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Stenham Asset Management Ltd

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13F filer, CIK 1840750, GUERNSEY, Guernsey

Stenham Asset Management Ltd reported $200,319,486 across 23 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17. Its ten largest share positions make up 95.75% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001214659-26-001986

Period
2025-12-31
Reported value
$200M
Holdings
23
Top 10 weight
95.75%
New
3
Sold out
1

Largest buys vs the previous quarter

SecurityShares changeApprox. value
NVDAnew+61,737$11.5M
TLNnew+21,500$8.06M
HONnew+37,441$7.3M
TSMadded+2,141$651K
UNPadded+1,307$302K

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
CNMexited-133,000-$7.16M
TKOreduced-34,200-$7.15M
GLDreduced-5,925-$2.35M
AERreduced-15,300-$2.2M
SLVreduced-2,300-$148K

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, Q4 2025

Share positions as resolved from 13F-HR 0001214659-26-001986, largest first. % of portfolio is the value over $200,319,486, 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; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: 348,579 shares; 2025Q2: 348,162 shares; 2025Q3: 347,832 shares; 2025Q4: 341,907 shares 341,907$136M67.64%-5,925Timeline
NVDANVIDIA CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: 29,057 shares; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 61,737 shares 61,737$11.5M5.75%newTimeline
AMZNAMAZON COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: 66,730 shares; 2025Q2: 31,230 shares; 2025Q3: 40,080 shares; 2025Q4: 40,080 shares 40,080$9.25M4.62%0Timeline
TLNTALEN ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: 20,790 shares; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 21,500 shares 21,500$8.06M4.02%newTimeline
UNPUNION PAC CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: 22,650 shares; 2025Q2: 18,950 shares; 2025Q3: 32,350 shares; 2025Q4: 33,657 shares 33,657$7.79M3.89%+1,307Timeline
HONHONEYWELL INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 37,441 shares 37,441$7.3M3.65%newTimeline
AERAERCAP HOLDINGS NVQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: not reported; 2025Q2: 60,200 shares; 2025Q3: 60,200 shares; 2025Q4: 44,900 shares 44,900$6.45M3.22%-15,300Timeline
TSMTAIWAN SEMICONDUCTOR MANUFACQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: 58,920 shares; 2025Q2: 43,085 shares; 2025Q3: 7,742 shares; 2025Q4: 9,883 shares 9,883$3M1.5%+2,141Timeline
SLVISHARES SILVER TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: 30,000 shares; 2025Q2: 30,000 shares; 2025Q3: 30,000 shares; 2025Q4: 27,700 shares 27,700$1.78M0.89%-2,300Timeline
CEFSPROTT ASSET MANAGEMENT LPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: 25,000 shares; 2025Q2: 25,000 shares; 2025Q3: 25,000 shares; 2025Q4: 25,000 shares 25,000$1.15M0.57%0Timeline
TKOTKO GROUP HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: 51,000 shares; 2025Q2: 39,500 shares; 2025Q3: 39,500 shares; 2025Q4: 5,300 shares 5,300$1.11M0.55%-34,200Timeline
CRHCRH PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: 60,570 shares; 2025Q2: 8,400 shares; 2025Q3: 8,400 shares; 2025Q4: 8,400 shares 8,400$1.05M0.52%0Timeline
IHAKISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 17,295 shares; 2025Q4: 20,378 shares 20,378$981K0.49%+3,083Timeline
BRK-BBERKSHIRE HATHAWAY INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,588 shares; 2025Q4: 1,867 shares 1,867$938K0.47%+279Timeline
MSFTMICROSOFT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: 24,300 shares; 2025Q2: 20,030 shares; 2025Q3: 1,420 shares; 2025Q4: 1,420 shares 1,420$687K0.34%0Timeline
MAMASTERCARD INCORPORATEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: 17,310 shares; 2025Q2: 17,310 shares; 2025Q3: 1,110 shares; 2025Q4: 1,110 shares 1,110$634K0.32%0Timeline
PHOINVESCO EXCHANGE TRADED FD TQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: 7,400 shares; 2025Q2: 7,400 shares; 2025Q3: 7,400 shares; 2025Q4: 7,400 shares 7,400$521K0.26%0Timeline
PCGPG&E CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 30,900 shares; 2025Q4: 30,900 shares 30,900$497K0.25%0Timeline
GEGE AEROSPACEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: 22,130 shares; 2025Q2: 22,770 shares; 2025Q3: 1,580 shares; 2025Q4: 1,580 shares 1,580$487K0.24%0Timeline
HLTHILTON WORLDWIDE HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: 25,310 shares; 2025Q2: 25,860 shares; 2025Q3: 1,560 shares; 2025Q4: 1,560 shares 1,560$448K0.22%0Timeline
DHRDANAHER CORP DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: 25,700 shares; 2025Q2: 32,370 shares; 2025Q3: 1,870 shares; 2025Q4: 1,870 shares 1,870$428K0.21%0Timeline
CMECME GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: not reported; 2025Q2: 15,740 shares; 2025Q3: 1,330 shares; 2025Q4: 1,440 shares 1,440$393K0.2%+110Timeline
RACEFERRARI N VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: 7,700 shares; 2025Q2: 12,170 shares; 2025Q3: 770 shares; 2025Q4: 940 shares 940$347K0.17%+170Timeline

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
CNMCORE & MAIN INC133,000$7.16Mshares

How Q4 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 0001214659-26-001986 base2026-02-17acceptance time not in the bulk data set