Eschler Asset Management LLP
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Eschler Asset Management LLP reported 67 stock positions worth $134.9 million. Its top holding was GDS Holdings Ltd. - ADR (GDS) at 13.8% of the portfolio, followed by Newmont (NEM, 10.9%) and New Gold (NGD, 8.4%). Compared with Q2 2025, it opened 27 new positions, sold out of 17, added to 8 and reduced 22. The biggest buy was Sea Ltd.-ADR (SE, shares +544%) and the biggest sale Bloom Energy Class A (BE, shares −100%).
- Most Recent 13F
- Q2 2026
- Location
- London, X0
- CIK
- 0001910874
- Portfolio Value
- $134.9M (Q3 2025)
- SEC Filing
- 0000919574-25-006725 ↗ filed Nov 13, 2025
Holdings Value
Holdings 67 stocks · $134.9M
| GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD | 13.81% | 481,471 | $18.6M | Add +35.5% |
| NEM Newmont Corp. | 10.94% | 175,000 | $14.8M | Add +75.0% |
| NGD New Gold Inc. | 8.37% | 1,572,076 | $11.3M | Reduce -0.5% |
| SE Sea Ltd.-ADR | 7.68% | 58,000 | $10.4M | Add +544.4% |
| AGI Alamos Gold Inc. Class A | 5.73% | 221,620 | $7.7M | Reduce -49.5% |
| IAUX I-80 Gold Corp. | 5.31% | 7,500,000 | $7.2M | No change |
| AU Anglogold Ashanti PLC | 5.21% | 100,000 | $7.0M | New |
| GDXJ Vaneck Junior Gold Miners | 4.10% | 55,781 | $5.5M | Reduce -62.8% |
| META Meta Platforms Inc. Class A | 3.15% | 5,784 | $4.2M | Add +8.0% |
| AEM Agnico Eagle Mines Ltd. | 3.12% | 25,000 | $4.2M | Reduce -50.0% |
| EH Ehang Holdings Ltd.-SPS ADR | 2.75% | 200,000 | $3.7M | No change |
| GOOGL Alphabet Inc. Class A | 2.70% | 14,970 | $3.6M | New |
| BZ Kanzhun Ltd. - ADR | 2.60% | 150,000 | $3.5M | No change |
| BRK.A Berkshire Hathaway Inc. Class A | 1.68% | 3 | $2.3M | New |
| IMCR Immunocore Holdings PLC-ADR | 1.08% | 40,000 | $1.5M | No change |
| AZO AutoZone Inc. | 1.05% | 331 | $1.4M | New |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 1.02% | 85,615 | $1.4M | Reduce -46.1% |
| NVDA Nvidia Corp. | 1.01% | 7,299 | $1.4M | Add +33.2% |
| FLUT Flutter Entertainment PLC-Di | 0.89% | 4,726 | $1.2M | No change |
| SCHW Schwab (charles) Corp. | 0.76% | 10,724 | $1.0M | New |
| PONY Pony AI Inc. | 0.75% | 45,200 | $1.0M | Reduce -85.9% |
| RBLX Roblox Corp. Class A | 0.70% | 6,850 | $949K | Reduce -25.8% |
| BLK BlackRock Inc. | 0.69% | 802 | $935K | Add +15.2% |
| MIDD Middleby Corp. | 0.69% | 7,000 | $931K | New |
| HSAI Hesai Group | 0.64% | 30,700 | $863K | Reduce -85.1% |
| NRP Natural Resource Partners LP | 0.62% | 8,000 | $840K | No change |
| RERE Atrenew Inc. | 0.60% | 175,700 | $808K | Reduce -22.5% |
