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The Analysis of Carrhae Capital LLP's Holdings & P&L

Currently, Carrhae Capital LLP holds 21 types of securities in its portfolio with a total value $1.4B. In the most recent quarter, they have increased their positions in ITUB (+20.4M shares, valued at $171.3M), BABA (+1.0M shares, valued at $128.7M), EMBJ (+1.7M shares, valued at $103.3M); decreased their positions in VIST (-750.5K shares, valued at $56.6M), MMYT (-600.4K shares, valued at $22.4M), JBS (-1.1M shares, valued at $19.8M); initiated new positions in ITUB (+20.4M shares, valued at $171.3M), HSAI (+1.6M shares, valued at $30.0M), SLB (+556.8K shares, valued at $28.6M).

1M P&L

-50.0M-3.40%

3M P&L

-198.0M-12.21%

HY P&L

+33.8M+2.43%

P&L figures are estimated based on reported 13F stock holdings and market price changes. They are approximations and may not reflect actual fund performance. Stock split events may also affect the accuracy of these calculations, and we cannot guarantee that all splits have been fully accounted for.

Top Holding Treemap

Top Industries by Value

1Banks - Regional301.8M

21.7%

2Internet Retail220.0M

15.8%

3Semiconductors188.9M

13.6%

Top Industries by Stock Count

1Oil & Gas Equipment & Services3 stocks

15.0%

2Internet Retail2 stocks

10.0%

3Information Technology Services2 stocks

10.0%

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Stock Holdings

TickerCompany NameSharesShares △%Event DateReport DateHistory

TSM TAIWAN SEMICONDUCTOR MANUFAC558.9K shares-5.03%2026-03-312026-05-14

EMBJ EMBRAER S.A.2.9M shares151.79%2026-03-312026-05-14

ITUB ITAU UNIBANCO HLDG S A20.4M sharesnew addition2026-03-312026-05-14

EGO ELDORADO GOLD CORP NEW4.9M shares22.13%2026-03-312026-05-14

BABA ALIBABA GROUP HLDG LTD1.3M shares332.24%2026-03-312026-05-14

IBN ICICI BANK LIMITED5.0M shares152.90%2026-03-312026-05-14

GDS GDS HLDGS LTD2.2M shares0.81%2026-03-312026-05-14

CPA COPA HOLDINGS SA518.1K shares315.43%2026-03-312026-05-14

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PDD PDD HOLDINGS INC515.3K shares131.42%2026-03-312026-05-14

JBS JBS N.V.2.5M shares-30.22%2026-03-312026-05-14

HSAI HESAI GROUP1.6M sharesnew addition2026-03-312026-05-14

SLB SLB LIMITED556.8K sharesnew addition2026-03-312026-05-14

ANGLOGOLD ASHANTI PLC ANGLOGOLD ASHANTI PLC253.0K shares157.39%2026-03-312026-05-14

HAL HALLIBURTON CO597.7K sharesnew addition2026-03-312026-05-14

TS TENARIS S A337.4K sharesnew addition2026-03-312026-05-14

VNET VNET GROUP INC1.5M sharesnew addition2026-03-312026-05-14

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MT ARCELORMITTAL SA LUXEMBOURG196.7K sharesnew addition2026-03-312026-05-14

NTES NETEASE COM INC69.2K sharesnew addition2026-03-312026-05-14

VIST VISTA ENERGY S.A.B. DE C.V.79.7K shares-90.40%2026-03-312026-05-14

RNW RENEW ENERGY GLOBAL PLC1.3M shares-48.06%2026-03-312026-05-14

MMYT MAKEMYTRIP LIMITED MAURITIUS150.6K shares-79.95%2026-03-312026-05-14

TSM

TAIWAN SEMICONDUCTOR MANUFAC

-5.03%

Shares558.9K

Event2026-03-31

Filed2026-05-14

EMBJ

EMBRAER S.A.

