Eschler Asset Management LLP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Eschler Asset Management LLP reported 55 stock positions worth $147.1 million. Its top holding was Vaneck Junior Gold Miners (GDXJ) at 15.5% of the portfolio, followed by Alamos Gold Class A (AGI, 13.7%) and Newmont (NEM, 11.9%). Compared with Q3 2025, it opened 22 new positions, sold out of 34, added to 16 and reduced 9. The biggest buy was Vaneck Junior Gold Miners (GDXJ, shares +259%) and the biggest sale GDS Holdings Ltd. - ADR (GDS, shares −97%).
- Most Recent 13F
- Q2 2026
- Location
- London, X0
- CIK
- 0001910874
- Portfolio Value
- $147.1M (Q4 2025)
- SEC Filing
- 0000919574-26-000937 ↗ filed Feb 13, 2026
Holdings Value
Holdings 55 stocks · $147.1M
| GDXJ Vaneck Junior Gold Miners | 15.47% | 200,000 | $22.8M | Add +258.6% |
| AGI Alamos Gold Inc. Class A | 13.68% | 521,620 | $20.1M | Add +135.4% |
| NEM Newmont Corp. | 11.88% | 175,000 | $17.5M | No change |
| IAUX I-80 Gold Corp. | 7.44% | 7,500,000 | $10.9M | No change |
| HL Hecla Mining Co. | 3.26% | 250,000 | $4.8M | New |
| VOO Vanguard S&P 500 ETF | 3.22% | 7,552 | $4.7M | New |
| VXUS Vanguard Total Intl Stock | 3.19% | 62,218 | $4.7M | New |
| GOOG Alphabet Inc. Class C | 3.13% | 14,690 | $4.6M | New |
| BSV Vanguard Short-Term Bond ETF | 2.61% | 48,682 | $3.8M | New |
| META Meta Platforms Inc. Class A | 2.42% | 5,396 | $3.6M | Reduce -6.7% |
| SBSW Sibanye-Stillwater Ltd.-ADR | 2.28% | 235,475 | $3.4M | Add +229.0% |
| NVDA Nvidia Corp. | 2.27% | 17,930 | $3.3M | Add +145.7% |
| BZ Kanzhun Ltd. - ADR | 2.08% | 150,000 | $3.1M | No change |
| IMCR Immunocore Holdings PLC-ADR | 1.89% | 80,000 | $2.8M | Add +100.0% |
| CDE Coeur Mining Inc. | 1.56% | 128,690 | $2.3M | New |
| AVGO Broadcom Inc. | 1.52% | 6,449 | $2.2M | New |
| SSRM SSR Mining Inc. | 1.47% | 98,930 | $2.2M | New |
| BTG B2GOLD Corp. | 1.44% | 469,257 | $2.1M | New |
| EZA iShares MSCI South Africa Et | 1.26% | 27,000 | $1.9M | New |
| FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD | 1.23% | 11,000 | $1.8M | New |
| HMY Harmony Gold MNG-Spon ADR | 0.95% | 70,596 | $1.4M | Add +507.6% |
| MSOS Advisorshares Pure US Cann | 0.95% | 296,784 | $1.4M | Add +243.8% |
| IAG Iamgold Corp. | 0.95% | 84,717 | $1.4M | New |
| ENVA Enova International Inc. | 0.94% | 8,812 | $1.4M | Add +161.0% |
| ARKX ARK Space & Defense Innovati | 0.89% | 45,383 | $1.3M | New |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.80% | 70,000 | $1.2M | Reduce -18.2% |
| KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC | 0.74% | 13,975 | $1.1M | Add +88.8% |
| BLDR Builders Firstsource Inc. | 0.68% | 9,660 | $994K | New |
| SAM Boston Beer Company Inc. Class A | 0.61% | 4,600 | $898K | Add +84.0% |
| HCA HCA Healthcare Inc. | 0.61% | 1,910 | $892K | New |
| NRP Natural Resource Partners LP | 0.57% | 8,000 | $835K | No change |
| BLK BlackRock Inc. | 0.55% | 762 | $816K | Reduce -5.0% |
| HSAI Hesai Group | 0.50% | 33,000 | $739K | Add +7.5% |
| MELI MercadoLibre Inc. | 0.50% | 364 | $733K | Add +131.8% |
| VAL Valaris Ltd. | 0.49% | 14,300 | $721K | Add +10.0% |
