Eschler Asset Management LLP

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Eschler Asset Management LLP reported 33 stock positions worth $100.3 million. Its top holding was Vaneck Junior Gold Miners (GDXJ) at 25.2% of the portfolio, followed by I-80 Gold (IAUX, 13.6%) and Newmont (NEM, 10.8%). Compared with Q4 2025, it opened 7 new positions, sold out of 29, added to 8 and reduced 7. The biggest buy was Vaneck Junior Gold Miners (GDXJ, shares +5%) and the biggest sale an exit from Alamos Gold Class A (AGI).

Most Recent 13F
Q2 2026
Location
London, X0
CIK
0001910874
Portfolio Value
$100.3M (Q1 2026)
SEC Filing
0000919574-26-003309 ↗ filed May 15, 2026

Holdings Value

0$50.0M$100.0M$150.0M$200.0M Q1 2024: $154.6M Q1 2024 Q2 2024: $127.2M Q2 2024 Q3 2024: $67.0M Q3 2024 Q4 2024: $42.5M Q4 2024 Q1 2025: $40.4M Q1 2025 Q2 2025: $132.6M Q2 2025 Q3 2025: $134.9M Q3 2025 Q4 2025: $147.1M Q4 2025 Q1 2026: $100.3M $100.3M Q1 2026 Q2 2026: $55.9M Q2 2026

Holdings 33 stocks · $100.3M
GDXJ Vaneck Junior Gold Miners 25.18% 210,448 $25.3M Add +5.2%
IAUX I-80 Gold Corp. 13.64% 9,000,000 $13.7M Add +20.0%
NEM Newmont Corp. 10.79% 100,000 $10.8M Reduce -42.9%
GOOG Alphabet Inc. Class C 8.49% 29,698 $8.5M Add +102.2%
VXUS Vanguard Total Intl Stock 4.78% 62,218 $4.8M No change
BE Bloom Energy Corp. Class A 4.73% 35,000 $4.7M New
VOO Vanguard S&P 500 ETF 4.50% 7,552 $4.5M No change
BZ Kanzhun Ltd. - ADR 3.34% 250,000 $3.3M Add +66.7%
META Meta Platforms Inc. Class A 3.05% 5,355 $3.1M Reduce -0.8%
IMCR Immunocore Holdings PLC-ADR 2.40% 80,000 $2.4M No change
KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC 2.32% 31,473 $2.3M Add +125.2%
FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD 1.50% 11,000 $1.5M No change
VAL Valaris Ltd. 1.40% 14,300 $1.4M No change
MELI MercadoLibre Inc. 1.29% 750 $1.3M Add +106.0%
HCA HCA Healthcare Inc. 1.09% 2,315 $1.1M Add +21.2%
SAM Boston Beer Company Inc. Class A 1.06% 4,600 $1.1M No change
NVDA Nvidia Corp. 1.01% 5,782 $1.0M Reduce -67.8%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 1.00% 70,000 $1.0M No change
NRP Natural Resource Partners LP 0.96% 8,000 $968K No change
EQT Eqt Corp. 0.94% 14,814 $943K New
BLDR Builders Firstsource Inc. 0.79% 9,660 $795K No change
IPI Intrepid Potash Inc. 0.79% 18,462 $790K New
NOW ServiceNow Inc. 0.72% 6,900 $721K New
BLK BlackRock Inc. 0.71% 736 $708K Reduce -3.4%
RERE Atrenew Inc. 0.67% 142,300 $667K Add +128.4%
RIG Transocean Ltd. 0.62% 94,000 $623K Reduce -34.7%
AMZN Amazon.com Inc. 0.42% 2,040 $425K Reduce -6.1%
RBLX Roblox Corp. Class A 0.39% 6,850 $387K No change
TSM Taiwan Semiconductor-SP ADR 0.34% 1,000 $338K New
HSAI Hesai Group 0.33% 17,300 $331K Reduce -47.6%
KWEB Kranesh Csi China Internet 0.31% 11,000 $313K New
NOAH Noah Holdings Ltd.-Spon ADS filed as NOAH HLDGS LTD 0.24% 24,600 $244K No change
BHC Bausch Health Cos Inc. 0.20% 37,506 $203K New

Portfolio Sells Q4 2025 → Q1 2026
AGI Alamos Gold Inc. Class A Sold out 0.00% −13.68
HL Hecla Mining Co. Sold out 0.00% −3.26
BSV Vanguard Short-Term Bond ETF Sold out 0.00% −2.61
SBSW Sibanye-Stillwater Ltd.-ADR Sold out 0.00% −2.28
CDE Coeur Mining Inc. Sold out 0.00% −1.56
AVGO Broadcom Inc. Sold out 0.00% −1.52
SSRM SSR Mining Inc. Sold out 0.00% −1.47
BTG B2GOLD Corp. Sold out 0.00% −1.44
NVDA Nvidia Corp. Reduce -67.8% 1.01% −1.27
EZA iShares MSCI South Africa Et Sold out 0.00% −1.26
NEM Newmont Corp. Reduce -42.9% 10.79% −1.09
HMY Harmony Gold MNG-Spon ADR Sold out 0.00% −0.95
MSOS Advisorshares Pure US Cann Sold out 0.00% −0.95
IAG Iamgold Corp. Sold out 0.00% −0.95
ENVA Enova International Inc. Sold out 0.00% −0.94
ARKX ARK Space & Defense Innovati Sold out 0.00% −0.89
GDS GDS Holdings Ltd. - ADR Sold out 0.00% −0.39
SA Seabridge Gold Inc. Sold out 0.00% −0.36
RGLD Royal Gold Inc. Sold out 0.00% −0.35
FLUT Flutter Entertainment PLC-Di Sold out 0.00% −0.35
PONY Pony AI Inc. Sold out 0.00% −0.34
VALE Vale SA-SP ADR Sold out 0.00% −0.31
WWD Woodward Inc. Sold out 0.00% −0.30
SE Sea Ltd.-ADR Sold out 0.00% −0.29
KTOS Kratos Defense & Security Sold out 0.00% −0.29
FSLR First Solar Inc. Sold out 0.00% −0.28
HUT Hut 8 Corp. Sold out 0.00% −0.28
CRON Cronos Group Inc. Sold out 0.00% −0.26
PPTA Perpetua Resources Corp. Sold out 0.00% −0.25
VOXR Vox Royalty Corp. Sold out 0.00% −0.21
MU Micron Technology Inc. Sold out 0.00% −0.19
HSAI Hesai Group Reduce -47.6% 0.33% −0.17
AMZN Amazon.com Inc. Reduce -6.1% 0.42% +0.08
BLK BlackRock Inc. Reduce -3.4% 0.71% +0.15
RIG Transocean Ltd. Reduce -34.7% 0.62% +0.22
META Meta Platforms Inc. Class A Reduce -0.8% 3.05% +0.63

Portfolio Buys Q4 2025 → Q1 2026
GDXJ Vaneck Junior Gold Miners Add +5.2% 25.18% +9.71
IAUX I-80 Gold Corp. Add +20.0% 13.64% +6.19
GOOG Alphabet Inc. Class C Add +102.2% 8.49% +5.36
BE Bloom Energy Corp. Class A New 4.73% +4.73
KSPI JSC Kaspi.kz ADR Add +125.2% 2.32% +1.58
BZ Kanzhun Ltd. - ADR Add +66.7% 3.34% +1.26
EQT Eqt Corp. New 0.94% +0.94
MELI MercadoLibre Inc. Add +106.0% 1.29% +0.79
IPI Intrepid Potash Inc. New 0.79% +0.79
NOW ServiceNow Inc. New 0.72% +0.72
HCA HCA Healthcare Inc. Add +21.2% 1.09% +0.49
RERE Atrenew Inc. Add +128.4% 0.67% +0.44
TSM Taiwan Semiconductor-SP ADR New 0.34% +0.34
KWEB Kranesh Csi China Internet New 0.31% +0.31
BHC Bausch Health Cos Inc. New 0.20% +0.20

Options Activity Q4 2025 → Q1 2026
ISHARES SILVER TR call Sold out 1,000 $1.2Mbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 33$55.9MVXUS, VOO, GOOG, ITA, KSPI
Q1 2026 33$100.3MGDXJ, IAUX, NEM, GOOG, VXUS
Q4 2025 55$147.1MGDXJ, AGI, NEM, IAUX, HL
Q3 2025 67$134.9MGDS, NEM, NGD, SE, AGI
Q2 2025 57$132.6MBE, AGI, GDS, GDXJ, NGD
Q1 2025 41$40.4MRIO, META, AGI, GOOGL, BRK.A
Q4 2024 49$42.5MRIO, META, GOOGL, MSTR, BLK
Q3 2024 65$67.0MMSTR, PDD, FBTC, META, GOOGL
Q2 2024 50$127.2MAEM, GDXJ, GDX, FCX, MSTR
Q1 2024 100$154.6MMSTR, GDXJ, GDX, FCX, AEM