Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (28 quarters reported)
$277M in Q4 2019 → $1.22B now. Hover for any quarter.
As reported for the quarter ended September 30, 2026. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| Agnico Eagle Mines Ltd | 7.4% | Trimmed 0.3% | 444,325 | $90.2M |
| BM Barrick Mng Corp | 5.5% | Trimmed 0.7% | 1,489,562 | $66.9M |
| FN Franco Nev Corp | 5.4% | Added 1.1% | 251,885 | $66.4M |
| PA Pan Amern Silver Corp | 5.2% | Trimmed 0.1% | 1,235,554 | $64.1M |
| MR Metalla Rty & Streaming Ltd | 5.0% | Trimmed 0.2% | 5,830,289 | $61.1M |
| Newmont Corp | 4.8% | Added 53% | 457,938 | $58.1M |
| FM Fortuna Mng Corp | 4.4% | Trimmed 0.2% | 4,488,002 | $54.3M |
| Equinox Gold Corp | 4.4% | Added 67% | 4,181,021 | $53.8M |
| B2gold Corp | 3.8% | Added 4.2% | 8,491,724 | $46.6M |
| Royal Gold Inc | 3.7% | Added 5.3% | 174,231 | $45.6M |
| Wheaton Precious Metals Corp | 3.6% | Trimmed 0.0% | 294,338 | $44.5M |
| BA British Amern Tob PLC | 3.3% | Added 11% | 721,947 | $40.3M |
| Or Royalties Inc. | 3.2% | Added 2.3% | 1,053,179 | $38.9M |
| Anglogold Ashanti PLC | 2.6% | Added 4.4% | 285,337 | $32M |
| Iamgold Corp | 2.2% | Added 5.3% | 1,344,447 | $27.5M |
| NA Novo-nordisk A S | 2.2% | Trimmed 0.2% | 593,191 | $27.2M |
| ER Elemental Rty Corp | 2.2% | Added 5.0% | 1,152,194 | $26.3M |
| Kinross Gold Corp | 2.0% | Added 5.7% | 805,507 | $24.8M |
| AP Accenture PLC Ireland | 1.8% | Added 11% | 117,454 | $22.3M |
| Dakota Gold Corp | 1.8% | Trimmed 0.0% | 3,539,308 | $21.5M |
| Equinor Asa | 1.5% | Added 33% | 414,023 | $17.8M |
| TF Triple Flag Precious Metal | 1.4% | Trimmed 0.3% | 515,122 | $17.4M |
| VM Vaneck Merk Gold ETF | 1.3% | Trimmed 0.7% | 373,719 | $16M |
| Totalenergies Se | 1.3% | Trimmed 0.6% | 174,706 | $15.7M |
| Bp PLC | 1.3% | Trimmed 0.3% | 358,097 | $15.5M |
| Shell PLC | 1.2% | Trimmed 1.1% | 158,055 | $14.7M |
| KK Kaspi Kz Jsc | 1.1% | Added 16% | 126,161 | $13.4M |
| BN Bank Nova Scotia B C | 1.0% | Trimmed 24% | 128,821 | $12M |
| Vodafone Group PLC | 0.9% | Added 45047% | 7,018,174 | $11.5M |
| SA Sprott Asset Management LP | 0.9% | Trimmed 1.4% | 252,049 | $11.4M |
| Gsk PLC | 0.8% | Trimmed 0.8% | 204,907 | $10.3M |
| Sk Telecom Co Ltd | 0.7% | Added 0.2% | 223,754 | $8.58M |
| PM Philip Morris Intl Inc | 0.7% | Trimmed 0.5% | 45,653 | $8.56M |
| Nutrien Ltd | 0.7% | Trimmed 0.4% | 101,897 | $7.95M |
| VS Vale S A | 0.6% | Trimmed 0.0% | 499,476 | $7.62M |
| Ambev Sa | 0.5% | Trimmed 1.6% | 2,262,903 | $6.69M |
| Novartis Ag | 0.5% | Trimmed 0.9% | 41,100 | $6.44M |
| WC Western Copper & Gold Corp | 0.5% | Trimmed 0.4% | 2,556,308 | $6.41M |
| SA Sprott Asset Management LP | 0.5% | Trimmed 2.0% | 279,022 | $6.1M |
| BB Bhp Billiton Limited | 0.5% | Added 6.4% | 64,831 | $5.83M |
| TI Telekomunikasi Ind | 0.5% | Trimmed 0.6% | 377,946 | $5.55M |
| Bce Inc | 0.4% | Trimmed 1.0% | 205,041 | $4.83M |
| Rio Tinto PLC | 0.4% | Trimmed 0.5% | 46,918 | $4.83M |
| AH Asml Hldg Nv | 0.4% | Trimmed 0.0% | 2,724 | $4.61M |
| Ivanhoe Electric Inc | 0.4% | Trimmed 1.1% | 414,453 | $4.57M |
| Unilever PLC | 0.3% | Trimmed 0.2% | 65,754 | $4.25M |
