CIK 1703148
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 | 62.25% | 15 |
| Capital Markets | 30.17% | 2 |
| Coal & Consumable Fuels | 4.70% | 1 |
| Unclassified | 2.88% | 3 |
| # | Ticker | Name | Sector | Weight |
|---|---|---|---|---|
| 1 | RGLD | ROYAL GOLD INC | Financials | 21.17% |
| 2 | ELE | Elemental Royalty Corp | Materials | 14.29% |
| 3 | IAG | IAMGOLD CORP | Materials | 11.15% |
| 4 | SSRM | SSR MINING INC. | Financials | 9.00% |
| 5 | CGAU | Centerra Gold Inc. | Materials | 6.71% |
| 6 | WPM | WHEATON PRECIOUS METALS CORP | Materials | 5.44% |
| 7 | HCC | WARRIOR MET COAL, INC. | Energy | 4.70% |
| 8 | PPTA | PERPETUA RESOURCES CORP. | Materials | 4.45% |
| 9 | OR | OR Royalties Inc. | Materials | 4.08% |
| 10 | AEM | AGNICO EAGLE MINES LTD | Materials | 3.90% |
18/21 names classified · sector 97.1% of weight · industry 97.1% · mkt cap 83.1%; 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: 97.1% of the book is sector-classified (unclassified names shown, never dropped).
Only 36% of book weight classified — the grid is NOT representative of the whole book.
Classified: 36.2% of book weight (5/21 names) · unclassified 63.8%: ELE, IAG, CGAU, WPM, PPTA, OR, AEM, NXE, GROY, NIKL +6 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 | RGLDROYAL GOLD INC | 120,332 | $31M | 21.2% | TRIM −18% |
| 2 | ELEELEMENTAL RTY CORP | 1,097,208 | $21M | 14.3% | TRIM −36% |
| 3 | IAGIAMGOLD CORP | 856,612 | $16M | 11.1% | TRIM −31% |
| 4 | SSRMSSR MINING IN | 442,540 | $13M | 9.0% | NEW |
| 5 | CGAUCENTERRA GOLD INC | 545,600 | $10M | 6.7% | TRIM −10% |
| 6 | WPMWHEATON PRECIOUS METALS CORP | 60,090 | $8M | 5.4% | TRIM −16% |
| 7 | HCCWARRIOR MET COAL INC | 72,944 | $7M | 4.7% | TRIM −26% |
| 8 | PPTAPERPETUA RESOURCES CORP | 229,000 | $6M | 4.5% | HOLD |
| 9 | OROR ROYALTIES INC. | 155,316 | $6M | 4.1% | TRIM −21% |
| 10 | AEMAGNICO EAGLE MINES LTD | 27,810 | $6M | 3.9% | TRIM −9% |
| 11 | NXENEXGEN ENERGY LTD | 452,138 | $5M | 3.6% | TRIM −50% |
| 12 | GROYGOLD ROYALTY CORP | 1,348,303 | $5M | 3.3% | NEW |
| 13 | NIKLSPROTT NICKEL MINERS ETF | 175,000 | $3M | 1.9% | NEW |
| 14 | NEXMNEXMETALS MINING CORP. | 815,206 | $2M | 1.4% | ADD 9% |
| 15 | DNNDENISON MINES CORP | 500,000 | $2M | 1.2% | TRIM −71% |
| 16 | AUANGLOGOLD ASHANTI PLC | 15,000 | $1M | 1.0% | NEW |
| 17 | NEMNEWMONT CORP | 9,100 | $985,075 | 0.7% | NEW |
| 18 | AECANFIELD ENERGY INC | 176,272 | $983,598 | 0.7% | ADD 88% |
| 19 | CDECOEUR MNG INC | 50,000 | $938,500 | 0.6% | NEW |
| 20 | LZMLIFEZONE METALS LIMITED | 136,754 | $459,493 | 0.3% | NEW |
| 21 | LZM.WSLIFEZONE METALS LIMITED | 939,578 | $385,227 | 0.3% | NEW |
| Security | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| RGLDROYAL GOLD INC | — | — | — | — | 147K | 120K | $31M |
| ELEELEMENTAL RTY CORP | — | — | — | — | 1.7M | 1.1M | $21M |
| IAGIAMGOLD CORP | — | — | — | — | 1.2M | 857K | $16M |
| SSRMSSR MINING IN | — | — | — | — | — | 443K | $13M |
| CGAUCENTERRA GOLD INC | — | — | — | — | 606K | 546K | $10M |
| WPMWHEATON PRECIOUS METALS CORP | — | — | — | — | 72K | 60K | $8M |
| HCCWARRIOR MET COAL INC | — | — | — | — | 99K | 73K | $7M |
| PPTAPERPETUA RESOURCES CORP | — | — | — | — | 229K | 229K | $6M |
| OROR ROYALTIES INC. | — | — | — | — | 196K | 155K | $6M |
| AEMAGNICO EAGLE MINES LTD | — | — | — | — | 30K | 28K | $6M |
| NXENEXGEN ENERGY LTD | — | — | — | — | 903K | 452K | $5M |
| GROYGOLD ROYALTY CORP | — | — | — | — | — | 1.3M | $5M |
| NIKLSPROTT NICKEL MINERS ETF | — | — | — | — | — | 175K | $3M |
| NEXMNEXMETALS MINING CORP. | — | — | — | — | 747K | 815K | $2M |
| DNNDENISON MINES CORP | — | — | — | — | 1.7M | 500K | $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.
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