| RIG Transocean Ltd. | 0.40% | 144,000 | $595K | Add +20.0% |
| GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD | 0.39% | 16,300 | $569K | Reduce -96.6% |
| RBLX Roblox Corp. Class A | 0.38% | 6,850 | $555K | No change |
| SA Seabridge Gold Inc. | 0.36% | 18,000 | $533K | No change |
| RGLD Royal Gold Inc. | 0.35% | 2,325 | $517K | New |
| FLUT Flutter Entertainment PLC-Di | 0.35% | 2,363 | $508K | Reduce -50.0% |
| PONY Pony AI Inc. | 0.34% | 34,700 | $503K | Reduce -23.2% |
| AMZN Amazon.com Inc. | 0.34% | 2,173 | $502K | Add +0.6% |
| VALE Vale SA-SP ADR | 0.31% | 35,000 | $456K | New |
| WWD Woodward Inc. | 0.30% | 1,460 | $441K | New |
| SE Sea Ltd.-ADR | 0.29% | 3,400 | $434K | Reduce -94.1% |
| KTOS Kratos Defense & Security | 0.29% | 5,679 | $431K | New |
| FSLR First Solar Inc. | 0.28% | 1,604 | $419K | Add +49.5% |
| HUT Hut 8 Corp. | 0.28% | 8,990 | $413K | New |
| CRON Cronos Group Inc. | 0.26% | 143,998 | $379K | New |
| PPTA Perpetua Resources Corp. | 0.25% | 15,000 | $363K | No change |
| RERE Atrenew Inc. | 0.22% | 62,300 | $330K | Reduce -64.5% |
| VOXR Vox Royalty Corp. | 0.21% | 64,200 | $304K | No change |
| MU Micron Technology Inc. | 0.19% | 1,000 | $285K | New |
| NOAH Noah Holdings Ltd.-Spon ADS filed as NOAH HLDGS LTD | 0.17% | 24,600 | $247K | Reduce -33.7% |
Options reported separately and not counted above: ISHARES SILVER TR calls ($1.2M).
Portfolio Sells Q3 2025 → Q4 2025
| GDS GDS Holdings Ltd. - ADR | Reduce -96.6% | 0.39% | −13.43 |
| NGD New Gold Inc. | Sold out | 0.00% | −8.37 |
| SE Sea Ltd.-ADR | Reduce -94.1% | 0.29% | −7.39 |
| AU Anglogold Ashanti PLC | Sold out | 0.00% | −5.21 |
| AEM Agnico Eagle Mines Ltd. | Sold out | 0.00% | −3.12 |
| EH Ehang Holdings Ltd.-SPS ADR | Sold out | 0.00% | −2.75 |
| GOOGL Alphabet Inc. Class A | Sold out | 0.00% | −2.70 |
| BRK.A Berkshire Hathaway Inc. Class A | Sold out | 0.00% | −1.68 |
| AZO AutoZone Inc. | Sold out | 0.00% | −1.05 |
| SCHW Schwab (charles) Corp. | Sold out | 0.00% | −0.76 |
| META Meta Platforms Inc. Class A | Reduce -6.7% | 2.42% | −0.73 |
| MIDD Middleby Corp. | Sold out | 0.00% | −0.69 |
| FLUT Flutter Entertainment PLC-Di | Reduce -50.0% | 0.35% | −0.54 |
| UNP Union Pacific Corp. | Sold out | 0.00% | −0.50 |
| BABA Alibaba Group Holding-SP ADR | Sold out | 0.00% | −0.49 |
| VNET Vnet Group Inc.-ADR | Sold out | 0.00% | −0.48 |
| BF.B Brown-Forman Corp. Class B | Sold out | 0.00% | −0.48 |
| AVTR Avantor Inc. | Sold out | 0.00% | −0.46 |
| PONY Pony AI Inc. | Reduce -23.2% | 0.34% | −0.41 |
| IIPR Innovative Industrial Proper | Sold out | 0.00% | −0.40 |
| ACMR Acm Research Inc. Class A | Sold out | 0.00% | −0.40 |
| SAND Sandstorm Gold Ltd. | Sold out | 0.00% | −0.39 |
| SQM Quimica Y Minera Chil-SP ADR | Sold out | 0.00% | −0.38 |
| RERE Atrenew Inc. | Reduce -64.5% | 0.22% | −0.37 |
| BRK.B Berkshire Hathaway Inc. Class B | Sold out | 0.00% | −0.36 |
| LVS Las Vegas Sands Corp. | Sold out | 0.00% | −0.28 |
| IBN Icici Bank Ltd.-Spon ADR | Sold out | 0.00% | −0.27 |
| BNTX Biontech SE-ADR | Sold out | 0.00% | −0.26 |
| ERO Ero Copper Corp. | Sold out | 0.00% | −0.23 |
