Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (11 quarters reported)
$27.5M in Q1 2024 → $54.5M 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 | 10.3% | Unchanged | 30,626 | $5.63M |
| BG Barrick Gold Corp | 9.4% | Added 24% | 126,000 | $5.14M |
| NM Newmont Mining Corp | 9.2% | Trimmed 17% | 43,480 | $5.01M |
| Wheaton Precious Metals Corp | 8.8% | Unchanged | 35,610 | $4.77M |
| Kinross Gold Corp | 6.3% | Unchanged | 141,100 | $3.41M |
| Pan American Silver Corp | 5.3% | Added 14% | 62,650 | $2.86M |
| Anglogold Ashanti | 5.1% | Trimmed 7.2% | 29,800 | $2.8M |
| Gold Fields Ltd. | 4.9% | Unchanged | 74,300 | $2.68M |
| AG Alamos Gold Inc-class A | 4.4% | Added 17% | 73,000 | $2.37M |
| Equinox Gold Corp | 4.0% | Added 23% | 193,400 | $2.16M |
| HG Harmony Gold Mng - Spon ADR | 3.7% | Unchanged | 114,200 | $2.02M |
| B2gold Corp | 3.2% | Trimmed 12% | 331,800 | $1.74M |
| Franco - Nevada Corp | 3.1% | Unchanged | 7,000 | $1.67M |
| Ssr Mining Inc | 3.1% | Trimmed 9.4% | 50,000 | $1.67M |
| Oceanagold Corp | 3.0% | Unchanged | 58,666 | $1.62M |
| Centerra Gold Inc | 2.8% | Trimmed 14% | 69,600 | $1.52M |
| FS Fortuna Silver Mines Inc | 2.6% | Trimmed 17% | 125,900 | $1.42M |
| Eldorado Gold Corp | 2.4% | Unchanged | 33,500 | $1.29M |
| Royal Gold Inc | 2.1% | Added 99% | 4,820 | $1.14M |
| Silvercorp Metals Inc | 1.8% | Unchanged | 91,700 | $982K |
| First Majestic Silver Corp | 1.7% | Unchanged | 53,400 | $948K |
| Hecla Mining Co | 1.6% | Unchanged | 52,100 | $887K |
| D- Drdgold Ltd - Sponsored ADR | 0.9% | Unchanged | 19,900 | $483K |
| Phillips 66 | 0.0% | Unchanged | 80 | $20.4K |
| Marathon Petroleum Corporation | 0.0% | Unchanged | 50 | $19.8K |
| Valero Energy Corp | 0.0% | Unchanged | 50 | $19.4K |
| Chevron Corporation | 0.0% | Unchanged | 80 | $16.3K |
| Exxon Mobil Corporation | 0.0% | New | 100 | $16.3K |
| Occidental Petroleum Corp | 0.0% | Unchanged | 240 | $13.3K |
| S Schlumberger Ltd | 0.0% | Unchanged | 260 | $12.7K |
| Eog Resources Inc | 0.0% | Unchanged | 90 | $12.4K |
| WC Williams Cos Inc | 0.0% | Unchanged | 170 | $11.6K |
| Eqt Corp | 0.0% | Added 28% | 230 | $11.2K |
| O Oneok Inc. | 0.0% | New | 130 | $11.1K |
| Conocophillips | 0.0% | Unchanged | 120 | $11K |
| Kinder Morgan Inc | 0.0% | Unchanged | 360 | $10.9K |
| Devon Energy Corp. | 0.0% | Unchanged | 230 | $10.6K |
| Halliburton Co. | 0.0% | Unchanged | 330 | $10.5K |
| Baker Hughes Inc | 0.0% | Unchanged | 160 | $8.78K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended September 30, 2026 · filed October 23, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| NM Newmont Mining Corp | Trimmed | −9,000 | −$1.04M | 9.2% |
| BG Barrick Gold Corp | Added | +24,000 | +$980K | 9.4% |
| Royal Gold Inc | Added | +2,400 | +$566K | 2.1% |
| Equinox Gold Corp | Added | +36,500 | +$407K | 4.0% |
| Pan American Silver Corp | Added | +7,600 | +$347K | 5.3% |
| AG Alamos Gold Inc-class A | Added | +10,600 | +$344K | 4.4% |
| FS Fortuna Silver Mines Inc | Trimmed | −25,600 | −$288K | 2.6% |
| Centerra Gold Inc | Trimmed | −11,500 | −$252K | 2.8% |
| B2gold Corp | Trimmed | −46,000 | −$241K | 3.2% |
| Anglogold Ashanti | Trimmed | −2,300 | −$216K | 5.1% |
Showing the 10 largest of 16 changes.
quarter ended June 30, 2026 · filed July 10, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Oceanagold Corp | New | +58,666 | +$1.47M | 3.1% |
| Franco - Nevada Corp | Trimmed | −4,500 | −$936K | 3.1% |
| BG Barrick Gold Corp | Trimmed | −24,100 | −$883K | 8.0% |
| Wheaton Precious Metals Corp | Trimmed | −4,600 | −$516K | 8.6% |
| NM Newmont Mining Corp | Trimmed | −3,600 | −$336K | 10.5% |
| Royal Gold Inc | Trimmed | −1,600 | −$319K | 1.0% |
| Equinox Gold Corp | Added | +29,200 | +$284K | 3.3% |
| B2gold Corp | Added | +69,600 | +$260K | 3.0% |
| Gold Fields Ltd. | Added | +7,300 | +$245K | 5.4% |
| HG Harmony Gold Mng - Spon ADR | Added | +15,500 | +$236K | 3.7% |
Showing the 10 largest of 25 changes.
