1y return+20.0%S&P 500 +20.9%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since March 31, 2025: $134 against $133 in the S&P 500.2
Stenham Asset Management LtdS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| GLDSpdr Gold Tr | $118.5M | 84.9% | −1.0% |
| NAKNorthern Dynasty Minerals Lt | $3.9M | 2.8% | |
| YSSYork Space Systems Inc | $2.7M | 2.0% | |
| IHAKIshares Tr | $2.0M | 1.4% | +38.9% |
| TSMTaiwan Semiconductor Manufac | $1.9M | 1.4% | −82.0% |
| SNDKSandisk Corp | $1.6M | 1.2% | New |
| HBMHudbay Minerals Inc | $1.5M | 1.1% | New |
| SLVIshares Silver Tr | $1.5M | 1.1% | |
| AMZNAmazon Com Inc | $1.1M | 0.8% | −87.7% |
| BRK/BBerkshire Hathaway Inc Del | $1.1M | 0.8% | +18.4% |
| TKOTko Group Holdings Inc | $1.1M | 0.8% | |
| MGMMgm Resorts International | $1.0M | 0.7% | New |
| CEFSprott Asset Management LP | $603K | 0.4% | |
| CORZCore Scientific Inc New | $522K | 0.4% | New |
| PHOInvesco Exchange Traded Fd T | $511K | 0.4% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| TSMTaiwan Semiconductor Manufac | March 31, 2025 | +187.7% | $1.9M |
| SLVIshares Silver Tr | March 31, 2025 | +72.5% | $1.5M |
| CEFSprott Asset Management LP | March 31, 2025 | +41.6% | $603K |
| NAKNorthern Dynasty Minerals Lt | March 31, 2026 | +37.1% | $3.9M |
| TKOTko Group Holdings Inc | March 31, 2025 | +31.7% | $1.1M |
| GLDSpdr Gold Tr | March 31, 2025 | +27.8% | $118.5M |
| AMZNAmazon Com Inc | March 31, 2025 | +25.3% | $1.1M |
| IHAKIshares Tr | September 30, 2025 | +16.0% | $2.0M |
| YSSYork Space Systems Inc | March 31, 2026 | +11.1% | $2.7M |
| PHOInvesco Exchange Traded Fd T | March 31, 2025 | +7.1% | $511K |
Sold off last quarter
- Honeywell Intl IncCUSIP 438516106 was $8.5M
- UNPUnion Pac Corp was $7.6M
- TLNTalen Energy Corp was $6.9M
- Aercap Holdings NvCUSIP N00985106 was $6.2M
- NVDANvidia Corporation was $5.9M
- HUTHut 8 Corp was $3.2M
- Crh PLCCUSIP G25508105 was $883K
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | −5.2% | +14.8% |
| March 31, 2026 | +4.9% | −4.6% |
| December 31, 2025 | +9.7% | +2.4% |
| September 30, 2025 | +9.8% | +7.8% |
| June 30, 2025 | +11.4% | +10.5% |
| March 31, 2022 | −8.5% | −4.9% |
| December 31, 2021 | +6.1% | +10.7% |
| September 30, 2021 | −1.4% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Stenham Asset Management Ltd Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1840750&type=13F-HR&dateb=&owner=include&count=40CIK 1840750
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1840750/000121465926010387/Filed August 14, 2026 · accession 0001214659-26-010387