Eschler Asset Management LLP — Q4 2025 13F Holdings

Name: Eschler Asset Management LLP — 13F Holdings, Q4 2025
Creator: AlphaSMO
License: https://www.sec.gov/forms

CIK: 0001910874

Total reported value

$100.3M

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Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	GDXJ	Vaneck Junior Gold Miners	ETF-Commodities	15.34%	+9.84%	+258.55%
2	AGI	Alamos Gold Inc-class A	Stock-Materials	13.56%	-13.56%	EXIT
3	NEM	Newmont CORP	Stock-Materials	11.78%	-0.99%	—
4	IAUX	I-80 Gold CORP	Stock-Other	7.38%	+6.26%	—
5	HL	Hecla Mining Co	Stock-Materials	3.23%	-3.23%	EXIT
6	VOO	Vanguard S&p 500 ETF	ETF-Large Cap & Growth	3.19%	—	—
7	VXUS	Vanguard Total Intl Stock	ETF-Other	3.16%	—	—
8	GOOG	Alphabet Inc-cl C	Stock-Comm Services	3.11%	+5.38%	—
9	BSV	Vanguard Short-term Bond ETF	ETF-Other	2.59%	-2.59%	EXIT
10	META	Meta Platforms Inc-class A	Stock-Comm Services	2.40%	+0.65%	-6.71%
11	SBSW	Sibanye-stillwater Ltd-adr	Stock-Other	2.26%	-2.26%	EXIT
12	NVDA	Nvidia CORP	Stock-Tech	2.25%	-1.24%	+145.65%
13	BZ	Kanzhun LTD - Adr	Stock-Other	2.06%	+1.28%	—
14	IMCR	Immunocore Holdings Plc-adr	Stock-Other	1.87%	+0.53%	+100.00%
15	CDE	Coeur Mining INC	Stock-Materials	1.55%	-1.55%	EXIT
16	AVGO	Broadcom INC	Stock-Tech	1.50%	-1.50%	EXIT
17	SSRM	Ssr Mining INC	Stock-Materials	1.46%	-1.46%	EXIT
18	BTG	B2gold CORP	Stock-Other	1.43%	-1.43%	EXIT
19	EZA	Ishares Msci South Africa Et	ETF-Other	1.25%	-1.25%	EXIT
20	FUTU	Futu Holdings Ltd-adr	Stock-Financials	1.22%	+0.28%	—
21	HMY	Harmony Gold Mng-spon Adr	Stock-Other	0.95%	-0.95%	EXIT
22	MSOS	Advisorshares Pure US Cann	ETF-Other	0.94%	-0.94%	EXIT
23	IAG	Iamgold CORP	Stock-Other	0.94%	-0.94%	EXIT
24	ENVA	Enova International INC	Stock-Financials	0.93%	-0.93%	EXIT
25	ARKX	Ark Space & Defense Innovati	ETF-Other	0.89%	-0.89%	EXIT
26	SLV	iShares Silver Trust	ETF-Commodities	0.83%	-0.83%	EXIT
27	NU	Nu Holdings Ltd.	Stock-Financials	0.79%	—	-18.24%
28	KSPI	Jsc Kaspi.kz Adr	Stock-Other	0.74%	+1.58%	+88.85%
29	BLDR	Builders Firstsource INC	Stock-Industrials	0.67%	—	—
30	SAM	Boston Beer Company Inc-a	Stock-Consumer Staples	0.61%	—	+84.00%
31	HCA	Hca Healthcare INC	Stock-Healthcare	0.60%	—	—
32	NRP	Natural Resource Partners LP	Stock-Other	0.56%	—	—
33	BLK	Blackrock INC	Stock-Financials	0.55%	—	-4.99%
34	HSAI	Hesai Group	Stock-Other	0.50%	-0.17%	+7.49%
35	MELI	Mercadolibre INC	Stock-Consumer Disc	0.49%	+0.80%	+131.85%
36	VAL	Valaris Limited	Stock-Energy	0.49%	+0.91%	+10.00%
37	RIG	Transocean Ltd.	Stock-Energy	0.40%	—	+20.00%
38	GDS	Gds Holdings LTD - Adr	Stock-Other	0.38%	-0.38%	EXIT
39	RBLX	Roblox CORP -class A	Stock-Comm Services	0.37%	—	—
40	SEA1EUR	Seabridge Gold INC	Stock-Other	0.36%	-0.36%	EXIT
41	RGLD	Royal Gold INC	Stock-Materials	0.35%	-0.35%	EXIT
42	FLUT	Flutter Entertainment plc	Stock-Consumer Disc	0.34%	-0.34%	EXIT
43	PONY	Pony Ai INC	Stock-Other	0.34%	-0.34%	EXIT
44	AMZN	Amazon.com INC	Stock-Consumer Disc	0.34%	—	+0.60%
45	VALE	Vale Sa-sp Adr	Stock-Materials	0.31%	-0.31%	EXIT
46	WWD	Woodward INC	Stock-Industrials	0.30%	-0.30%	EXIT
47	SE	Sea Ltd-adr	Stock-Comm Services	0.29%	-0.29%	EXIT
48	KTOS	Kratos Defense & Security	Stock-Industrials	0.29%	-0.29%	EXIT
49	FSLR	First Solar INC	Stock-Tech	0.28%	-0.28%	EXIT
50	HUT	Hut 8 CORP	Stock-Financials	0.28%	-0.28%	EXIT

