ($232.7M), SLV calls ($216.1M), EEM puts ($215.6M), ASHR calls ($130.8M), TSM puts ($34.4M), GLD calls ($28.6M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $526 (not counted above) Security Class Shares / Principal Value Change RNWWW Renew Energy Global -CW26 *W EXP 08/21/202 64,966 $526 No change
Total filed on the 13F, all lines: $1.5B.
Portfolio Sells Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▲ IBN Icici Bank Ltd.-Spon ADR Reduce -50.2% 3.96% −7.53 AU Anglogold Ashanti PLC Reduce -91.1% 0.56% −6.81 BABA Alibaba Group Holding-SP ADR Reduce -38.0% 3.01% −5.44 EGO Eldorado Gold Corp. Reduce -19.7% 9.60% −4.10 PDD PDD Holdings Inc. Reduce -42.5% 1.68% −3.17 FCX Freeport-McMoran Inc. Sold out 0.00% −2.40 EMBJ Embraer SA-Spon ADR Reduce -2.7% 4.92% −1.84 SNPS Synopsys Inc. Reduce -0.9% 2.99% −1.52 RNW Renew Energy Global PLC-A Reduce -11.1% 0.93% −1.10 PONY Pony AI Inc. Sold out 0.00% −0.63 SHEL Shell PLC-ADR Sold out 0.00% −0.60
Portfolio Buys Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▼ TSM Taiwan Semiconductor-SP ADR Add +199.7% 11.92% +6.71 TECK Teck Resources Ltd.-CLS B New 6.59% +6.59 NU Nu Holdings Ltd./Cayman Isl-A New 5.51% +5.51 BBD Banco Bradesco-ADR New 3.59% +3.59 BAP Credicorp Ltd. New 3.22% +3.22 BIDU Baidu Inc. - Spon ADR New 2.98% +2.98 JBS JBS NV-A Add +801.8% 3.51% +2.93 GGAL Grupo Financiero Galicia-ADR Add +151.9% 2.86% +2.03 FNV Franco-Nevada Corp. Add +162.2% 4.06% +1.69 HBM Hudbay Minerals Inc. New 1.06% +1.06 CPA Copa Holdings SA Class A New 1.00% +1.00 MMYT Makemytrip Ltd. Add +98.6% 4.11% +0.75 VIST Vista Energy Sab DE CV Add +20.6% 2.69% +0.44 KSPI JSC Kaspi.kz ADR New 0.26% +0.26 EQT Eqt Corp. Add +43.3% 2.66% −0.03 WRD Weride Inc.-ADR Add +48.4% 1.40% −0.13 YMM Full Truck Alliance -SPN ADR Add +42.4% 2.72% −0.57 GDS GDS Holdings Ltd. - ADR Add +31.5% 5.04% −1.02 SE Sea Ltd.-ADR Add +58.3% 7.17% −1.87
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ QQQ Invesco QQQ Trust Series 1 put New 463,200 $284.5M KWEB Kranesh Csi China Internet call New 6,833,500 $232.7M SLV iShares Silver Trust call Reduce -33.2% 3,354,800 $216.1M EEM iShares MSCI Emerging Market put New 3,940,000 $215.6M ASHR Xtrackers Harvest Csi 300 CH call Reduce -42.0% 3,983,200 $130.8M TSM Taiwan Semiconductor-SP ADR put Reduce -72.1% 113,100 $34.4M GLD SPDR Gold Shares call Reduce -72.1% 72,200 $28.6M
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