Carrhae Capital LLP 13F holdings, Q3 2025
Holdings as of September 30, 2025 · filings on SEC EDGAR · latest filing →
Carrhae Capital LLP disclosed 23 US equity positions worth $1.1bn in its Q3 2025 13F filing. The largest position was EGO at 13.7% of the reported book, followed by IBN and SE. Against the Q2 2025 filing, it opened 9 new positions, added to 4 and reduced 8 among the top 23 holdings.
What did Carrhae Capital LLP own in Q3 2025? Top 23 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q2 2025 |
|---|---|---|---|---|---|---|---|
| 1 | EGO ELDORADO GOLD CORP NEW | Basic Materials | 13.7% | $144.3m | 4,994,738 | 11% | added |
| 2 | IBN ICICI BANK LIMITED | Financial Services | 11.5% | $121.0m | 4,002,553 | – | new |
| 3 | SE SEA LTD | Consumer Cyclical | 9.0% | $95.3m | 533,060 | 29% | added |
| 4 | BABA ALIBABA GROUP HLDG LTD | Consumer Cyclical | 8.5% | $89.0m | 498,234 | -5% | reduced |
| 5 | AU ANGLOGOLD ASHANTI PLC | Basic Materials | 7.4% | $77.6m | 1,104,051 | -8% | reduced |
| 6 | EMBJ EMBRAER S.A. | Industrials | 6.8% | $71.2m | 1,178,651 | -40% | reduced |
| 7 | GDS GDS HLDGS LTD | Technology | 6.1% | $63.8m | 1,648,278 | 295% | added |
| 8 | TSM TAIWAN SEMICONDUCTOR MFG LTD | Technology | 5.2% | $54.8m | 196,332 | -24% | reduced |
| 9 | PDD PDD HOLDINGS INC | Consumer Cyclical | 4.9% | $51.1m | 386,924 | -23% | reduced |
| 10 | SNPS SYNOPSYS INC | Technology | 4.5% | $47.5m | 96,215 | – | new |
| 11 | MAKEMYTRIP LIMITED MAURITIUS | 3.4% | $35.4m | 378,097 | -34% | reduced | |
| 12 | YMM FULL TRUCK ALLIANCE CO LTD | Technology | 3.3% | $34.7m | 2,674,774 | – | new |
| 13 | EQT EQT CORP | Energy | 2.7% | $28.3m | 520,036 | – | new |
| 14 | FCX FREEPORT-MCMORAN INC | Basic Materials | 2.4% | $25.3m | 644,376 | -52% | reduced |
| 15 | FNV FRANCO NEV CORP | Basic Materials | 2.4% | $25.0m | 112,054 | -59% | reduced |
| 16 | VIST VISTA ENERGY S.A.B. DE C.V. | Energy | 2.2% | $23.7m | 688,405 | 72% | added |
| 17 | RENEW ENERGY GLOBAL PLC | 2.0% | $21.3m | 2,767,298 | 0% | held | |
| 18 | WRD WERIDE INC | Technology | 1.5% | $16.2m | 1,631,583 | – | new |
| 19 | GGAL GRUPO FINANCIERO GALICIA S.A | Financial Services | 0.8% | $8.7m | 315,700 | – | new |
| 20 | PONY PONY AI INC | Technology | 0.6% | $6.7m | 297,295 | – | new |
| 21 | SHEL SHELL PLC | Energy | 0.6% | $6.3m | 88,632 | – | new |
| 22 | JBS JBS N.V. | Consumer Defensive | 0.6% | $6.0m | 404,673 | – | new |
| 23 | RENEW ENERGY GLOBAL PLC | 0.0% | $3.0k | 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.