Stenham Asset Management (UK) Plc

Key Holdings and Their Significance

• Mastercard (MA): $7.99M, 14,000 shares, 19.2% of the portfolio. The single largest position and one of two payment-network exposures (with Visa), representing a core “payments/network” theme with fee-based revenue and high margin characteristics.
• Ferrari N.V.: $6.09M, 13,000 shares, 14.6% of the portfolio. A large, concentrated bet on luxury consumer demand; classified as “Unknown” in the provided sector breakdown (data inconsistency noted below).
• Hilton Worldwide (HLT): $5.67M, 22,000 shares, 13.6% of the portfolio. Exposure to travel/hospitality and cyclical recovery in lodging demand.
• Zoetis (ZTS): $5.06M, 35,000 shares, 12.2% of the portfolio. A defensive healthcare/prod­ucts exposure (animal health) with recurring revenues, moderating cyclicality compared with other consumer names.
• CME Group (CME): $4.84M, 18,000 shares, 11.6% of the portfolio. Market-structure/exchange exposure; revenues tied to trading volumes, volatility, and interest-rate-driven activity.
• Visa (V): $4.06M, 12,000 shares, 9.8% of the portfolio. Second payment network holding, adding overlapping exposure to the payments/transaction-fee theme.
• Meta Platforms (META): $3.97M, 5,000 shares, 9.5% of the portfolio. High-growth digital advertising / platform exposure and potential AI/engagement tailwinds.
• Ferguson Enterprises (FERG): $3.95M, 18,000 shares, 9.5% of the portfolio. Industrial/distribution exposure tied to construction and housing maintenance cycles.

These positions show a mix of high-quality, fee/volume-driven businesses (MA, V, CME), cyclical consumer plays (Ferrari, Hilton, Ferguson), and one defensive healthcare name (Zoetis). The largest single-stock exposure (MA at 19.2%) and duplication across payment networks increase single-theme concentration risk.