Managers / Q4 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 $200M in U.S.-listed holdings across 23 positions for Q4 2025.
The portfolio is heavily concentrated: GLD alone accounts for 67.6% of reported value.
Compared with Q3 2025, the fund opened 3 new positions 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, 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 · 69.3% · $139M
- Common Stock · 29.2% · $59M
- ADR · 1.5% · $3M
Quarter-over-Quarter Changes full breakdown →
vs Q3 2025 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| NVDANVIDIA CORPORATION | NEW | +61.7K | 61.7K | +$12M | $12M |
| TLNTALEN ENERGY CORP | NEW | +21.5K | 21.5K | +$8M | $8M |
| HONHONEYWELL INTL INC | NEW | +37.4K | 37.4K | +$7M | $7M |
| CNMCORE & MAIN INC | SOLD OUT | −133.0K | 0 | −$7M | $0 |
| TKOTKO GROUP HOLDINGS INC | TRIMMED | −34.2K | 5.3K | −$7M | $1M |
| TSMTAIWAN SEMICONDUCTOR MFG LTD | ADDED | +2.1K | 9.9K | +$841,082 | $3M |
| AERAERCAP HOLDINGS NV | TRIMMED | −15.3K | 44.9K | −$829,376 | $6M |
| RACEFERRARI N V | ADDED | +170 | 940 | −$26,233 | $347,386 |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q4 2025
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | GLDSPDR GOLD TRhistory → | GOLD SHS | 67.64% | $136M | 341.9K |
| 2 | NVDANVIDIA CORPORATIONhistory → | COM | 5.75% | $12M | 61.7K |
| 3 | AMZNAMAZON COM INChistory → | COM | 4.62% | $9M | 40.1K |
| 4 | TLNTALEN ENERGY CORPhistory → | COM | 4.02% | $8M | 21.5K |
| 5 | UNPUNION PAC CORPhistory → | COM | 3.89% | $8M | 33.7K |
| 6 | HONHONEYWELL INTL INChistory → | COM | 3.65% | $7M | 37.4K |
| 7 | AERAERCAP HOLDINGS NVhistory → | SHS | 3.22% | $6M | 44.9K |
| 8 | TSMTAIWAN SEMICONDUCTOR MFG LTDhistory → | SPONSORED ADS | 1.50% | $3M | 9.9K |
| 9 | SLVISHARES SILVER TR | ISHARES | 0.89% | $2M | 27.7K |
| 10 | SPROTT ASSET MANAGEMENT LP | PHYSICAL GOLD AN | 0.57% | $1M | 25.0K |
| 11 | TKOTKO GROUP HOLDINGS INC | CL A | 0.55% | $1M | 5.3K |
| 12 | CRHCRH PLC | ORD | 0.52% | $1M | 8.4K |
| 13 | IHAKISHARES TR | CYBERSECURITY | 0.49% | $980,589 | 20.4K |
| 14 | BRK/BBERKSHIRE HATHAWAY INC DEL | CL B NEW | 0.47% | $938,448 | 1.9K |
| 15 | MSFTMICROSOFT CORP | COM | 0.34% | $686,740 | 1.4K |
| 16 | MAMASTERCARD INCORPORATED | CL A | 0.32% | $633,677 | 1.1K |
| 17 | PHOINVESCO EXCHANGE TRADED FD T | WATER RES ETF | 0.26% | $521,030 | 7.4K |
| 18 | PCGPG&E CORP | COM | 0.25% | $496,563 | 30.9K |
| 19 | GE AEROSPACE | COM NEW | 0.24% | $486,687 | 1.6K |
| 20 | HLTHILTON WORLDWIDE HLDGS INC | COM | 0.22% | $448,110 | 1.6K |
| 21 | DHRDANAHER CORPORATION | COM | 0.21% | $428,080 | 1.9K |
| 22 | CMECME GROUP INC | COM | 0.20% | $393,235 | 1.4K |
| 23 | RACEFERRARI N V | COM | 0.17% | $347,386 | 940 |
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 ↗.