Carrhae Capital LLP 13F holdings, Q2 2025
Holdings as of June 30, 2025 · filings on SEC EDGAR · latest filing →
Carrhae Capital LLP disclosed 25 US equity positions worth $1.0bn in its Q2 2025 13F filing. The largest position was EMBJ at 10.7% of the reported book, followed by EGO and SE. Against the Q1 2025 filing, it opened 10 new positions, added to 5 and reduced 9 among the top 25 holdings.
What did Carrhae Capital LLP own in Q2 2025? Top 25 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q1 2025 |
|---|---|---|---|---|---|---|---|
| 1 | EMBJ EMBRAER S.A. | Industrials | 10.7% | $112.3m | 1,973,790 | – | new |
| 2 | EGO ELDORADO GOLD CORP NEW | Basic Materials | 8.8% | $91.8m | 4,514,485 | -33% | reduced |
| 3 | SE SEA LTD | Consumer Cyclical | 6.3% | $66.0m | 412,960 | -25% | reduced |
| 4 | BABA ALIBABA GROUP HLDG LTD | Consumer Cyclical | 5.7% | $59.4m | 523,722 | -6% | reduced |
| 5 | FCX FREEPORT-MCMORAN INC | Basic Materials | 5.6% | $58.5m | 1,349,063 | – | new |
| 6 | TSM TAIWAN SEMICONDUCTOR MFG LTD | Technology | 5.6% | $58.4m | 258,001 | – | new |
| 7 | MAKEMYTRIP LIMITED MAURITIUS | 5.4% | $56.5m | 576,586 | 45% | added | |
| 8 | COPA HOLDINGS SA | 5.4% | $56.3m | 512,143 | -34% | reduced | |
| 9 | AU ANGLOGOLD ASHANTI PLC | Basic Materials | 5.2% | $54.7m | 1,200,111 | -11% | reduced |
| 10 | PDD PDD HOLDINGS INC | Consumer Cyclical | 5.0% | $52.7m | 503,595 | 156% | added |
| 11 | YUMC YUM CHINA HLDGS INC | Consumer Cyclical | 4.7% | $48.9m | 1,092,990 | – | new |
| 12 | BAP CREDICORP LTD | Financial Services | 4.6% | $47.8m | 213,806 | 8% | added |
| 13 | FNV FRANCO NEV CORP | Basic Materials | 4.3% | $45.1m | 274,946 | 104% | added |
| 14 | TECK TECK RESOURCES LTD | Basic Materials | 4.3% | $44.7m | 1,107,431 | -13% | reduced |
| 15 | LVS LAS VEGAS SANDS CORP | Consumer Cyclical | 4.0% | $41.8m | 961,827 | – | new |
| 16 | BEKE KE HLDGS INC | Real Estate | 2.3% | $24.1m | 1,361,179 | – | new |
| 17 | SLV ISHARES SILVER TR | 2.1% | $21.5m | 656,743 | 14% | added | |
| 18 | VIST VISTA ENERGY S.A.B. DE C.V. | Energy | 1.8% | $19.2m | 400,582 | – | new |
| 19 | RENEW ENERGY GLOBAL PLC | 1.8% | $19.1m | 2,767,298 | -24% | reduced | |
| 20 | EDU NEW ORIENTAL ED & TECHNOLOGY | Consumer Defensive | 1.8% | $18.7m | 346,937 | – | new |
| 21 | HBM HUDBAY MINERALS INC | Basic Materials | 1.6% | $16.4m | 1,544,993 | -18% | reduced |
| 22 | NXPI NXP SEMICONDUCTORS N V | Technology | 1.3% | $13.8m | 63,342 | -41% | reduced |
| 23 | GDS GDS HLDGS LTD | Technology | 1.2% | $12.7m | 416,903 | – | new |
| 24 | EH EHANG HLDGS LTD | 0.5% | $4.7m | 271,700 | – | new | |
| 25 | RENEW ENERGY GLOBAL PLC | 0.0% | $8.6k | 64,966 | 0% | held |
Weights are shares of the reported long US equity book (options excluded). Values are as filed, normalised to whole dollars. Share changes compare against the immediately preceding filing only.