CIK 2054965
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 | 93.04% | 19 |
| Capital Markets | 4.77% | 2 |
| Construction Materials | 1.73% | 1 |
| Oil, Gas & Consumable Fuels | 0.35% | 12 |
| Utilities | 0.09% | 3 |
| Machinery | 0.02% | 1 |
| # | Ticker | Name | Sector | Weight |
|---|---|---|---|---|
| 1 | NEM | NEWMONT Corp /DE/ | Materials | 10.81% |
| 2 | AEM | AGNICO EAGLE MINES LTD | Materials | 10.72% |
| 3 | WPM | WHEATON PRECIOUS METALS CORP | Materials | 9.38% |
| 4 | B | BARRICK MINING CORP | Materials | 9.15% |
| 5 | KGC | KINROSS GOLD CORP | Materials | 7.64% |
| 6 | AU | ANGLOGOLD ASHANTI PLC | Materials | 5.48% |
| 7 | GFI | Gold Fields Ltd | Materials | 5.41% |
| 8 | PAAS | PAN AMERICAN SILVER CORP | Materials | 5.38% |
| 9 | FNV | FRANCO NEVADA CORP | Materials | 5.06% |
| 10 | AGI | ALAMOS GOLD INC CLASS A | Materials | 4.48% |
38/38 names classified · sector 100.0% of weight · industry 100.0% · mkt cap 30.3%; 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: 100.0% of the book is sector-classified (unclassified names shown, never dropped).
Only 18% of book weight classified — the grid is NOT representative of the whole book.
Classified: 17.8% of book weight (20/38 names) · unclassified 82.2%: AEM, WPM, B, KGC, AU, GFI, PAAS, FNV, AGI, EQX +8 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 | NEMNEWMONT CORP | 56,080 | $6M | 10.8% | ADD 41% |
| 2 | AEMAGNICO EAGLE MINES LTD | 29,726 | $6M | 10.7% | ADD 44% |
| 3 | WPMWHEATON PRECIOUS METALS CORP | 40,210 | $5M | 9.4% | ADD 21% |
| 4 | BBARRICK MNG CORP | 126,100 | $5M | 9.2% | ADD 31% |
| 5 | KGCKINROSS GOLD CORP | 140,600 | $4M | 7.6% | ADD 13% |
| 6 | AUANGLOGOLD ASHANTI PLC | 32,100 | $3M | 5.5% | ADD 20% |
| 7 | GFIGOLD FIELDS LTD | 67,000 | $3M | 5.4% | ADD 36% |
| 8 | PAASPAN AMERN SILVER CORP | 55,350 | $3M | 5.4% | ADD 7% |
| 9 | FNVFRANCO NEV CORP | 11,500 | $3M | 5.1% | ADD 89% |
| 10 | AGIALAMOS GOLD INC NEW | 56,700 | $3M | 4.5% | TRIM −8% |
| 11 | EQXEQUINOX GOLD CORP | 127,700 | $2M | 3.3% | TRIM −18% |
| 12 | SSRMSSR MINING IN | 56,300 | $2M | 2.9% | TRIM −12% |
| 13 | HMYHARMONY GOLD MINING CO LTD | 98,700 | $2M | 2.7% | ADD 8% |
| 14 | CGAUCENTERRA GOLD INC | 78,900 | $1M | 2.5% | TRIM −16% |
| 15 | BTGB2GOLD CORP | 308,200 | $1M | 2.5% | TRIM −12% |
| 16 | FSMFORTUNA MNG CORP | 125,900 | $1M | 2.2% | TRIM −14% |
| 17 | EGOELDORADO GOLD CORP NEW | 33,500 | $1M | 2.0% | HOLD |