| SBSW Sibanye-Stillwater Ltd.-ADR | 0.60% | 71,567 | $804K | Reduce -71.5% |
| UNP Union Pacific Corp. | 0.50% | 2,875 | $680K | New |
| BABA Alibaba Group Holding-SP ADR | 0.49% | 3,700 | $661K | New |
| VNET Vnet Group Inc.-ADR | 0.48% | 63,026 | $651K | New |
| BF.B Brown-Forman Corp. Class B | 0.48% | 23,970 | $649K | New |
| VAL Valaris Ltd. | 0.47% | 13,000 | $634K | New |
| AVTR Avantor Inc. | 0.46% | 50,000 | $624K | New |
| KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC | 0.45% | 7,400 | $604K | No change |
| IIPR Innovative Industrial Proper | 0.40% | 10,165 | $545K | New |
| ACMR Acm Research Inc. Class A | 0.40% | 13,904 | $544K | New |
| SAM Boston Beer Company Inc. Class A | 0.39% | 2,500 | $529K | New |
| SAND Sandstorm Gold Ltd. | 0.39% | 42,000 | $526K | Reduce -50.6% |
| SQM Quimica Y Minera Chil-SP ADR filed as SOCIEDAD QUIMICA Y MINERA DE | 0.38% | 11,808 | $508K | New |
| BRK.B Berkshire Hathaway Inc. Class B | 0.36% | 972 | $489K | New |
| AMZN Amazon.com Inc. | 0.35% | 2,160 | $474K | Add +5.9% |
| SA Seabridge Gold Inc. | 0.32% | 18,000 | $435K | Reduce -48.6% |
| NOAH Noah Holdings Ltd.-Spon ADS filed as NOAH HLDGS LTD | 0.32% | 37,100 | $430K | No change |
| MSOS Advisorshares Pure US Cann | 0.31% | 86,328 | $414K | New |
| ENVA Enova International Inc. | 0.29% | 3,376 | $389K | Reduce -67.0% |
| LVS Las Vegas Sands Corp. | 0.28% | 7,000 | $377K | New |
| RIG Transocean Ltd. | 0.28% | 120,000 | $374K | New |
| MELI MercadoLibre Inc. | 0.27% | 157 | $367K | New |
| IBN Icici Bank Ltd.-Spon ADR | 0.27% | 12,000 | $363K | No change |
| BNTX Biontech SE-ADR | 0.26% | 3,580 | $353K | New |
| ERO Ero Copper Corp. | 0.23% | 15,007 | $304K | Reduce -81.5% |
| PPTA Perpetua Resources Corp. | 0.23% | 15,000 | $303K | Reduce -57.1% |
| CQQQ Invesco China Technology ETF | 0.22% | 5,038 | $297K | Reduce -87.6% |
| PINS Pinterest Inc. Class A | 0.22% | 9,230 | $297K | New |
| PALL Abrdn Physical Palladium SHS | 0.22% | 2,577 | $294K | Reduce -14.1% |
| PYPL PayPal Holdings Inc. | 0.21% | 4,259 | $286K | Add +14.2% |
| VOXR Vox Royalty Corp. | 0.20% | 64,200 | $276K | Reduce -24.5% |
| IE Ivanhoe Electric Inc. / US | 0.20% | 21,382 | $268K | New |
| SVM Silvercorp Metals Inc. | 0.19% | 41,502 | $262K | Reduce -82.6% |
| BE Bloom Energy Corp. Class A | 0.19% | 3,000 | $254K | Reduce -99.5% |
| CORT Corcept Therapeutics Inc. | 0.19% | 3,030 | $252K | Reduce -68.8% |
| MSFT Microsoft Corp. | 0.18% | 479 | $248K | New |
| BHC Bausch Health Cos Inc. | 0.18% | 37,506 | $242K | No change |
