Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (53 quarters reported)
$146M in Q2 2013 → $179M 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 |
|---|---|---|---|---|
| Meiragtx Holdings | 9.4% | Unchanged | 1,250,000 | $16.9M |
| Sprott Physical Gold Trust | 6.5% | Unchanged | 387,055 | $11.7M |
| Aldeyra Therapeutics Inc | 6.5% | Unchanged | 5,475,516 | $11.7M |
| Ocular Therapeutix Inc. | 6.3% | Added 92% | 1,150,400 | $11.3M |
| Royal Gold Inc. | 5.9% | Unchanged | 52,750 | $10.5M |
| Entera Bio Ltd | 5.8% | Unchanged | 5,881,879 | $10.4M |
| Nuvation Bio Inc | 5.1% | Added 6.7% | 1,598,591 | $9.08M |
| Agnico Eagle Mines Ltd | 4.6% | Unchanged | 52,750 | $8.18M |
| Seabridge Gold Inc | 4.6% | Unchanged | 317,003 | $8.16M |
| Kinross Gold Corp | 4.2% | Unchanged | 320,000 | $7.56M |
| Or Royalties | 4.0% | Unchanged | 225,000 | $7.12M |
| SM Ssr Mining In | 3.9% | Unchanged | 245,000 | $6.93M |
| FN Franco Nev Corp | 3.7% | Unchanged | 32,000 | $6.67M |
| BA Booz Allen Hamilton Hldg Cor | 3.2% | Unchanged | 13,000 | $5.69M |
| Centerra Gold Inc | 3.2% | Unchanged | 359,000 | $5.69M |
| Elicio Therapeutics Inc | 2.6% | Added 92% | 1,211,957 | $4.74M |
| AS Abivax Sa Spons | 2.6% | New | 35,000 | $4.66M |
| Pan American Silver | 2.5% | Unchanged | 100,035 | $4.48M |
| SP Sprott Physical Silver Trust | 2.3% | Unchanged | 222,160 | $4.19M |
| Triple Flag Precious Metals | 1.9% | Unchanged | 115,000 | $3.45M |
| Abeona Therapeutics | 1.7% | Unchanged | 485,515 | $3M |
| GR Gold Rty Corp | 1.5% | Unchanged | 1,000,000 | $2.76M |
| NP New Pac Metals Corp | 1.1% | Unchanged | 485,000 | $1.95M |
| IU Ishares Us Aerospace & Defense | 1.0% | Unchanged | 7,650 | $1.85M |
| PM Philip Morris Intl. Inc | 1.0% | Unchanged | 10,000 | $1.81M |
| Coeur Mining Inc | 0.9% | Unchanged | 96,132 | $1.57M |
| Alamos Gold Inc | 0.8% | Unchanged | 50,000 | $1.52M |
| Wheaton Precious Metals Corp | 0.8% | Unchanged | 12,500 | $1.4M |
| Northrop Grumman Corp | 0.6% | Unchanged | 2,165 | $1.1M |
| ER Elemental Rty Corp | 0.5% | Unchanged | 50,000 | $873K |
| Versamet Royalties Corp | 0.5% | Unchanged | 66,621 | $821K |
| Dakota Gold Corp | 0.3% | Unchanged | 122,921 | $524K |
| A Amrize Ltd | 0.3% | Unchanged | 9,175 | $489K |
| Altimmune Inc | 0.3% | Unchanged | 160,000 | $486K |
| PG Pharming Group Nv | 0.0% | Added 0.8% | 4,091 | $56.8K |
| Orgenesis, Inc. | 0.0% | Unchanged | 50,623 | $20.8K |
| BP Biohaven Pharmactl Hldg Co | 0.0% | Unchanged | 2,328,602 | $15 |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 14, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Ocular Therapeutix Inc. | Added | +550,000 | +$5.4M | 6.3% |
| AS Abivax Sa Spons | New | +35,000 | +$4.66M | 2.6% |
| Elicio Therapeutics Inc | Added | +581,042 | +$2.27M | 2.6% |
| Nuvation Bio Inc | Added | +100,000 | +$568K | 5.1% |
| Cardiol Therapeutics Inc | Exited | −100,000 | −$135K | — |
| PG Pharming Group Nv | Added | +34 | +$472 | — |
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Sprott Physical Gold Trust | New | +387,055 | +$13.7M | 7.6% |
| Avadel Pharmaceuticals PLC | Exited | −600,000 | −$12.9M | — |
| SG SPDR Gold Trust | Exited | −32,000 | −$12.7M | — |
| SP Sprott Physical Silver Trust | New | +222,160 | +$5.42M | 3.0% |
| IS Ishares Silver Trust | Exited | −80,000 | −$5.15M | — |
| GR Gold Rty Corp | New | +1,000,000 | +$3.58M | 2.0% |
| Altimmune Inc | Trimmed | −961,524 | −$2.96M | 0.3% |
| Kinross Gold Corp | Trimmed | −90,000 | −$2.75M | 5.4% |
| Centerra Gold Inc | Trimmed | −138,402 | −$2.46M | 3.5% |
| Triple Flag Precious Metals | Added | +56,200 | +$1.95M | 2.2% |
Showing the 10 largest of 18 changes.
