In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), SALT Holding Corp. reported 13 stock positions worth $79.2 million . Its top holding was Vodafone Group PLC-SP ADR (VOD) at 56.0% of the portfolio, followed by Ferrari (RACE, 26.0% ) and Anheuser-Busch Inbev-SPN ADR (BUD, 4.7% ). Compared with Q2 2025, it opened 7 new positions, sold out of 1 and added to 1. The biggest buy was a new position in Anheuser-Busch Inbev-SPN ADR (BUD) and the biggest sale an exit from Novo-Nordisk A/S-Spons ADR (NVO).
Location WILMINGTON, DE
CIK 0001996109
Portfolio Value $79.2M (Q3 2025) Holdings 13 stocks · $79.2M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q2 2025 VOD Vodafone Group PLC-SP ADR 3,821,000 $44.3M Add +5.5% RACE Ferrari NV 42,500 $20.6M No change BUD Anheuser-Busch Inbev-SPN ADR 62,600 $3.7M New DEO Diageo PLC-Sponsored ADR 31,855 $3.0M New STM Stmicroelectronics NV-NY SHS 75,900 $2.1M No change AZN Astrazeneca PLC-Spons ADR 17,200 $1.3M New LOGI Logitech International-Reg 9,763 $1.1M No change MT Arcelormittal-NY Registered 19,700 $712K No change MIAX Miami International Holdings 15,173 $611K New EQNR Equinor ASA-Spon ADR 20,136 $491K New WDS Woodside Energy Group-ADR 29,216 $440K New ARGX Argenx SE - ADR 500 $369K No change FRO Frontline PLC 15,000 $342K New
Options reported separately and not counted above: RACE calls ($13.0M), RACE puts ($10.3M), NOK calls ($3.6M), FRO calls ($1.1M).
Portfolio Sells Q2 2025 → Q3 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q2 2025 % Of Portfolio Change To Portfolio ▲ NVO Novo-Nordisk A/S-Spons ADR Sold out 0.00% −2.61
Portfolio Buys Q2 2025 → Q3 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q2 2025 % Of Portfolio Change To Portfolio ▼ BUD Anheuser-Busch Inbev-SPN ADR New 4.71% +4.71 DEO Diageo PLC-Sponsored ADR New 3.84% +3.84 AZN Astrazeneca PLC-Spons ADR New 1.67% +1.67 MIAX Miami International Holdings New 0.77% +0.77 EQNR Equinor ASA-Spon ADR New 0.62% +0.62 WDS Woodside Energy Group-ADR New 0.56% +0.56 FRO Frontline PLC New 0.43% +0.43 VOD Vodafone Group PLC-SP ADR Add +5.5% 55.95% −3.22
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ RACE Ferrari NV call New 26,800 $13.0M RACE Ferrari NV put New 21,200 $10.3M NOK Nokia Corp.-Spon ADR call New 743,600 $3.6M FRO Frontline PLC call New 47,700 $1.1M
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 25 $188.8M VOD, RACE, AZN, NOK, BUD Q1 2026 23 $162.8M VOD, RACE, AZN, BUD, NVS Q4 2025 19 $126.7M VOD, RACE, AZN, BUD, NOK Q3 2025 13 $79.2M VOD, RACE, BUD, DEO, STM Q2 2025 7 $65.3M VOD, RACE, STM, NVO, LOGI Q1 2025 12 $107.9M ASML, LOGI, RIO, RACE, GSK Q4 2024 11 $78.5M ASML, RIO, LOGI, NVO, GSK