Carrhae Capital LLP 13F holdings, Q4 2025
Holdings as of December 31, 2025 · filings on SEC EDGAR · latest filing →
Carrhae Capital LLP disclosed 28 US equity positions worth $1.5bn in its Q4 2025 13F filing. The largest position was TSM at 11.9% of the reported book, followed by EGO and SE. Against the Q3 2025 filing, it opened 8 new positions, added to 11 and reduced 8 among the top 28 holdings.
What did Carrhae Capital LLP own in Q4 2025? Top 28 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q3 2025 |
|---|---|---|---|---|---|---|---|
| 1 | TSM TAIWAN SEMICONDUCTOR MFG LTD | Technology | 11.9% | $178.8m | 588,459 | 200% | added |
| 2 | EGO ELDORADO GOLD CORP NEW | Basic Materials | 9.6% | $144.0m | 4,010,214 | -20% | reduced |
| 3 | SE SEA LTD | Consumer Cyclical | 7.2% | $107.6m | 843,557 | 58% | added |
| 4 | TECK TECK RESOURCES LTD | Basic Materials | 6.6% | $98.8m | 2,063,912 | – | new |
| 5 | NU NU HLDGS LTD | Financial Services | 5.5% | $82.7m | 4,942,239 | – | new |
| 6 | GDS GDS HLDGS LTD | Technology | 5.0% | $75.6m | 2,167,199 | 31% | added |
| 7 | EMBJ EMBRAER S.A. | Industrials | 4.9% | $73.8m | 1,147,269 | -3% | reduced |
| 8 | MAKEMYTRIP LIMITED MAURITIUS | 4.1% | $61.7m | 750,942 | 99% | added | |
| 9 | FNV FRANCO NEV CORP | Basic Materials | 4.1% | $60.9m | 293,772 | 162% | added |
| 10 | IBN ICICI BANK LIMITED | Financial Services | 4.0% | $59.4m | 1,992,766 | -50% | reduced |
| 11 | BBD BANCO BRADESCO S A | Financial Services | 3.6% | $53.9m | 16,185,404 | – | new |
| 12 | JBS JBS N.V. | Consumer Defensive | 3.5% | $52.6m | 3,649,226 | 802% | added |
| 13 | BAP CREDICORP LTD | Financial Services | 3.2% | $48.3m | 168,399 | – | new |
| 14 | BABA ALIBABA GROUP HLDG LTD | Consumer Cyclical | 3.0% | $45.2m | 308,639 | -38% | reduced |
| 15 | SNPS SYNOPSYS INC | Technology | 3.0% | $44.8m | 95,365 | -1% | reduced |
| 16 | BIDU BAIDU INC | Communication Services | 3.0% | $44.7m | 341,747 | – | new |
| 17 | GGAL GRUPO FINANCIERO GALICIA S.A | Financial Services | 2.9% | $42.9m | 795,204 | 152% | added |
| 18 | YMM FULL TRUCK ALLIANCE CO LTD | Technology | 2.7% | $40.9m | 3,807,441 | 42% | added |
| 19 | VIST VISTA ENERGY S.A.B. DE C.V. | Energy | 2.7% | $40.4m | 830,212 | 21% | added |
| 20 | EQT EQT CORP | Energy | 2.7% | $39.9m | 745,266 | 43% | added |
| 21 | PDD PDD HOLDINGS INC | Consumer Cyclical | 1.7% | $25.2m | 222,654 | -42% | reduced |
| 22 | WRD WERIDE INC | Technology | 1.4% | $21.0m | 2,421,132 | 48% | added |
| 23 | HBM HUDBAY MINERALS INC | Basic Materials | 1.1% | $15.9m | 802,513 | – | new |
| 24 | COPA HOLDINGS SA | 1.0% | $15.0m | 124,717 | – | new | |
| 25 | RENEW ENERGY GLOBAL PLC | 0.9% | $13.9m | 2,458,933 | -11% | reduced | |
| 26 | AU ANGLOGOLD ASHANTI PLC | Basic Materials | 0.6% | $8.4m | 98,283 | -91% | reduced |
| 27 | KSPI KASPI KZ JSC | 0.3% | $4.0m | 50,668 | – | new | |
| 28 | RENEW ENERGY GLOBAL PLC | 0.0% | $526 | 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.