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Carrhae Capital LLP

Q3 2025 · Filed 2025-11-20
Market Value
$970M
-2.1%
Holdings
31
+2
New Purchases
8
Added To
4
Closed
11
Reduced
7
Top 10 Concentration
79.8%
Turnover
61.3%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
IBN 12.48% 0.00% +12.48% $121M
EGO 14.88% 9.27% +5.61% $144M
GDS 6.58% 1.29% +5.29% $64M
SNPS 4.90% 0.00% +4.90% $47M
YMM 3.58% 0.00% +3.58% $35M
BABA 9.18% 6.00% +3.19% $89M
SE 9.83% 6.67% +3.16% $95M
EQT 2.92% 0.00% +2.92% $28M
WRD 1.67% 0.00% +1.67% $16M
GGAL 0.90% 0.00% +0.90% $9M
PONY 0.69% 0.00% +0.69% $7M
SHEL 0.65% 0.00% +0.65% $6M
VIST 2.44% 1.93% +0.51% $24M
RNW 2.20% 1.93% +0.27% $21M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
CPA 0.00% 5.68% -5.68% $0
YUMC 0.00% 4.93% -4.93% $0
BAP 0.00% 4.82% -4.82% $0
TECK 0.00% 4.51% -4.51% $0
LVS 0.00% 4.22% -4.22% $0
ERJ 7.35% 11.34% -3.99% $71M
FCX 2.61% 5.90% -3.30% $25M
BEKE 0.00% 2.44% -2.44% $0
SLV 0.00% 2.17% -2.17% $0
MMYT 3.65% 5.70% -2.05% $35M
FNV 2.58% 4.55% -1.97% $25M
EDU 0.00% 1.89% -1.89% $0
HBM 0.00% 1.65% -1.65% $0
NXPI 0.00% 1.40% -1.40% $0
EH 0.00% 0.48% -0.48% $0

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 3 $150M 15.5%
Large Cap 15 $465M 47.9%
Mid Cap 12 $355M 36.6%
Small Cap 1 $0 0.0%

Portfolio Analytics

Avg Market Cap
$114.6B
Median Market Cap
$26.6B
Avg P/E
23.6
Median P/E
17.4
Avg Dividend Yield
0.01%
Avg Beta
0.95
# Stocks
30
# ETFs / Funds
1

Top Holdings (31 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 EGO 14.88% 4,994,738 $144M $28.89 $52M +480,253 +10.6%
2 IBN 12.48% 4,002,553 $121M $30.23 +4,002,553 NEW
3 SE 9.83% 533,060 $95M $178.73 $29M +120,100 +29.1%
4 BABA 9.18% 498,234 $89M $178.73 $30M -25,488 -4.9%
5 ERJ 7.35% 1,178,651 $71M $60.45 -$41M -795,139 -40.3%
6 GDS 6.58% 1,648,278 $64M $38.70 $51M +1,231,375 +295.4%
7 TSM 5.66% 196,332 $55M $279.29 -$4M -61,669 -23.9%
8 PDD 5.27% 386,924 $51M $132.17 -$2M -116,671 -23.2%
9 SNPS 4.90% 96,215 $47M $493.39 +96,215 NEW
10 MMYT 3.65% 378,097 $35M $93.60 -$21M -198,489 -34.4%
11 YMM 3.58% 2,674,774 $35M $12.97 +2,674,774 NEW
12 EQT 2.92% 520,036 $28M $54.43 +520,036 NEW
13 FCX 2.61% 644,376 $25M $39.22 -$33M -704,687 -52.2%
14 FNV 2.58% 112,054 $25M $222.91 -$20M -162,892 -59.2%
15 VIST 2.44% 688,405 $24M $34.40 $5M +287,823 +71.8%
16 RNW 2.20% 2,767,298 $21M $7.70 $2M
17 WRD 1.67% 1,631,583 $16M $9.90 +1,631,583 NEW
18 GGAL 0.90% 315,700 $9M $27.56 +315,700 NEW
19 PONY 0.69% 297,295 $7M $22.49 +297,295 NEW
20 SHEL 0.65% 88,632 $6M $71.53 +88,632 NEW
21 BEKE —% -$24M -1,361,179 -100.0% SOLD
22 SLV —% -$22M -656,743 -100.0% SOLD
23 HBM —% -$16M -1,544,993 -100.0% SOLD
24 YUMC —% -$49M -1,092,990 -100.0% SOLD
25 NXPI —% -$14M -63,342 -100.0% SOLD
26 EH —% -$5M -271,700 -100.0% SOLD
27 EDU —% -$19M -346,937 -100.0% SOLD
28 TECK —% -$45M -1,107,431 -100.0% SOLD
29 CPA —% -$56M -512,143 -100.0% SOLD
30 LVS —% -$42M -961,827 -100.0% SOLD
31 BAP —% -$48M -213,806 -100.0% SOLD

Options Breakdown

3 Calls $531M Call Value 2 Puts $113M Put Value 0.21 P/C Ratio

Top Calls

SymbolSharesValueStatus
ASHR 6,868,000 $227M
SLV 5,021,400 $213M
GLD 259,000 $92M NEW

Top Puts

SymbolSharesValueStatus
TSM 405,100 $113M NEW
EEM $0 SOLD

New Positions

SymbolValue% Port
IBN $121M 12.48%
SNPS $47M 4.90%
YMM $35M 3.58%
EQT $28M 2.92%
WRD $16M 1.67%
GGAL $9M 0.90%
PONY $7M 0.69%
SHEL $6M 0.65%

Sold Out Positions

SymbolValue% Port
CPA —%
BAP —%
TECK —%
LVS —%
BEKE —%
YUMC —%
HBM —%
EH —%
NXPI —%
SLV —%
EDU —%
View SEC EDGAR Filings for Carrhae Capital LLP →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms