Gemsstock Ltd.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 13, 2025), Gemsstock Ltd. reported 18 stock positions worth $265.4 million. Its top holding was JSC Kaspi.kz ADR (KSPI) at 14.3% of the portfolio, followed by Equinox Gold (EQX, 10.9%) and Grupo Financiero Galicia-ADR (GGAL, 6.9%). Compared with Q4 2024, it opened 6 new positions, sold out of 4, added to 6 and reduced 6. The biggest buy was JSC Kaspi.kz ADR (KSPI, shares +210%) and the biggest sale an exit from Invesco QQQ Trust Series 1 (QQQ).
- Most Recent 13F
- Q2 2026
- Location
- London, X0
- CIK
- 0001724140
- Portfolio Value
- $265.4M (Q1 2025)
- SEC Filing
- 0001724140-25-000005 ↗ filed May 13, 2025
Holdings Value
Holdings 18 stocks · $265.4M
| KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC | 14.34% | 410,000 | $38.1M | Add +209.9% |
| EQX Equinox Gold Corp. | 10.89% | 4,198,277 | $28.9M | Add +64.2% |
| GGAL Grupo Financiero Galicia-ADR | 6.86% | 334,086 | $18.2M | Add +47.0% |
| TECK Teck Resources Ltd.-CLS B | 6.47% | 471,670 | $17.2M | Reduce -0.3% |
| BMA Banco Macro SA-ADR | 5.88% | 206,725 | $15.6M | Add +30.3% |
| B Barrick Gold Corp. | 5.75% | 785,100 | $15.3M | New |
| NEM Newmont Corp. | 5.32% | 292,300 | $14.1M | Reduce -0.4% |
| MOS The Mosaic Co. | 5.28% | 518,600 | $14.0M | New |
| AMZN Amazon.com Inc. | 5.26% | 73,365 | $14.0M | Reduce -40.9% |
| GOOG Alphabet Inc. Class C | 5.07% | 86,200 | $13.5M | Reduce -43.7% |
| VIST Vista Energy Sab DE CV | 4.88% | 278,402 | $13.0M | Add +38.0% |
| CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC | 4.42% | 150,000 | $11.7M | New |
| DB Deutsche Bank AG-Registered | 4.18% | 470,050 | $11.1M | Reduce -48.3% |
| AR Antero Resources Corp. | 3.54% | 232,200 | $9.4M | New |
| EQT Eqt Corp. | 3.49% | 173,500 | $9.3M | New |
| GDXJ Vaneck Junior Gold Miners | 3.44% | 159,700 | $9.1M | Reduce -0.2% |
| GPOR Gulfport Energy Corp. | 3.27% | 47,200 | $8.7M | New |
| BBAR Bbva Argentina SA-ADR filed as BANCO BBVA ARGENTINA S A | 1.65% | 241,274 | $4.4M | Add +62.5% |
Portfolio Sells Q4 2024 → Q1 2025
| QQQ Invesco QQQ Trust Series 1 | Sold out | 0.00% | −31.05 |
| RSP Invesco S&P 500 Equal Weight | Sold out | 0.00% | −27.61 |
| NU Nu Holdings Ltd./Cayman Isl-A | Sold out | 0.00% | −4.67 |
| BABA Alibaba Group Holding-SP ADR | Sold out | 0.00% | −3.12 |
| GOOG Alphabet Inc. Class C | Reduce -43.7% | 5.07% | −0.96 |
| AMZN Amazon.com Inc. | Reduce -40.9% | 5.26% | −0.38 |
| GDXJ Vaneck Junior Gold Miners | Reduce -0.2% | 3.44% | +2.03 |
| TECK Teck Resources Ltd.-CLS B | Reduce -0.3% | 6.47% | +2.51 |
| NEM Newmont Corp. | Reduce -0.4% | 5.32% | +3.06 |
| DB Deutsche Bank AG-Registered | Reduce -48.3% | 4.18% | +4.16 |
Portfolio Buys Q4 2024 → Q1 2025
| KSPI JSC Kaspi.kz ADR | Add +209.9% | 14.34% | +11.75 |
| EQX Equinox Gold Corp. | Add +64.2% | 10.89% | +8.23 |
| B Barrick Gold Corp. | New | 5.75% | +5.75 |
| MOS The Mosaic Co. | New | 5.28% | +5.28 |
| CF CF Industries Holdings Inc. | New | 4.42% | +4.42 |
| GGAL Grupo Financiero Galicia-ADR | Add +47.0% | 6.86% | +3.92 |
| AR Antero Resources Corp. | New | 3.54% | +3.54 |
| EQT Eqt Corp. | New | 3.49% | +3.49 |
| GPOR Gulfport Energy Corp. | New | 3.27% | +3.27 |
| BMA Banco Macro SA-ADR | Add +30.3% | 5.88% | +2.71 |
| VIST Vista Energy Sab DE CV | Add +38.0% | 4.88% | +2.63 |
| BBAR Bbva Argentina SA-ADR | Add +62.5% | 1.65% | +1.06 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026Amended | 13 | $307.5M | GDX, VIST, KSPI, GPOR, BMA |
| Q1 2026 | 28 | $948.8M | EQX, GPOR, AMZN, B, VIST |
| Q4 2025 | 22 | $793.4M | EQX, GPOR, SOXX, QQQ, AMZN |
| Q3 2025 | 15 | $486.1M | EEM, EQX, EQT, GDXJ, NEM |
| Q2 2025 | 17 | $560.9M | EEM, EWZ, EQX, DB, KSPI |
| Q1 2025 | 18 | $265.4M | KSPI, EQX, GGAL, TECK, BMA |
| Q4 2024 | 16 | $483.2M | QQQ, RSP, GOOG, AMZN, NU |
| Q3 2024 | 9 | $206.8M | QQQ, AMZN, B, NEM, GOOG |
| Q2 2024 | 13 | $313.7M | AMZN, TECK, GOOG, AVGO, TSM |
| Q1 2024 | 13 | $265.0M | TECK, NU, GOOG, AVGO, JPM |