quarter ended December 31, 2025 · filed February 17, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| BP Biohaven Pharmactl Hldg Co L | Added | +1,433,333 | +$16.2M | 12.1% |
| Royal Gold Inc. | Added | +43,750 | +$9.73M | 5.4% |
| Sandstorm Gold Ltd | Exited | −700,000 | −$8.76M | — |
| Ssr Mining Inc | New | +245,000 | +$5.37M | 2.5% |
| Nuvation Bio Inc | Added | +473,591 | +$4.24M | 6.2% |
| Visa | Exited | −4,850 | −$1.66M | — |
| Abeona Therapeutics | Added | +173,264 | +$913K | 0.6% |
| Diageo PLC | Exited | −6,750 | −$644K | — |
| Mereo Biopharma Group | Exited | −260,470 | −$537K | — |
| Hookipa Pharma | Exited | −498,625 | −$461K | — |
Showing the 10 largest of 12 changes.
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Centerra Gold Inc | Trimmed | −730,461 | −$7.84M | 2.9% |
| SR Skeena Res Ltd Cad | Exited | −295,400 | −$4.7M | — |
| Pan American Silver | New | +100,035 | +$3.87M | 2.1% |
| Mag Silver Corp | Exited | −170,000 | −$3.59M | — |
| Triple Flag Precious Metals | New | +58,800 | +$1.72M | 0.9% |
| Kinross Gold Corp | Trimmed | −30,000 | −$746K | 5.5% |
| Verona Pharma | Exited | −7,049 | −$667K | — |
| Dakota Gold Corp | New | +122,921 | +$559K | 0.3% |
| Agnico Eagle Mines Ltd | Trimmed | −2,750 | −$464K | 4.8% |
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Equinox Gold Corp | Exited | −550,811 | −$3.79M | — |
| BP Biohaven Pharmactl Hldg Co L | Added | +64,390 | +$909K | 9.0% |
| Abeona Therapeutics | New | +62,689 | +$356K | 0.3% |
| SR Skeena Res Ltd Cad | Trimmed | −20,000 | −$318K | 3.3% |
| Royal Gold Inc. | Added | +1,450 | +$258K | 1.1% |
| Alamos Gold Inc | Added | +9,000 | +$239K | 0.9% |
| Centerra Gold Inc | New | +1,227,863 | +$170K | 0.1% |
| Orchestra Biomed Holdings | New | +455,128 | +$170K | 0.1% |
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Verona Pharma | Trimmed | −192,951 | −$12.3M | 0.3% |
| Sandstorm Gold Ltd | New | +700,000 | +$5.29M | 3.4% |
| Elicio Therapeutics Inc | New | +630,915 | +$3.89M | 2.5% |
| Nuvation Bio Inc | New | +1,025,000 | +$1.8M | 1.2% |
| BP Biohaven Pharmactl Hldg Co L | Added | +70,457 | +$1.69M | 13.0% |
| Applied Therapeutics Inc | Added | +2,000,000 | +$976K | 2.5% |
| Coeur Mining Inc | New | +96,132 | +$569K | 0.4% |
| SM Silvercrest Metals Inc Cad | Exited | −60,000 | −$546K | — |
| Grail Inc | Exited | −100 | −$1.79K | — |
| OP Ocuphire Pharma Inc. | Exited | −45 | −$53 | — |
quarter ended December 31, 2024 · filed February 18, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Entera Bio Ltd | Added | +2,000,000 | +$4.24M | 8.0% |
| BP Biohaven Pharmactl Hldg Co L | Added | +50,000 | +$1.87M | 18.3% |
| Cvs Health Corp | Exited | −14,500 | −$912K | — |
| Applied Therapeutics Inc | Added | +225,000 | +$193K | 3.2% |
| OP Ocuphire Pharma Inc. | Trimmed | −99,955 | −$118K | — |
| Hookipa Pharma | Trimmed | −53,113 | −$107K | 0.6% |
| Orgenesis, Inc. | Trimmed | −12,850 | −$24.3K | 0.1% |
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Hookipa Pharma | Trimmed | −4,965,647 | −$64.7M | 3.3% |
| Alamos Gold Inc | Trimmed | −39,000 | −$8.39M | 4.1% |
| Meiragtx Holdings | New | +1,250,000 | +$5.21M | 2.4% |
| SM Silvercrest Metals Inc Cad | Trimmed | −410,000 | −$3.79M | 0.3% |
| Ocular Therapeutix Inc. | Added | +400,000 | +$3.48M | 2.4% |
| Wheaton Precious Metals Corp | Trimmed | −47,500 | −$2.9M | 0.4% |
| Orgenesis, Inc. | Trimmed | −571,265 | −$2.55M | 0.1% |
| SR Skeena Res Ltd Cad | Added | +276,614 | +$2.34M | 1.2% |
| Mag Silver Corp | Trimmed | −105,000 | −$1.47M | 1.1% |
| GX Global X Silver Miners ETF 37954y848 | Exited | −45,175 | −$1.41M | — |
Showing the 10 largest of 13 changes.
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