| 18 | RGLDROYAL GOLD INC | 4,020 | $1M | 1.8% | ADD 99% |
| 19 | HLHECLA MNG CO | 52,100 | $970,623 | 1.7% | TRIM −29% |
| 20 | SVMSILVERCORP METALS INC | 88,000 | $944,355 | 1.7% | TRIM −42% |
| 21 | AGFIRST MAJESTIC SILVER CORP | 41,500 | $891,420 | 1.6% | TRIM −51% |
| 22 | DRDDRDGOLD LIMITED | 19,900 | $584,463 | 1.0% | TRIM −25% |
| 23 | VLOVALERO ENERGY CORP | 100 | $24,708 | 0.0% | HOLD |
| 24 | MPCMARATHON PETE CORP | 100 | $24,418 | 0.0% | HOLD |
| 25 | PSXPHILLIPS 66 | 130 | $23,683 | 0.0% | HOLD |
| 26 | KMIKINDER MORGAN INC DEL | 570 | $19,112 | 0.0% | HOLD |
| 27 | WMBWILLIAMS COS INC | 250 | $18,195 | 0.0% | HOLD |
| 28 | XOMEXXON MOBIL CORP | 100 | $16,966 | 0.0% | HOLD |
| 29 | CVXCHEVRON CORP NEW | 80 | $16,552 | 0.0% | HOLD |
| 30 | OXYOCCIDENTAL PETE CORP | 240 | $15,600 | 0.0% | HOLD |
| 31 | BKRBAKER HUGHES COMPANY | 230 | $14,042 | 0.0% | NEW |
| 32 | SLBSCHLUMBERGER LTD | 260 | $13,361 | 0.0% | HOLD |
| 33 | EOGEOG RES INC | 90 | $13,011 | 0.0% | HOLD |
| 34 | HALHALLIBURTON CO | 330 | $12,867 | 0.0% | NEW |
| 35 | OKEONEOK INC NEW | 130 | $11,751 | 0.0% | TRIM −48% |
| 36 | DVNDEVON ENERGY CORP NEW | 230 | $11,574 | 0.0% | HOLD |
| 37 | EQTEQT CORP | 180 | $11,455 | 0.0% | HOLD |
| 38 | COPCONOCOPHILLIPS | 120 | $11,267 | 0.0% | HOLD |
| Security | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| NEMNEWMONT CORP | 168K | 97K | 30K | 40K | 40K | 56K | $6M |
| AEMAGNICO EAGLE MINES LTD | 17K | 17K | 15K | 21K | 21K | 30K | $6M |
| WPMWHEATON PRECIOUS METALS CORP | 22K | 23K | 20K | 30K | 33K | 40K | $5M |
| BBARRICK MNG CORP | — | — | 68K | 106K | 96K | 126K | $5M |
| KGCKINROSS GOLD CORP | 82K | 82K | 62K | 73K | 124K | 141K | $4M |
| AUANGLOGOLD ASHANTI PLC | 25K | 26K | 19K | 26K | 27K | 32K | $3M |
| GFIGOLD FIELDS LTD | 43K | 46K | 40K | 43K | 49K | 67K | $3M |
| PAASPAN AMERN SILVER CORP | 150K | 27K | 27K | 42K | 52K | 55K | $3M |
| FNVFRANCO NEV CORP | 5K | 7K | 6K | 8K | 6K | 12K | $3M |
| AGIALAMOS GOLD INC NEW | 39K | 31K | 23K | 44K | 62K | 57K | $3M |
| EQXEQUINOX GOLD CORP | 59K | 34K | 34K | 113K | 156K | 128K | $2M |
| SSRMSSR MINING IN | 22K | 22K | 22K | 39K | 64K | 56K | $2M |
| HMYHARMONY GOLD MINING CO LTD | 66K | 66K | 50K | 74K | 91K | 99K | $2M |
| CGAUCENTERRA GOLD INC | 43K | 26K | 26K | 47K | 94K | 79K | $1M |
| BTGB2GOLD CORP | 113K | 113K | 143K | 259K | 352K | 308K | $1M |
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.
