Carrhae Capital LLP
Annual return '25
-15.0%
SPY '25
+17.7%
Alpha
-32.7ptsvs SPY
Invested
$3.3B
Holdings
27
Trades YTD
0
Performance · Fund vs SPY
Cumulative return · quarterly snapshotsCoverage 100%. 3 quarters of 2025 measured against SPY adj-close benchmark.
Top holdings · current snapshot
Source: 13F-HR01
$NDQ
INVESCO QQQ TR
Q4 2025: New position (463.2k shares)
42.9%
02
$TSM
TAIWAN SEMICONDUCTOR MANUFAC
Q4 2025: Increased +45.3% (810.2k → 1.18M shares)
6.7%
03
$BABA
ALIBABA GROUP HLDG LTD
Q4 2025: Sold 38.0% (498.2k → 308.6k shares)
6.4%
04
$SLV
ISHARES SILVER TR
Q4 2025: Sold 33.2% (5.02M → 3.35M shares)
5.4%
05
$EMBJ
EMBRAER S.A.
Q4 2025: Sold 2.7% (1.18M → 1.15M shares)
5.1%
06
$ITUB
ITAU UNIBANCO HLDG S A
Held since at least Q1 2024
5.1%
07
$EGO
ELDORADO GOLD CORP NEW
Q4 2025: Sold 19.7% (4.99M → 4.01M shares)
5.0%
08
$IBN
ICICI BANK LIMITED
Q4 2025: Sold 50.2% (4.00M → 1.99M shares)
3.9%
09
$GDS
GDS HLDGS LTD
Q4 2025: Increased +31.5% (1.65M → 2.17M shares)
2.6%
10
$USO
UNITED STS OIL FD LP
Held since at least Q1 2024
2.3%
Recent trades · Last 90 days
No Form 4 / 13D / 13G trade events on file in the recent window. 13F filers report position snapshots quarterly rather than per-trade events, so this section is most useful for managers who also file Form 4 or 13D/G.
Convergence · Pattern Engine ships in v1.1
30-day windowIn development
Convergence participation lands with the Pattern Engine.
Once the Pattern Engine ships, this section will list every active convergence event this fund is named in — with the other named funds, the Congress members on the same name, and combined position size.
Source data: SEC EDGAR · 13F-HR filings · Performance through 2025-12-31 · Last refreshed 10:28 UTC.