Managers / Q1 2023 · view latest →
Systrade AG
CIK 0001818160 · LANDSTRASSE 63, VADUZ, N2, 9490 · 004237923020
Summary
Systrade AG reported $168M in U.S.-listed holdings across 10 positions for Q1 2023.
The portfolio is heavily concentrated: AMR alone accounts for 36.0% of reported value.
Compared with Q4 2022, the fund opened 1 new position and exited 0.
Portfolio Metrics
Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.
Reported Value by Quarter
Portfolio Composition
- Common Stock · 73.6% · $124M
- ETP · 15.2% · $26M
- ADR · 11.2% · $19M
Quarter-over-Quarter Changes full breakdown →
vs Q4 2022 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| NEMNEWMONT CORP | NEW | +20.0K | 20.0K | +$980,400 | $980,400 |
| AMRALPHA METALLURGICAL RESOUR I | ADDED | +174.7K | 388.0K | +$29M | $61M |
| SPDR SER TR | ADDED | +90.0K | 200.0K | +$11M | $26M |
| EXMOCEXXON MOBIL CORP | ADDED | +84.1K | 200.0K | +$9M | $22M |
| TECK/BTECK RESOURCES LTD | ADDED | +100.0K | 1.10M | +$2M | $40M |
| BNTXBIONTECH SE | HELD | +0 | 10.0K | −$256,500 | $1M |
| SHELSHELL PLC | HELD | +0 | 300.0K | +$177,000 | $17M |
| BPBP PLC | HELD | +0 | 10.0K | +$30,100 | $379,400 |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q1 2023
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | AMRALPHA METALLURGICAL RESOUR Ihistory → | COM | 35.96% | $61M | 388.0K |
| 2 | TECK/BTECK RESOURCES LTDhistory → | CL B | 23.86% | $40M | 1.10M |
| 3 | SPDR SER TR | S&P OILGAS EXP | 15.17% | $26M | 200.0K |
| 4 | EXMOCEXXON MOBIL CORPhistory → | COM | 13.03% | $22M | 200.0K |
| 5 | SHELSHELL PLChistory → | SPON ADS | 10.26% | $17M | 300.0K |
| 6 | BNTXBIONTECH SE | SPONSORED ADS | 0.74% | $1M | 10.0K |
| 7 | NEMNEWMONT CORP | COM | 0.58% | $980,400 | 20.0K |
| 8 | BPBP PLC | SPONSORED ADR | 0.23% | $379,400 | 10.0K |
| 9 | ESTEEUREARTHSTONE ENERGY INC | CL A | 0.15% | $260,200 | 20.0K |
| 10 | EPSNEPSILON ENERGY LTD | COM | 0.03% | $53,400 | 10.0K |
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q2 2026 | $160M | 14 | Jul 7, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q1 2026 | $149M | 11 | Apr 8, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q4 2025 | $164M | 15 | Jan 12, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q3 2025 | $135M | 12 | Oct 9, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q2 2025 | $88M | 13 | Jul 9, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q1 2025 | $72M | 13 | Apr 10, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q4 2024 | $59M | 13 | Jan 16, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q3 2024 | $48M | 7 | Oct 9, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q2 2024 | $58M | 5 | Jul 12, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q1 2024 | $83M | 4 | Apr 16, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q4 2023 | $111M | 6 | Jan 10, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q3 2023 | $116M | 6 | Oct 5, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q2 2023 | $82M | 8 | Jul 24, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q1 2023 | $168M | 10 | Apr 11, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q4 2022 | $116M | 9 | Jan 27, 2023 | 13F-HR | changes · EDGAR ↗ |
13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.