CIK 1796651
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 | 66.63% | 32 |
| Capital Markets | 5.92% | 2 |
| Oil, Gas & Consumable Fuels | 4.98% | 5 |
| Unclassified | 4.80% | 19 |
| Tobacco | 4.29% | 2 |
| Pharmaceuticals & Biotechnology | 4.01% | 4 |
| Banks | 2.11% | 4 |
| Commercial Services & Supplies | 2.08% | 4 |
| Diversified Telecommunication Services | 1.85% | 5 |
| Chemicals | 1.46% | 5 |
| Beverages | 0.68% | 2 |
| Utilities | 0.45% | 2 |
| Machinery | 0.36% | 1 |
| Software & IT Services | 0.10% | 2 |
| Airlines | 0.09% | 1 |
| Semiconductors & Semiconductor Equipment | 0.09% | 2 |
| Construction Materials | 0.04% | 2 |
| Technology Hardware & Equipment | 0.03% | 1 |
| Equity Real Estate Investment Trusts (REITs) | 0.02% | 1 |
| # | Ticker | Name | Sector | Weight |
|---|---|---|---|---|
| 1 | AEM | AGNICO EAGLE MINES LTD | Materials | 8.33% |
| 2 | PAAS | PAN AMERICAN SILVER CORP | Materials | 6.23% |
| 3 | B | BARRICK MINING CORP | Materials | 6.08% |
| 4 | FNV | FRANCO NEVADA CORP | Materials | 5.67% |
| 5 | FSM | FORTUNA MINING CORP. | Materials | 4.35% |
| 6 | RGLD | ROYAL GOLD INC | Financials | 4.16% |
| 7 | OR | OR Royalties Inc. | Materials | 3.83% |
| 8 | WPM | WHEATON PRECIOUS METALS CORP | Materials | 3.76% |
| 9 | MTA | Metalla Royalty & Streaming Ltd. | Materials | 3.67% |
| 10 | BTG | B2GOLD CORP | Materials | 3.64% |
77/96 names classified · sector 95.2% of weight · industry 95.2% · mkt cap 36.1%; 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: 95.2% of the book is sector-classified (unclassified names shown, never dropped).
Only 11% of book weight classified — the grid is NOT representative of the whole book.
Classified: 10.9% of book weight (13/96 names) · unclassified 89.1%: AEM, PAAS, B, FNV, FSM, OR, WPM, MTA, BTG, BTI +73 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 | AEMAGNICO EAGLE MINES LTD | 447,528 | $84M | 8.3% | HOLD |
| 2 | PAASPAN AMERN SILVER CORP | 1,252,785 | $63M | 6.2% | TRIM −3% |
| 3 | BBARRICK MNG CORP | 1,665,226 | $61M | 6.1% | TRIM −5% |
| 4 | FNVFRANCO NEV CORP | 249,758 | $57M | 5.7% | ADD 5% |
| 5 | FSMFORTUNA MNG CORP | 4,485,635 | $44M | 4.4% | HOLD |
| 6 | RGLDROYAL GOLD INC | 165,315 | $42M | 4.2% | HOLD |
| 7 | OROR ROYALTIES INC. | 1,026,669 | $39M | 3.8% | HOLD |
| 8 | WPMWHEATON PRECIOUS METALS CORP | 294,402 | $38M | 3.8% | ADD 3% |
| 9 | MTAMETALLA RTY & STREAMING LTD | 5,746,211 | $37M | 3.7% | HOLD |
| 10 | BTGB2GOLD CORP | 8,141,222 | $37M | 3.6% | ADD 7% |
| 11 | BTIBRITISH AMERN TOB PLC | 653,402 | $35M | 3.5% | HOLD |
| 12 | EQXEQUINOX GOLD CORP | 2,292,608 | $33M | 3.2% | ADD 20% |
| 13 | NEMNEWMONT CORP | 348,491 | $30M | 3.0% | TRIM −5% |
| 14 | AUANGLOGOLD ASHANTI PLC | 272,740 | $27M | 2.7% | ADD 122% |
| 15 | IAGIAMGOLD CORP | 1,269,611 | $24M | 2.4% | TRIM −5% |
| 16 | NVONOVO-NORDISK A S | 467,452 | $22M | 2.2% | ADD 35% |
| 17 | KGCKINROSS GOLD CORP | 780,313 | $20M | 2.0% | ADD 2% |
| 18 | ELEELEMENTAL RTY CORP | 962,859 | $18M | 1.8% | HOLD |
| 19 | DCDAKOTA GOLD CORP | 3,534,049 | $18M | 1.8% | ADD 16% |
