# EDGAR Filing Document

**Accession Number:** 0001555254
**File Stem:** 0001172661-26-000520
**Filing Date:** 2026-2
**Character Count:** 7719
**Document Hash:** 46c9b8a259391a3e2582fb2a893c8af7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001172661-26-000520.hdr.sgml**: 20260206

**ACCESSION NUMBER**: 0001172661-26-000520

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260206

**DATE AS OF CHANGE**: 20260206

**EFFECTIVENESS DATE**: 20260206

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Carrhae Capital LLP
- **CENTRAL INDEX KEY:** 0001555254

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** X0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-24285
- **FILM NUMBER:** 26607264

**BUSINESS ADDRESS:**
- **STREET 1:** 112 JERMYN STREET
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** SW1Y 6LS
- **BUSINESS PHONE:** 00442032054850

**MAIL ADDRESS:**
- **STREET 1:** 112 JERMYN STREET
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** SW1Y 6LS

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Carrhae Capital LLP<br>**Address:** 112 Jermyn Street<br>London, X0 SW1Y 6LS

**Form 13F File Number:** 028-24285

**CRD Number (if applicable):** 000161900

**SEC File Number (if applicable):** 801-77064

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** ROBIN DAVID HOWES<br>**Title:** CHIEF COMPLIANCE OFFICER  CHIEF OPERATING OFFICER<br>**Phone:** 44-20-3205-4872

**Signature, Place, and Date of Signing:**

/s/ ROBIN DAVID HOWES  London, X0  02-06-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 1

**Form 13F Information Table Entry Total:** 35

**Form 13F Information Table Value Total:** $2643321233

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

| No.   | Name                       | Form 13F File Number   |
|:---|:---|:---|
|  | Carrhae Capital (DIFC) Ltd | 028-25885              |

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 |  | 45240305 | 308639 | SH |  | SOLE | 1 | 279561 | 0 | 29078 |
| ANGLOGOLD ASHANTI PLC | COM SHS | G0378L100 |  | 8381574 | 98283 | SH |  | SOLE | 1 | 98283 | 0 | 0 |
| BAIDU INC | SPON ADR REP A | 056752108 |  | 44652663 | 341747 | SH |  | SOLE | 1 | 324155 | 0 | 17592 |
| BANCO BRADESCO S A | SP ADR PFD NEW | 059460303 |  | 53897395 | 16185404 | SH |  | SOLE | 1 | 15706132 | 0 | 479272 |
| COPA HOLDINGS SA | CL A | P31076105 |  | 15042117 | 124717 | SH |  | SOLE | 1 | 118504 | 0 | 6213 |
| CREDICORP LTD | COM | G2519Y108 |  | 48330513 | 168399 | SH |  | SOLE | 1 | 163479 | 0 | 4920 |
| DBX ETF TR | XTRACK HRVST CSI | 233051879 |  | 130848120 | 3983200 | SH | Call | SOLE | 1 | 3983200 | 0 | 0 |
| ELDORADO GOLD CORP NEW | COM | 284902509 |  | 144046887 | 4010214 | SH |  | SOLE | 1 | 3838209 | 0 | 172005 |
| EMBRAER S.A. | SPONSORED ADS | 29082A107 |  | 73849706 | 1147269 | SH |  | SOLE | 1 | 1098924 | 0 | 48345 |
| EQT CORP | COM | 26884L109 |  | 39946258 | 745266 | SH |  | SOLE | 1 | 745266 | 0 | 0 |
| FRANCO NEV CORP | COM | 351858105 |  | 60893060 | 293772 | SH |  | SOLE | 1 | 267796 | 0 | 25976 |
| FULL TRUCK ALLIANCE CO LTD | SPONSORED ADS | 35969L108 |  | 40853842 | 3807441 | SH |  | SOLE | 1 | 3683019 | 0 | 124422 |
| GDS HLDGS LTD | SPONSORED ADS | 36165L108 |  | 75635245 | 2167199 | SH |  | SOLE | 1 | 2067335 | 0 | 99864 |
| GRUPO FINANCIERO GALICIA S.A | SPONSORED ADR | 399909100 |  | 42893304 | 795204 | SH |  | SOLE | 1 | 757338 | 0 | 37866 |
| HUDBAY MINERALS INC | COM | 443628102 |  | 15929883 | 802513 | SH |  | SOLE | 1 | 726827 | 0 | 75686 |
| ICICI BANK LIMITED | ADR | 45104G104 |  | 59384427 | 1992766 | SH |  | SOLE | 1 | 1877538 | 0 | 115228 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 284548392 | 463200 | SH | Put | SOLE | 1 | 463200 | 0 | 0 |
| ISHARES SILVER TR | ISHARES | 46428Q109 |  | 216116216 | 3354800 | SH | Call | SOLE | 1 | 3354800 | 0 | 0 |
| ISHARES TR | MSCI EMG MKT ETF | 464287234 |  | 215557400 | 3940000 | SH | Put | SOLE | 1 | 3940000 | 0 | 0 |
| JBS N.V. | CL A SHS | N4732M103 |  | 52621839 | 3649226 | SH |  | SOLE | 1 | 3305422 | 0 | 343804 |
| KASPI KZ JSC | SPONSORED ADS | 48581R205 |  | 3958691 | 50668 | SH |  | SOLE | 1 | 45850 | 0 | 4818 |
| KRANESHARES TRUST | CSI CHI INTERNET | 500767306 |  | 232680675 | 6833500 | SH | Call | SOLE | 1 | 6833500 | 0 | 0 |
| MAKEMYTRIP LIMITED MAURITIUS | SHS | V5633W109 |  | 61667357 | 750942 | SH |  | SOLE | 1 | 719586 | 0 | 31356 |
| NU HLDGS LTD | ORD SHS CL A | G6683N103 |  | 82733081 | 4942239 | SH |  | SOLE | 1 | 4733009 | 0 | 209230 |
| PDD HOLDINGS INC | SPONSORED ADS | 722304102 |  | 25246737 | 222654 | SH |  | SOLE | 1 | 209627 | 0 | 13027 |
| RENEW ENERGY GLOBAL PLC | CL A SHS | G7500M104 |  | 13892971 | 2458933 | SH |  | SOLE | 1 | 2334491 | 0 | 124442 |
| RENEW ENERGY GLOBAL PLC | *W EXP 08/21/202 | G7500M120 |  | 526 | 64966 | SH |  | SOLE | 1 | 64966 | 0 | 0 |
| SEA LTD | SPONSORD ADS | 81141R100 |  | 107612566 | 843557 | SH |  | SOLE | 1 | 805856 | 0 | 37701 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 28613582 | 72200 | SH | Call | SOLE | 1 | 72200 | 0 | 0 |
| SYNOPSYS INC | COM | 871607107 |  | 44794848 | 95365 | SH |  | SOLE | 1 | 86038 | 0 | 9327 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 34369959 | 113100 | SH | Put | SOLE | 1 | 102000 | 0 | 11100 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 178826806 | 588459 | SH |  | SOLE | 1 | 557185 | 0 | 31274 |
| TECK RESOURCES LTD | CL B | 878742204 |  | 98840746 | 2063912 | SH |  | SOLE | 1 | 1926855 | 0 | 137057 |
| VISTA ENERGY S.A.B. DE C.V. | SPONSORED ADS | 92837L109 |  | 40398116 | 830212 | SH |  | SOLE | 1 | 771347 | 0 | 58865 |
| WERIDE INC | SPONSORED ADS | 950915108 |  | 21015426 | 2421132 | SH |  | SOLE | 1 | 2331902 | 0 | 89230 |

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