Stenham Asset Management (UK) Plc Concentrated Active

CIK: 0002093782 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $89,766 (100.0% shares, 0.0% debt)

Holdings (16)

Increased Positions (4)

RACE FERRARI N V 5.5%

Value ($000) $4,934 (-19.0%) Shares 13,350 (+6.4%) Est. Cost $474.40 Unrealized -15.7%

V VISA INC 5.8%

Value ($000) $5,191 (+27.8%) Shares 14,800 (+24.4%) Est. Cost $344.21 Unrealized -1.1%

FERG FERGUSON ENTERPRISES INC 5.0%

Value ($000) $4,497 (+13.8%) Shares 20,200 (+14.8%) Est. Cost $226.43 Unrealized +5.1%

META META PLATFORMS INC 4.4%

Value ($000) $3,928 (-1.0%) Shares 5,950 (+10.2%) Est. Cost $736.21 Unrealized -9.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
RACE	FERRARI N V	13,350 (+6.4%)	$4,934 (-19.0%)	5.5%	$474.40	-15.7%	COM	N3167Y103
V	VISA INC	14,800 (+24.4%)	$5,191 (+27.8%)	5.8%	$344.21	-1.1%	COM CL A	92826C839
FERG	FERGUSON ENTERPRISES INC	20,200 (+14.8%)	$4,497 (+13.8%)	5.0%	$226.43	+5.1%	COMMON STOCK NEW	31488V107
META	META PLATFORMS INC	5,950 (+10.2%)	$3,928 (-1.0%)	4.4%	$736.21	-9.4%	CL A	30303M102

Exited Positions (1)

ZTS ZOETIS INC 5.6%

Value ($000) $5,055 Shares 34,550 Est. Cost $150.53 Unrealized -13.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ZTS	ZOETIS INC	34,550	$5,055	5.6%	$150.53	-13.5%	—	98978V103

Decreased Positions (11)

MA MASTERCARD INCORPORATED 5.8%

Value ($000) $5,166 (-35.4%) Shares 9,050 (-35.6%) Est. Cost $573.47 Unrealized -2.5%

MSFT MICROSOFT CORP 7.9%

Value ($000) $7,109 (-19.3%) Shares 14,700 (-13.5%) Est. Cost $508.71 Unrealized -1.6%

AFG AMERICAN FINL GROUP INC OHIO 5.3%

Value ($000) $4,743 (-21.2%) Shares 34,700 (-16.0%) Est. Cost $127.48 Unrealized +4.8%

GE GE AEROSPACE 4.2%

Value ($000) $3,727 (-21.8%) Shares 12,100 (-23.7%) Est. Cost $272.69 Unrealized +10.3%

TSM TAIWAN SEMICONDUCTOR MFG LTD 8.5%

Value ($000) $7,658 (-10.8%) Shares 25,200 (-18.0%) Est. Cost $279.29 Unrealized —

CME CME GROUP INC 4.7%

Value ($000) $4,192 (-13.3%) Shares 15,350 (-14.2%) Est. Cost $269.86 Unrealized +0.3%

SNPS SYNOPSYS INC 4.2%

Value ($000) $3,734 (-11.0%) Shares 7,950 (-6.5%) Est. Cost $565.30 Unrealized -21.4%

UNP UNION PAC CORP 7.2%

Value ($000) $6,458 (-6.0%) Shares 27,917 (-3.9%) Est. Cost $223.15 Unrealized +1.9%

DHR DANAHER CORPORATION 6.4%

Value ($000) $5,757 (-4.8%) Shares 25,150 (-17.5%) Est. Cost $198.37 Unrealized +10.7%

HLT HILTON WORLDWIDE HLDGS INC 6.4%

Value ($000) $5,788 (+2.1%) Shares 20,150 (-7.8%) Est. Cost $270.09 Unrealized +0.8%

AMZN AMAZON COM INC 7.6%

Value ($000) $6,855 (+0.7%) Shares 29,700 (-4.2%) Est. Cost $226.35 Unrealized +1.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MA	MASTERCARD INCORPORATED	9,050 (-35.6%)	$5,166 (-35.4%)	5.8%	$573.47	-2.5%	CL A	57636Q104
MSFT	MICROSOFT CORP	14,700 (-13.5%)	$7,109 (-19.3%)	7.9%	$508.71	-1.6%	COM	594918104
AFG	AMERICAN FINL GROUP INC OHIO	34,700 (-16.0%)	$4,743 (-21.2%)	5.3%	$127.48	+4.8%	COM	025932104
GE	GE AEROSPACE	12,100 (-23.7%)	$3,727 (-21.8%)	4.2%	$272.69	+10.3%	COM NEW	369604301
TSM	TAIWAN SEMICONDUCTOR MFG LTD	25,200 (-18.0%)	$7,658 (-10.8%)	8.5%	$279.29	—	SPONSORED ADS	874039100
CME	CME GROUP INC	15,350 (-14.2%)	$4,192 (-13.3%)	4.7%	$269.86	+0.3%	COM	12572Q105
SNPS	SYNOPSYS INC	7,950 (-6.5%)	$3,734 (-11.0%)	4.2%	$565.30	-21.4%	COM	871607107
UNP	UNION PAC CORP	27,917 (-3.9%)	$6,458 (-6.0%)	7.2%	$223.15	+1.9%	COM	907818108
DHR	DANAHER CORPORATION	25,150 (-17.5%)	$5,757 (-4.8%)	6.4%	$198.37	+10.7%	COM	235851102
HLT	HILTON WORLDWIDE HLDGS INC	20,150 (-7.8%)	$5,788 (+2.1%)	6.4%	$270.09	+0.8%	COM	43300A203
AMZN	AMAZON COM INC	29,700 (-4.2%)	$6,855 (+0.7%)	7.6%	$226.35	+1.1%	COM	023135106

Unchanged Positions (1)

TSM TAIWAN SEMICONDUCTOR MFG LTD 11.2%

Value ($000) $10,028 Shares 33,000 Est. Cost $279.29 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TSM	TAIWAN SEMICONDUCTOR MFG LTD	33,000	$10,028	11.2%	$279.29	—	PUT	874039100