| FSLR First Solar Inc. | 0.18% | 1,073 | $237K | New |
| HMY Harmony Gold MNG-Spon ADR | 0.16% | 11,618 | $211K | New |
| HTZ Hertz Global Hldgs Inc. | 0.14% | 28,731 | $195K | Reduce -88.0% |
Portfolio Sells Q2 2025 → Q3 2025
| BE Bloom Energy Corp. Class A | Reduce -99.5% | 0.19% | −11.68 |
| GDXJ Vaneck Junior Gold Miners | Reduce -62.8% | 4.10% | −3.55 |
| AGI Alamos Gold Inc. Class A | Reduce -49.5% | 5.73% | −3.06 |
| HSAI Hesai Group | Reduce -85.1% | 0.64% | −2.70 |
| PONY Pony AI Inc. | Reduce -85.9% | 0.75% | −2.45 |
| YMM Full Truck Alliance -SPN ADR | Sold out | 0.00% | −2.23 |
| GD General Dynamics Corp. | Sold out | 0.00% | −1.53 |
| GOOG Alphabet Inc. Class C | Sold out | 0.00% | −1.42 |
| SMCI Super Micro Computer Inc. | Sold out | 0.00% | −1.41 |
| AEM Agnico Eagle Mines Ltd. | Reduce -50.0% | 3.12% | −1.36 |
| CQQQ Invesco China Technology ETF | Reduce -87.6% | 0.22% | −1.14 |
| HTZ Hertz Global Hldgs Inc. | Reduce -88.0% | 0.14% | −1.09 |
| EQT Eqt Corp. | Sold out | 0.00% | −0.82 |
| ERO Ero Copper Corp. | Reduce -81.5% | 0.23% | −0.80 |
| SBSW Sibanye-Stillwater Ltd.-ADR | Reduce -71.5% | 0.60% | −0.77 |
| FUTU Futu Holdings Ltd.-ADR | Sold out | 0.00% | −0.77 |
| EXE Expand Energy Corp. | Sold out | 0.00% | −0.73 |
| BSX Boston Scientific Corp. | Sold out | 0.00% | −0.70 |
| RKLB Rocket Lab Corp. | Sold out | 0.00% | −0.70 |
| BRO Brown & Brown Inc. | Sold out | 0.00% | −0.69 |
| AJG Arthur J Gallagher & Co. | Sold out | 0.00% | −0.66 |
| SEI Solaris Energy Infrastructur | Sold out | 0.00% | −0.65 |
| AAOI Applied Optoelectronics Inc. | Sold out | 0.00% | −0.65 |
| NU Nu Holdings Ltd./Cayman Isl-A | Reduce -46.1% | 1.02% | −0.63 |
| ENVA Enova International Inc. | Reduce -67.0% | 0.29% | −0.57 |
| SVM Silvercorp Metals Inc. | Reduce -82.6% | 0.19% | −0.56 |
| TME Tencent Music Entertainm-ADR | Sold out | 0.00% | −0.54 |
| GVA Granite Construction Inc. | Sold out | 0.00% | −0.43 |
| SHCO Soho House & Co. Inc. | Sold out | 0.00% | −0.43 |
| CORT Corcept Therapeutics Inc. | Reduce -68.8% | 0.19% | −0.35 |
| TIGR Up Fintech Holding Ltd. - ADR | Sold out | 0.00% | −0.30 |
| SAND Sandstorm Gold Ltd. | Reduce -50.6% | 0.39% | −0.21 |
| PPTA Perpetua Resources Corp. | Reduce -57.1% | 0.23% | −0.10 |
| SA Seabridge Gold Inc. | Reduce -48.6% | 0.32% | −0.06 |
| PALL Abrdn Physical Palladium SHS | Reduce -14.1% | 0.22% | −0.01 |
| VOXR Vox Royalty Corp. | Reduce -24.5% | 0.20% | +0.00 |
| RERE Atrenew Inc. | Reduce -22.5% | 0.60% | +0.06 |
| RBLX Roblox Corp. Class A | Reduce -25.8% | 0.70% | +0.31 |
