SA
Stenham Asset Management Ltd — 13F Portfolio Report & Top Holdings (Q2 2026)
Stenham Asset Management LtdCIK: 0001840750
Concentrated strategySector-focusedContrarian
Total reported value
$139.6M
Reporting period: 2026-06-30 · Number of holdings: 15
Stenham Asset Management Ltd disclosed 15 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $139.6M and a quarterly turnover rate of 46.7%.
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Personality snowflake
- Concentration
- 100
- Portfolio Stability
- 46.69
- Momentum
- 0
- Sector conviction
- 100
- Diversification
- 30
- Sizing Uniformity
- 67.54
Stenham Asset Management Ltd's disclosed holdings carry a Herfindahl concentration index of 0.722 — mathematically equivalent to about 1 equally-sized positions, well below its 15 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 3.25), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 5% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govAdd GLD
-1.0% -$21.4M
Sold out HON
Sold out UNP
Sold out TLN
Trim AMZN
-87.7% -$6.9M
Sold out AER
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | GLD | Spdr Gold Shares | ETF-Commodities | 84.85% | +16.92% | -1.03% | |
| 2 | NAK | Northern Dynasty Minerals | Stock-Other | 2.81% | +1.42% | — | |
| 3 | YSS | York Space Systems Inc | Stock-Other | 1.95% | +0.76% | — | |
| 4 | IHAK | Ishares Cybersecurity & Tech | ETF-Tech | 1.42% | +0.92% | +38.90% | |
| 5 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 1.38% | -2.32% | -82.04% | |
| 6 | SNDK | Sandisk CORP | Stock-Tech | 1.16% | +1.16% | NEW | |
| 7 | HBM | Hudbay Minerals Inc | Stock-Other | 1.11% | +1.11% | NEW | |
| 8 | SLV | Ishares Silver Trust | ETF-Commodities | 1.06% | +0.14% | — | |
| 9 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 0.80% | -3.07% | -87.72% | |
| 10 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.79% | +0.36% | +18.43% | |
| 11 | TKO | Tko Group Holdings Inc | Stock-Comm Services | 0.76% | +0.24% | — | |
| 12 | MGM | Mgm Resorts International | Stock-Consumer Disc | 0.72% | +0.72% | NEW | |
| 13 | CEF | Sprott Physical Gold And Sil | Stock-Other | 0.43% | +0.08% | — | |
| 14 | CORZ | Core Scientific Inc | Stock-Tech | 0.37% | +0.37% | NEW | |
| 15 | PHO | Invesco Water Resources ETF | ETF-Other | 0.37% | +0.13% | — |
💡
Data Source Notice: AlphaSMO is the web's most authoritative 13F / Inside Trader database. Institutional holdings and insider trades presented here are precisely computed to deliver accurate portfolio reporting.
Portfolio Performance
Performance for Q3 2026
-5.1%
Performance Last 4 Quarters
+16.8%
- Stdev
- +18.3%
- Beta
- +0.63
- Alpha
- +6.9%
- Max Drawdown
- -17%
- Annualized Perf
- +21.6%
- Batting Avg vs S&P
- +46.7%
- Sortino
- +1.78
- Stutzer
- +0.33
- Treynor
- +0.34
- Sterling
- +0.8
- Calmar
- +1.27
- Information Ratio
- -0.1
- Tracking Error
- +17.2%
- Stdev Down
- +12%
- Winning Months %
- +80%
- Losing Months %
- +20%
- Best 12 Months
- +34.6%
- Worst 12 Months
- +14.3%
- Efficiency Ratio
- +0.42
- Sharpe
- +1.16
- Stdev Sectors
- +17.1%
- Skewness
- -1.06
- Kurtosis
- +0.63
- Upside Potential
- +3.1
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
Holding changes this quarter
Stenham Asset Management Ltd's most significant position changes for 2026-06-30: Sold out: Honeywell International Inc (HON); Sold out: Union Pacific CORP (UNP); Sold out: Talen Energy CORP (TLN); Sold out: AerCap Holdings N.V. (AER); Sold out: Nvidia CORP (NVDA).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | GLD | Spdr Gold Shares | +16.9% | -1.03% | Trim |
