AI Portfolio Summary
In 2025 Q4, Carrhae Capital LLP maintained a portfolio of 38 distinct positions. The most significant new addition to the portfolio was INVESCO QQQ TR, which now represents 10.76% of the total fund value. Conversely, Carrhae Capital LLP completely exited their position in FREEPORT-MCMORAN INC.
Total Positions
38
Quarter
2025 Q4
Top Holding
QQQ (10.8%)
Top 10 Concentration
64.0%
Turnover Rate
23.4%
Sector HHI
0.18
Items per page:
1-25 of 38
| Stock | History | Sector / Type | Port % | Prev % | Rank / Prev | Conviction | Change | % Change | Influence | Shares | Mkt Value | Avg Cost | Price Held | 1st Owned | Source | Source Date | Date Reported |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
QQQ
PUT
INVESCO QQQ TR
|
PUT Option | 10.76% | — |
#1
Prev: #—
|
6.3 | 463,200 | no change |
NEW
|
463,200 | $284,548,392 |
$614.31
+0.6%
|
2025 Q4 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | ||
|
KWEB
CALL
KRANESHARES TRU...
|
CALL Option | 8.80% | — |
#2
Prev: #—
|
5.5 | 6,833,500 | no change |
NEW
|
6,833,500 | $232,680,675 |
$34.05
+4.6%
|
2025 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | ||
|
SLV
CALL
ISHARES SILVER ...
|
CALL Option | 8.18% | 12.53% |
#3
1
Prev: #2
|
3.4 | -1,666,600 | -33.2% |
P
S
|
3,354,800 | $216,116,216 |
$37.67
+83.4%
|
2024 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | ||
|
EEM
PUT
ISHARES TR
|
PUT Option | 8.15% | — |
#4
Prev: #—
|
5.3 | 3,940,000 | no change |
NEW
|
3,940,000 | $215,557,400 | 2024 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
TSM
TAIWAN SEMICOND...
|
Technology | 6.77% | 3.23% |
#5
7
Prev: #12
|
5.0 | 392,127 | 199.7% |
P
S
|
588,459 | $178,826,806 | 2024 Q2 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
EGO
ELDORADO GOLD C...
|
Basic Materials | 5.45% | 8.50% |
#6
3
Prev: #3
|
2.2 | -984,524 | -19.7% |
P
S
|
4,010,214 | $144,046,887 | 2024 Q2 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
ASHR
CALL
DBX ETF TR
|
CALL Option | 4.95% | 13.34% |
#7
6
Prev: #1
|
2.1 | -2,884,800 | -42.0% |
P
S
|
3,983,200 | $130,848,120 | 2024 Q4 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
SE
SEA LTD
|
Consumer Cyclical | 4.07% | 5.61% |
#8
2
Prev: #6
|
3.8 | 310,497 | 58.2% |
P
S
|
843,557 | $107,612,566 | 2024 Q4 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
TECK
TECK RESOURCES ...
|
Basic Materials | 3.74% | — |
#9
Prev: #—
|
3.5 | 2,063,912 | no change |
NEW
|
2,063,912 | $98,840,746 | 2025 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
NU
NU HLDGS LTD
|
Financial Services | 3.13% | — |
#10
Prev: #—
|
3.3 | 4,942,239 | no change |
NEW
|
4,942,239 | $82,733,081 | 2025 Q4 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
GDS
GDS HLDGS LTD
|
Technology | 2.86% | 3.76% |
#11
Prev: #11
|
3.2 | 518,921 | 31.5% |
P
S
|
2,167,199 | $75,635,245 | 2025 Q2 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
ERJ
EMBRAER S.A.
|
Unknown | 2.79% | 4.20% |
#12
2
Prev: #10
|
1.1 | -31,382 | -2.7% |
P
S
|
1,147,269 | $73,849,706 | 2024 Q2 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
MMYT
MAKEMYTRIP LIMI...
|
Consumer Cyclical | 2.33% | 2.08% |
#13
2
Prev: #15
|
3.2 | 372,845 | 98.6% |
P
S
|
750,942 | $61,667,357 | 2024 Q2 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
FNV
FRANCO NEV CORP
|
Basic Materials | 2.30% | 1.47% |
#14
5
Prev: #19
|
3.2 | 181,718 | 162.2% |
P
S
|
293,772 | $60,893,060 | 2024 Q2 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
IBN
ICICI BANK LIMI...
|
Financial Services | 2.25% | 7.13% |
#15
11
Prev: #4
|
1.0 | -2,009,787 | -50.2% |
P
S
|
1,992,766 | $59,384,427 | 2024 Q2 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
BBD
BANCO BRADESCO ...
|
Preferred | 2.04% | — |
#16
Prev: #—
|
2.8 | 16,185,404 | no change |
NEW
|
16,185,404 | $53,897,395 | 2025 Q4 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
N/A
JBS N.V.
|
—
|
Unknown | 1.99% | 0.36% |
#17
9
Prev: #26
|
3.1 | 3,244,553 | 801.8% |
P
S
|
3,649,226 | $52,621,839 | — | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | ||
|
BAP
CREDICORP LTD
|
Financial Services | 1.83% | — |
#18
Prev: #—
|
2.7 | 168,399 | no change |
NEW
|
168,399 | $48,330,513 | 2024 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
BABA
ALIBABA GROUP H...
|
Consumer Cyclical | 1.71% | 5.25% |
#19
11
Prev: #8
|
0.8 | -189,595 | -38.1% |
P
S
|
308,639 | $45,240,305 | 2024 Q2 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
SNPS
SYNOPSYS INC
|
Technology | 1.69% | 2.80% |
#20
6
Prev: #14
|
0.7 | -850 | -0.9% |
P
S
|
95,365 | $44,794,848 | 2025 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
BIDU
BAIDU INC
|
Communication Services | 1.69% | — |
#21
Prev: #—
|
2.7 | 341,747 | no change |
NEW
|
341,747 | $44,652,663 | 2025 Q4 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
GGAL
GRUPO FINANCIER...
|
Financial Services | 1.62% | 0.51% |
#22
1
Prev: #23
|
2.9 | 479,504 | 151.9% |
P
S
|
795,204 | $42,893,304 | 2025 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
YMM
FULL TRUCK ALLI...
|
Technology | 1.55% | 2.04% |
#23
7
Prev: #16
|
2.7 | 1,132,667 | 42.3% |
P
S
|
3,807,441 | $40,853,842 | 2024 Q2 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
VIST
VISTA ENERGY S....
|
Energy | 1.53% | 1.39% |
#24
4
Prev: #20
|
2.7 | 141,807 | 20.6% |
P
S
|
830,212 | $40,398,116 | 2025 Q2 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
EQT
EQT CORP
|
Energy | 1.51% | 1.67% |
#25
8
Prev: #17
|
2.7 | 225,230 | 43.3% |
P
S
|
745,266 | $39,946,258 | 2025 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
FCX
FREEPORT-MCMORA...
|
Basic Materials | 0.00% | 1.49% |
Sold All 😨
(Was: #18) |
0.3 | -644,376 | -100.0% |
CLOSED
|
— | $— | 2025 Q2 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
PONY
PONY AI INC
|
Technology | 0.00% | 0.39% |
Sold All 😨
(Was: #24) |
0.3 | -297,295 | -100.0% |
CLOSED
|
— | $— | 2025 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
SHEL
SHELL PLC
|
Energy | 0.00% | 0.37% |
Sold All 😨
(Was: #25) |
0.3 | -88,632 | -100.0% |
CLOSED
|
— | $— | 2025 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) |
Showing 1-25 of 38 holdings