Managers / Q3 2023 · view latest →
Systrade AG
CIK 0001818160 · LANDSTRASSE 63, VADUZ, N2, 9490 · 004237923020
Summary
Systrade AG reported $116M in U.S.-listed holdings across 6 positions for Q3 2023.
The portfolio is heavily concentrated: AMR alone accounts for 56.2% of reported value.
Compared with Q2 2023, the fund opened 0 new positions and exited 2.
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 · 93.6% · $108M
- ADR · 6.4% · $7M
Quarter-over-Quarter Changes full breakdown →
vs Q2 2023 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| TECK/BTECK RESOURCES LTD | ADDED | +500.0K | 1.00M | +$22M | $43M |
| EXMOCEXXON MOBIL CORP | SOLD OUT | −100.0K | 0 | −$11M | $0 |
| ESTEEUREARTHSTONE ENERGY INC | SOLD OUT | −20.0K | 0 | −$285,800 | $0 |
| AMRALPHA METALLURGICAL RESOUR I | HELD | −12.3K | 250.0K | +$22M | $65M |
| SHELSHELL PLC | HELD | +0 | 25.0K | +$100,000 | $2M |
| BNTXBIONTECH SE | HELD | +0 | 50.0K | +$35,500 | $5M |
| BPBP PLC | HELD | +0 | 10.0K | +$34,300 | $387,200 |
| EPSNEPSILON ENERGY LTD | HELD | +0 | 10.0K | −$600 | $52,800 |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q3 2023
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | AMRALPHA METALLURGICAL RESOUR Ihistory → | COM | 56.22% | $65M | 250.0K |
| 2 | TECK/BTECK RESOURCES LTDhistory → | CL B | 37.31% | $43M | 1.00M |
| 3 | BNTXBIONTECH SEhistory → | SPONSORED ADS | 4.70% | $5M | 50.0K |
| 4 | SHELSHELL PLChistory → | SPON ADS | 1.39% | $2M | 25.0K |
| 5 | BPBP PLC | SPONSORED ADR | 0.34% | $387,200 | 10.0K |
| 6 | EPSNEPSILON ENERGY LTD | COM | 0.05% | $52,800 | 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 ↗.