Stenham Asset Management Ltd
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Stenham Asset Management Ltd reported 23 stock positions worth $200.3 million. Its top holding was SPDR Gold Shares (GLD) at 67.6% of the portfolio, followed by Nvidia (NVDA, 5.7%) and Amazon.com (AMZN, 4.6%). Compared with Q3 2025, it opened 3 new positions, sold out of 1, added to 6 and reduced 4. The biggest buy was a new position in Nvidia (NVDA) and the biggest sale an exit from Core & Main Class A (CNM).
- Most Recent 13F
- Q2 2026
- Location
- GUERNSEY, Y7
- CIK
- 0001840750
- Portfolio Value
- $200.3M (Q4 2025)
- SEC Filing
- 0001214659-26-001986 ↗ filed Feb 17, 2026
Holdings Value
Holdings 23 stocks · $200.3M
| GLD SPDR Gold Shares | 67.64% | 341,907 | $135.5M | Reduce -1.7% |
| NVDA Nvidia Corp. | 5.75% | 61,737 | $11.5M | New |
| AMZN Amazon.com Inc. | 4.62% | 40,080 | $9.3M | No change |
| TLN Talen Energy Corp. | 4.02% | 21,500 | $8.1M | New |
| UNP Union Pacific Corp. | 3.89% | 33,657 | $7.8M | Add +4.0% |
| HON Honeywell International Inc. | 3.65% | 37,441 | $7.3M | New |
| AER Aercap Holdings NV | 3.22% | 44,900 | $6.5M | Reduce -25.4% |
| TSM Taiwan Semiconductor-SP ADR | 1.50% | 9,883 | $3.0M | Add +27.6% |
| SLV iShares Silver Trust | 0.89% | 27,700 | $1.8M | Reduce -7.7% |
| CEF Sprott Physical Gold and Sil | 0.57% | 25,000 | $1.1M | No change |
| TKO Tko Group Holdings Inc. | 0.55% | 5,300 | $1.1M | Reduce -86.6% |
| CRH CRH PLC | 0.52% | 8,400 | $1.0M | No change |
| IHAK iShares Cybersecurity & Tech | 0.49% | 20,378 | $981K | Add +17.8% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.47% | 1,867 | $938K | Add +17.6% |
| MSFT Microsoft Corp. | 0.34% | 1,420 | $687K | No change |
| MA Mastercard Inc. Class A | 0.32% | 1,110 | $634K | No change |
| PHO Invesco Water Resources ETF | 0.26% | 7,400 | $521K | No change |
| PCG P G & E Corp. | 0.25% | 30,900 | $497K | No change |
| GE General Electric filed as GE AEROSPACE | 0.24% | 1,580 | $487K | No change |
| HLT Hilton Worldwide Holdings Inc. | 0.22% | 1,560 | $448K | No change |
| DHR Danaher Corp. | 0.21% | 1,870 | $428K | No change |
| CME Cme Group Inc. | 0.20% | 1,440 | $393K | Add +8.3% |
| RACE Ferrari NV | 0.17% | 940 | $347K | Add +22.1% |
Portfolio Sells Q3 2025 → Q4 2025
Portfolio Buys Q3 2025 → Q4 2025
| NVDA Nvidia Corp. | New | 5.75% | +5.75 |
| TLN Talen Energy Corp. | New | 4.02% | +4.02 |
| HON Honeywell International Inc. | New | 3.65% | +3.65 |
| TSM Taiwan Semiconductor-SP ADR | Add +27.6% | 1.50% | +0.26 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +17.6% | 0.47% | +0.01 |
| CME Cme Group Inc. | Add +8.3% | 0.20% | −0.01 |
| IHAK iShares Cybersecurity & Tech | Add +17.8% | 0.49% | −0.03 |
| RACE Ferrari NV | Add +22.1% | 0.17% | −0.04 |
| UNP Union Pacific Corp. | Add +4.0% | 3.89% | −0.51 |