Managers / Q1 2025 · view latest →
Systrade AG
CIK 0001818160 · LANDSTRASSE 63, VADUZ, N2, 9490 · 004237923020
Summary
Systrade AG reported $72M in U.S.-listed holdings across 13 positions for Q1 2025.
The portfolio is heavily concentrated: ABX alone accounts for 54.1% of reported value.
Compared with Q4 2024, the fund opened 1 new position and exited 1.
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 · 60.9% · $44M
- Other · 27.4% · $20M
- ADR · 11.7% · $8M
Quarter-over-Quarter Changes full breakdown →
vs Q4 2024 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| VISTA ENERGY S.A.B. DE C.V. | NEW | +12.2K | 12.2K | +$566,448 | $566,448 |
| BABAALIBABA GROUP HLDG LTD | SOLD OUT | −10.0K | 0 | −$847,900 | $0 |
| BMABANCO MACRO SA | TRIMMED | −3.7K | 6.3K | −$491,887 | $475,713 |
| GGALGRUPO FINANCIERO GALICIA S.A | TRIMMED | −4.8K | 10.2K | −$381,004 | $553,796 |
| BFPBANCO BBVA ARGENTINA S A | TRIMMED | −19.8K | 50.2K | −$424,576 | $909,624 |
| UBS GROUP AG | ADDED | +100.0K | 595.0K | +$6M | $18M |
| CD8CRESUD S A C I F Y A | ADDED | +28.6K | 174.9K | +$85,248 | $2M |
| ABXBARRICK GOLD CORP | HELD | +0 | 2.00M | +$8M | $39M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q1 2025
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | ABXBARRICK GOLD CORPhistory → | COM | 54.15% | $39M | 2.00M |
| 2 | UBS GROUP AG | SHS | 25.18% | $18M | 595.0K |
| 3 | NEMNEWMONT CORPhistory → | COM | 6.79% | $5M | 101.0K |
| 4 | CD8CRESUD S A C I F Y Ahistory → | SPONSORED ADR | 2.69% | $2M | 174.9K |
| 5 | YPF SOCIEDAD ANONIMA | SPON ADR CL D | 2.20% | $2M | 45.0K |
| 6 | VALARIS LTD | CL A | 2.19% | $2M | 40.0K |
| 7 | IRSIRSA INVERSIONES Y REP S Ahistory → | SPON GDS ECH 10 | 1.86% | $1M | 103.6K |
| 8 | BNTXBIONTECH SEhistory → | SPONSORED ADS | 1.27% | $910,600 | 10.0K |
| 9 | BFPBANCO BBVA ARGENTINA S Ahistory → | SPONSORED ADS | 1.27% | $909,624 | 50.2K |
| 10 | VISTA ENERGY S.A.B. DE C.V. | SPONSORED ADS | 0.79% | $566,448 | 12.2K |
| 11 | GGALGRUPO FINANCIERO GALICIA S.A | SPONSORED ADR | 0.77% | $553,796 | 10.2K |
| 12 | BMABANCO MACRO SA | SPON ADR B | 0.66% | $475,713 | 6.3K |
| 13 | LOMA NEGRA C I A S A MTN 14 | SPONSORED ADS | 0.18% | $131,880 | 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 ↗.