Fund Holdings — Carrhae Capital LLP

Total Portfolio Value:
$1.42B
Total Bought:
$718.30M
Total Sold:
$821.77M
Net Transaction:
-$103.47M
Notable People:
Ali Akay
Securities
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SharesValue
Q4 2025
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Q1 2026
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Change
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Q4 2025
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Q1 2026
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Weight (%)
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Change
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Taiwan Semiconductor Manufacturing Company LimitedADS(TSM)588,459558,880-29,579$178.83M$188.87M13.33%+$10.05M
Embraer S.A.ADS(EMBJ)1,147,2692,888,680+1,741,411$73.85M$171.41M12.10%+$97.56M
Itaú Unibanco Holding S.A.ADR(ITUB)020,443,133+20,443,133$0$171.31M12.09%+$171.31M
Eldorado Gold Corporation(EGO)4,010,2144,897,751+887,537$144.05M$168.14M11.86%+$24.09M
Alibaba Group Holding LimitedADS(BABA)308,6391,334,070+1,025,431$45.24M$167.37M11.81%+$122.13M
ICICI Bank LimitedADR(IBN)1,992,7665,039,743+3,046,977$59.38M$130.53M9.21%+$71.14M
GDS Holdings LimitedADS(GDS)2,167,1992,184,662+17,463$75.64M$88.02M6.21%+$12.38M
Copa Holdings, S.A.CL A(CPA)124,717518,114+393,397$15.04M$58.86M4.15%+$43.82M
PDD Holdings Inc.ADS(PDD)222,654515,274+292,620$25.25M$52.65M3.72%+$27.40M
JBS N.V.CL A(JBS)3,649,2262,546,345-1,102,881$52.62M$45.73M3.23%-$6.89M
Hesai GroupADS(HSAI)01,568,343+1,568,343$0$29.99M2.12%+$29.99M
SLB N.V.(SLB)0556,816+556,816$0$28.61M2.02%+$28.61M
AngloGold Ashanti plc(AU)98,283252,966+154,683$8.38M$24.63M1.74%+$16.25M
Halliburton Company(HAL)0597,721+597,721$0$23.31M1.64%+$23.31M
Tenaris S.A.ADS(TS)0337,428+337,428$0$19.63M1.39%+$19.63M
VNET Group, Inc.ADS(VNET)01,513,055+1,513,055$0$12.69M0.90%+$12.69M
ArcelorMittal S.A.NY REGISTRY SH(MT)0196,677+196,677$0$10.22M0.72%+$10.22M
NetEase, Inc.ADS(NTES)069,167+69,167$0$7.74M0.55%+$7.74M
Vista Energy, S.A.B. de C.V.ADS(VIST)830,21279,692-750,520$40.40M$6.01M0.42%-$34.38M
ReNew Energy Global PlcCL A(RNW)2,458,9331,277,071-1,181,862$13.89M$5.85M0.41%-$8.04M
Makemytrip Limited MauritiusSHS
SHS
750,942150,562-600,380$61.67M$5.61M0.40%-$56.05M
Baidu IncADR341,7470-341,747$44.65M$0—-$44.65M
Banco Bradesco S AADR16,185,4040-16,185,404$53.90M$0—-$53.90M
Credicorp Ltd.(BAP)168,3990-168,399$48.33M$0—-$48.33M
EQT Corporation(EQT)745,2660-745,266$39.95M$0—-$39.95M
Franco-Nevada Corporation(FNV)293,7720-293,772$60.89M$0—-$60.89M
Full Truck Alliance Co. Ltd.ADS(YMM)3,807,4410-3,807,441$40.85M$0—-$40.85M
Grupo Financiero Galicia S.A.ADR(GGAL)795,2040-795,204$42.89M$0—-$42.89M
Hudbay Minerals Inc.(HBM)802,5130-802,513$15.93M$0—-$15.93M
Joint Stock Company Kaspi.kzADS(KSPI)50,6680-50,668$3.96M$0—-$3.96M
Nu Holdings Ltd.CL A(NU)4,942,2390-4,942,239$82.73M$0—-$82.73M
ReNew Energy Global PlcW EXP 08 21 202(RNW)64,9660-64,966$526$0—-$526
Sea LimitedADS(SE)843,5570-843,557$107.61M$0—-$107.61M
Synopsys, Inc.(SNPS)95,3650-95,365$44.79M$0—-$44.79M
Teck Resources LimitedCL B(TECK)2,063,9120-2,063,912$98.84M$0—-$98.84M
WeRide Inc.ADS(WRD)2,421,1320-2,421,132$21.02M$0—-$21.02M
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