Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (3 quarters reported)
$386M in Q4 2025 → $358M now. Hover for any quarter.
As reported for the quarter ended June 30, 2026. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| SS State Str SPDR S&P 500 ETF T Put | 42.2% | Added 406% | 202,500 | $151M |
| Royal Gold Inc | 7.9% | Added 18% | 142,332 | $28.4M |
| B2gold Corp Put | 6.3% | New | 6,003,000 | $22.5M |
| ER Elemental Rty Corp | 4.6% | Trimmed 15% | 934,458 | $16.3M |
| Iamgold Corp | 3.8% | Added 0.4% | 860,162 | $13.6M |
| Agnico Eagle Mines Ltd | 3.2% | Added 169% | 74,827 | $11.6M |
| SM Ssr Mining In | 3.1% | Trimmed 12% | 389,776 | $11M |
| Vizsla Silver Corp Call | 2.9% | Added 67% | 3,125,000 | $10.3M |
| CM Coeur Mng Inc Call | 2.8% | Trimmed 56% | 620,000 | $10.1M |
| AG Americas Gold And Silver Cor Call | 2.6% | New | 2,000,000 | $9.44M |
| Or Royalties Inc. | 2.6% | Added 90% | 295,316 | $9.34M |
| Centerra Gold Inc | 2.4% | Unchanged | 545,600 | $8.65M |
| Wheaton Precious Metals Corp | 2.0% | Added 6.5% | 63,990 | $7.19M |
| MR Metalla Rty & Streaming Ltd | 2.0% | New | 928,961 | $7.07M |
| Hudbay Minerals Inc | 1.7% | New | 260,000 | $6.14M |
| FM Fortuna Mng Corp | 1.4% | New | 575,000 | $4.86M |
| Uranium Energy Corp | 1.3% | New | 422,157 | $4.5M |
| Warrior Met Coal Inc | 1.2% | Trimmed 27% | 52,944 | $4.3M |
| AI Almonty Inds Inc Put | 1.2% | Unchanged | 250,000 | $4.14M |
| Nexgen Energy Ltd | 1.0% | Trimmed 12% | 397,612 | $3.73M |
| Hycroft Mining Holding Corp Put | 0.7% | Trimmed 50% | 100,000 | $2.34M |
| NP New Pac Metals Corp Put | 0.6% | New | 500,000 | $2.01M |
| Nexmetals Mining Corp. | 0.5% | Added 1.4% | 826,606 | $1.95M |
| Vizsla Silver Corp | 0.4% | New | 473,360 | $1.56M |
| Denison Mines Corp | 0.4% | Unchanged | 500,000 | $1.53M |
| Alcoa Corp | 0.4% | New | 29,000 | $1.51M |
| AS Avino Silver & Gold Mines Lt Put | 0.3% | New | 150,000 | $951K |
| Lifezone Metals Limited | 0.1% | Unchanged | 136,754 | $531K |
| Fury Gold Mines Limited | 0.1% | New | 958,500 | $518K |
| Lifezone Metals Limited | 0.1% | Added 18% | 1,105,751 | $453K |
| Anfield Energy Inc | 0.0% | Trimmed 84% | 27,429 | $120K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 2 quarters.
quarter ended June 30, 2026 · filed August 14, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS State Str SPDR S&P 500 ETF T | Added | +162,500 | +$121M | 42.2% |
| B2gold Corp | New | +6,003,000 | +$22.5M | 6.3% |
| B2gold Corp | Exited | −4,700,000 | −$21.3M | — |
| Usa Rare Earth Inc | Exited | −1,100,000 | −$16.6M | — |
| IS Ishares Silver Tr | Exited | −200,000 | −$13.6M | — |
| CM Coeur Mng Inc | Trimmed | −800,000 | −$13.1M | 2.8% |
| AG Americas Gold And Silver Cor | New | +2,000,000 | +$9.44M | 2.6% |
| Hecla Mining Company | Exited | −500,000 | −$9.32M | — |
| SM Ssr Mining In | Exited | −250,000 | −$7.35M | — |
| Agnico Eagle Mines Ltd | Added | +47,017 | +$7.29M | 3.2% |
Showing the 10 largest of 39 changes.
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IS Ishares Silver Tr | Trimmed | −2,090,000 | −$142M | 4.7% |
| CM Coeur Mng Inc | New | +1,420,000 | +$26.7M | 9.3% |
| SS State Str SPDR S&P 500 ETF T | New | +40,000 | +$26M | 9.1% |
| Hycroft Mining Holding Corp | Trimmed | −669,900 | −$23.6M | 2.5% |
| B2gold Corp | New | +4,700,000 | +$21.3M | 7.4% |
| Usa Rare Earth Inc | New | +1,100,000 | +$16.6M | 5.8% |
| Uranium Energy Corp | Exited | −1,390,000 | −$16.2M | — |
| Encore Energy Corp | Exited | −5,950,100 | −$14.8M | — |
| EG Eldorado Gold Corp New | Exited | −402,584 | −$14.5M | — |
| SM Ssr Mining In | New | +442,540 | +$13M | 4.5% |
Showing the 10 largest of 40 changes.
Loading...
