Glenorchy Capital Ltd
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 30, 2026), Glenorchy Capital Ltd reported 59 stock positions worth $153.8 million. Its top holding was Vaneck Gold Miners ETF (GDX) at 6.1% of the portfolio, followed by Global X MSCI Greece ETF (GREK, 5.7%) and iShares MSCI Brazil ETF (EWZ, 5.4%). Compared with Q3 2025, it opened 2 new positions, sold out of 1, added to 25 and reduced 31. The biggest buy was a new position in Borr Drilling (BORR) and the biggest sale Kranesh Csi China Internet (KWEB, shares −1%).
- Most Recent 13F
- Q2 2026
- Location
- BOOROLITE, C3
- CIK
- 0002008506
- Portfolio Value
- $153.8M (Q4 2025)
- SEC Filing
- 0002008506-26-000001 ↗ filed Jan 30, 2026
Holdings Value
Holdings 59 stocks · $153.8M
| GDX Vaneck Gold Miners ETF | 6.13% | 109,867 | $9.4M | Reduce -6.4% |
| GREK Global X MSCI Greece ETF | 5.68% | 132,579 | $8.7M | Reduce -3.9% |
| EWZ iShares MSCI Brazil ETF | 5.41% | 261,634 | $8.3M | Reduce -3.1% |
| KWEB Kranesh Csi China Internet | 4.86% | 219,643 | $7.5M | Reduce -0.7% |
| ECNS iShares MSCI China Small-Cap | 3.94% | 185,154 | $6.1M | Add +1.7% |
| PAM Pampa Energia SA-Spon ADR | 3.56% | 61,823 | $5.5M | Reduce -4.5% |
| SBSW Sibanye-Stillwater Ltd.-ADR | 3.48% | 375,719 | $5.4M | Reduce -4.1% |
| LOMA Loma Negra Cia Ind-Spon ADR | 3.45% | 409,870 | $5.3M | Reduce -2.1% |
| CEPU Central Puerto-Sponsored ADR | 3.32% | 291,323 | $5.1M | Reduce -5.7% |
| BBAR Bbva Argentina SA-ADR filed as BANCO BBVA ARGENTINA S A | 2.92% | 248,865 | $4.5M | Reduce -4.9% |
| CRK Comstock Resources Inc. | 2.72% | 180,270 | $4.2M | Reduce -2.9% |
| BMA Banco Macro SA-ADR | 2.70% | 46,101 | $4.2M | Reduce -4.3% |
| YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA | 2.67% | 113,532 | $4.1M | Reduce -5.6% |
| CRESY Cresud S.A.-Spons ADR | 2.61% | 317,646 | $4.0M | Reduce -0.9% |
| FRO Frontline PLC | 2.54% | 178,947 | $3.9M | Reduce -2.5% |
| FTI Technipfmc PLC | 2.04% | 70,283 | $3.1M | Reduce -6.3% |
| BTU Peabody Energy Corp. | 1.91% | 98,702 | $2.9M | Reduce -3.2% |
| GEOS Geospace Technologies Corp. | 1.88% | 170,992 | $2.9M | Reduce -6.2% |
| RIG Transocean Ltd. | 1.86% | 691,779 | $2.9M | Add +3.2% |
| DHT DHT Holdings Inc. | 1.79% | 225,713 | $2.8M | Reduce -2.5% |
| EXE Expand Energy Corp. | 1.74% | 24,248 | $2.7M | Add +4.9% |
| BORR Borr Drilling Ltd. | 1.61% | 616,288 | $2.5M | New |
| INSW International Seaways Inc. | 1.58% | 49,982 | $2.4M | Reduce -1.0% |
| CNX CNX Resources Corp. | 1.54% | 64,217 | $2.4M | Reduce -3.2% |
| TEN Tsakos Energy Navigation Ltd. | 1.53% | 105,246 | $2.4M | Reduce -0.8% |
| EQT Eqt Corp. | 1.43% | 41,116 | $2.2M | Reduce -3.6% |
| NE Noble Corp. PLC | 1.41% | 76,647 | $2.2M | Add +6.6% |
| WFRD Weatherford International PL | 1.38% | 27,162 | $2.1M | New |
| TNK Teekay Tankers Ltd. Class A | 1.28% | 36,937 | $2.0M | Add +0.5% |
| AR Antero Resources Corp. | 1.28% | 57,099 | $2.0M | Reduce -1.4% |
| RRC Range Resources Corp. | 1.25% | 54,732 | $1.9M | Reduce -2.3% |
| ICL Icl Group Ltd. | 1.15% | 309,431 | $1.8M | Add +0.1% |
| OII Oceaneering Intl Inc. | 1.14% | 72,995 | $1.8M | Reduce -0.8% |
| IPI Intrepid Potash Inc. | 1.06% | 59,032 | $1.6M | Add +0.6% |
