Carrhae Capital LLP
Net buyer this quarter
$3.62B
23
+$89.1M
30.0%
Holdings
| Company | Value | % of portfolio | % of company | POSITION CHANGE qoq % | First reported |
|---|---|---|---|---|---|
| Q2 2026 | |||||
 TSM | $198M | 5.47% | 0.00% | -25.8% | Q4 2014 |
 SE | $141M | 3.88% | 0.83% | Not reported | Q3 2024 |
 EMBJ | $129M | 3.58% | 0.28% | -29.7% | Q1 2024 |
 EGO | $122M | 3.36% | 1.97% | -20.2% | Q1 2021 |
 IBN | $101M | 2.80% | Not reported | -30.6% | Q3 2018 |
 GDS | $99.1M | 2.74% | 0.35% | +51.1% | Q3 2021 |
 PBR | $87.5M | 2.41% | 0.07% | Not reported | Q4 2018 |
 ITUB | $78.8M | 2.18% | 0.17% | -52.8% | Q2 2016 |
 GGAL | $68.1M | 1.88% | Not reported | Not reported | Q3 2017 |
 ASML | $63.8M | 1.76% | 0.01% | New | Q2 2026 |
 CPA | $62.3M | 1.72% | 0.97% | -22.8% | Q4 2018 |
 AU | $61.2M | 1.69% | 0.15% | +199.1% | Q3 2015 |
 PPC | $52.2M | 1.44% | 0.78% | Not reported | Q2 2022 |
 BABA | $48M | 1.33% | 0.03% | -62.5% | Q2 2016 |
 NTES | $39.3M | 1.08% | 0.01% | +343.2% | Q2 2020 |
 SLB | $38.8M | 1.07% | 0.06% | +49.8% | Q3 2022 |
 CPNG | $38.2M | 1.05% | Not reported | New | Q2 2026 |
 HAL | $24.7M | 0.68% | 0.09% | +21.5% | Q1 2026 |
 BBD | $15.6M | 0.43% | 0.15% | Not reported | Q4 2025 |
 TS | $15.4M | 0.43% | 0.03% | -17.5% | Q1 2022 |
 MMYT | $11.8M | 0.33% | Not reported | +47.0% | Q3 2021 |
 VNET | $11.8M | 0.33% | 1.52% | -3.0% | Q3 2020 |
 BEKE | $10.1M | 0.28% | Not reported | Not reported | Q2 2024 |
| Q1 2026 | |||||
| TSM | $189M | 5.66% | 0.00% | -5.0% | Q4 2014 |
| EMBJ | $171M | 5.14% | 0.40% | +151.8% | Q1 2024 |
| ITUB | $171M | 5.13% | 0.36% | Not reported | Q2 2016 |
| EGO | $168M | 5.04% | 2.47% | +22.1% | Q1 2021 |
| BABA | $167M | 5.02% | 0.07% | +332.2% | Q2 2016 |
| IBN | $131M | 3.91% | Not reported | +152.9% | Q3 2018 |
| GDS | $88M | 2.64% | 0.23% | +0.8% | Q3 2021 |
| CPA | $58.9M | 1.76% | 1.26% | +315.4% | Q4 2018 |
 PDD | $52.7M | 1.58% | 0.01% | +131.4% | Q2 2020 |
 JBS | $45.7M | 1.37% | Not reported | -30.2% | Q3 2025 |
 HSAI | $30M | 0.90% | 1.00% | New | Q1 2026 |
| SLB | $28.6M | 0.86% | 0.04% | Not reported | Q3 2022 |
| AU | $24.6M | 0.74% | 0.05% | +157.4% | Q3 2015 |
| HAL | $23.3M | 0.70% | 0.07% | New | Q1 2026 |
| TS | $19.6M | 0.59% | 0.03% | Not reported | Q1 2022 |
| VNET | $12.7M | 0.38% | 1.57% | Not reported | Q3 2020 |
 MT | $10.2M | 0.31% | 0.03% | Not reported | Q4 2021 |
| NTES | $7.74M | 0.23% | 0.00% | Not reported | Q2 2020 |
 VIST | $6.01M | 0.18% | 0.08% | -90.4% | Q4 2022 |
 RNW | $5.85M | 0.18% | Not reported | -48.1% | Q3 2021 |
| MMYT | $5.61M | 0.17% | Not reported | -80.0% | Q3 2021 |
| Q4 2025 | |||||
| TSM | $179M | 6.77% | 0.00% | +199.7% | Q4 2014 |
| EGO | $144M | 5.45% | 2.02% | -19.7% | Q1 2021 |
