SEC 13F Intelligence

Managers / Q4 2025 · view latest →

Systrade AG

CIK 0001818160 · LANDSTRASSE 63, VADUZ, N2, 9490 · 004237923020

Reported Value
$164M
Q4 2025
Positions
15
Filings on Record
15
2019–present window
Filed
Jan 12, 2026
original filing

Summary

Systrade AG reported $164M in U.S.-listed holdings across 15 positions for Q4 2025.

The portfolio is heavily concentrated: AMR alone accounts for 34.1% of reported value.

Compared with Q3 2025, the fund opened 7 new positions and exited 4.

Portfolio Metrics

Turnover
+45.1%
vs prior filed quarter
Top-10 Concentration
+97.3%
share of reported value
Largest Position
+34.1%
Alpha Metallurgical Resour I
New / Exited
7 / 4
positions this quarter

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

13F Reported Value
Q4 ’22: $116MQ4 ’22Q1 ’23: $168MQ2 ’23: $82MQ2 ’23Q3 ’23: $116MQ4 ’23: $111MQ4 ’23Q1 ’24: $83MQ2 ’24: $58MQ2 ’24Q3 ’24: $48MQ4 ’24: $59MQ4 ’24Q1 ’25: $72MQ2 ’25: $88MQ2 ’25Q3 ’25: $135MQ4 ’25: $164MQ4 ’25Q1 ’26: $149MQ2 ’26: $160MQ2 ’26filingsflow.com

Portfolio Composition

By security type
Common Stock: 67.2%Other: 17.8%ADR: 15.0%
  • Common Stock · 67.2% · $110M
  • Other · 17.8% · $29M
  • ADR · 15.0% · $25M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
AMRALPHA METALLURGICAL RESOUR INEW+280.0K280.0K+$56M$56M
NTRANATERA INCNEW+50.0K50.0K+$11M$11M
AMZNAMAZON COM INCNEW+33.9K33.9K+$8M$8M
GPNGLOBAL PMTS INCNEW+20.0K20.0K+$2M$2M
TRANSPORTADORA DE GAS SURNEW+25.0K25.0K+$777,250$777,250
BRK/ABERKSHIRE HATHAWAY INC DELNEW+11+$754,800$754,800
TSLATESLA INCNEW+1.0K1.0K+$449,720$449,720
CD8CRESUD S A C I F Y AADDED+698.3K1.06M+$10M$13M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q4 2025

15 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1AMRALPHA METALLURGICAL RESOUR Ihistory →COM34.14%$56M280.0K
2IBKRINTERACTIVE BROKERS GROUP INhistory →COM CL A19.62%$32M500.0K
3UBS GROUP AGSHS17.78%$29M625.0K
4CD8CRESUD S A C I F Y Ahistory →SPONSORED ADR8.21%$13M1.06M
5NTRANATERA INChistory →COM6.99%$11M50.0K
6AMZNAMAZON COM INChistory →COM4.77%$8M33.9K
7LOMA NEGRA C I A S A MTN 14SPONSORED ADS1.97%$3M250.0K
8GGALGRUPO FINANCIERO GALICIA S.Ahistory →SPONSORED ADR1.48%$2M45.0K
9IRSIRSA INVERSIONES Y REP S Ahistory →SPON GDS ECH 101.21%$2M119.8K
10YPF SOCIEDAD ANONIMASPON ADR CL D1.10%$2M50.0K
11GPNGLOBAL PMTS INCCOM0.94%$2M20.0K
12BNTXBIONTECH SESPONSORED ADS0.58%$952,00010.0K
13TRANSPORTADORA DE GAS SURSPONSORED ADS B0.47%$777,25025.0K
14BRK/ABERKSHIRE HATHAWAY INC DELCL A0.46%$754,8001
15TSLATESLA INCCOM0.27%$449,7201.0K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q2 2026$160M14Jul 7, 202613F-HRchanges · EDGAR ↗
Q1 2026$149M11Apr 8, 202613F-HRchanges · EDGAR ↗
Q4 2025$164M15Jan 12, 202613F-HRchanges · EDGAR ↗
Q3 2025$135M12Oct 9, 202513F-HRchanges · EDGAR ↗
Q2 2025$88M13Jul 9, 202513F-HRchanges · EDGAR ↗
Q1 2025$72M13Apr 10, 202513F-HRchanges · EDGAR ↗
Q4 2024$59M13Jan 16, 202513F-HRchanges · EDGAR ↗
Q3 2024$48M7Oct 9, 202413F-HRchanges · EDGAR ↗
Q2 2024$58M5Jul 12, 202413F-HRchanges · EDGAR ↗
Q1 2024$83M4Apr 16, 202413F-HRchanges · EDGAR ↗
Q4 2023$111M6Jan 10, 202413F-HRchanges · EDGAR ↗
Q3 2023$116M6Oct 5, 202313F-HRchanges · EDGAR ↗
Q2 2023$82M8Jul 24, 202313F-HRchanges · EDGAR ↗
Q1 2023$168M10Apr 11, 202313F-HRchanges · EDGAR ↗
Q4 2022$116M9Jan 27, 202313F-HRchanges · 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 ↗.