13F Insight
DOSSIER · 13F-HR · Q4 2025

Stenham Asset Management Ltd

$200M in tracked AUM across 23 positions as of Q4 2025.

SA
CIK 0001840750 · last filed Dec 31, 2025
Total AUM
$200M
as of Q4 2025
Holdings
23
—
positions
Whale Score
57
57
tracked
Activity
—
no data
changes this Q
AI Analysis · Q4 2025

Portfolio Overview

Stenham Asset Management Ltd reported a significant contraction in its 13F portfolio for the period ending September 30, 2025. The total portfolio value decreased by 33.3%, dropping from $229.41 million to $152.93 million. This reduction in assets under management (AUM) coincides with a drastic shift in asset allocation and a sharp pivot in investment strategy. The portfolio is currently highly concentrated, holding only 14 positions. The turnover rate for...

Key Holdings

The portfolio structure is dominated by a massive allocation to gold, indicating a strong defensive posture.

  • SPDR Gold Trust (GLD): This is the overwhelming centerpiece of the portfolio, comprising 80.85% ($123.64M) of total assets. While the position saw a nominal reduction of $17.51M (approx. 12%), it remains the singular focus of the fund.
  • Top Equity Positions: Outside of gold, the largest holdings are TKO Group Holdings (5.22%), Aercap Holdings (4.76%), and Core & Main Inc (4.68%). These are the only remaining meaningful equity positions from the previous quarter, retaining their status while broader equity positions were liquidated.
  • Precious Metals ETFs: The firm also holds smaller positions in iShares Silver Trust (SLV) (0.83%) and the Sprott Asset Management LP (CEF) (0.60%), further reinforcing the precious metals theme which accounts for over 82% of the total portfolio when combined with GLD.
Analysis generated by 13F Insight from SEC Form 13F filing data · Q4 2025. Methodology

Quarter at a glance — Q4 2025

Position-change comparison pending.

No quarter-over-quarter changes available.

Top 10 holdings

By portfolio weight as of Q4 2025.

#HoldingValueSharesWeight
01
GLD
SPDR GOLD TR
$136M342K67.6%02
NVDA
NVIDIA CORPORATION
$12M62K5.7%03
AMZN
AMAZON COM INC
$9M40K4.6%04
TLN
TALEN ENERGY CORP
$8M22K4.0%05
UNP
UNION PAC CORP
$8M34K3.9%06
HON
HONEYWELL INTL INC
$7M37K3.6%07
N00985106
AERCAP HOLDINGS NV
$6M45K3.2%08
TSM
TAIWAN SEMICONDUCTOR MFG LTD
$3M10K1.5%09
SLV
ISHARES SILVER TR
$2M28K0.9%10
CEF
SPROTT ASSET MANAGEMENT LP
$1M25K0.6%

Filing history

2025Q4Dec 31
$200M▲ 31.0%
23 positionsView →2025Q3Sep 30
$153M▼ 33.3%
14 positionsView →2025Q2Jun 30
$229M▲ 33.7%
24 positionsLocked2025Q1Mar 31
$172M▲ 12.1%
17 positionsLocked2021Q4Dec 31
$153M▼ 0.2%
22 positionsLocked2021Q3Sep 30
$153M▼ 5.9%
24 positionsLocked2021Q2Jun 30
$163M▲ 14.9%
26 positionsLocked2021Q1Mar 31
$142M▲ 19.3%
26 positionsLocked2020Q4Dec 31
$119M—
23 positionsLocked