151.79%

Shares2.9M

Event2026-03-31

Filed2026-05-14

ITUB

ITAU UNIBANCO HLDG S A

New

Shares20.4M

Event2026-03-31

Filed2026-05-14

EGO

ELDORADO GOLD CORP NEW

22.13%

Shares4.9M

Event2026-03-31

Filed2026-05-14

BABA

ALIBABA GROUP HLDG LTD

332.24%

Shares1.3M

Event2026-03-31

Filed2026-05-14

IBN

ICICI BANK LIMITED

152.90%

Shares5.0M

Event2026-03-31

Filed2026-05-14

GDS

GDS HLDGS LTD

0.81%

Shares2.2M

Event2026-03-31

Filed2026-05-14

CPA

COPA HOLDINGS SA

315.43%

Shares518.1K

Event2026-03-31

Filed2026-05-14

PDD

PDD HOLDINGS INC

131.42%

Shares515.3K

Event2026-03-31

Filed2026-05-14

JBS

JBS N.V.

-30.22%

Shares2.5M

Event2026-03-31

Filed2026-05-14

HSAI

HESAI GROUP

New

Shares1.6M

Event2026-03-31

Filed2026-05-14

SLB

SLB LIMITED

New

Shares556.8K

Event2026-03-31

Filed2026-05-14

ANGLOGOLD ASHANTI PLC

157.39%

Shares253.0K

Event2026-03-31

Filed2026-05-14

HAL

HALLIBURTON CO

New

Shares597.7K

Event2026-03-31

Filed2026-05-14

TENARIS S A

New

Shares337.4K

Event2026-03-31

Filed2026-05-14

VNET

VNET GROUP INC

New

Shares1.5M

Event2026-03-31

Filed2026-05-14

ARCELORMITTAL SA LUXEMBOURG

New

Shares196.7K

Event2026-03-31

Filed2026-05-14

NTES

NETEASE COM INC

New

Shares69.2K

Event2026-03-31

Filed2026-05-14

VIST

VISTA ENERGY S.A.B. DE C.V.

-90.40%

Shares79.7K

Event2026-03-31

Filed2026-05-14

RNW

RENEW ENERGY GLOBAL PLC

-48.06%

Shares1.3M

Event2026-03-31

Filed2026-05-14

MMYT

MAKEMYTRIP LIMITED MAURITIUS

-79.95%

Shares150.6K

Event2026-03-31

Filed2026-05-14

Call Option Holdings

SLV Call CallISHARES SILVER TR2.6M shares-21.69%2026-03-312026-05-14

GLD Call CallSPDR GOLD TR135.8K shares88.09%2026-03-312026-05-14

KWEB Call CallKRANESHARES TRUST1.9M shares-72.79%2026-03-312026-05-14

BABA Call CallALIBABA GROUP HLDG LTD365.6K sharesnew addition2026-03-312026-05-14

ASHR Call CallDBX ETF TR1.3M shares-66.48%2026-03-312026-05-14

SLV Call

ISHARES SILVER TR

-21.69%

Shares2.6M

Event2026-03-31

Filed2026-05-14

GLD Call

SPDR GOLD TR

88.09%

Shares135.8K

Event2026-03-31

Filed2026-05-14

KWEB Call

KRANESHARES TRUST

-72.79%

Shares1.9M

Event2026-03-31

Filed2026-05-14

BABA Call

ALIBABA GROUP HLDG LTD

New

Shares365.6K

Event2026-03-31

Filed2026-05-14

ASHR Call

DBX ETF TR

-66.48%

Shares1.3M

Event2026-03-31

Filed2026-05-14

Put Option Holdings

INVESCO QQQ TR Put PutINVESCO QQQ TR2.5M shares434.93%2026-03-312026-05-14

USO Put PutUNITED STS OIL FD LP596.8K sharesnew addition2026-03-312026-05-14

TSM Put PutTAIWAN SEMICONDUCTOR MANUFAC100.3K shares-11.32%2026-03-312026-05-14

INVESCO QQQ TR Put

INVESCO QQQ TR

434.93%

Shares2.5M

Event2026-03-31

Filed2026-05-14

USO Put

UNITED STS OIL FD LP

New

Shares596.8K

Event2026-03-31

Filed2026-05-14

TSM Put

TAIWAN SEMICONDUCTOR MANUFAC

-11.32%

Shares100.3K

Event2026-03-31

Filed2026-05-14