| 20 | TFPMTRIPLE FLAG PRECIOUS METAL | 520,062 | $18M | 1.8% | HOLD |
| 21 | OUNZVanEck Merk Gold Trust | 386,587 | $17M | 1.7% | TRIM −3% |
| 22 | ACNACCENTURE PLC IRELAND | 66,321 | $16M | 1.6% | ADD 84% |
| 23 | BPBP PLC | 362,210 | $14M | 1.4% | HOLD |
| 24 | ORLAORLA MNG LTD NEW | 872,845 | $14M | 1.4% | HOLD |
| 25 | TTETotalEnergies SE | 177,877 | $13M | 1.3% | NEW |
| 26 | SHELSHELL PLC | 161,659 | $12M | 1.2% | HOLD |
| 27 | BNSBANK NOVA SCOTIA B C | 171,686 | $11M | 1.0% | HOLD |
| 28 | EQNREQUINOR ASA | 320,131 | $10M | 1.0% | HOLD |
| 29 | GSKGSK PLC | 208,254 | $10M | 1.0% | HOLD |
| 30 | CEFSPROTT ASSET MANAGEMENT LP | 274,028 | $8M | 0.8% | TRIM −4% |
| 31 | PMPHILIP MORRIS INTL INC | 46,324 | $8M | 0.8% | HOLD |
| 32 | NTRNUTRIEN LTD | 103,259 | $7M | 0.7% | HOLD |
| 33 | TLKP T TELEKOMUNIKASI INDONESIA | 380,834 | $7M | 0.7% | HOLD |
| 34 | VALEVALE S A | 498,725 | $7M | 0.7% | ADD 2% |
| 35 | PSLVSPROTT ASSET MANAGEMENT LP | 285,584 | $7M | 0.7% | TRIM −7% |
| 36 | SKMSK TELECOM LTD | 223,557 | $7M | 0.6% | ADD 81% |
| 37 | ABEVAMBEV SA | 2,330,703 | $6M | 0.6% | TRIM −23% |
| 38 | WRNWESTERN COPPER & GOLD CORP | 2,421,617 | $6M | 0.6% | ADD 134% |
| 39 | NVSNOVARTIS AG | 41,588 | $6M | 0.6% | HOLD |
| 40 | IEIVANHOE ELECTRIC INC | 440,079 | $5M | 0.5% | ADD 2% |
| 41 | BCEBCE INC | 207,621 | $5M | 0.5% | ADD 65% |
| 42 | AQNALGONQUIN PWR UTILS CORP | 703,450 | $4M | 0.4% | ADD 99% |
| 43 | ULUNILEVER PLC | 66,552 | $4M | 0.4% | HOLD |
| 44 | BBDBANCO BRADESCO S A | 1,057,281 | $4M | 0.4% | ADD 78% |
| 45 | ASMLASML HOLDING N V | 2,961 | $4M | 0.4% | HOLD |
| 46 | ITUBITAU UNIBANCO HLDG S A | 424,856 | $4M | 0.4% | ADD 124% |
| 47 | FEMBFIRST TR EXCH TRADED FD III | 114,220 | $3M | 0.3% | TRIM −3% |
| 48 | NUNU HLDGS LTD | 233,649 | $3M | 0.3% | HOLD |
| 49 | GFIGOLD FIELDS LTD | 64,497 | $3M | 0.3% | ADD 372% |
| 50 | RIORIO TINTO PLC | 49,203 | $3M | 0.3% | ADD 3% |
| 51 | BHPBHP BILLITON LIMITED | 58,819 | $3M | 0.3% | HOLD |
| 52 | FMCF M C CORP | 158,933 | $3M | 0.3% | HOLD |
| 53 | GRABGRAB HOLDINGS LIMITED | 653,429 | $2M | 0.2% | ADD 73% |
| 54 | KSPIKASPI KZ JSC | 31,680 | $2M | 0.2% | NEW |
| 55 | USFRWISDOMTREE TR | 46,266 | $2M | 0.2% | ADD 402% |
| 56 | SNYSANOFI SA | 45,668 | $2M | 0.2% | ADD 5% |
| 57 | IGOVISHARES TR | 47,677 | $2M | 0.2% | TRIM −2% |
| 58 | PHYSSprott Physical Gold Trust | 46,436 | $1M | 0.1% | TRIM −4% |
| 59 | BWXSPDR SERIES TRUST | 55,934 | $1M | 0.1% | TRIM −2% |
| 60 | INFYINFOSYS LTD | 67,613 | $950,000 | 0.1% | HOLD |
| 61 | ASRGRUPO AEROPORTUARIO DEL SURE | 2,924 | $947,000 | 0.1% | ADD 11% |
| 62 | HLNHALEON PLC | 87,897 | $912,000 | 0.1% | HOLD |
| 63 | GDXVANECK ETF TRUST GOLD MINERS ETF | 14,455 | $903,000 | 0.1% | ADD 8% |
| 64 | TSMTAIWAN SEMICONDUCTOR MFG LTD | 2,827 | $751,000 | 0.1% | ADD 4% |
| 65 | DEODIAGEO PLC | 7,499 | $698,000 | 0.1% | HOLD |
| 66 | GLDSPDR GOLD TR | 1,379 | $698,000 | 0.1% | ADD 110% |
| 67 | BVNCOMPANIA DE MINAS BUENAVENTU | 15,532 | $683,000 | 0.1% | ADD 113% |
| 68 | IAUISHARES GOLD TR | 7,752 | $683,000 | 0.1% | TRIM −28% |
| 69 | VWOBVANGUARD WHITEHALL FDS | 10,300 | $673,000 | 0.1% | HOLD |