| SE | $108M | 4.07% | 0.48% | +58.3% | Q3 2024 |
 TECK | $98.8M | 3.74% | Not reported | Not reported | Q1 2025 |
 NU | $82.7M | 3.13% | Not reported | Not reported | Q4 2023 |
| GDS | $75.6M | 2.86% | 0.23% | +31.5% | Q3 2021 |
| EMBJ | $73.8M | 2.79% | 0.16% | -2.7% | Q1 2024 |
| MMYT | $61.7M | 2.33% | Not reported | +98.6% | Q3 2021 |
 FNV | $60.9M | 2.30% | 0.15% | +162.2% | Q4 2023 |
| IBN | $59.4M | 2.25% | Not reported | -50.2% | Q3 2018 |
| BBD | $53.9M | 2.04% | 0.54% | New | Q4 2025 |
| JBS | $52.6M | 1.99% | Not reported | +801.8% | Q3 2025 |
 BAP | $48.3M | 1.83% | 0.18% | Not reported | Q4 2014 |
| BABA | $45.2M | 1.71% | 0.00% | -38.1% | Q2 2016 |
 SNPS | $44.8M | 1.69% | 0.05% | -0.9% | Q3 2025 |
 BIDU | $44.7M | 1.69% | Not reported | Not reported | Q2 2018 |
| GGAL | $42.9M | 1.62% | Not reported | +151.9% | Q3 2017 |
 YMM | $40.9M | 1.55% | Not reported | +42.4% | Q2 2021 |
| VIST | $40.4M | 1.53% | 0.87% | +20.6% | Q4 2022 |
 EQT | $39.9M | 1.51% | 0.12% | +43.3% | Q3 2025 |
| PDD | $25.2M | 0.96% | 0.00% | -42.5% | Q2 2020 |
 WRD | $21M | 0.80% | Not reported | +48.4% | Q3 2025 |
 HBM | $15.9M | 0.60% | 0.20% | Not reported | Q2 2024 |
| CPA | $15M | 0.57% | 0.30% | Not reported | Q4 2018 |
| RNW | $13.9M | 0.53% | Not reported | -11.1% | Q3 2021 |
| AU | $8.38M | 0.32% | 0.02% | -91.1% | Q3 2015 |
 KSPI | $3.96M | 0.15% | 0.03% | New | Q4 2025 |
| RNWWW | $526 | 0.00% | Not reported | Not reported | Q4 2023 |
| Q3 2025 | |||||
| EGO | $144M | 8.50% | 2.44% | +10.6% | Q1 2021 |
| IBN | $121M | 7.13% | Not reported | Not reported | Q3 2018 |
| SE | $95.3M | 5.61% | 0.30% | +29.1% | Q3 2024 |
| BABA | $89M | 5.25% | 0.00% | -4.9% | Q2 2016 |
| AU | $77.6M | 4.57% | 0.22% | -8.0% | Q3 2015 |
| EMBJ | $71.2M | 4.20% | 0.16% | -40.3% | Q1 2024 |
| GDS | $63.8M | 3.76% | 0.18% | +295.4% | Q3 2021 |
| TSM | $54.8M | 3.23% | 0.00% | -23.9% | Q4 2014 |
| PDD | $51.1M | 3.01% | 0.01% | -23.2% | Q2 2020 |
| SNPS | $47.5M | 2.80% | 0.05% | New | Q3 2025 |
| MMYT | $35.4M | 2.08% | Not reported | -34.4% | Q3 2021 |
| YMM | $34.7M | 2.04% | Not reported | Not reported | Q2 2021 |
| EQT | $28.3M | 1.67% | 0.08% | New | Q3 2025 |
 FCX | $25.3M | 1.49% | 0.04% | -52.2% | Q1 2023 |
| FNV | $25M | 1.47% | 0.06% | -59.3% | Q4 2023 |
| VIST | $23.7M | 1.39% | 0.72% | +71.9% | Q4 2022 |
| RNW | $21.3M | 1.26% | Not reported | Not reported | Q3 2021 |
| WRD | $16.2M | 0.95% | Not reported | New | Q3 2025 |
| GGAL | $8.7M | 0.51% | Not reported | Not reported | Q3 2017 |
 PONY | $6.69M | 0.39% | 0.08% | New | Q3 2025 |
 SHEL | $6.34M | 0.37% | 0.00% | Not reported | Q3 2022 |
| JBS | $6.04M | 0.36% | Not reported | New | Q3 2025 |
| RNWWW | $2.96K | 0.00% | Not reported | Not reported | Q4 2023 |