Stenham Asset Management Ltd
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Stenham Asset Management Ltd reported 24 stock positions worth $229.4 million. Its top holding was SPDR Gold Shares (GLD) at 46.3% of the portfolio, followed by Microsoft (MSFT, 4.3%) and Taiwan Semiconductor-SP ADR (TSM, 4.3%). Compared with Q1 2025, it opened 5 new positions, sold out of 9, added to 5 and reduced 8. The biggest buy was a new position in Core & Main Class A (CNM) and the biggest sale an exit from Thermo Fisher Scientific (TMO).
- Most Recent 13F
- Q2 2026
- Location
- GUERNSEY, Y7
- CIK
- 0001840750
- Portfolio Value
- $229.4M (Q2 2025)
- SEC Filing
- 0001214659-25-012234 ↗ filed Aug 14, 2025
Holdings Value
Holdings 24 stocks · $229.4M
| GLD SPDR Gold Shares | 46.26% | 348,162 | $106.1M | Reduce -0.1% |
| MSFT Microsoft Corp. | 4.34% | 20,030 | $10.0M | Reduce -17.6% |
| TSM Taiwan Semiconductor-SP ADR | 4.25% | 43,085 | $9.8M | Reduce -26.9% |
| MA Mastercard Inc. Class A | 4.24% | 17,310 | $9.7M | No change |
| CP Canadian Pacific Kansas City | 3.95% | 114,400 | $9.1M | Reduce -40.0% |
| CNM Core & Main Inc. Class A | 3.50% | 133,000 | $8.0M | New |
| TKO Tko Group Holdings Inc. | 3.13% | 39,500 | $7.2M | Reduce -22.6% |
| AER Aercap Holdings NV | 3.07% | 60,200 | $7.0M | New |
| HLT Hilton Worldwide Holdings Inc. | 3.00% | 25,860 | $6.9M | Add +2.2% |
| AMZN Amazon.com Inc. | 2.99% | 31,230 | $6.9M | Reduce -53.2% |
| AFG American Financial Group Inc. | 2.82% | 51,200 | $6.5M | No change |
| DHR Danaher Corp. | 2.79% | 32,370 | $6.4M | Add +25.9% |
| RACE Ferrari NV | 2.60% | 12,170 | $6.0M | Add +58.0% |
| GE General Electric filed as GE AEROSPACE | 2.55% | 22,770 | $5.9M | Add +2.9% |
| ZTS Zoetis Inc. | 2.05% | 30,200 | $4.7M | Add +80.8% |
| UNP Union Pacific Corp. | 1.90% | 18,950 | $4.4M | Reduce -16.3% |
| CME Cme Group Inc. | 1.89% | 15,740 | $4.3M | New |
| V Visa Inc. Class A | 1.84% | 11,900 | $4.2M | No change |
| META Meta Platforms Inc. Class A | 0.92% | 2,850 | $2.1M | New |
| GOOG Alphabet Inc. Class C | 0.57% | 7,430 | $1.3M | New |
| SLV iShares Silver Trust | 0.43% | 30,000 | $984K | No change |
| CRH CRH PLC | 0.34% | 8,400 | $771K | Reduce -86.1% |
| CEF Sprott Physical Gold and Sil | 0.33% | 25,000 | $753K | No change |
| PHO Invesco Water Resources ETF | 0.23% | 7,400 | $517K | No change |
Portfolio Sells Q1 2025 → Q2 2025
| TMO Thermo Fisher Scientific Inc. | Sold out | 0.00% | −3.26 |
| CMA Comerica Inc. | Sold out | 0.00% | −2.34 |
| AMZN Amazon.com Inc. | Reduce -53.2% | 2.99% | −2.18 |
| CRH CRH PLC | Reduce -86.1% | 0.34% | −1.83 |
| AVGO Broadcom Inc. | Sold out | 0.00% | −1.71 |
| TLN Talen Energy Corp. | Sold out | 0.00% | −1.69 |
| AMAT Applied Materials Inc. | Sold out | 0.00% | −1.57 |
| MNKD Mannkind Corp. | Sold out | 0.00% | −1.53 |
| CP Canadian Pacific Kansas City | Reduce -40.0% | 3.95% | −1.49 |
| NVDA Nvidia Corp. | Sold out | 0.00% | −1.28 |
| AMD Advanced Micro Devices | Sold out | 0.00% | −1.24 |
| COIN Coinbase Global Inc. Class A | Sold out | 0.00% | −0.76 |
| UNP Union Pacific Corp. | Reduce -16.3% | 1.90% | −0.28 |
| TKO Tko Group Holdings Inc. | Reduce -22.6% | 3.13% | −0.04 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -26.9% | 4.25% | +0.27 |
| MSFT Microsoft Corp. | Reduce -17.6% | 4.34% | +0.63 |
| GLD SPDR Gold Shares | Reduce -0.1% | 46.26% | +5.38 |
Portfolio Buys Q1 2025 → Q2 2025
| CNM Core & Main Inc. Class A | New | 3.50% | +3.50 |
| AER Aercap Holdings NV | New | 3.07% | +3.07 |
| CME Cme Group Inc. | New | 1.89% | +1.89 |
| RACE Ferrari NV | Add +58.0% | 2.60% | +1.26 |
| ZTS Zoetis Inc. | Add +80.8% | 2.05% | +0.93 |
| META Meta Platforms Inc. Class A | New | 0.92% | +0.92 |
| GE General Electric | Add +2.9% | 2.55% | +0.75 |
| HLT Hilton Worldwide Holdings Inc. | Add +2.2% | 3.00% | +0.66 |
| DHR Danaher Corp. | Add +25.9% | 2.79% | +0.64 |
| GOOG Alphabet Inc. Class C | New | 0.57% | +0.57 |