| Algonquin Power & Utilities | 0.3% | Unchanged | 703,450 | $3.98M |
| BB Banco Bradesco S A | 0.3% | Added 3.2% | 1,136,944 | $3.74M |
| NH Nu Hldgs Ltd | 0.3% | Added 0.1% | 231,251 | $3.44M |
| IU Itau Unibanco Hldg S A | 0.3% | Added 0.4% | 426,002 | $3.24M |
| FT First Tr Exch Traded Fd Iii | 0.3% | Added 0.1% | 109,170 | $3.22M |
| Gold Fields Ltd | 0.3% | Added 0.1% | 66,176 | $3.07M |
| Sea Ltd | 0.2% | New | 22,177 | $2.52M |
| Grab Holdings Limited | 0.2% | Unchanged | 653,429 | $2.31M |
| Mercadolibre Inc | 0.2% | Added 248% | 1,052 | $2.04M |
| Sanofi Sa | 0.2% | Trimmed 1.1% | 45,375 | $2.02M |
| Sap Se | 0.2% | New | 8,748 | $1.93M |
| IT Ishares Tr | 0.2% | Added 0.6% | 45,939 | $1.89M |
| Fmc Corp | 0.2% | Added 0.1% | 159,351 | $1.84M |
| Hdfc Bank Ltd | 0.1% | New | 78,080 | $1.77M |
Showing top 60 of 108 positions.
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended September 30, 2026 · filed October 13, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Equinox Gold Corp | Added | +1,676,488 | +$21.6M | 4.4% |
| Newmont Corp | Added | +159,316 | +$20.2M | 4.8% |
| Vodafone Group PLC | Added | +7,002,629 | +$11.5M | 0.9% |
| Equinor Asa | Added | +103,197 | +$4.43M | 1.5% |
| BA British Amern Tob PLC | Added | +72,901 | +$4.07M | 3.3% |
| BN Bank Nova Scotia B C | Trimmed | −40,685 | −$3.78M | 1.0% |
| Sea Ltd | New | +22,177 | +$2.52M | 0.2% |
| Royal Gold Inc | Added | +8,691 | +$2.27M | 3.7% |
| AP Accenture PLC Ireland | Added | +11,738 | +$2.23M | 1.8% |
| Sap Se | New | +8,748 | +$1.93M | 0.2% |
Showing the 10 largest of 95 changes.
quarter ended June 30, 2026 · filed August 06, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Barrick Mining Corp | Trimmed | −165,458 | −$6.25K | 6.4% |
| JK Jsc Kaspi.kz ADR | Added | +76,841 | +$4.55K | 0.7% |
| NA Novo-nordisk A/s-spons ADR | Added | +126,683 | +$3.87K | 2.1% |
| AP Accenture Plc-cl A | Added | +39,395 | +$2.81K | 0.9% |
| Newmont Corp | Trimmed | −49,869 | −$2.68K | 1.8% |
| Elemental Royalty Corp | Added | +134,117 | +$2.38K | 2.2% |
| Equinox Gold Corp | Added | +211,925 | +$2.1K | 2.8% |
| Orla Mining Ltd | Added | +104,254 | +$952 | 1.0% |
| SP Sprott Physical Gold And Sil | Trimmed | −18,330 | −$947 | 1.5% |
| WF Wisdomtree Floating Rate Tre | Trimmed | −15,795 | −$795 | 0.2% |
Showing the 10 largest of 80 changes.
quarter ended March 31, 2026 · filed May 06, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Anglogold Ashanti PLC | Added | +149,855 | +$14.8M | 2.7% |
| Totalenergies Se | New | +177,877 | +$13M | 1.3% |
| AP Accenture Plc-cl A | Added | +30,363 | +$7.2M | 1.6% |
| NA Novo-nordisk A/s-spons ADR | Added | +121,375 | +$5.81M | 2.2% |
| Equinox Gold Corp | Added | +385,638 | +$5.48M | 3.2% |
| Western Copper And Gold Corp | Added | +1,386,111 | +$3.43M | 0.6% |
| Barrick Mining Corp | Trimmed | −81,150 | −$2.99M | 6.1% |
| Franco-nevada Corp | Added | +12,791 | +$2.93M | 5.7% |
| ST Sk Telecom Co Ltd-spon ADR | Added | +99,741 | +$2.91M | 0.6% |
| B2gold Corp | Added | +556,972 | +$2.52M | 3.6% |
Showing the 10 largest of 93 changes.
