Carrhae Capital LLP Q4 2025 Filing
Filed February 6, 2026
Portfolio Value
$2.6B
Holdings
34
Report Date
Q4 2025
Filing Type
13F-HR
All Holdings (34 positions)
| # | Stock | Shares | Value | % Portfolio | Type |
|---|---|---|---|---|---|
| 1 | NDQINVESCO QQQ TR | 463,200 | $284.5M | 10.76% | Put |
| 2 | KWEBKRANESHARES TRUST | 6,833,500 | $232.7M | 8.80% | Call |
| 3 | SLVISHARES SILVER TR | 3,354,800 | $216.1M | 8.18% | Call |
| 4 | EEMISHARES TR | 3,940,000 | $215.6M | 8.15% | Put |
| 5 | TSMTAIWAN SEMICONDUCTOR MFG LTD | 701,559 | $213.2M | 8.07% | Put |
| 6 | ELDELDORADO GOLD CORP NEW | 4,010,214 | $144.0M | 5.45% | |
| 7 | ASHRDBX ETF TR | 3,983,200 | $130.8M | 4.95% | Call |
| 8 | SESEA LTD | 843,557 | $107.6M | 4.07% | |
| 9 | TECK/BTECK RESOURCES LTD | 2,063,912 | $98.8M | 3.74% | |
| 10 | NUNU HLDGS LTD | 4,942,239 | $82.7M | 3.13% | |
| 11 | GDSGDS HLDGS LTD | 2,167,199 | $75.6M | 2.86% | |
| 12 | EMBJEMBRAER S.A. | 1,147,269 | $73.8M | 2.79% | |
| 13 | MMYTMAKEMYTRIP LIMITED MAURITIUS | 750,942 | $61.7M | 2.33% | |
| 14 | FNVFRANCO NEV CORP | 293,772 | $60.9M | 2.30% | |
| 15 | IBNICICI BANK LIMITED | 1,992,766 | $59.4M | 2.25% | |
| 16 | BBDBANCO BRADESCO S A | 16,185,404 | $53.9M | 2.04% | |
| 17 | JBSJBS N.V. | 3,649,226 | $52.6M | 1.99% | |
| 18 | BAPCREDICORP LTD | 168,399 | $48.3M | 1.83% | |
| 19 | BABAALIBABA GROUP HLDG LTD | 308,639 | $45.2M | 1.71% | |
| 20 | SNPSSYNOPSYS INC | 95,365 | $44.8M | 1.69% | |
| 21 | BIDUNBAIDU INC | 341,747 | $44.7M | 1.69% | |
| 22 | GGALGRUPO FINANCIERO GALICIA S.A | 795,204 | $42.9M | 1.62% | |
| 23 | YMMFULL TRUCK ALLIANCE CO LTD | 3,807,441 | $40.9M | 1.55% | |
| 24 | VISTVISTA ENERGY S.A.B. DE C.V. | 830,212 | $40.4M | 1.53% | |
| 25 | EQTEQT CORP | 745,266 | $39.9M | 1.51% | |
| 26 | GQ9SPDR GOLD TR | 72,200 | $28.6M | 1.08% | Call |
| 27 | PDDPDD HOLDINGS INC | 222,654 | $25.2M | 0.96% | |
| 28 | WRDWERIDE INC | 2,421,132 | $21.0M | 0.80% | |
| 29 | HBMHUDBAY MINERALS INC | 802,513 | $15.9M | 0.60% | |
| 30 | CPACOPA HOLDINGS SA | 124,717 | $15.0M | 0.57% | |
| 31 | RNWRENEW ENERGY GLOBAL PLC | 2,458,933 | $13.9M | 0.53% | |
| 32 | AUANGLOGOLD ASHANTI PLC | 98,283 | $8.4M | 0.32% | |
| 33 | KSPIKASPI KZ JSC | 50,668 | $4.0M | 0.15% | |
| 34 | RNWRENEW ENERGY GLOBAL PLC | 64,966 | $0 | 0.00% |