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Stenham Asset Management Ltd

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13F filer, CIK 1840750, GUERNSEY, Guernsey

Stenham Asset Management Ltd reported $173,923,152 across 21 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14. Its ten largest share positions make up 96.52% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001214659-25-016640

Period
2025-09-30
Reported value
$174M
Holdings
21
Top 10 weight
96.52%
New
3
Sold out
6

Largest buys vs the previous quarter

SecurityShares changeApprox. value
UNPadded+13,400$3.17M
AMZNadded+8,850$1.94M
IHAKnew+17,295$905K
BRK-Bnew+1,588$798K
PCGnew+30,900$466K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
TSMreduced-35,343-$9.87M
MSFTreduced-18,610-$9.64M
MAreduced-16,200-$9.21M
CPexited-114,400-$9.07M
AFGexited-51,200-$6.46M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q3 2025

Share positions as resolved from 13F-HR 0001214659-25-016640, largest first. % of portfolio is the value over $173,923,152, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
GLDSPDR GOLD TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: 348,579 shares; 2025Q2: 348,162 shares; 2025Q3: 347,832 shares 347,832$124M71.09%-330Timeline
AMZNAMAZON COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: 66,730 shares; 2025Q2: 31,230 shares; 2025Q3: 40,080 shares 40,080$8.8M5.06%+8,850Timeline
TKOTKO GROUP HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: 51,000 shares; 2025Q2: 39,500 shares; 2025Q3: 39,500 shares 39,500$7.98M4.59%0Timeline
UNPUNION PAC CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: 22,650 shares; 2025Q2: 18,950 shares; 2025Q3: 32,350 shares 32,350$7.65M4.4%+13,400Timeline
AERAERCAP HOLDINGS NVQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: not reported; 2025Q2: 60,200 shares; 2025Q3: 60,200 shares 60,200$7.28M4.19%0Timeline
CNMCORE & MAIN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: not reported; 2025Q2: 133,000 shares; 2025Q3: 133,000 shares 133,000$7.16M4.12%0Timeline
TSMTAIWAN SEMICONDUCTOR MANUFACQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: 58,920 shares; 2025Q2: 43,085 shares; 2025Q3: 7,742 shares 7,742$2.16M1.24%-35,343Timeline
SLVISHARES SILVER TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: 30,000 shares; 2025Q2: 30,000 shares; 2025Q3: 30,000 shares 30,000$1.27M0.73%0Timeline
CRHCRH PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: 60,570 shares; 2025Q2: 8,400 shares; 2025Q3: 8,400 shares 8,400$1.01M0.58%0Timeline
CEFSPROTT ASSET MANAGEMENT LPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: 25,000 shares; 2025Q2: 25,000 shares; 2025Q3: 25,000 shares 25,000$917K0.53%0Timeline
IHAKISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 17,295 shares 17,295$905K0.52%newTimeline
BRK-BBERKSHIRE HATHAWAY INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,588 shares 1,588$798K0.46%newTimeline
MSFTMICROSOFT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: 24,300 shares; 2025Q2: 20,030 shares; 2025Q3: 1,420 shares 1,420$735K0.42%-18,610Timeline
MAMASTERCARD INCORPORATEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: 17,310 shares; 2025Q2: 17,310 shares; 2025Q3: 1,110 shares 1,110$631K0.36%-16,200Timeline
PHOINVESCO EXCHANGE TRADED FD TQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: 7,400 shares; 2025Q2: 7,400 shares; 2025Q3: 7,400 shares 7,400$534K0.31%0Timeline
GEGE AEROSPACEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: 22,130 shares; 2025Q2: 22,770 shares; 2025Q3: 1,580 shares 1,580$475K0.27%-21,190Timeline
PCGPG&E CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 30,900 shares 30,900$466K0.27%newTimeline
HLTHILTON WORLDWIDE HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: 25,310 shares; 2025Q2: 25,860 shares; 2025Q3: 1,560 shares 1,560$405K0.23%-24,300Timeline
RACEFERRARI N VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: 7,700 shares; 2025Q2: 12,170 shares; 2025Q3: 770 shares 770$374K0.21%-11,400Timeline
DHRDANAHER CORP DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: 25,700 shares; 2025Q2: 32,370 shares; 2025Q3: 1,870 shares 1,870$371K0.21%-30,500Timeline
CMECME GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: not reported; 2025Q2: 15,740 shares; 2025Q3: 1,330 shares 1,330$359K0.21%-14,410Timeline

Sold out in Q3 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
CPCANADIAN PACIFIC KANSAS CITY114,400$9.07Mshares
AFGAMERICAN FINANCIAL GROUP INC51,200$6.46Mshares
ZTSZOETIS INC30,200$4.71Mshares
VVISA INC11,900$4.23Mshares
METAMETA PLATFORMS INC2,850$2.1Mshares
GOOGALPHABET INC7,430$1.32Mshares

How Q3 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001214659-25-016640 base2025-11-14acceptance time not in the bulk data set