| VAL Valaris Ltd. | 1.01% | 30,768 | $1.6M | Reduce -1.8% |
| CNR Core Natural Resources Inc. | 0.98% | 16,980 | $1.5M | Add +1.4% |
| MOS The Mosaic Co. | 0.97% | 61,982 | $1.5M | Add +31.1% |
| STNG Scorpio Tankers Inc. | 0.96% | 29,118 | $1.5M | Reduce -2.8% |
| XPRO Expro Group Holdings NV | 0.92% | 105,842 | $1.4M | Add +1.6% |
| GPRK Geopark Ltd. | 0.90% | 187,433 | $1.4M | Add +5.8% |
| ASC Ardmore Shipping Corp. | 0.88% | 127,072 | $1.3M | Add +1.3% |
| TDW Tidewater Inc. | 0.86% | 26,238 | $1.3M | Add +1.1% |
| HOS Hornbeck Offshore Services I filed as HELIX ENERGY SOLUTIONS GRP I | 0.82% | 200,316 | $1.3M | Add +3.4% |
| TGS Transportador Gas-ADR SP B | 0.77% | 38,275 | $1.2M | Reduce -10.4% |
| SMHI Seacor Marine Holdings Inc. | 0.75% | 192,803 | $1.2M | Add +4.3% |
| IRS Irsa -SP ADR filed as IRSA INVERSIONES Y REP S A | 0.58% | 53,599 | $887K | Add +23.8% |
| BTI British American Tob-SP ADR | 0.57% | 15,381 | $871K | Reduce -7.5% |
| ECO Okeanis Eco Tankers Corp. | 0.54% | 24,859 | $837K | Reduce -3.1% |
| IVV iShares Core S&P 500 ETF | 0.50% | 1,118 | $766K | No change |
| BWLP BW LPG Ltd. | 0.42% | 49,850 | $653K | Add +1.5% |
| EC Ecopetrol SA-Sponsored ADR | 0.41% | 62,487 | $626K | Add +4.9% |
| SBLK Star Bulk Carriers Corp. | 0.38% | 30,319 | $583K | Add +9.4% |
| PBR Petroleo Brasileiro-Spon ADR | 0.36% | 47,161 | $559K | Add +8.1% |
| TRMD Torm PLC-A | 0.35% | 27,658 | $542K | Add +4.5% |
| HAFN Hafnia Ltd. | 0.34% | 98,964 | $527K | Add +3.6% |
| WB Weibo Corp.-Spon ADR | 0.26% | 38,823 | $397K | Add +88.4% |
| CIVI Civitas Resources Inc. | 0.25% | 14,120 | $383K | Add +31.4% |
| CALM Cal-Maine Foods Inc. | 0.23% | 4,360 | $347K | Add +42.7% |
| MNDO Mind Cti Ltd. | 0.13% | 173,438 | $199K | Reduce -6.5% |
Options reported separately and not counted above: QQQ puts ($1.3B), TLT puts ($214.8M), SPY puts ($22.5M), VAL calls ($5.6M), DSX calls ($26K), NE calls ($8K), SBSW calls ($1K).
Portfolio Sells Q3 2025 → Q4 2025
| KWEB Kranesh Csi China Internet | Reduce -0.7% | 4.86% | −1.88 |
| GIFI Gulf Island Fabrication Inc. | Sold out | 0.00% | −1.42 |
| GREK Global X MSCI Greece ETF | Reduce -3.9% | 5.68% | −0.76 |
| EWZ iShares MSCI Brazil ETF | Reduce -3.1% | 5.41% | −0.67 |
| GEOS Geospace Technologies Corp. | Reduce -6.2% | 1.88% | −0.63 |
| FRO Frontline PLC | Reduce -2.5% | 2.54% | −0.50 |
| GDX Vaneck Gold Miners ETF | Reduce -6.4% | 6.13% | −0.38 |
| RRC Range Resources Corp. | Reduce -2.3% | 1.25% | −0.28 |
| STNG Scorpio Tankers Inc. | Reduce -2.8% | 0.96% | −0.26 |
| EQT Eqt Corp. | Reduce -3.6% | 1.43% | −0.25 |
| DHT DHT Holdings Inc. | Reduce -2.5% | 1.79% | −0.21 |
| OII Oceaneering Intl Inc. | Reduce -0.8% | 1.14% | −0.18 |
| TEN Tsakos Energy Navigation Ltd. | Reduce -0.8% | 1.53% | −0.18 |
| AR Antero Resources Corp. | Reduce -1.4% | 1.28% | −0.13 |
| INSW International Seaways Inc. | Reduce -1.0% | 1.58% | −0.11 |
| FTI Technipfmc PLC | Reduce -6.3% | 2.04% | −0.11 |
| VAL Valaris Ltd. | Reduce -1.8% | 1.01% | −0.10 |
| BTI British American Tob-SP ADR | Reduce -7.5% | 0.57% | −0.07 |
| BTU Peabody Energy Corp. | Reduce -3.2% | 1.91% | −0.06 |
| MNDO Mind Cti Ltd. | Reduce -6.5% | 0.13% | −0.02 |
