Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (7 quarters reported)
$94.7M in Q4 2024 → $127M 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 |
|---|---|---|---|---|
| Apple Inc | 5.5% | Unchanged | 24,325 | $7.04M |
| Newmont Corp | 2.4% | Trimmed 16% | 33,095 | $3.09M |
| AE Agnico Eagle Mines Ltd F | 2.4% | Trimmed 3.0% | 19,855 | $3.08M |
| ES Endeavour Silver Corp F | 2.1% | Trimmed 2.3% | 318,275 | $2.64M |
| HM Hecla Mng Co | 2.0% | Trimmed 16% | 164,125 | $2.53M |
| Royal Gold Inc | 1.9% | Added 9.5% | 11,885 | $2.37M |
| SS State Street Global Advisors SPDR Trust Put | 1.8% | Added 2.6% | 1,167 | $2.29M |
| Or Royalties | 1.7% | Trimmed 1.9% | 68,935 | $2.18M |
| Microsoft Corp | 1.7% | Trimmed 1.3% | 5,645 | $2.11M |
| Amgen Inc | 1.6% | Trimmed 2.1% | 5,619 | $2.03M |
| SM Silvercorp Metals Inc F | 1.6% | Trimmed 2.5% | 200,125 | $2.02M |
| Rtx Corp | 1.5% | Trimmed 2.8% | 9,850 | $1.87M |
| ER Eog Res Inc | 1.4% | Trimmed 2.3% | 13,435 | $1.74M |
| Clorox Co | 1.2% | Trimmed 2.7% | 16,455 | $1.57M |
| PA Pan Amern Silver Corp F | 1.2% | Trimmed 2.3% | 34,779 | $1.56M |
| Lkq Corp | 1.2% | Trimmed 1.5% | 58,970 | $1.55M |
| CM Coeur Mng Inc | 1.2% | Trimmed 55% | 92,100 | $1.5M |
| AP Amcor PLC F | 1.2% | Added 15% | 34,431 | $1.49M |
| KG Kinross Gold Corp F | 1.1% | Trimmed 3.8% | 61,625 | $1.46M |
| FM First Majestic Silver F | 1.1% | Trimmed 1.8% | 82,650 | $1.4M |
| FN Franco Nev Corp F | 1.1% | Added 27% | 6,695 | $1.4M |
| Exxon Mobil Corp | 1.1% | Added 4.0% | 10,131 | $1.39M |
| Sturm Ruger & Co Inc | 1.1% | Trimmed 0.4% | 36,150 | $1.37M |
| WP Wheaton Precious Metal F | 1.1% | Trimmed 2.4% | 12,175 | $1.37M |
| Qualcomm Inc | 1.0% | Trimmed 3.5% | 7,085 | $1.31M |
| BM Barrick Mng Corp F | 1.0% | Trimmed 1.0% | 34,525 | $1.27M |
| SM Ssr Mng Inc F | 1.0% | Trimmed 1.1% | 43,695 | $1.24M |
| TF Triple Flag Precious M F | 0.9% | Trimmed 1.1% | 39,530 | $1.18M |
| UP United Parcel Svc Inc Class B | 0.9% | Added 1.7% | 10,745 | $1.16M |
| EG Equinox Gold Corp F | 0.9% | Trimmed 2.2% | 116,441 | $1.13M |
| VC Verizon Communications I | 0.9% | Trimmed 0.4% | 26,605 | $1.13M |
| RR Rayonier Inc REIT | 0.9% | Trimmed 0.9% | 52,363 | $1.11M |
| Bristol Myers Squibb Co | 0.9% | Added 2.6% | 19,245 | $1.11M |
| Nov Inc | 0.9% | Trimmed 4.5% | 59,750 | $1.11M |
| GA Grupo Aeroportuario De Fsponsored ADR 1 ADR Reps 8 Ord Shs | 0.9% | Trimmed 1.7% | 9,725 | $1.1M |
| Gentex Corp | 0.9% | Trimmed 3.9% | 42,995 | $1.09M |
| ST Sk Telecom Co Ltd Fsponsored ADR 0.555555555556 Ord Shs | 0.8% | Trimmed 1.0% | 33,094 | $1.06M |
| CN Canadian Natl Ry Co F | 0.8% | Trimmed 1.2% | 8,900 | $1.06M |
| AG Alamos Gold Inc New Fclass A | 0.8% | Trimmed 1.7% | 34,780 | $1.06M |
| S& Smith & Nephew Group P Fsponsored ADR 1 ADR Reps 2 Ord Shs | 0.8% | Trimmed 1.4% | 36,444 | $1.05M |
