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Portfolio (Quarterly) Guide ↗

Carrhae Capital LLP

· CIK 0001555254
13F Portfolio $3.3B AUM 29 positions Filed May 14, 2026 EDGAR ↗ ← All Funds
Q1 2026 Q4 2025 · All 10 New 10 Added 9 Reduced 16 Exited
# Ticker Company Sector Shares Value ↓ % Port Chg Shares Chg % Period Price ① Since Period ①
1 QQQ PUT INVESCO QQQ TR Financial Services 2,477,800.0 $1.43B 42.86% +2.0M +434.9% $577.18 +23.8%
2 EMBJ EMBRAER S.A. Industrials 2,888,680.0 $171.4M 5.14% +1.7M +151.8% $59.34 -4.8%
3 EGO ELDORADO GOLD CORP NEW Basic Materials 4,897,751.0 $168.1M 5.04% +888K +22.1% $34.33 -7.7%
4 BABA ALIBABA GROUP HLDG LTD Consumer Cyclical 1,334,070.0 $167.4M 5.02% +1.0M +332.2% $125.46 +4.8%
5 ICICI BANK LIMITED 5,039,743.0 $130.5M 3.91% +3.0M +152.9% $25.90
6 GDS GDS HLDGS LTD Technology 2,184,662.0 $88.0M 2.64% +17K +0.8% $40.29 -12.7%
7 CPA COPA HOLDINGS SA Industrials 518,114.0 $58.9M 1.76% +393K +315.4% $113.61 +20.6%
8 GLD CALL SPDR GOLD TR Financial Services 135,800.0 $58.4M 1.75% +64K +88.1% $430.29 -3.1%
9 PDD PDD HOLDINGS INC Consumer Cyclical 515,274.0 $52.7M 1.58% +293K +131.4% $102.18 -4.3%
10 ANGLOGOLD ASHANTI PLC 252,966.0 $24.6M 0.74% +155K +157.4% $97.36

Period Price is the implied market price on the last day of the reporting period, calculated as reported value ÷ shares held. It is not the fund's purchase price or cost basis — the fund may have initiated or added to the position at any point during the quarter at a different price. Since Period shows the price change from that quarter-end snapshot to today's last price — it reflects stock movement after the report date, not the fund's actual return.

Sector Allocation
Technology 24.4%
Consumer Cyclical 21.0%
Industrials 18.9%
Basic Materials 14.7%
Financial Services 14.1%
Energy 6.4%
Utilities 0.5%