Managers / Q4 2024 · view latest →
Systrade AG
CIK 0001818160 · LANDSTRASSE 63, VADUZ, N2, 9490 · 004237923020
Summary
Systrade AG reported $59M in U.S.-listed holdings across 13 positions for Q4 2024.
The portfolio is heavily concentrated: ABX alone accounts for 52.9% of reported value.
Compared with Q3 2024, the fund opened 6 new positions 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 · 59.3% · $35M
- Other · 24.3% · $14M
- ADR · 16.4% · $10M
Quarter-over-Quarter Changes full breakdown →
vs Q3 2024 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| NEMNEWMONT CORP | NEW | +101.0K | 101.0K | +$4M | $4M |
| CD8CRESUD S A C I F Y A | NEW | +146.3K | 146.3K | +$2M | $2M |
| BFPBANCO BBVA ARGENTINA S A | NEW | +70.0K | 70.0K | +$1M | $1M |
| BMABANCO MACRO SA | NEW | +10.0K | 10.0K | +$967,600 | $967,600 |
| GGALGRUPO FINANCIERO GALICIA S.A | NEW | +15.0K | 15.0K | +$934,800 | $934,800 |
| LOMA NEGRA C I A S A MTN 14 | NEW | +12.0K | 12.0K | +$143,280 | $143,280 |
| VALARIS LTD | ADDED | +20.0K | 40.0K | +$647,090 | $2M |
| YPF SOCIEDAD ANONIMA | ADDED | +20.0K | 45.0K | +$1M | $2M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q4 2024
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | ABXBARRICK GOLD CORPhistory → | COM | 52.90% | $31M | 2.00M |
| 2 | UBS GROUP AG | SHS | 21.29% | $12M | 495.0K |
| 3 | NEMNEWMONT CORPhistory → | COM | 6.41% | $4M | 101.0K |
| 4 | YPF SOCIEDAD ANONIMA | SPON ADR CL D | 3.26% | $2M | 45.0K |
| 5 | CD8CRESUD S A C I F Y Ahistory → | SPONSORED ADR | 3.15% | $2M | 146.3K |
| 6 | VALARIS LTD | CL A | 3.02% | $2M | 40.0K |
| 7 | BFPBANCO BBVA ARGENTINA S Ahistory → | SPONSORED ADS | 2.28% | $1M | 70.0K |
| 8 | BNTXBIONTECH SEhistory → | SPONSORED ADS | 1.79% | $1M | 10.0K |
| 9 | BMABANCO MACRO SAhistory → | SPON ADR B | 1.65% | $967,600 | 10.0K |
| 10 | GGALGRUPO FINANCIERO GALICIA S.Ahistory → | SPONSORED ADR | 1.59% | $934,800 | 15.0K |
| 11 | BABAALIBABA GROUP HLDG LTDhistory → | SPONSORED ADS | 1.45% | $847,900 | 10.0K |
| 12 | IRSIRSA INVERSIONES Y REP S A | SPON GDS ECH 10 | 0.96% | $559,909 | 103.6K |
| 13 | LOMA NEGRA C I A S A MTN 14 | SPONSORED ADS | 0.24% | $143,280 | 12.0K |
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 ↗.