| 70 | USHYISHARES TR | 16,210 | $608,000 | 0.1% | HOLD |
| 71 | PSKSPDR SERIES TRUST | 19,030 | $604,000 | 0.1% | HOLD |
| 72 | ENBENBRIDGE INC | 11,615 | $526,000 | 0.1% | ADD 14% |
| 73 | MELIMERCADOLIBRE INC | 299 | $519,000 | 0.1% | HOLD |
| 74 | JAAAJANUS DETROIT STR TR | 9,996 | $507,000 | 0.1% | HOLD |
| 75 | SLVISHARES SILVER TR | 5,095 | $471,000 | 0.0% | NEW |
| 76 | MINEMAYFAIR GOLD CORP | 136,500 | $422,000 | 0.0% | NEW |
| 77 | AGIALAMOS GOLD INC NEW | 9,477 | $421,000 | 0.0% | TRIM −33% |
| 78 | XFRAXBLACKROCK FLOATING RATE INCO | 31,965 | $420,000 | 0.0% | HOLD |
| 79 | CDECOEUR MNG INC | 19,145 | $317,000 | 0.0% | NEW |
| 80 | AGFIRST MAJESTIC SILVER CORP | 34,166 | $316,000 | 0.0% | TRIM −12% |
| 81 | IBMINTERNATIONAL BUSINESS MACHS | 1,011 | $293,000 | 0.0% | ADD 10% |
| 82 | ETENERGY TRANSFER L P | 14,360 | $260,000 | 0.0% | ADD 9% |
| 83 | URAGLOBAL X FDS | 6,310 | $245,000 | 0.0% | HOLD |
| 84 | VODVODAFONE GROUP PLC | 15,864 | $239,000 | 0.0% | ADD 8% |
| 85 | HLHECLA MNG CO | 8,698 | $213,000 | 0.0% | NEW |
| 86 | OHIOMEGA HEALTHCARE INVS INC | 5,800 | $213,000 | 0.0% | HOLD |
| 87 | GDXJVANECK ETF TRUST | 3,035 | $205,000 | 0.0% | HOLD |
| 88 | DOWDOW HLDGS INC | 4,876 | $203,000 | 0.0% | NEW |
| 89 | UMCUnited Microelectronics ADR | 18,552 | $171,000 | 0.0% | ADD 26% |
| 90 | VIVTELEFONICA BRASIL SA | 10,269 | $169,000 | 0.0% | TRIM −3% |
| 91 | EXKENDEAVOUR SILVER CORP | 32,520 | $160,000 | 0.0% | HOLD |
| 92 | CXCEMEX SAB DE CV | 13,058 | $154,000 | 0.0% | ADD 3% |
| 93 | WITWIPRO LTD | 35,573 | $78,000 | 0.0% | ADD 8% |
| 94 | VZLAVIZSLA SILVER CORP | 23,885 | $72,000 | 0.0% | NEW |
| 95 | ASMAVINO SILVER & GOLD MINES LT | 10,000 | $36,000 | 0.0% | NEW |
| 96 | IAUXI-80 GOLD CORP | 66,672 | $22,000 | 0.0% | HOLD |
| Security | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| AEMAGNICO EAGLE MINES LTD | 543K | 520K | 946K | 465K | 455K | 448K | $84M |
| PAASPAN AMERN SILVER CORP | 1.3M | 1.3M | 2.7M | 1.3M | 1.3M | 1.3M | $63M |
| BBARRICK MNG CORP | — | — | 4.3M | 2.2M | 1.7M | 1.7M | $61M |
| FNVFRANCO NEV CORP | 228K | 227K | 457K | 234K | 237K | 250K | $57M |
| FSMFORTUNA MNG CORP | 4.4M | 4.4M | 8.8M | 4.4M | 4.5M | 4.5M | $44M |
| RGLDROYAL GOLD INC | 116K | 115K | 232K | 161K | 164K | 165K | $42M |
| OROR ROYALTIES INC. | — | — | 2.2M | 1.0M | 1.0M | 1.0M | $39M |
| WPMWHEATON PRECIOUS METALS CORP | 284K | 291K | 587K | 286K | 286K | 294K | $38M |
| MTAMETALLA RTY & STREAMING LTD | 4.8M | 5.1M | 11.3M | 5.7M | 5.7M | 5.7M | $37M |
| BTGB2GOLD CORP | 5.7M | 5.8M | 13.9M | 7.5M | 7.6M | 8.1M | $37M |
| BTIBRITISH AMERN TOB PLC | 665K | 666K | 1.3M | 660K | 658K | 653K | $35M |
| EQXEQUINOX GOLD CORP | 2.1M | 1.1M | 2.7M | 1.8M | 1.9M | 2.3M | $33M |
| NEMNEWMONT CORP | 353K | 385K | 919K | 436K | 366K | 348K | $30M |
| AUANGLOGOLD ASHANTI PLC | — | — | 70K | 108K | 123K | 273K | $27M |
| IAGIAMGOLD CORP | 1.4M | 1.1M | 2.5M | 1.5M | 1.3M | 1.3M | $24M |
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.
Where this firm's principals came from and which firms its alumni went on to found.