| CNX CNX Resources Corp. | Reduce -3.2% | 1.54% | −0.01 |
| ECO Okeanis Eco Tankers Corp. | Reduce -3.1% | 0.54% | −0.00 |
| CRK Comstock Resources Inc. | Reduce -2.9% | 2.72% | +0.05 |
| TGS Transportador Gas-ADR SP B | Reduce -10.4% | 0.77% | +0.12 |
| SBSW Sibanye-Stillwater Ltd.-ADR | Reduce -4.1% | 3.48% | +0.29 |
| CRESY Cresud S.A.-Spons ADR | Reduce -0.9% | 2.61% | +0.47 |
| YPF YPF S.A.-Sponsored ADR | Reduce -5.6% | 2.67% | +0.55 |
| PAM Pampa Energia SA-Spon ADR | Reduce -4.5% | 3.56% | +0.74 |
| LOMA Loma Negra Cia Ind-Spon ADR | Reduce -2.1% | 3.45% | +1.21 |
| BMA Banco Macro SA-ADR | Reduce -4.3% | 2.70% | +1.22 |
| BBAR Bbva Argentina SA-ADR | Reduce -4.9% | 2.92% | +1.34 |
| CEPU Central Puerto-Sponsored ADR | Reduce -5.7% | 3.32% | +1.52 |
Portfolio Buys Q3 2025 → Q4 2025
| BORR Borr Drilling Ltd. | New | 1.61% | +1.61 |
| WFRD Weatherford International PL | New | 1.38% | +1.38 |
| RIG Transocean Ltd. | Add +3.2% | 1.86% | +0.34 |
| IRS Irsa -SP ADR | Add +23.8% | 0.58% | +0.20 |
| GPRK Geopark Ltd. | Add +5.8% | 0.90% | +0.08 |
| WB Weibo Corp.-Spon ADR | Add +88.4% | 0.26% | +0.07 |
| XPRO Expro Group Holdings NV | Add +1.6% | 0.92% | +0.02 |
| CALM Cal-Maine Foods Inc. | Add +42.7% | 0.23% | +0.02 |
| EC Ecopetrol SA-Sponsored ADR | Add +4.9% | 0.41% | +0.01 |
| SBLK Star Bulk Carriers Corp. | Add +9.4% | 0.38% | +0.01 |
| CIVI Civitas Resources Inc. | Add +31.4% | 0.25% | −0.00 |
| PBR Petroleo Brasileiro-Spon ADR | Add +8.1% | 0.36% | −0.04 |
| CNR Core Natural Resources Inc. | Add +1.4% | 0.98% | −0.04 |
| EXE Expand Energy Corp. | Add +4.9% | 1.74% | −0.04 |
| TRMD Torm PLC-A | Add +4.5% | 0.35% | −0.04 |
| TNK Teekay Tankers Ltd. Class A | Add +0.5% | 1.28% | −0.06 |
| NE Noble Corp. PLC | Add +6.6% | 1.41% | −0.07 |
| HAFN Hafnia Ltd. | Add +3.6% | 0.34% | −0.07 |
| BWLP BW LPG Ltd. | Add +1.5% | 0.42% | −0.08 |
| HOS Hornbeck Offshore Services I | Add +3.4% | 0.82% | −0.11 |
| SMHI Seacor Marine Holdings Inc. | Add +4.3% | 0.75% | −0.12 |
| TDW Tidewater Inc. | Add +1.1% | 0.86% | −0.14 |
| ASC Ardmore Shipping Corp. | Add +1.3% | 0.88% | −0.21 |
| MOS The Mosaic Co. | Add +31.1% | 0.97% | −0.22 |
| IPI Intrepid Potash Inc. | Add +0.6% | 1.06% | −0.24 |
| ICL Icl Group Ltd. | Add +0.1% | 1.15% | −0.25 |
| ECNS iShares MSCI China Small-Cap | Add +1.7% | 3.94% | −1.27 |
Options Activity Q3 2025 → Q4 2025
| QQQ Invesco QQQ Trust Series 1 | put | Add +320.4% | 2,038,700 | $1.3B |
| TLT iShares 20+ Year Treasury BD | put | Reduce -1.1% | 2,464,300 | $214.8M |
| GLD SPDR Gold Shares | call | Sold out | 2,400 | $853Kbefore exit |
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 | 59 | $160.2M | EWZ, GDX, FRO, ECH, ECNS |
| Q1 2026 | 62 | $185.0M | EWZ, GDX, FRO, ECNS, ECH |
| Q4 2025 | 59 | $153.8M | GDX, GREK, EWZ, KWEB, ECNS |
| Q3 2025 | 58 | $137.8M | KWEB, GDX, GREK, EWZ, ECNS |
| Q2 2025 | 57 | $135.8M | URNM, GREK, KWEB, GDX, CRK |
| Q1 2025Amended | 58 | $134.2M | KWEB, URNM, GREK, GDX, PAM |
| Q4 2024 | 59 | $139.5M | URNM, KWEB, PAM, BBAR, YPF |
| Q3 2024 | 62 | $133.0M | URNM, GREK, GDX, PAM, DXJ |
| Q2 2024 | 61 | $135.8M | URNM, TDW, DXJ, GREK, BMA |
| Q1 2024 | 63 | $121.4M | URNM, TDW, DXJ, YPF, GREK |