Managers / Q1 2025 · view latest →
Stenham Asset Management Ltd
CIK 0001840750 · KINGSWAY HOUSE HAVILLAND STREET, ST PETER PORT, GUERNSEY, GY1 2QE · 00441481716387
Summary
Stenham Asset Management Ltd reported $246M in U.S.-listed holdings across 28 positions for Q1 2025.
The portfolio is heavily concentrated: GQ9 alone accounts for 40.9% of reported value.
Compared with Q4 2021, the fund opened 20 new positions and exited 14.
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 · 50.8% · $125M
- ETP · 41.5% · $102M
- ADR · 4.0% · $10M
- Other · 3.5% · $9M
- Closed-End Fund · 0.3% · $710,250
Quarter-over-Quarter Changes full breakdown →
vs Q4 2021 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| GQ9SPDR GOLD TR | NEW | +348.6K | 348.6K | +$100M | $100M |
| CPCANADIAN PACIFIC KANSAS CITY | NEW | +190.6K | 190.6K | +$13M | $13M |
| AMZNAMAZON COM INC | NEW | +66.7K | 66.7K | +$13M | $13M |
| TMOTHERMO FISHER SCIENTIFIC INC | NEW | +16.1K | 16.1K | +$8M | $8M |
| TKOTKO GROUP HOLDINGS INC | NEW | +51.0K | 51.0K | +$8M | $8M |
| AFGAMERICAN FINL GROUP INC OHIO | NEW | +51.2K | 51.2K | +$7M | $7M |
| HLTHILTON WORLDWIDE HLDGS INC | NEW | +25.3K | 25.3K | +$6M | $6M |
| CMACOMERICA INC | NEW | +97.5K | 97.5K | +$6M | $6M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q1 2025
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 ↗.