Stenham Asset Management Ltd
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Stenham Asset Management Ltd reported 21 stock positions worth $173.9 million. Its top holding was SPDR Gold Shares (GLD) at 71.1% of the portfolio, followed by Amazon.com (AMZN, 5.1%) and Tko (TKO, 4.6%). Compared with Q2 2025, it opened 3 new positions, sold out of 6, added to 2 and reduced 9. The biggest buy was Union Pacific (UNP, shares +71%) and the biggest sale an exit from Canadian Pacific Kansas City (CP).
- Most Recent 13F
- Q2 2026
- Location
- GUERNSEY, Y7
- CIK
- 0001840750
- Portfolio Value
- $173.9M (Q3 2025)
- SEC Filing
- 0001214659-25-016640 ↗ filed Nov 14, 2025
Holdings Value
Holdings 21 stocks · $173.9M
| GLD SPDR Gold Shares | 71.09% | 347,832 | $123.6M | Reduce -0.1% |
| AMZN Amazon.com Inc. | 5.06% | 40,080 | $8.8M | Add +28.3% |
| TKO Tko Group Holdings Inc. | 4.59% | 39,500 | $8.0M | No change |
| UNP Union Pacific Corp. | 4.40% | 32,350 | $7.6M | Add +70.7% |
| AER Aercap Holdings NV | 4.19% | 60,200 | $7.3M | No change |
| CNM Core & Main Inc. Class A | 4.12% | 133,000 | $7.2M | No change |
| TSM Taiwan Semiconductor-SP ADR | 1.24% | 7,742 | $2.2M | Reduce -82.0% |
| SLV iShares Silver Trust | 0.73% | 30,000 | $1.3M | No change |
| CRH CRH PLC | 0.58% | 8,400 | $1.0M | No change |
| CEF Sprott Physical Gold and Sil | 0.53% | 25,000 | $917K | No change |
| IHAK iShares Cybersecurity & Tech | 0.52% | 17,295 | $905K | New |
| BRK.B Berkshire Hathaway Inc. Class B | 0.46% | 1,588 | $798K | New |
| MSFT Microsoft Corp. | 0.42% | 1,420 | $735K | Reduce -92.9% |
| MA Mastercard Inc. Class A | 0.36% | 1,110 | $631K | Reduce -93.6% |
| PHO Invesco Water Resources ETF | 0.31% | 7,400 | $534K | No change |
| GE General Electric filed as GE AEROSPACE | 0.27% | 1,580 | $475K | Reduce -93.1% |
| PCG P G & E Corp. | 0.27% | 30,900 | $466K | New |
| HLT Hilton Worldwide Holdings Inc. | 0.23% | 1,560 | $405K | Reduce -94.0% |
| RACE Ferrari NV | 0.21% | 770 | $374K | Reduce -93.7% |
| DHR Danaher Corp. | 0.21% | 1,870 | $371K | Reduce -94.2% |
| CME Cme Group Inc. | 0.21% | 1,330 | $359K | Reduce -91.5% |
Portfolio Sells Q2 2025 → Q3 2025
| CP Canadian Pacific Kansas City | Sold out | 0.00% | −3.95 |
| MSFT Microsoft Corp. | Reduce -92.9% | 0.42% | −3.92 |
| MA Mastercard Inc. Class A | Reduce -93.6% | 0.36% | −3.88 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -82.0% | 1.24% | −3.01 |
| AFG American Financial Group Inc. | Sold out | 0.00% | −2.82 |
| HLT Hilton Worldwide Holdings Inc. | Reduce -94.0% | 0.23% | −2.77 |
| DHR Danaher Corp. | Reduce -94.2% | 0.21% | −2.57 |
| RACE Ferrari NV | Reduce -93.7% | 0.21% | −2.39 |
| GE General Electric | Reduce -93.1% | 0.27% | −2.28 |
| ZTS Zoetis Inc. | Sold out | 0.00% | −2.05 |
| V Visa Inc. Class A | Sold out | 0.00% | −1.84 |
| CME Cme Group Inc. | Reduce -91.5% | 0.21% | −1.68 |
| META Meta Platforms Inc. Class A | Sold out | 0.00% | −0.92 |
| GOOG Alphabet Inc. Class C | Sold out | 0.00% | −0.57 |
| GLD SPDR Gold Shares | Reduce -0.1% | 71.09% | +24.83 |