| CQQQ Invesco China Technology ETF | Sold out | 0.00% | −0.22 |
| PINS Pinterest Inc. Class A | Sold out | 0.00% | −0.22 |
| NU Nu Holdings Ltd./Cayman Isl-A | Reduce -18.2% | 0.80% | −0.22 |
| PALL Abrdn Physical Palladium SHS | Sold out | 0.00% | −0.22 |
| PYPL PayPal Holdings Inc. | Sold out | 0.00% | −0.21 |
| IE Ivanhoe Electric Inc. / US | Sold out | 0.00% | −0.20 |
| SVM Silvercorp Metals Inc. | Sold out | 0.00% | −0.19 |
| BE Bloom Energy Corp. Class A | Sold out | 0.00% | −0.19 |
| CORT Corcept Therapeutics Inc. | Sold out | 0.00% | −0.19 |
| MSFT Microsoft Corp. | Sold out | 0.00% | −0.18 |
| BHC Bausch Health Cos Inc. | Sold out | 0.00% | −0.18 |
| NOAH Noah Holdings Ltd.-Spon ADS | Reduce -33.7% | 0.17% | −0.15 |
| HTZ Hertz Global Hldgs Inc. | Sold out | 0.00% | −0.14 |
| BLK BlackRock Inc. | Reduce -5.0% | 0.55% | −0.14 |
Portfolio Buys Q3 2025 → Q4 2025
| GDXJ Vaneck Junior Gold Miners | Add +258.6% | 15.47% | +11.37 |
| AGI Alamos Gold Inc. Class A | Add +135.4% | 13.68% | +7.95 |
| HL Hecla Mining Co. | New | 3.26% | +3.26 |
| VOO Vanguard S&P 500 ETF | New | 3.22% | +3.22 |
| VXUS Vanguard Total Intl Stock | New | 3.19% | +3.19 |
| GOOG Alphabet Inc. Class C | New | 3.13% | +3.13 |
| BSV Vanguard Short-Term Bond ETF | New | 2.61% | +2.61 |
| SBSW Sibanye-Stillwater Ltd.-ADR | Add +229.0% | 2.28% | +1.68 |
| CDE Coeur Mining Inc. | New | 1.56% | +1.56 |
| AVGO Broadcom Inc. | New | 1.52% | +1.52 |
| SSRM SSR Mining Inc. | New | 1.47% | +1.47 |
| BTG B2GOLD Corp. | New | 1.44% | +1.44 |
| NVDA Nvidia Corp. | Add +145.7% | 2.27% | +1.26 |
| EZA iShares MSCI South Africa Et | New | 1.26% | +1.26 |
| FUTU Futu Holdings Ltd.-ADR | New | 1.23% | +1.23 |
| IAG Iamgold Corp. | New | 0.95% | +0.95 |
| ARKX ARK Space & Defense Innovati | New | 0.89% | +0.89 |
| IMCR Immunocore Holdings PLC-ADR | Add +100.0% | 1.89% | +0.81 |
| HMY Harmony Gold MNG-Spon ADR | Add +507.6% | 0.95% | +0.80 |
| BLDR Builders Firstsource Inc. | New | 0.68% | +0.68 |
| ENVA Enova International Inc. | Add +161.0% | 0.94% | +0.65 |
| MSOS Advisorshares Pure US Cann | Add +243.8% | 0.95% | +0.65 |
| HCA HCA Healthcare Inc. | New | 0.61% | +0.61 |
| RGLD Royal Gold Inc. | New | 0.35% | +0.35 |
| VALE Vale SA-SP ADR | New | 0.31% | +0.31 |
| WWD Woodward Inc. | New | 0.30% | +0.30 |
| KSPI JSC Kaspi.kz ADR | Add +88.8% | 0.74% | +0.29 |
| KTOS Kratos Defense & Security | New | 0.29% | +0.29 |
| HUT Hut 8 Corp. | New | 0.28% | +0.28 |
| CRON Cronos Group Inc. | New | 0.26% | +0.26 |
| MELI MercadoLibre Inc. | Add +131.8% | 0.50% | +0.23 |
| SAM Boston Beer Company Inc. Class A | Add +84.0% | 0.61% | +0.22 |
| MU Micron Technology Inc. | New | 0.19% | +0.19 |
| RIG Transocean Ltd. | Add +20.0% | 0.40% | +0.13 |
| FSLR First Solar Inc. | Add +49.5% | 0.28% | +0.11 |
| VAL Valaris Ltd. | Add +10.0% | 0.49% | +0.02 |
| AMZN Amazon.com Inc. | Add +0.6% | 0.34% | −0.01 |
| HSAI Hesai Group | Add +7.5% | 0.50% | −0.14 |
Options Activity Q3 2025 → Q4 2025
| ISHARES SILVER TR | call | New | 1,000 | $1.2M |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
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 |