Managers / Q1 2026
Stenham Asset Management Ltd
CIK 0001840750 · KINGSWAY HOUSE HAVILLAND STREET, ST PETER PORT, GUERNSEY, GY1 2QE · 00441481716387
Summary
Stenham Asset Management Ltd reported $206M in U.S.-listed holdings across 18 positions for Q1 2026.
The portfolio is heavily concentrated: GQ9 alone accounts for 67.9% of reported value.
Compared with Q4 2025, the fund opened 3 new positions and exited 8.
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
- ETP · 69.6% · $143M
- Common Stock · 22.9% · $47M
- ADR · 3.7% · $8M
- Other · 3.4% · $7M
- Closed-End Fund · 0.3% · $715,800
Quarter-over-Quarter Changes full breakdown →
vs Q4 2025 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| HUTHUT 8 CORP | NEW | +67.5K | 67.5K | +$3M | $3M |
| NAKNORTHERN DYNASTY MINERALS LT | NEW | +2.05M | 2.05M | +$3M | $3M |
| YSSYORK SPACE SYSTEMS INC | NEW | +110.7K | 110.7K | +$2M | $2M |
| TSMTAIWAN SEMICONDUCTOR MANUFAC | ADDED | +12.7K | 22.5K | +$5M | $8M |
| MSFTMICROSOFT CORP | SOLD OUT | −1.4K | 0 | −$686,740 | $0 |
| MAMASTERCARD INCORPORATED | SOLD OUT | −1.1K | 0 | −$633,677 | $0 |
| PCGPG&E CORP | SOLD OUT | −30.9K | 0 | −$496,563 | $0 |
| GE AEROSPACE | SOLD OUT | −1.6K | 0 | −$486,687 | $0 |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q1 2026
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | GQ9SPDR GOLD TRhistory → | GOLD SHS | 67.93% | $140M | 325.0K |
| 2 | HONGBPHONEYWELL INTL INChistory → | COM | 4.11% | $8M | 37.4K |
| 3 | AMZNAMAZON COM INChistory → | COM | 3.87% | $8M | 38.3K |
| 4 | TSMTAIWAN SEMICONDUCTOR MANUFAChistory → | SPONSORED ADS | 3.70% | $8M | 22.5K |
| 5 | UNPUNION PAC CORPhistory → | COM | 3.69% | $8M | 31.3K |
| 6 | TLNTALEN ENERGY CORPhistory → | COM | 3.33% | $7M | 21.5K |
| 7 | AERCAP HOLDINGS NV | SHS | 2.99% | $6M | 44.9K |
| 8 | NVDANVIDIA CORPORATIONhistory → | COM | 2.86% | $6M | 33.8K |
| 9 | HUTHUT 8 CORPhistory → | COM | 1.54% | $3M | 67.5K |
| 10 | NAKNORTHERN DYNASTY MINERALS LThistory → | COM NEW | 1.39% | $3M | 2.05M |
| 11 | YSSYORK SPACE SYSTEMS INChistory → | COM | 1.19% | $2M | 110.7K |
| 12 | SLVISHARES SILVER TR | ISHARES | 0.92% | $2M | 27.7K |
| 13 | TKOTKO GROUP HOLDINGS INC | CL A | 0.52% | $1M | 5.3K |
| 14 | ISHARES TR | CYBERSECURITY | 0.50% | $1M | 23.6K |
| 15 | BRK/BBERKSHIRE HATHAWAY INC DEL | CL B NEW | 0.43% | $894,666 | 1.9K |
| 16 | CRH PLC | ORD | 0.43% | $883,008 | 8.4K |
| 17 | SPROTT ASSET MANAGEMENT LP | PHYSICAL GOLD AN | 0.35% | $715,800 | 15.0K |
| 18 | INVESCO EXCHANGE TRADED FD T | WATER RES ETF | 0.24% | $494,764 | 7.4K |
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q1 2026 | $206M | 18 | May 15, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q4 2025 | $200M | 23 | Feb 17, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q3 2025 | $174M | 21 | Nov 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q2 2025 | $229M | 24 | Aug 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q1 2025 | $246M | 28 | May 15, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q4 2021 | $153M | 22 | Feb 9, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q3 2021 | $153M | 24 | Nov 12, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q2 2021 | $163M | 26 | Aug 13, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q1 2021 | $142M | 26 | May 7, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q4 2020 | $119M | 23 | Feb 2, 2021 | 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 ↗.