| Mercadolibre Inc | 0.8% | Added 1.7% | 606 | $1.03M |
| CN Chevron Corp New | 0.8% | Unchanged | 5,980 | $991K |
| DP Diageo PLC Fsponsored ADR 1 ADR Reps 4 Ord Shs | 0.8% | Trimmed 0.2% | 12,325 | $991K |
| Procter & Gamble Co | 0.8% | Added 3.4% | 6,735 | $988K |
| Corning Inc | 0.8% | Trimmed 5.0% | 3,800 | $971K |
| Costco Wholesale Corp | 0.7% | Unchanged | 1,000 | $935K |
| UP Ultrapar Participaco A Fsponsored ADR 1 ADR Reps 1 Ord Shs | 0.7% | Trimmed 0.1% | 185,650 | $932K |
| Omnicom Group Inc | 0.7% | Trimmed 2.5% | 12,679 | $923K |
| AS Ambev S A Fsponsored ADR 1 ADR Reps 1 Ord Shs | 0.7% | Trimmed 0.7% | 291,875 | $916K |
| Abbvie Inc | 0.7% | Unchanged | 3,625 | $912K |
| SA Smith A O Corp | 0.7% | Trimmed 2.7% | 14,520 | $911K |
| CB Cracker Barrel Old Ctry | 0.7% | Added 0.7% | 16,745 | $893K |
| Hp Inc | 0.7% | Added 307% | 40,500 | $889K |
| Johnson & Johnson | 0.7% | Added 6.1% | 3,470 | $881K |
| CB Constellation Brands Incclass A | 0.7% | Trimmed 1.2% | 6,074 | $845K |
| Southern Copper Corp | 0.6% | Added 1.0% | 4,738 | $826K |
| AD Automatic Data Processin | 0.6% | Unchanged | 3,575 | $801K |
| PM Philip Morris Intl Inc | 0.6% | Trimmed 3.3% | 4,420 | $800K |
| GS Global Ship Lease Inc Fclass Class A | 0.6% | Added 3.4% | 20,575 | $774K |
| CS Cisco Sys Inc | 0.6% | Trimmed 0.4% | 6,340 | $745K |
Showing top 60 of 320 positions.
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 6 quarters.
quarter ended June 30, 2026 · filed August 17, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| CM Coeur Mng Inc | Trimmed | −113,152 | −$1.85M | 1.2% |
| Calavo Growers Inc | Exited | −48,570 | −$1.25M | — |
| CT Chipmos Technologies I Funsponsored ADR 1 ADR Reps 20 Ord Shs | Exited | −21,770 | −$779K | — |
| Hp Inc | Added | +30,550 | +$670K | 0.7% |
| Newmont Corp | Trimmed | −6,290 | −$587K | 2.4% |
| Mission Produce Inc | New | +47,839 | +$564K | 0.4% |
| HM Hecla Mng Co | Trimmed | −30,650 | −$473K | 2.0% |
| FN Franco Nev Corp F | Added | +1,405 | +$293K | 1.1% |
| HI Honeywell Intl Inc | Exited | −1,230 | −$278K | — |
| SP Sprott Physical Gold Etv | Trimmed | −8,775 | −$265K | — |
Showing the 10 largest of 200 changes.
quarter ended March 31, 2026 · filed May 18, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| CM Coeur Mng Inc | Added | +96,646 | +$1.81M | 2.8% |
| NG New Gold Inc | Exited | −191,350 | −$1.67M | — |
| AP Amcor PLC F | New | +29,896 | +$1.19M | 0.9% |
| AP Amcor PLC F | Exited | −139,957 | −$1.17M | — |
| Smithfield Foods Inc | New | +16,500 | +$462K | 0.3% |
| V Vanguard | Exited | −647 | −$406K | — |
| V Vanguard | Exited | −1,201 | −$403K | — |
| Immunitybio Inc | New | +40,000 | +$307K | 0.2% |
| RR Rayonier Inc REIT | Added | +11,738 | +$242K | 0.8% |
| GA Grupo Aeroportuario De Fsponsored ADR 1 ADR Reps 10 Ord Shs | New | +655 | +$220K | 0.2% |
Showing the 10 largest of 154 changes.
