Managers / Q3 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 $174M in U.S.-listed holdings across 21 positions for Q3 2025.
The portfolio is heavily concentrated: GLD alone accounts for 71.1% of reported value.
Compared with Q2 2025, the fund opened 3 new positions and exited 6.
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, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. 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 · 72.6% · $126M
- Common Stock · 26.1% · $45M
- ADR · 1.2% · $2M
Quarter-over-Quarter Changes full breakdown →
vs Q2 2025 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| IHAKISHARES TR | NEW | +17.3K | 17.3K | +$905,047 | $905,047 |
| BRK/BBERKSHIRE HATHAWAY INC DEL | NEW | +1.6K | 1.6K | +$798,351 | $798,351 |
| PCGPG&E CORP | NEW | +30.9K | 30.9K | +$465,972 | $465,972 |
| CPCANADIAN PACIFIC KANSAS CITY | SOLD OUT | −114.4K | 0 | −$9M | $0 |
| AFGAMERICAN FINL GROUP INC OHIO | SOLD OUT | −51.2K | 0 | −$6M | $0 |
| ZTSZOETIS INC | SOLD OUT | −30.2K | 0 | −$5M | $0 |
| VVISA INC | SOLD OUT | −11.9K | 0 | −$4M | $0 |
| METAMETA PLATFORMS INC | SOLD OUT | −2.9K | 0 | −$2M | $0 |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q3 2025
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | GLDSPDR GOLD TRhistory → | GOLD SHS | 71.09% | $124M | 347.8K |
| 2 | AMZNAMAZON COM INChistory → | COM | 5.06% | $9M | 40.1K |
| 3 | TKOTKO GROUP HOLDINGS INChistory → | CL A | 4.59% | $8M | 39.5K |
| 4 | UNPUNION PAC CORPhistory → | COM | 4.40% | $8M | 32.4K |
| 5 | AERAERCAP HOLDINGS NVhistory → | SHS | 4.19% | $7M | 60.2K |
| 6 | CNMCORE & MAIN INChistory → | CL A | 4.12% | $7M | 133.0K |
| 7 | TSMTAIWAN SEMICONDUCTOR MFG LTDhistory → | SPONSORED ADS | 1.24% | $2M | 7.7K |
| 8 | SLVISHARES SILVER TR | ISHARES | 0.73% | $1M | 30.0K |
| 9 | CRHCRH PLC | ORD | 0.58% | $1M | 8.4K |
| 10 | SIISPROTT ASSET MANAGEMENT LP | PHYSICAL GOLD AN | 0.53% | $917,250 | 25.0K |
| 11 | IHAKISHARES TR | CYBERSECURITY | 0.52% | $905,047 | 17.3K |
| 12 | BRK/BBERKSHIRE HATHAWAY INC DEL | CL B NEW | 0.46% | $798,351 | 1.6K |
| 13 | MSFTMICROSOFT CORP | COM | 0.42% | $735,489 | 1.4K |
| 14 | MAMASTERCARD INCORPORATED | CL A | 0.36% | $631,379 | 1.1K |
| 15 | PHOINVESCO EXCHANGE TRADED FD T | WATER RES ETF | 0.31% | $533,614 | 7.4K |
| 16 | GE AEROSPACE | COM NEW | 0.27% | $475,296 | 1.6K |
| 17 | PCGPG&E CORP | COM | 0.27% | $465,972 | 30.9K |
| 18 | HLTHILTON WORLDWIDE HLDGS INC | COM | 0.23% | $404,726 | 1.6K |
| 19 | RACEFERRARI N V | COM | 0.21% | $373,619 | 770 |
| 20 | DHRDANAHER CORPORATION | COM | 0.21% | $370,746 | 1.9K |
| 21 | CMECME GROUP INC | COM | 0.21% | $359,353 | 1.3K |
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 ↗.