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Asset Manager ← All Institutions

Carrhae Capital LLP

Q4 2025 · Filed 2026-02-06
Market Value
$1.4B
+48.5%
Holdings
28
-3
New Purchases
8
Added To
10
Closed
3
Reduced
7
Top 10 Concentration
65.5%
Turnover
39.3%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
TECK 6.87% 0.00% +6.87% $99M
TSM 12.42% 5.66% +6.77% $179M
NU 5.75% 0.00% +5.75% $83M
BBD 3.74% 0.00% +3.74% $54M
BAP 3.36% 0.00% +3.36% $48M
BIDU 3.10% 0.00% +3.10% $45M
GGAL 2.98% 0.90% +2.08% $43M
FNV 4.23% 2.58% +1.65% $61M
HBM 1.11% 0.00% +1.11% $16M
CPA 1.04% 0.00% +1.04% $15M
MMYT 4.28% 3.65% +0.63% $62M
VIST 2.81% 2.44% +0.36% $40M
KSPI 0.27% 0.00% +0.27% $4M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
IBN 4.13% 12.48% -8.35% $59M
BABA 3.14% 9.18% -6.04% $45M
EGO 10.01% 14.88% -4.88% $144M
PDD 1.75% 5.27% -3.52% $25M
FCX 0.00% 2.61% -2.61% $0
SE 7.48% 9.83% -2.35% $108M
ERJ 5.13% 7.35% -2.22% $74M
SNPS 3.11% 4.90% -1.78% $45M
GDS 5.25% 6.58% -1.32% $76M
RNW 0.97% 2.20% -1.23% $14M
YMM 2.84% 3.58% -0.74% $41M
PONY 0.00% 0.69% -0.69% $0
SHEL 0.00% 0.65% -0.65% $0
WRD 1.46% 1.67% -0.21% $21M
EQT 2.77% 2.92% -0.14% $40M

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 3 $224M 15.6%
Large Cap 14 $744M 51.7%
Mid Cap 11 $471M 32.7%

Portfolio Analytics

Avg Market Cap
$125.7B
Median Market Cap
$33.2B
Avg P/E
22.8
Median P/E
16.4
Avg Dividend Yield
0.01%
Avg Beta
0.96
# Stocks
28
# ETFs / Funds
0

Top Holdings (28 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 TSM 12.42% 588,459 $179M $303.89 $124M +392,127 +199.7%
2 EGO 10.01% 4,010,214 $144M $35.92 -$251K -984,524 -19.7%
3 SE 7.48% 843,557 $108M $127.57 $12M +310,497 +58.2%
4 TECK 6.87% 2,063,912 $99M $47.89 +2,063,912 NEW
5 NU 5.75% 4,942,239 $83M $16.74 +4,942,239 NEW
6 GDS 5.25% 2,167,199 $76M $34.90 $12M +518,921 +31.5%
7 ERJ 5.13% 1,147,269 $74M $64.37 $3M -31,382 -2.7%
8 MMYT 4.28% 750,942 $62M $82.12 $26M +372,845 +98.6%
9 FNV 4.23% 293,772 $61M $207.28 $36M +181,718 +162.2%
10 IBN 4.13% 1,992,766 $59M $29.80 -$62M -2,009,787 -50.2%
11 BBD 3.74% 16,185,404 $54M $3.33 +16,185,404 NEW
12 BAP 3.36% 168,399 $48M $287.00 +168,399 NEW
13 BABA 3.14% 308,639 $45M $146.58 -$44M -189,595 -38.0%
14 SNPS 3.11% 95,365 $45M $469.72 -$3M -850 -0.9%
15 BIDU 3.10% 341,747 $45M $130.66 +341,747 NEW
16 GGAL 2.98% 795,204 $43M $53.94 $34M +479,504 +151.9%
17 YMM 2.84% 3,807,441 $41M $10.73 $6M +1,132,667 +42.4%
18 VIST 2.81% 830,212 $40M $48.66 $17M +141,807 +20.6%
19 EQT 2.77% 745,266 $40M $53.60 $12M +225,230 +43.3%
20 PDD 1.75% 222,654 $25M $113.39 -$26M -164,270 -42.5%
21 WRD 1.46% 2,421,132 $21M $8.68 $5M +789,549 +48.4%
22 HBM 1.11% 802,513 $16M $19.85 +802,513 NEW
23 CPA 1.04% 124,717 $15M $120.61 +124,717 NEW
24 RNW 0.97% 2,458,933 $14M $5.65 -$7M -308,365 -11.1%
25 KSPI 0.27% 50,668 $4M $78.13 +50,668 NEW
26 FCX —% -$25M -644,376 -100.0% SOLD
27 SHEL —% -$6M -88,632 -100.0% SOLD
28 PONY —% -$7M -297,295 -100.0% SOLD

Options Breakdown

4 Calls $608M Call Value 3 Puts $534M Put Value 0.88 P/C Ratio

Top Calls

SymbolSharesValueStatus
KWEB 6,833,500 $233M NEW
SLV 3,354,800 $216M
ASHR 3,983,200 $131M
GLD 72,200 $29M

Top Puts

SymbolSharesValueStatus
QQQ 463,200 $285M NEW
EEM 3,940,000 $216M NEW
TSM 113,100 $34M

New Positions

SymbolValue% Port
TECK $99M 6.87%
NU $83M 5.75%
BBD $54M 3.74%
BAP $48M 3.36%
BIDU $45M 3.10%
HBM $16M 1.11%
CPA $15M 1.04%
KSPI $4M 0.27%

Sold Out Positions

SymbolValue% Port
SHEL —%
FCX —%
PONY —%
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