Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (26 quarters reported)
$184M in Q2 2013 → $117M now. Hover for any quarter.
As reported for the quarter ended September 30, 2019. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| Agnico Eagle Mines Ltd | 18.3% | Unchanged | 400,000 | $21.4M |
| BG Barrick Gold Corp | 14.8% | Trimmed 17% | 1,000,000 | $17.3M |
| B2gold Corp | 8.3% | Unchanged | 3,000,000 | $9.79M |
| NG Newmont Goldcorp Corp | 8.1% | Trimmed 38% | 250,000 | $9.48M |
| Alamos Gold Inc | 7.5% | Unchanged | 1,500,000 | $8.74M |
| SM Ssr Mng Inc | 7.4% | Unchanged | 600,000 | $8.73M |
| PR Pretium Resources Inc | 7.1% | Unchanged | 725,000 | $8.35M |
| MM Maverix Metals Inc | 5.2% | Added 33% | 2,000,000 | $6.07M |
| Franco Nevada Corp | 3.9% | Trimmed 17% | 50,000 | $4.56M |
| GS Golden Star Res Ltd | 3.7% | Added 89% | 1,850,000 | $4.33M |
| Kinross Gold Corp | 3.1% | Unchanged | 800,000 | $3.69M |
| Mag Silver Corp | 2.9% | Unchanged | 325,000 | $3.45M |
| AG Americas Gold & Silver Corp | 2.9% | New | 1,345,000 | $3.37M |
| KL Kirkland Lake Gold Ltd | 2.9% | Unchanged | 75,000 | $3.37M |
| Gold Fields Ltd | 2.8% | Unchanged | 670,423 | $3.3M |
| Royal Gold Inc | 1.1% | Added 733% | 250,000 | $1.31M |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended September 30, 2019 · filed November 14, 2019
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| CD Compania De Minas Buenaventura Saa | Exited | −400,000 | −$6.67M | — |
| NG Newmont Goldcorp Corp | Trimmed | −150,000 | −$5.69M | 8.1% |
| BG Barrick Gold Corp | Trimmed | −200,000 | −$3.47M | 14.8% |
| AG Americas Gold & Silver Corp | New | +1,345,000 | +$3.37M | 2.9% |
| Iamgold Corp | Exited | −675,000 | −$2.28M | — |
| GS Golden Star Res Ltd | Added | +870,479 | +$2.04M | 3.7% |
| MM Maverix Metals Inc | Added | +500,000 | +$1.52M | 5.2% |
| Royal Gold Inc | Added | +220,000 | +$1.15M | 1.1% |
| Franco Nevada Corp | Trimmed | −10,000 | −$912K | 3.9% |
quarter ended June 30, 2019 · filed August 14, 2019
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| BG Barrick Gold Corp | Trimmed | −1,078,924 | −$17.1M | 14.6% |
| Royal Gold Inc | Trimmed | −120,000 | −$12.3M | 2.4% |
| GN Goldcorp Inc New | Exited | −932,400 | −$10.7M | — |
| Franco Nevada Corp | Trimmed | −100,000 | −$8.49M | 3.9% |
| SM Ssr Mng Inc | Added | +500,000 | +$6.86M | 6.3% |
| MM Maverix Metals Inc | New | +1,500,000 | +$6.62M | 5.1% |
| NG Newmont Goldcorp Corp | Trimmed | −170,368 | −$6.55M | 11.9% |
| CD Compania De Minas Buenaventura Saa | Trimmed | −299,000 | −$4.98M | 5.1% |
| B2gold Corp | Added | +1,405,662 | +$4.28M | 7.0% |
| Alamos Gold Inc | Added | +625,000 | +$3.78M | 7.0% |
Showing the 10 largest of 14 changes.
quarter ended March 31, 2019 · filed May 15, 2019
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| BG Barrick Gold Corporation | Trimmed | −250,001 | −$3.43M | 22.1% |
| GS Golden Star Res Ltd Cda | New | +580,000 | +$2.34M | 1.7% |
| GS Golden Star Resources Ltd | Exited | −580,000 | −$1.83M | — |
| TR Tahoe Resources Inc | Exited | −493,200 | −$1.8M | — |
| SM Ssr Mng Inc | New | +100,000 | +$1.26M | 0.9% |
| Royal Gold Inc | Trimmed | −15,000 | −$1.09M | 7.7% |
quarter ended December 31, 2018 · filed January 30, 2019
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| BG Barrick Gold Corp | Added | +1,403,925 | +$19M | 23.9% |
| RR Randgold Resources Ltd | Exited | −229,100 | −$16.2M | — |
| GS Golden Star Resources Ltd | Trimmed | −2,320,000 | −$7.31M | 1.3% |
| TR Tahoe Resources Inc | Trimmed | −215,000 | −$783K | 1.3% |
| NG New Gold Inc | Exited | −500,000 | −$397K | — |
quarter ended September 30, 2018 · filed October 31, 2018
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Royal Gold Inc | Trimmed | −25,000 | −$1.93M | 10.0% |
| Iamgold Corp | Added | +325,000 | +$1.2M | 1.9% |
quarter ended June 30, 2018 · filed July 31, 2018
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| GS Golden Star Resources Ltd | New | +2,900,000 | +$1.96M | 1.3% |
quarter ended March 31, 2018 · filed April 20, 2018
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| RR Randgold Resources Ltd | Trimmed | −25,000 | −$2.08M | 12.6% |
| Eldorado Gold Corp | Exited | −1,296,570 | −$1.85M | — |
| Iamgold Corp | New | +350,000 | +$1.82M | 1.2% |
quarter ended December 31, 2017 · filed January 30, 2018
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| AG Asanko Gold Inc | Exited | −665,000 | −$629K | — |
| Mag Silver Corp | Added | +50,000 | +$617K | 2.4% |
| Eldorado Gold Corp | Trimmed | −250,000 | −$357K | 1.1% |
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