Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (6 quarters reported)
$29M in Q2 2013 → $24.7M now. Hover for any quarter.
As reported for the quarter ended September 30, 2014. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| RA Rio Alto Mng Ltd New | 31.5% | New | 3,265,454 | $7.78M |
| PI Points Intl Ltd | 10.7% | Added 7.1% | 150,728 | $2.63M |
| Mag Silver Corp | 7.5% | Unchanged | 250,482 | $1.86M |
| B2gold Corp | 6.6% | Trimmed 6.4% | 807,061 | $1.64M |
| Denison Mines Corp | 5.3% | Trimmed 6.1% | 1,148,700 | $1.31M |
| SE Stone Energy Corp | 5.2% | Unchanged | 40,771 | $1.28M |
| Pan American Silver Corp | 4.9% | Unchanged | 110,411 | $1.21M |
| YG Yamana Gold Inc | 4.4% | Added 2.5% | 181,342 | $1.09M |
| NG New Gold Inc Cda | 3.7% | Unchanged | 180,000 | $910K |
| Cameco Corp | 3.3% | Unchanged | 46,534 | $820K |
| Franco Nevada Corp | 3.0% | Unchanged | 15,370 | $750K |
| HM Hecla Mng Co | 3.0% | Trimmed 33% | 300,000 | $740K |
| AG Aurico Gold Inc | 2.9% | Trimmed 44% | 204,695 | $710K |
| UR Uranium Res Inc | 1.5% | Unchanged | 148,913 | $380K |
| Vista Gold Corp | 1.2% | Unchanged | 703,765 | $290K |
| Agnico Eagle Mines Ltd | 1.1% | Unchanged | 9,665 | $280K |
| Platinum Group Metals Ltd | 1.1% | Unchanged | 300,000 | $270K |
| Ur Energy Inc | 1.1% | Unchanged | 263,756 | $270K |
| UE Uranerz Energy Corp | 1.0% | Unchanged | 225,519 | $250K |
| AN Allied Nevada Gold Corp | 0.8% | Unchanged | 57,300 | $190K |
| Energy Fuels Inc | 0.1% | Unchanged | 2,754 | $20K |
| NG New Gold Inc Cda | 0.0% | Unchanged | 1,000 | $10K |
| Kinross Gold Corp | 0.0% | Unchanged | 5,000 | — |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 5 quarters.
quarter ended September 30, 2014 · filed November 14, 2014
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| RA Rio Alto Mng Ltd New | New | +3,265,454 | +$7.78M | 31.5% |
| AG Aurico Gold Inc | Trimmed | −160,000 | −$555K | 2.9% |
| HM Hecla Mng Co | Trimmed | −150,000 | −$370K | 3.0% |
| KM Kinder Morgan Inc Del | Exited | −90,000 | −$250K | — |
| Kinross Gold Corp | Exited | −50,000 | −$207K | — |
| PI Points Intl Ltd | Added | +10,000 | +$174K | 10.7% |
| B2gold Corp | Trimmed | −55,000 | −$112K | 6.6% |
| Denison Mines Corp | Trimmed | −75,000 | −$85.5K | 5.3% |
| YG Yamana Gold Inc | Added | +4,500 | +$27K | 4.4% |
quarter ended June 30, 2014 · filed August 14, 2014
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| YG Yamana Gold Inc | Added | +60,222 | +$495K | 6.2% |
| Agnico Eagle Mines Ltd | New | +9,665 | +$370K | 1.6% |
| SE Stone Energy Corp | Trimmed | −6,000 | −$281K | 8.1% |
| QR Quaterra Res Inc | Exited | −3,527,113 | −$211K | — |
| Platinum Group Metals Ltd | Added | +100,000 | +$118K | 1.5% |
| AG Aurico Gold Inc | Added | +25,000 | +$107K | 6.6% |
| HM Hecla Mng Co | Exited | −2,000 | −$23K | — |
quarter ended March 31, 2014 · filed May 15, 2014
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| HM Hecla Mng Co | New | +450,000 | +$1.38M | 6.2% |
| PI Points Intl Ltd | Trimmed | −16,100 | −$412K | 16.3% |
| Mag Silver Corp | Trimmed | −40,000 | −$277K | 7.9% |
| B2gold Corp | Trimmed | −75,000 | −$204K | 10.6% |
| Platinum Group Metals Ltd | New | +200,000 | +$202K | 0.9% |
| AG Aurico Gold Inc | Trimmed | −30,000 | −$131K | 6.7% |
| AH A H Belo Corp | Exited | −16,185 | −$121K | — |
| NG New Gold Inc Cda | Trimmed | −23,500 | −$115K | 4.0% |
| UE Uranerz Energy Corp | Trimmed | −65,000 | −$113K | 1.8% |
| Ur Energy Inc | Trimmed | −55,000 | −$85.3K | 1.8% |
Showing the 10 largest of 15 changes.
quarter ended December 31, 2013 · filed February 14, 2014
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| PI Points Intl Ltd | Trimmed | −31,000 | −$788K | 20.3% |
| Denison Mines Corp | Trimmed | −420,000 | −$510K | 7.7% |
| B2gold Corp | Trimmed | −140,000 | −$287K | 9.8% |
| AH A H Belo Corp | Trimmed | −27,242 | −$204K | 0.6% |
| Cameco Corp | Trimmed | −5,000 | −$104K | 4.9% |
| NG New Gold Inc Cda | Exited | −3,500 | −$91K | — |
| YG Yamana Gold Inc | Trimmed | −10,000 | −$86.2K | 5.1% |
| SE Stone Energy Corp | Trimmed | −2,000 | −$69.2K | 8.2% |
| Vista Gold Corp | Trimmed | −180,000 | −$68.4K | 1.4% |
| UR Uranium Res Inc | Trimmed | −20,000 | −$60.6K | 2.3% |
Showing the 10 largest of 17 changes.
quarter ended September 30, 2013 · filed November 14, 2013
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| PI Points Intl Ltd | Trimmed | −44,000 | −$1.02M | 19.3% |
| GN Goldcorp Inc New | Exited | −40,000 | −$989K | — |
| OH Omega Healthcare Invs Inc | Exited | −23,965 | −$743K | — |
| Kinross Gold Corp | Trimmed | −130,000 | −$658K | 1.1% |
| AN Allied Nevada Gold Corp | Trimmed | −145,432 | −$609K | 1.1% |
| Denison Mines Corp | Trimmed | −450,000 | −$497K | 8.2% |
| Pan American Silver Corp | Trimmed | −45,000 | −$475K | 5.4% |
| AH A H Belo Corp | Trimmed | −55,000 | −$432K | 1.5% |
| Cameco Corp | Trimmed | −15,000 | −$271K | 4.1% |
| Mag Silver Corp | Trimmed | −35,000 | −$206K | 7.9% |
Showing the 10 largest of 15 changes.
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