| NGD New Gold Inc. | Reduce -0.5% | 8.37% | +2.47 |
Portfolio Buys Q2 2025 → Q3 2025
| SE Sea Ltd.-ADR | Add +544.4% | 7.68% | +6.62 |
| NEM Newmont Corp. | Add +75.0% | 10.94% | +6.54 |
| GDS GDS Holdings Ltd. - ADR | Add +35.5% | 13.81% | +5.60 |
| AU Anglogold Ashanti PLC | New | 5.21% | +5.21 |
| GOOGL Alphabet Inc. Class A | New | 2.70% | +2.70 |
| BRK.A Berkshire Hathaway Inc. Class A | New | 1.68% | +1.68 |
| AZO AutoZone Inc. | New | 1.05% | +1.05 |
| META Meta Platforms Inc. Class A | Add +8.0% | 3.15% | +0.98 |
| SCHW Schwab (charles) Corp. | New | 0.76% | +0.76 |
| MIDD Middleby Corp. | New | 0.69% | +0.69 |
| NVDA Nvidia Corp. | Add +33.2% | 1.01% | +0.53 |
| UNP Union Pacific Corp. | New | 0.50% | +0.50 |
| BABA Alibaba Group Holding-SP ADR | New | 0.49% | +0.49 |
| VNET Vnet Group Inc.-ADR | New | 0.48% | +0.48 |
| BF.B Brown-Forman Corp. Class B | New | 0.48% | +0.48 |
| VAL Valaris Ltd. | New | 0.47% | +0.47 |
| AVTR Avantor Inc. | New | 0.46% | +0.46 |
| IIPR Innovative Industrial Proper | New | 0.40% | +0.40 |
| ACMR Acm Research Inc. Class A | New | 0.40% | +0.40 |
| SAM Boston Beer Company Inc. Class A | New | 0.39% | +0.39 |
| SQM Quimica Y Minera Chil-SP ADR | New | 0.38% | +0.38 |
| BRK.B Berkshire Hathaway Inc. Class B | New | 0.36% | +0.36 |
| MSOS Advisorshares Pure US Cann | New | 0.31% | +0.31 |
| BLK BlackRock Inc. | Add +15.2% | 0.69% | +0.29 |
| LVS Las Vegas Sands Corp. | New | 0.28% | +0.28 |
| RIG Transocean Ltd. | New | 0.28% | +0.28 |
| MELI MercadoLibre Inc. | New | 0.27% | +0.27 |
| BNTX Biontech SE-ADR | New | 0.26% | +0.26 |
| PINS Pinterest Inc. Class A | New | 0.22% | +0.22 |
| IE Ivanhoe Electric Inc. / US | New | 0.20% | +0.20 |
| MSFT Microsoft Corp. | New | 0.18% | +0.18 |
| FSLR First Solar Inc. | New | 0.18% | +0.18 |
| HMY Harmony Gold MNG-Spon ADR | New | 0.16% | +0.16 |
| AMZN Amazon.com Inc. | Add +5.9% | 0.35% | +0.11 |
| PYPL PayPal Holdings Inc. | Add +14.2% | 0.21% | +0.06 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 33 | $55.9M | VXUS, VOO, GOOG, ITA, KSPI |
| Q1 2026 | 33 | $100.3M | GDXJ, IAUX, NEM, GOOG, VXUS |
| Q4 2025 | 55 | $147.1M | GDXJ, AGI, NEM, IAUX, HL |
| Q3 2025 | 67 | $134.9M | GDS, NEM, NGD, SE, AGI |
| Q2 2025 | 57 | $132.6M | BE, AGI, GDS, GDXJ, NGD |
| Q1 2025 | 41 | $40.4M | RIO, META, AGI, GOOGL, BRK.A |
| Q4 2024 | 49 | $42.5M | RIO, META, GOOGL, MSTR, BLK |
| Q3 2024 | 65 | $67.0M | MSTR, PDD, FBTC, META, GOOGL |
| Q2 2024 | 50 | $127.2M | AEM, GDXJ, GDX, FCX, MSTR |
| Q1 2024 | 100 | $154.6M | MSTR, GDXJ, GDX, FCX, AEM |