quarter ended December 31, 2025 · filed January 21, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Elemental Royalty Corp | New | +968,502 | +$16.4M | 1.8% |
| Barrick Mining Corp | Trimmed | −422,123 | −$16.4M | 7.5% |
| TS Totalenergies Se -spon ADR | Exited | −180,651 | −$11M | — |
| AP Accenture Plc-cl A | New | +35,958 | +$10.2M | 1.1% |
| UP Unilever Plc-sponsored ADR | Exited | −164,157 | −$9.86M | — |
| Orla Mining Ltd | Added | +533,125 | +$7.02M | 1.3% |
| NA Novartis Ag-sponsored ADR | Trimmed | −49,536 | −$6.44M | 0.6% |
| Newmont Corp | Trimmed | −70,080 | −$5.65M | 3.3% |
| VS Vale Sa-sp ADR | Added | +416,339 | +$4.83M | 0.6% |
| UP Unilever Plc-sponsored ADR | New | +66,766 | +$4.37M | 0.5% |
Showing the 10 largest of 90 changes.
quarter ended September 30, 2025 · filed October 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Agnico Eagle Mines Ltd | Trimmed | −481,395 | −$76.6M | 8.9% |
| Barrick Mining Corp | Trimmed | −2,175,083 | −$64.9M | 7.8% |
| Pan American Silver Corp | Trimmed | −1,332,146 | −$49.4M | 6.0% |
| Franco-nevada Corp | Trimmed | −223,127 | −$46.5M | 5.9% |
| Or Royalties Inc | Trimmed | −1,137,680 | −$45.1M | 4.9% |
| Fortuna Mining Corp | Trimmed | −4,410,280 | −$39.1M | 4.7% |
| Newmont Corp | Trimmed | −483,624 | −$35.7M | 3.9% |
| Metalla Royalty & Streaming | Trimmed | −5,622,225 | −$35.2M | 4.3% |
| BA British American Tob-sp ADR | Trimmed | −668,333 | −$33.9M | 4.0% |
| Wheaton Precious Metals Corp | Trimmed | −301,619 | −$33.3M | 3.8% |
Showing the 10 largest of 88 changes.
quarter ended June 30, 2025 · filed July 23, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Barrick Mining Corp | New | +4,343,582 | +$45.2M | 7.3% |
| BG Barrick Gold Corp | Exited | −1,971,253 | −$38.4M | — |
| Or Royalties Inc | New | +2,158,180 | +$27.7M | 4.5% |
| Agnico Eagle Mines Ltd | Added | +426,564 | +$25.4M | 9.1% |
| OG Osisko Gold Royalties Ltd | Exited | −1,088,060 | −$23M | — |
| Pan American Silver Corp | Added | +1,347,624 | +$19.1M | 6.1% |
| Franco-nevada Corp | Added | +230,484 | +$18.9M | 6.0% |
| BA British American Tob-sp ADR | Added | +663,297 | +$15.7M | 5.1% |
| Newmont Corp | Added | +534,494 | +$15.6M | 4.3% |
| Fortuna Mining Corp | Added | +4,481,470 | +$14.7M | 4.7% |
Showing the 10 largest of 87 changes.
quarter ended March 31, 2025 · filed May 09, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Equinox Gold Corp | Trimmed | −1,044,766 | −$7.17M | 1.4% |
| Bank Of Nova Scotia | Trimmed | −55,070 | −$2.6M | 1.5% |
| Agnico Eagle Mines Ltd | Trimmed | −23,608 | −$2.56M | 10.2% |
| Dakota Gold Corp | Added | +892,460 | +$2.38M | 1.0% |
| Iamgold Corp | Trimmed | −262,664 | −$1.64M | 1.3% |
| IE Ivanhoe Electric Inc / Us | Added | +272,166 | +$1.59M | 0.5% |
| Newmont Corp | Added | +32,178 | +$1.56M | 3.4% |
| Philip Morris International | Trimmed | −9,612 | −$1.52M | 2.4% |
| Emx Royalty Corp | Trimmed | −731,600 | −$1.49M | 0.3% |
| I-80 Gold Corp | Trimmed | −1,495,552 | −$876K | 0.8% |
Showing the 10 largest of 72 changes.
quarter ended December 31, 2024 · filed January 21, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Silvercrest Metals Inc | Exited | −488,458 | −$4.53M | — |
| Agnico Eagle Mines Ltd | Trimmed | −49,605 | −$3.93M | 9.3% |
| Equinox Gold Corp | Trimmed | −624,880 | −$3.15M | 2.3% |
| Anglogold Ashanti PLC | Exited | −117,978 | −$3.14M | — |
| Iamgold Corp | Trimmed | −516,809 | −$2.69M | 1.6% |
| TF Triple Flag Precious Met | Exited | −161,813 | −$2.62M | — |
| Kinross Gold Corp | Trimmed | −265,902 | −$2.56M | 2.3% |
| Dakota Gold Corp | Added | +723,970 | +$1.6M | 0.5% |
| Wheaton Precious Metals Corp | Trimmed | −22,549 | −$1.27M | 3.5% |
| OG Osisko Gold Royalties Ltd | Trimmed | −64,612 | −$1.17M | 4.3% |
Showing the 10 largest of 68 changes.
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