Q4 2025 · 13F-HR
Stenham Asset Management Ltdholdings as filed
Filed 2026-02-17 · accession 0001214659-26-001986
$200.3M
Reported value
23
Positions
2025-12-31
Period end
The Brief · Stenham Asset Management Ltd · Q4 2025
AI · grounded in 13F
Stenham Asset Management Ltd initiated a new position in NVDA valued at $11.5M. The fund also opened new stakes in TLN for $8.1M and HON for $7.3M. On the selling side, the manager closed its entire position in CNM, reducing exposure by $7.2M. Additionally, the fund increased its holdings in TSM by 27.7% and RACE by 22.1%.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 78463V107 | GLD | SPDR GOLD TR | $135.5M | 67.6% | 341,907 | Common | SOLE |
| 67066G104 | NVDA | NVIDIA CORPORATION | $11.5M | 5.75% | 61,737 | Common | SOLE |
| 023135106 | AMZN | AMAZON COM INC | $9.3M | 4.62% | 40,080 | Common | SOLE |
| 87422Q109 | TLN | TALEN ENERGY CORP | $8.1M | 4.02% | 21,500 | Common | SOLE |
| 907818108 | UNP | UNION PAC CORP | $7.8M | 3.89% | 33,657 | Common | SOLE |
| 438516106 | HON | HONEYWELL INTL INC | $7.3M | 3.65% | 37,441 | Common | SOLE |
| N00985106 | AER | AERCAP HOLDINGS NV | $6.5M | 3.22% | 44,900 | Common | SOLE |
| 874039100 | TSM | TAIWAN SEMICONDUCTOR MFG LTD | $3.0M | 1.50% | 9,883 | Common | SOLE |
| 46428Q109 | SLV | ISHARES SILVER TR | $1.8M | 0.89% | 27,700 | Common | SOLE |
| 85208R101 | CEF | SPROTT ASSET MANAGEMENT LP | $1.1M | 0.57% | 25,000 | Common | SOLE |
| 87256C101 | TKO | TKO GROUP HOLDINGS INC | $1.1M | 0.55% | 5,300 | Common | SOLE |
| G25508105 | CRH | CRH PLC | $1.0M | 0.52% | 8,400 | Common | SOLE |
| 46435U135 | IHAK | ISHARES TR | $980,589 | 0.49% | 20,378 | Common | SOLE |
| 084670702 | BRK/B | BERKSHIRE HATHAWAY INC DEL | $938,448 | 0.47% | 1,867 | Common | SOLE |
| 594918104 | MSFT | MICROSOFT CORP | $686,740 | 0.34% | 1,420 | Common | SOLE |
| 57636Q104 | MA | MASTERCARD INCORPORATED | $633,677 | 0.32% | 1,110 | Common | SOLE |
| 46137V142 | PHO | INVESCO EXCHANGE TRADED FD T | $521,030 | 0.26% | 7,400 | Common | SOLE |
| 69331C108 | PCG | PG&E CORP | $496,563 | 0.25% | 30,900 | Common | SOLE |
| 369604301 | GE | GE AEROSPACE | $486,687 | 0.24% | 1,580 | Common | SOLE |
| 43300A203 | HLT | HILTON WORLDWIDE HLDGS INC | $448,110 | 0.22% | 1,560 | Common | SOLE |
| 235851102 | DHR | DANAHER CORPORATION | $428,080 | 0.21% | 1,870 | Common | SOLE |
| 12572Q105 | CME | CME GROUP INC | $393,235 | 0.20% | 1,440 | Common | SOLE |
| N3167Y103 | RACE | FERRARI N V | $347,386 | 0.17% | 940 | Common | SOLE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.