Stenham Asset Management Ltd
Stenham Asset Management Ltd, managed by Kevin Arenson, reported 15 positions worth $139.64M in its 2026 Q2 13F filing: 4 new and 7 closed.
Estimated return
Since 2025 Q2 the disclosed positions returned an estimated +36.3% against +34.4% for the S&P 500. Price-only return of the fund's top 100 US longs at each quarter start, vs the S&P 500 over the same windows. Not the fund's actual return (no trades, fees, shorts, derivatives, cash).
| Quarter | Fund | S&P 500 |
|---|---|---|
| 2025 Q2 | +11.4% | +11.4% |
| 2025 Q3 | +9.8% | +7.6% |
| 2025 Q4 | +9.7% | +3.1% |
| 2026 Q1 | +4.9% | -5.8% |
| 2026 Q2 | -3.2% | +15.5% |
Top holdings, 2026 Q2
| Ticker | Company | Value | Portfolio % | Change |
|---|---|---|---|---|
| GLD | SPDR GOLD TR | $118.49M | 84.90% | -1% |
| NAK | NORTHERN DYNASTY MINERALS LT | $3.93M | 2.80% | NO CHANGE |
| YSS | YORK SPACE SYSTEMS INC | $2.72M | 2.00% | NO CHANGE |
| IHAK | ISHARES TR | $1.99M | 1.40% | +38.9% |
| TSM | TAIWAN SEMICONDUCTOR MANUFAC | $1.93M | 1.40% | -82% |
| SNDK | SANDISK CORP | $1.61M | 1.20% | NEW |
| HBM | HUDBAY MINERALS INC | $1.55M | 1.10% | NEW |
| SLV | ISHARES SILVER TR | $1.48M | 1.10% | NO CHANGE |
| AMZN | AMAZON COM INC | $1.12M | 0.80% | -87.7% |
| BRK.B | BERKSHIRE HATHAWAY INC DEL | $1.11M | 0.79% | +18.4% |
| TKO | TKO GROUP HOLDINGS INC | $1.07M | 0.76% | NO CHANGE |
| MGM | MGM RESORTS INTERNATIONAL | $1.00M | 0.72% | NEW |
| CEF | SPROTT ASSET MANAGEMENT LP | $603.45K | 0.43% | NO CHANGE |
| CORZ | CORE SCIENTIFIC INC NEW | $522.04K | 0.37% | NEW |
| PHO | INVESCO EXCHANGE TRADED FD T | $511.19K | 0.37% | NO CHANGE |
All funds · Hedge Fund Tracker
Source: SEC EDGAR 13F filings, reported as of quarter end and filed up to 45 days later. Not investment advice.