quarter ended December 31, 2025 · filed February 17, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Or Royalties | Exited | −83,650 | −$3.35M | — |
| Or Royalties | New | +68,750 | +$2.43M | 1.9% |
| Clorox Co | Added | +12,370 | +$1.25M | 1.3% |
| Mercadolibre Inc | Exited | −513 | −$1.2M | — |
| ER Eog Res Inc | Added | +10,765 | +$1.13M | 1.1% |
| Mercadolibre Inc | New | +503 | +$1.01M | 0.8% |
| Genuine Parts Co | Trimmed | −8,185 | −$1.01M | 0.2% |
| RR Rayonier Inc REIT | New | +41,075 | +$889K | 0.7% |
| MH Marketaxess Hldgs Inc | Added | +4,424 | +$802K | 0.8% |
| Gentex Corp | Added | +34,430 | +$801K | 0.8% |
Showing the 10 largest of 262 changes.
quarter ended September 30, 2025 · filed November 17, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS State Street Global Advisors SPDR Trust | Trimmed | −129,741 | −$167M | 1.3% |
| EG Equinox Gold Corp F | New | +118,225 | +$1.33M | 1.2% |
| ES Endeavour Silver Corp F | Added | +145,275 | +$1.14M | 2.2% |
| SG Sandstorm Gold Ltd F | Trimmed | −90,300 | −$1.13M | — |
| CH C H Robinson Worldwide I | Trimmed | −7,469 | −$989K | 0.2% |
| V Vanguard | New | +647 | +$396K | 0.3% |
| V Vanguard | New | +1,201 | +$394K | 0.3% |
| The Campbell's Co | Added | +11,450 | +$362K | 0.3% |
| PM Philip Morris Intl Inc | Trimmed | −2,165 | −$351K | 1.1% |
| Intel Corp | Trimmed | −9,916 | −$333K | — |
Showing the 10 largest of 192 changes.
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS State Street Global Advisors SPDR Trust | Added | +129,834 | +$2.09M | 2.1% |
| Lkq Corp | Added | +27,475 | +$1.02M | 1.0% |
| NG New Gold Inc | Added | +181,350 | +$898K | 0.9% |
| ES Endeavour Silver Corp F | Added | +142,900 | +$703K | 0.9% |
| BM Barrick Mng Corp F | New | +32,410 | +$675K | 0.7% |
| BG Barrick Gold Corp F | Exited | −29,970 | −$583K | — |
| HM Hecla Mng Co | Added | +92,475 | +$554K | 1.4% |
| OM Orla Mng Ltd New F | Added | +41,900 | +$420K | 0.7% |
| AE Agnico Eagle Mines Ltd F | Added | +3,195 | +$380K | 2.4% |
| Royal Gold Inc | Added | +1,745 | +$310K | 1.9% |
Showing the 10 largest of 253 changes.
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS State Street Global Advisors SPDR Trust | Trimmed | −9,932 | −$19.2M | 2.3% |
| CC Coupang Inc Class A | Trimmed | −215,600 | −$4.73M | 0.4% |
| 3m Co | Trimmed | −9,288 | −$1.36M | 0.7% |
| MP Medtronic PLC F | Trimmed | −8,045 | −$723K | 0.5% |
| S& Smith & Nephew Group P Fsponsored ADR 1 ADR Reps 2 Ord Shs | Added | +19,900 | +$565K | 1.1% |
| CM Coeur Mng Inc | New | +93,295 | +$552K | 0.6% |
| SM Silvercrest Metals Inc F | Exited | −56,900 | −$518K | — |
| AE Agnico Eagle Mines Ltd F | Trimmed | −3,778 | −$410K | 2.0% |
| Abbvie Inc | Trimmed | −1,360 | −$285K | 1.1% |
| AL Abbott Labs | Trimmed | −2,000 | −$265K | 0.9% |
Showing the 10 largest of 325 changes.
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