SALT Holding Corp.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), SALT Holding Corp. reported 19 stock positions worth $126.7 million. Its top holding was Vodafone Group PLC-SP ADR (VOD) at 39.8% of the portfolio, followed by Ferrari (RACE, 19.5%) and Astrazeneca PLC-Spons ADR (AZN, 13.5%). Compared with Q3 2025, it opened 6 new positions, added to 5 and reduced 1. The biggest buy was Astrazeneca PLC-Spons ADR (AZN, shares +984%) and the biggest sale Woodside Energy Group-ADR (WDS, shares −18%).

Most Recent 13F
Q2 2026
Location
WILMINGTON, DE
CIK
0001996109
Portfolio Value
$126.7M (Q4 2025)
SEC Filing
0001996109-26-000001 ↗ filed Feb 17, 2026

Holdings Value

0$50.0M$100.0M$150.0M$200.0M Q4 2024: $78.5M Q4 2024 Q1 2025: $107.9M Q1 2025 Q2 2025: $65.3M Q2 2025 Q3 2025: $79.2M Q3 2025 Q4 2025: $126.7M $126.7M Q4 2025 Q1 2026: $162.8M Q1 2026 Q2 2026: $188.8M Q2 2026

Holdings 19 stocks · $126.7M
VOD Vodafone Group PLC-SP ADR 39.83% 3,821,000 $50.5M No change
RACE Ferrari NV 19.47% 66,772 $24.7M Add +57.1%
AZN Astrazeneca PLC-Spons ADR 13.53% 186,500 $17.1M Add +984.3%
BUD Anheuser-Busch Inbev-SPN ADR 5.78% 114,415 $7.3M Add +82.8%
NOK Nokia Corp.-Spon ADR 5.49% 1,075,200 $7.0M New
BTI British American Tob-SP ADR 4.27% 95,589 $5.4M New
DEO Diageo PLC-Sponsored ADR 2.17% 31,855 $2.7M No change
STM Stmicroelectronics NV-NY SHS 1.55% 75,900 $2.0M No change
ERIC Ericsson (lm) Tel-SP ADR filed as TELEFONAKTIEBOLAGET LM ERICS 1.52% 200,000 $1.9M New
STLA Stellantis NV 1.29% 150,493 $1.6M New
SAP Sap SE-Sponsored ADR 1.19% 6,232 $1.5M New
LOGI Logitech International-Reg 0.77% 9,763 $978K No change
MT Arcelormittal-NY Registered 0.71% 19,700 $898K No change
SHEL Shell PLC-ADR 0.58% 9,938 $730K New
MIAX Miami International Holdings 0.53% 15,173 $673K No change
EQNR Equinor ASA-Spon ADR 0.41% 22,000 $520K Add +9.3%
ARGX Argenx SE - ADR 0.33% 500 $420K No change
WDS Woodside Energy Group-ADR 0.29% 23,908 $373K Reduce -18.2%
FRO Frontline PLC 0.26% 15,200 $332K Add +1.3%

Options reported separately and not counted above: STM calls ($1.3M), FRO calls ($1.0M).

Portfolio Sells Q3 2025 → Q4 2025
WDS Woodside Energy Group-ADR Reduce -18.2% 0.29% −0.26

Portfolio Buys Q3 2025 → Q4 2025
AZN Astrazeneca PLC-Spons ADR Add +984.3% 13.53% +11.86
NOK Nokia Corp.-Spon ADR New 5.49% +5.49
BTI British American Tob-SP ADR New 4.27% +4.27
ERIC Ericsson (lm) Tel-SP ADR New 1.52% +1.52
STLA Stellantis NV New 1.29% +1.29
SAP Sap SE-Sponsored ADR New 1.19% +1.19
BUD Anheuser-Busch Inbev-SPN ADR Add +82.8% 5.78% +1.07
SHEL Shell PLC-ADR New 0.58% +0.58
FRO Frontline PLC Add +1.3% 0.26% −0.17
EQNR Equinor ASA-Spon ADR Add +9.3% 0.41% −0.21
RACE Ferrari NV Add +57.1% 19.47% −6.56

Options Activity Q3 2025 → Q4 2025
RACE Ferrari NV call Sold out 26,800 $13.0Mbefore exit
RACE Ferrari NV put Sold out 21,200 $10.3Mbefore exit
NOK Nokia Corp.-Spon ADR call Sold out 743,600 $3.6Mbefore exit
STM Stmicroelectronics NV-NY SHS call New 50,000 $1.3M
FRO Frontline PLC call Reduce -0.4% 47,500 $1.0M

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 25$188.8MVOD, RACE, AZN, NOK, BUD
Q1 2026 23$162.8MVOD, RACE, AZN, BUD, NVS
Q4 2025 19$126.7MVOD, RACE, AZN, BUD, NOK
Q3 2025 13$79.2MVOD, RACE, BUD, DEO, STM
Q2 2025 7$65.3MVOD, RACE, STM, NVO, LOGI
Q1 2025 12$107.9MASML, LOGI, RIO, RACE, GSK
Q4 2024 11$78.5MASML, RIO, LOGI, NVO, GSK