CIK 1413303
Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2025-Q4. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.
As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).
Computing…
Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.
| Industry group | Weight | Names |
|---|---|---|
| Metals & Mining | 80.58% | 16 |
| Capital Markets | 13.40% | 2 |
| Unclassified | 3.87% | 4 |
| Equity Real Estate Investment Trusts (REITs) | 1.03% | 1 |
| Beverages | 0.63% | 1 |
| Food Products | 0.49% | 1 |
| # | Ticker | Name | Sector | Weight |
|---|---|---|---|---|
| 1 | FNV | FRANCO NEVADA CORP | Materials | 15.63% |
| 2 | MTA | Metalla Royalty & Streaming Ltd. | Materials | 12.71% |
| 3 | AEM | AGNICO EAGLE MINES LTD | Materials | 11.51% |
| 4 | TFPM | Triple Flag Precious Metals Corp. | Financials | 8.72% |
| 5 | FSM | FORTUNA MINING CORP. | Materials | 8.02% |
| 6 | PAAS | PAN AMERICAN SILVER CORP | Materials | 6.72% |
| 7 | OR | OR Royalties Inc. | Materials | 6.68% |
| 8 | RGLD | ROYAL GOLD INC | Financials | 4.69% |
| 9 | WPM | WHEATON PRECIOUS METALS CORP | Materials | 3.95% |
| 10 | ELE | Elemental Royalty Corp | Materials | 3.89% |
21/25 names classified · sector 96.1% of weight · industry 96.1% · mkt cap 53.1%; unclassified names shown, never dropped.
Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 96.1% of the book is sector-classified (unclassified names shown, never dropped).
Only 6% of book weight classified — the grid is NOT representative of the whole book.
Classified: 5.6% of book weight (3/25 names) · unclassified 94.4%: FNV, MTA, AEM, TFPM, FSM, PAAS, OR, WPM, ELE, B +12 more. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.
No contribution data for this period.
| # | Security | Shares | Value | Weight | Δ QoQ |
|---|---|---|---|---|---|
| 1 | FNVFRANCO NEV CORP | 76,216 | $19M | 15.6% | TRIM −3% |
| 2 | MTAMETALLA RTY & STREAMING LTD | 2,319,749 | $15M | 12.7% | ADD 11% |
| 3 | AEMAGNICO EAGLE MINES LTD | 68,270 | $14M | 11.5% | TRIM −2% |
| 4 | TFPMTRIPLE FLAG PRECIOUS METAL | 302,378 | $10M | 8.7% | TRIM −6% |
| 5 | FSMFORTUNA MNG CORP | 977,049 | $10M | 8.0% | ADD 4% |
| 6 | PAASPAN AMERN SILVER CORP | 148,284 | $8M | 6.7% | TRIM −4% |
| 7 | OROR ROYALTIES INC. | 211,502 | $8M | 6.7% | TRIM −6% |
| 8 | RGLDROYAL GOLD INC | 22,221 | $6M | 4.7% | TRIM −7% |
| 9 | WPMWHEATON PRECIOUS METALS CORP | 36,349 | $5M | 3.9% | TRIM −8% |
| 10 | ELEELEMENTAL RTY CORP | 247,719 | $5M | 3.9% | TRIM −12% |
| 11 | BBARRICK MNG CORP | 73,534 | $3M | 2.5% | TRIM −41% |
| 12 | DCDAKOTA GOLD CORP | 555,084 | $3M | 2.3% | NEW |
| 13 | EQXEQUINOX GOLD CORP | 175,178 | $3M | 2.1% | ADD 28% |
| 14 | BTGB2GOLD CORP | 547,164 | $2M | 2.1% | ADD 3% |
| 15 | ARCCARES CAPITAL CORP | 103,112 | $2M | 1.5% | TRIM −6% |
| 16 | PSLVSPROTT ASSET MANAGEMENT LP | 75,500 | $2M | 1.5% | HOLD |
| 17 | ORLAORLA MNG LTD NEW | 78,300 | $1M | 1.0% | TRIM −19% |
| 18 | LANDGLADSTONE LD CORP | 121,720 | $1M | 1.0% | TRIM −22% |
| 19 | WRNWESTERN COPPER & GOLD CORP | 439,200 | $1M | 0.9% | ADD 35% |
| 20 | DEODIAGEO PLC | 10,200 | $759,000 | 0.6% | NEW |
| 21 | GBDCGOLUB CAP BDC INC | 50,700 | $645,000 | 0.5% | ADD 70% |
| 22 | CAGCONAGRA BRANDS INC | 37,500 | $589,000 | 0.5% | ADD 42% |
| 23 | IEIVANHOE ELECTRIC INC | 41,638 | $491,000 | 0.4% | TRIM −32% |
| 24 | VMETVersamet Royalties Corp | 33,500 | $316,000 | 0.3% | NEW |
| 25 | IAUXI-80 GOLD CORP | 120,000 | $181,000 | 0.2% | NEW |
| Security | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| FNVFRANCO NEV CORP | — | — | — | — | 79K | 76K | $19M |
| MTAMETALLA RTY & STREAMING LTD | — | — | — | — | 2.1M | 2.3M | $15M |
| AEMAGNICO EAGLE MINES LTD | — | — | — | — | 70K | 68K | $14M |
| TFPMTRIPLE FLAG PRECIOUS METAL | — | — | — | — | 323K | 302K | $10M |
| FSMFORTUNA MNG CORP | — | — | — | — | 941K | 977K | $10M |
| PAASPAN AMERN SILVER CORP | — | — | — | — | 154K | 148K | $8M |
| OROR ROYALTIES INC. | — | — | — | — | 226K | 212K | $8M |
| RGLDROYAL GOLD INC | — | — | — | — | 24K | 22K | $6M |
| WPMWHEATON PRECIOUS METALS CORP | — | — | — | — | 39K | 36K | $5M |
| ELEELEMENTAL RTY CORP | — | — | — | — | 281K | 248K | $5M |
| BBARRICK MNG CORP | — | — | — | — | 125K | 74K | $3M |
| DCDAKOTA GOLD CORP | — | — | — | — | — | 555K | $3M |
| EQXEQUINOX GOLD CORP | — | — | — | — | 137K | 175K | $3M |
| BTGB2GOLD CORP | — | — | — | — | 529K | 547K | $2M |
| ARCCARES CAPITAL CORP | — | — | — | — | 109K | 103K | $2M |
Shares reported each quarter by the largest current holdings. Green = added vs the prior filing of that name, red = trimmed, grey = roughly held; a dash is a quarter with no 13F on file (a gap is skipped, not read as an exit). 13F is filed up to 45 days after quarter-end. Up to 40 quarters (10 years) available — use the selector above.
