Stenham Asset Management Ltd
Long book
$205.9M
Q1 2026
Positions
18
Top-10 weight
95%
concentration
Last quarter
-2.5%
SPY +14.8%
Turnover
42%
of book per quarter
Strategy in plain words
auto-generated from filingsStenham Asset Management Ltd is a wealth-management firm allocating client money, specialised in financials (72% of the long book), running a $205.9M US long book across 18 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: SPDR GOLD SHARES, HONEYWELL INTERNATIONAL INC, AMAZON.COM INC, TAIWAN SEMICONDUCTOR-SP ADR, UNION PACIFIC CORP.
Over the last 5 quarters its long book ran on average 0.4pp per quarter ahead of the S&P 500, beating the index in 4 of 5 quarters. Its holdings are mechanical (indexing / client flows), so position changes carry no stock-picking signal.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2025
+11.7%
Q2 2025
+10.0%
Q3 2025
+9.8%
Q4 2025
+5.0%
Q1 2026
-2.5%
Sector allocation
Industrials 36%
Consumer discretionary 15%
Services media 13%
Utilities 13%
Technology 11%
Financials 7%
Materials 5%
Long book by quarter
What does Stenham Asset own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| HON HONEYWELL INTERNATIONAL INC | Industrials | 37.4K | $8.5M | 4.1% | Held |
| AMZN AMAZON.COM INC | Consumer discretionary | 38.3K | $8.0M | 3.9% | -4.5% |
| UNP UNION PACIFIC CORP | Industrials | 31.3K | $7.6M | 3.7% | -6.9% |
| TLN TALEN ENERGY CORP | Utilities | 21.5K | $6.9M | 3.3% | Held |
| AER AERCAP HOLDINGS NV | Services media | 44.9K | $6.2M | 3.0% | Held |
| NVDA NVIDIA CORP | Technology | 33.8K | $5.9M | 2.9% | -45.2% |
| HUT HUT 8 CORP | Financials | 67.5K | $3.2M | 1.5% | New |
| NAK NORTHERN DYNASTY MINERALS | Materials | 2.0M | $2.9M | 1.4% | New |
| YSS YORK SPACE SYSTEMS INC | Industrials | 110.7K | $2.5M | 1.2% | New |
| TKO TKO GROUP HOLDINGS INC | Services media | 5.3K | $1.1M | 0.5% | Held |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 1.9K | $895K | 0.4% | Held |
| CRH CRH PLC | Industrials | 8.4K | $883K | 0.4% | Held |