# Stenham Asset Management Ltd

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1840750. Source: https://holderbook.com/funds/1840750-stenham-asset-management-ltd/

- Reported value: $139.6M
- Positions: 15
- Weight of the ten largest: 97.3%
- Filed: 2026-08-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| SPDR GOLD TR | [GLD](https://holderbook.com/stocks/GLD/) | $118.5M | 321,659 | 84.9% | 6 |
| NORTHERN DYNASTY MINERALS LT | [NAK](https://holderbook.com/stocks/NAK/) | $3.9M | 2,046,000 | 2.8% | 2 |
| YORK SPACE SYSTEMS INC | [YSS](https://holderbook.com/stocks/YSS/) | $2.7M | 110,651 | 2.0% | 2 |
| ISHARES TR | [IHAK](https://holderbook.com/stocks/IHAK/) | $2.0M | 32,723 | 1.4% | 4 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $1.9M | 4,047 | 1.4% | 11 |
| SANDISK CORP | [SNDK](https://holderbook.com/stocks/SNDK/) | $1.6M | 710 | 1.2% | 1 |
| HUDBAY MINERALS INC | [HBM](https://holderbook.com/stocks/HBM/) | $1.5M | 65,600 | 1.1% | 1 |
| ISHARES SILVER TR | [SLV](https://holderbook.com/stocks/SLV/) | $1.5M | 27,700 | 1.1% | 11 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $1.1M | 4,700 | 0.8% | 6 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $1.1M | 2,211 | 0.8% | 4 |
| TKO GROUP HOLDINGS INC | [TKO](https://holderbook.com/stocks/TKO/) | $1.1M | 5,300 | 0.8% | 6 |
| MGM RESORTS INTERNATIONAL | [MGM](https://holderbook.com/stocks/MGM/) | $1.0M | 21,000 | 0.7% | 1 |
| SPROTT ASSET MANAGEMENT LP | [CEF](https://holderbook.com/stocks/CEF/) | $603.5K | 15,000 | 0.4% | 8 |
| CORE SCIENTIFIC INC NEW | [CORZ](https://holderbook.com/stocks/CORZ/) | $522.0K | 20,400 | 0.4% | 1 |
| INVESCO EXCHANGE TRADED FD T | [PHO](https://holderbook.com/stocks/PHO/) | $511.2K | 7,400 | 0.4% | 11 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | -3.1% | +14.8% | -17.9% | 100% |
| Q1 2026 | +4.9% | -4.6% | +9.6% | 100% |
| Q4 2025 | +9.7% | +2.4% | +7.4% | 100% |
| Q3 2025 | +9.8% | +7.8% | +2.0% | 100% |
| Q2 2025 | +11.4% | +10.5% | +0.9% | 100% |
| Q1 2022 | -8.5% | -4.9% | -3.6% | 100% |
| Q4 2021 | +6.1% | +10.7% | -4.6% | 100% |
| Q3 2021 | -2.6% | +0.3% | -2.9% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $139.6M | 15 |
| Q1 2026 | $205.9M | 18 |
| Q4 2025 | $200.3M | 23 |
| Q3 2025 | $173.9M | 21 |
| Q2 2025 | $229.4M | 24 |
| Q1 2025 | $245.7M | 28 |
| Q4 2021 | $153.1M | 22 |
| Q3 2021 | $153.4M | 24 |
| Q2 2021 | $163.1M | 26 |
| Q1 2021 | $141.9M | 26 |
| Q4 2020 | $118.9M | 23 |