| 2 | NAK | Northern Dynasty Minerals | +1.4% | — | Unchanged |
| 3 | SNDK | Sandisk CORP | +1.2% | NEW | New buy |
| 4 | HBM | Hudbay Minerals Inc | +1.1% | NEW | New buy |
| 5 | IHAK | Ishares Cybersecurity & Tech | +0.9% | +38.90% | Add |
| 6 | YSS | York Space Systems Inc | +0.8% | — | Unchanged |
| 7 | MGM | Mgm Resorts International | +0.7% | NEW | New buy |
| 8 | CORZ | Core Scientific Inc | +0.4% | NEW | New buy |
| 9 | BRK-B | Berkshire Hathaway Inc-cl B | +0.4% | +18.43% | Add |
| 10 | TKO | Tko Group Holdings Inc | +0.2% | — | Unchanged |
| 11 | SLV | Ishares Silver Trust | +0.1% | — | Unchanged |
| 12 | PHO | Invesco Water Resources ETF | +0.1% | — | Unchanged |
| 13 | CEF | Sprott Physical Gold And Sil | +0.1% | — | Unchanged |
| 14 | CRH | CRH plc | -0.4% | EXIT | Sold out |
| 15 | HUT | Hut 8 CORP | -1.5% | EXIT | Sold out |
| 16 | TSM | Taiwan Semiconductor-sp Adr | -2.3% | -82.04% | Trim |
| 17 | NVDA | Nvidia CORP | -2.9% | EXIT | Sold out |
| 18 | AER | AerCap Holdings N.V. | -3% | EXIT | Sold out |
| 19 | AMZN | Amazon.com Inc | -3.1% | -87.72% | Trim |
| 20 | TLN | Talen Energy CORP | -3.3% | EXIT | Sold out |
| 21 | UNP | Union Pacific CORP | -3.7% | EXIT | Sold out |
| 22 | HON | Honeywell International Inc | -4.1% | EXIT | Sold out |
Filing History
FAQ
What is Stenham Asset Management Ltd and what type of investor is it?
Stenham Asset Management Ltd is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $139.6M, spread across 15 disclosed positions.
What are Stenham Asset Management Ltd's largest equity positions?
Based on the latest 13F filing, Stenham Asset Management Ltd's top holdings by market value are:
1. Spdr Gold Shares (GLD) — $118.5M (84.8%)
2. Northern Dynasty Minerals (NAK) — $3.9M (2.8%)
3. York Space Systems Inc (YSS) — $2.7M (1.9%)
4. Ishares Cybersecurity & Tech (IHAK) — $2.0M (1.4%)
5. Taiwan Semiconductor-sp Adr (TSM) — $1.9M (1.4%)
What changes did Stenham Asset Management Ltd make in its most recent portfolio filing?
In the latest reported quarter, Stenham Asset Management Ltd made 16 notable position adjustments: 4 new positions were initiated, 2 existing holdings were added to, 3 positions were partially reduced, and 7 were completely exited. The largest of these moves: Sold out: Honeywell International Inc (HON); Sold out: Union Pacific CORP (UNP); Sold out: Talen Energy CORP (TLN); Sold out: AerCap Holdings N.V. (AER); Sold out: Nvidia CORP (NVDA)
What sectors does Stenham Asset Management Ltd focus on?
Stenham Asset Management Ltd is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 56.0%
• Consumer Discretionary: 29.3%
• Communication Services: 14.7%
Investment Profile
Stenham Asset Management Ltd returned an annualized 21.6% over the trailing 15 months — outperforming the S&P 500 by 6.9 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.63 (less volatile than the market) and a 47% quarterly batting average against the index.
Its portfolio is concentrated and moderately active, with 56.0% of the portfolio concentrated in Information Technology.
Its turnover score has risen from 0 to 47 over the past 4 quarters — a shift toward more active trading.
It has added to its IHAK position over the past two quarters (+$1.0M, now $2.0M), while trimming AMZN over the same stretch (-$8.1M, still holding $1.1M).
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