Systrade AG
Long book
$149.0M
Q1 2026
Positions
11
Top-10 weight
100%
concentration
Last quarter
+7.1%
SPY +14.8%
Turnover
27%
of book per quarter
Strategy in plain words
auto-generated from filingsSystrade AG is a concentrated fundamental stock-picker, running a $149.0M US long book across 11 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: ALPHA METALLURGICAL RESOURCE, INTERACTIVE BROKERS GRO-CL A, UBS GROUP AG-REG, CRESUD S.A.-SPONS ADR, NATERA INC.
Over the last 9 quarters its long book ran on average 4.2pp per quarter behind the S&P 500, beating the index in 4 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-14.7%
Q2 2024
-13.7%
Q3 2024
-13.2%
Q4 2024
-1.8%
Q1 2025
-12.0%
Q2 2025
+33.1%
Q3 2025
+20.5%
Q4 2025
-2.7%
Q1 2026
+7.1%
Sector allocation
Financials 46%
Materials 45%
Healthcare 8%
Services media 1%
Industrials 0%
Long book by quarter
What does Systrade AG own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| AMR ALPHA METALLURGICAL RESOURCE | Materials | 280.0K | $57.5M | 38.6% | Held |
| IBKR INTERACTIVE BROKERS GRO-CL A | Financials | 500.0K | $33.5M | 22.5% | Held |
| UBS UBS GROUP AG-REG | Financials | 627.3K | $24.5M | 16.4% | +0.4% |
| NTRA NATERA INC | Healthcare | 50.0K | $10.0M | 6.7% | Held |
| GPN GLOBAL PAYMENTS INC | Services media | 20.0K | $1.3M | 0.9% | Held |
| TSLA TESLA INC | Industrials | 1.0K | $450K | 0.3% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | Apr 8, 2026 | 11 | $149.0M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Jan 12, 2026 | 15 | $163.9M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Oct 9, 2025 | 12 | $135.4M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Jul 9, 2025 | 13 | $88.3M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | Apr 10, 2025 | 13 | $71.8M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Jan 16, 2025 | 13 | $58.6M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Oct 9, 2024 | 7 | $47.6M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Jul 12, 2024 | 5 | $58.4M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | Apr 16, 2024 | 4 | $82.6M | canonical | SEC ↗ |
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