Data as of Q4 2025 (Dec 31, 2025)

Stenham Asset Management Ltd

•CIK: 1840750•Filing: Q4 2025

**Stenham Asset Management Ltd** manages $200M across a concentrated portfolio of 23 positions. The fund exhibits a significant overweight to GQ9, holding $135.5M, which constitutes over 67% of reported assets. Diversification within the remaining allocation includes substantial stakes in NVDA ($11.5M) and AMZN ($9.3M). This structure suggests a high-conviction, single-stock bias anchored by a dominant position in GQ9.

Total AUM
$200.3M
QoQ Performance
+15.2%
Positions
23
Top 10 Concentration
95.7%
Latest Filing
Q4 2025

Top Holdings Allocation

GQ9
NVDA
GQ967.6%
NVDA5.7%
AMZN4.6%
TLN4.0%
UNP3.9%
HON3.6%
AER3.2%
TSM1.5%

📈 Biggest Buys

NVDA
NVIDIA CORPORATION
NEW
5.7% of portfolio
TLN
TALEN ENERGY CORP
NEW
4.0% of portfolio
HON
HONEYWELL INTL INC
NEW
3.6% of portfolio
TSM
TAIWAN SEMICONDUCTOR MFG LTD
+27.7%
1.5% of portfolio
UNP
UNION PAC CORP
+4.0%
3.9% of portfolio

📉 Biggest Sells

TKO
TKO GROUP HOLDINGS INC
-86.6%
0.6% of portfolio
GQ9
SPDR GOLD TR
-1.7%
67.6% of portfolio
AER
AERCAP HOLDINGS NV
-25.4%
3.2% of portfolio
SLV
ISHARES SILVER TR
-7.7%
0.9% of portfolio

Sector Breakdown

Other79.8%
Industrial7.8%
Technology6.1%
Consumer4.8%
Financial0.8%
Materials0.5%
Healthcare0.2%

🚪 Exited Positionssold since Q3 2025

CNM
CORE & MAIN INC
SOLD
$7.2M

Changes from Q3 2025

NEW3 new positions
↑6 increased
↓4 decreased

Historical Filings

Q4 2025Q3 2025Q2 2025Q1 2025

📌 Top Holdings

GQ967.6%
SPDR GOLD TR
$135.5M
NVDA5.7%
NVIDIA CORPORATION
$11.5M
AMZN4.6%
AMAZON COM INC
$9.3M
TLN4.0%
TALEN ENERGY CORP
$8.1M
UNP3.9%
UNION PAC CORP
$7.8M

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