13F HOLDINGS REPORT
Stenham Asset Management Ltd
Quarter ended Q4 2025 · Filed February 17, 2026 · Accession 0001214659-26-001986
Total Value
$200.3M
Positions
23
Other Managers
0
Confidential Omitted
No
Holdings (23)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | SPDR GOLD TR | GLD | 341,907 | $135.5M | 67.64% |
| 2 | NVIDIA CORPORATION | NVDA | 61,737 | $11.5M | 5.75% |
| 3 | AMAZON COM INC | AMZN | 40,080 | $9.3M | 4.62% |
| 4 | TALEN ENERGY CORP | TLN | 21,500 | $8.1M | 4.02% |
| 5 | UNION PAC CORP | UNP | 33,657 | $7.8M | 3.89% |
| 6 | HONEYWELL INTL INC | 438516106 | 37,441 | $7.3M | 3.65% |
| 7 | AERCAP HOLDINGS NV | AER | 44,900 | $6.5M | 3.22% |
| 8 | TAIWAN SEMICONDUCTOR MFG LTD | 874039100 | 9,883 | $3.0M | 1.50% |
| 9 | ISHARES SILVER TR | SLV | 27,700 | $1.8M | 0.89% |
| 10 | SPROTT ASSET MANAGEMENT LP | SII | 25,000 | $1.1M | 0.57% |
| 11 | TKO GROUP HOLDINGS INC | TKO | 5,300 | $1.1M | 0.55% |
| 12 | CRH PLC | CRH | 8,400 | $1.0M | 0.52% |
| 13 | ISHARES TR | 46435U135 | 20,378 | $980,589 | 0.49% |
| 14 | BERKSHIRE HATHAWAY INC DEL | BRK-A | 1,867 | $938,448 | 0.47% |
| 15 | MICROSOFT CORP | MSFT | 1,420 | $686,740 | 0.34% |
| 16 | MASTERCARD INCORPORATED | MA | 1,110 | $633,677 | 0.32% |
| 17 | INVESCO EXCHANGE TRADED FD T | IVZ | 7,400 | $521,030 | 0.26% |
| 18 | PG&E CORP | PCG-PX | 30,900 | $496,563 | 0.25% |
| 19 | GE AEROSPACE | 369604301 | 1,580 | $486,687 | 0.24% |
| 20 | HILTON WORLDWIDE HLDGS INC | HLT | 1,560 | $448,110 | 0.22% |
| 21 | DANAHER CORPORATION | 235851102 | 1,870 | $428,080 | 0.21% |
| 22 | CME GROUP INC | CME | 1,440 | $393,235 | 0.20% |
| 23 | FERRARI N V | RACE | 940 | $347,386 | 0.17% |