Managers / Q4 2023 · view latest →
Systrade AG
CIK 0001818160 · LANDSTRASSE 63, VADUZ, N2, 9490 · 004237923020
Summary
Systrade AG reported $111M in U.S.-listed holdings across 6 positions for Q4 2023.
The portfolio is heavily concentrated: AMR alone accounts for 82.4% of reported value.
Compared with Q3 2023, the fund opened 3 new positions and exited 3.
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 · 97.3% · $108M
- ADR · 2.7% · $3M
Quarter-over-Quarter Changes full breakdown →
vs Q3 2023 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| TMUST-MOBILE US INC | NEW | +100.5K | 100.5K | +$16M | $16M |
| METCRAMACO RES INC | NEW | +24.2K | 24.2K | +$416,288 | $416,288 |
| YPF SOCIEDAD ANONIMA | NEW | +20.0K | 20.0K | +$343,800 | $343,800 |
| TECK/BTECK RESOURCES LTD | SOLD OUT | −1.00M | 0 | −$43M | $0 |
| BPBP PLC | SOLD OUT | −10.0K | 0 | −$387,200 | $0 |
| EPSNEPSILON ENERGY LTD | SOLD OUT | −10.0K | 0 | −$52,800 | $0 |
| BNTXBIONTECH SE | TRIMMED | −40.0K | 10.0K | −$4M | $1M |
| AMRALPHA METALLURGICAL RESOUR I | ADDED | +20.0K | 270.0K | +$27M | $92M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q4 2023
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | AMRALPHA METALLURGICAL RESOUR Ihistory → | COM | 82.38% | $92M | 270.0K |
| 2 | TMUST-MOBILE US INChistory → | COM | 14.51% | $16M | 100.5K |
| 3 | SHELSHELL PLChistory → | SPON ADS | 1.48% | $2M | 25.0K |
| 4 | BNTXBIONTECH SE | SPONSORED ADS | 0.95% | $1M | 10.0K |
| 5 | METCRAMACO RES INC | COM CL A | 0.37% | $416,288 | 24.2K |
| 6 | YPF SOCIEDAD ANONIMA | SPON ADR CL D | 0.31% | $343,800 | 20.0K |
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 ↗.