1–50 of 56

Holding changes this quarter

Position changes disclosed by Eschler Asset Management LLP for the quarter ending Q4 2025, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	GDXJ	Vaneck Junior Gold Miners	+11.2%	+258.55%	Add
2	AGI	Alamos Gold Inc-class A	+7.8%	+135.37%	Add
3	IAUX	I-80 Gold CORP	+2.1%	—	Unchanged
4	SBSW	Sibanye-stillwater Ltd-adr	+1.7%	+229.03%	Add
5	NVDA	Nvidia CORP	+1.2%	+145.65%	Add
6	NEM	Newmont CORP	+0.8%	—	Unchanged
7	IMCR	Immunocore Holdings Plc-adr	+0.8%	+100.00%	Add
8	HMY	Harmony Gold Mng-spon Adr	+0.8%	+507.64%	Add
9	ENVA	Enova International INC	+0.6%	+161.02%	Add
10	MSOS	Advisorshares Pure US Cann	+0.6%	+243.79%	Add
11	PONY	Pony Ai INC	-0.4%	-23.23%	Trim
12	FLUT	Flutter Entertainment plc	-0.6%	-50.00%	Trim
13	META	Meta Platforms Inc-class A	-0.8%	-6.71%	Trim
14	SE	Sea Ltd-adr	-7.4%	-94.14%	Trim
15	GDS	Gds Holdings LTD - Adr	-13.4%	-96.61%	Trim
16	NGDN	New Gold INC	—	EXIT	Sold out
17	AU	AngloGold Ashanti plc	—	EXIT	Sold out
18	HL	Hecla Mining Co	—	NEW	New buy
19	VOO	Vanguard S&p 500 ETF	—	NEW	New buy
20	VXUS	Vanguard Total Intl Stock	—	NEW	New buy
21	GOOG	Alphabet Inc-cl C	—	NEW	New buy
22	AEM	Agnico Eagle Mines LTD	—	EXIT	Sold out
23	BSV	Vanguard Short-term Bond ETF	—	NEW	New buy
24	EH	Ehang Holdings Ltd-sps Adr	—	EXIT	Sold out
25	GOOGL	Alphabet Inc-cl A	—	EXIT	Sold out
26	CDE	Coeur Mining INC	—	NEW	New buy
27	BRK-A	Berkshire Hathaway Inc-cl A	—	EXIT	Sold out
28	AVGO	Broadcom INC	—	NEW	New buy
29	SSRM	Ssr Mining INC	—	NEW	New buy
30	BTG	B2gold CORP	—	NEW	New buy
31	EZA	Ishares Msci South Africa Et	—	NEW	New buy
32	FUTU	Futu Holdings Ltd-adr	—	NEW	New buy
33	AZO	Autozone INC	—	EXIT	Sold out
34	IAG	Iamgold CORP	—	NEW	New buy
35	ARKX	Ark Space & Defense Innovati	—	NEW	New buy
36	SLV	iShares Silver Trust	—	NEW	New buy
37	SCHW	Schwab (charles) CORP	—	EXIT	Sold out
38	BLDR	Builders Firstsource INC	—	NEW	New buy
39	MIDD	Middleby CORP	—	EXIT	Sold out
40	HCA	Hca Healthcare INC	—	NEW	New buy
41	UNP	Union Pacific CORP	—	EXIT	Sold out
42	BABA	Alibaba Group Holding-sp Adr	—	EXIT	Sold out
43	VNET	Vnet Group Inc-adr	—	EXIT	Sold out
44	BF-B	Brown-forman Corp-class B	—	EXIT	Sold out
45	AVTR	Avantor INC	—	EXIT	Sold out
46	IIPR	Innovative Industrial Proper	—	EXIT	Sold out
47	ACMR	Acm Research Inc-class A	—	EXIT	Sold out
48	AYS1	Sandstorm Gold LTD	—	EXIT	Sold out
49	RGLD	Royal Gold INC	—	NEW	New buy
50	SQM	Quimica Y Minera Chil-sp Adr	—	EXIT	Sold out