CIK 1565641
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 | 95.16% | 5 |
| Unclassified | 4.22% | 2 |
| Construction Materials | 0.61% | 1 |
| # | Ticker | Name | Sector | Weight |
|---|---|---|---|---|
| 1 | NG | NOVAGOLD RESOURCES INC | Materials | 77.08% |
| 2 | TMQ | Trilogy Metals Inc. | Materials | 10.48% |
| 3 | THM | INTERNATIONAL TOWER HILL MINES LTD | Materials | 6.78% |
| 4 | SILJ | AMPLIFY ETF TR | Unclassified | 2.14% |
| 5 | SIL | GLOBAL X FDS | Unclassified | 2.09% |
| 6 | HL | HECLA MINING CO/DE/ | Materials | 0.61% |
| 7 | PAAS | PAN AMERICAN SILVER CORP | Materials | 0.47% |
| 8 | CDE | Coeur Mining, Inc. | Materials | 0.35% |
6/8 names classified · sector 95.8% of weight · industry 95.8% · mkt cap 95.3%; 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: 95.8% of the book is sector-classified (unclassified names shown, never dropped).
Only 1% of book weight classified — the grid is NOT representative of the whole book.
Classified: 1.0% of book weight (2/8 names) · unclassified 99.0%: NG, TMQ, THM, SILJ, SIL, PAAS. 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 | NGNOVAGOLD RES INC | 92,902,813 | $834M | 77.1% | HOLD |
| 2 | TMQTRILOGY METALS INC NEW | 31,604,741 | $113M | 10.5% | HOLD |
| 3 | THMINTERNATIONAL TOWER HILL MIN | 31,918,825 | $73M | 6.8% | ADD 11% |
| 4 | SILJAMPLIFY ETF TR | 777,615 | $23M | 2.1% | TRIM −26% |
| 5 | SILGLOBAL X FDS | 251,009 | $23M | 2.1% | TRIM −27% |
| 6 | HLHECLA MNG CO | 356,251 | $7M | 0.6% | TRIM −46% |
| 7 | PAASPAN AMERN SILVER CORP | 92,130 | $5M | 0.5% | TRIM −57% |
| 8 | CDECOEUR MNG INC | 200,315 | $4M | 0.3% | TRIM −58% |
| Security | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| NGNOVAGOLD RES INC | — | — | — | — | 92.9M | 92.9M | $834M |
| TMQTRILOGY METALS INC NEW | — | — | — | — | 31.6M | 31.6M | $113M |
| THMINTERNATIONAL TOWER HILL MIN | — | — | — | — | 28.8M | 31.9M | $73M |
| SILJAMPLIFY ETF TR | — | — | — | — | 1.1M | 778K | $23M |
| SILGLOBAL X FDS | — | — | — | — | 342K | 251K | $23M |
| HLHECLA MNG CO | — | — | — | — | 655K | 356K | $7M |
| PAASPAN AMERN SILVER CORP | — | — | — | — | 216K | 92K | $5M |
| CDECOEUR MNG INC | — | — | — | — | 481K | 200K | $4M |
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.
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