quarter ended March 31, 2026 · filed April 09, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Agnico Eagle Mines Ltd | Added | +9,100 | +$1.84M | 10.7% |
| NM Newmont Mining Corp | Added | +16,200 | +$1.75M | 10.8% |
| Franco - Nevada Corp | Added | +5,400 | +$1.33M | 5.1% |
| BG Barrick Gold Corp | Added | +29,800 | +$1.22M | 9.2% |
| First Majestic Silver Corp | Trimmed | −43,100 | −$926K | 1.6% |
| Wheaton Precious Metals Corp | Added | +7,000 | +$917K | 9.4% |
| Gold Fields Ltd. | Added | +17,700 | +$804K | 5.4% |
| Silvercorp Metals Inc | Trimmed | −63,000 | −$676K | 1.7% |
| Royal Gold Inc | Added | +2,000 | +$509K | 1.8% |
| Anglogold Ashanti | Added | +5,300 | +$508K | 5.5% |
Showing the 10 largest of 25 changes.
quarter ended December 31, 2025 · filed January 21, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Amazon.com Inc. | Exited | −21,815 | −$4.79M | — |
| Kinross Gold Corp | Added | +51,500 | +$1.47M | 7.6% |
| AG Alamos Gold Inc-class A | Added | +18,000 | +$705K | 5.1% |
| Centerra Gold Inc | Added | +47,000 | +$682K | 2.9% |
| Equinox Gold Corp | Added | +42,200 | +$600K | 4.7% |
| Ssr Mining Inc | Added | +25,800 | +$566K | 3.0% |
| Royal Gold Inc | Trimmed | −2,500 | −$563K | 1.0% |
| Pan American Silver Corp | Added | +10,100 | +$532K | 5.8% |
| Eldorado Gold Corp | Added | +13,500 | +$488K | 2.6% |
| B2gold Corp | Added | +93,000 | +$424K | 3.4% |
Showing the 10 largest of 39 changes.
quarter ended September 30, 2025 · filed October 31, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| BG Barrick Gold Corp | Added | +37,500 | +$1.23M | 8.6% |
| Wheaton Precious Metals Corp | Added | +10,110 | +$1.13M | 8.2% |
| Agnico Eagle Mines Ltd | Added | +6,330 | +$1.07M | 8.7% |
| Equinox Gold Corp | Added | +79,100 | +$887K | 3.1% |
| NM Newmont Mining Corp | Added | +10,420 | +$879K | 8.4% |
| AG Alamos Gold Inc-class A | Added | +20,300 | +$708K | 3.8% |
| FS Fortuna Silver Mines Inc | Added | +77,600 | +$695K | 2.8% |
| First Majestic Silver Corp | Added | +51,200 | +$629K | 2.8% |
| Pan American Silver Corp | Added | +15,000 | +$581K | 4.0% |
| B2gold Corp | Added | +116,000 | +$574K | 3.2% |
Showing the 10 largest of 22 changes.
quarter ended June 30, 2025 · filed July 29, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| NM Newmont Mining Corp | Trimmed | −66,549 | −$3.88M | 8.3% |
| BG Barrick Gold Corp | New | +68,000 | +$1.41M | 6.7% |
| BG Barrick Gold Corp | Exited | −61,700 | −$1.2M | — |
| Anglogold Ashanti | Trimmed | −7,700 | −$346K | 3.9% |
| Royal Gold Inc | Trimmed | −1,740 | −$309K | 3.8% |
| Kinross Gold Corp | Trimmed | −19,400 | −$302K | 4.6% |
| Wheaton Precious Metals Corp | Trimmed | −3,000 | −$269K | 8.4% |
| Agnico Eagle Mines Ltd | Trimmed | −2,100 | −$249K | 8.2% |
| First Majestic Silver Corp | Added | +27,500 | +$227K | 1.7% |
| HG Harmony Gold Mng - Spon ADR | Trimmed | −15,400 | −$215K | 3.3% |
Showing the 10 largest of 19 changes.
quarter ended March 31, 2025 · filed May 09, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| BG Barrick Gold Corp | Trimmed | −303,538 | −$5.9M | 5.1% |
| NM Newmont Mining Corp | Trimmed | −71,300 | −$3.44M | 20.0% |
| Pan American Silver Corp | Trimmed | −122,912 | −$3.18M | 3.0% |
| Amazon.com Inc. | Trimmed | −16,561 | −$3.15M | 17.8% |
| Nike Inc | Exited | −12,213 | −$924K | — |
| Royal Gold Inc | Added | +4,000 | +$654K | 4.4% |
| D- Drdgold Ltd - Sponsored ADR | Trimmed | −24,000 | −$371K | 0.5% |
| Eldorado Gold Corp | Trimmed | −18,100 | −$305K | 1.1% |
| FS Fortuna Silver Mines Inc | Trimmed | −47,000 | −$287K | 0.7% |
| Hecla Mining Co | Trimmed | −44,600 | −$248K | 0.9% |
Showing the 10 largest of 22 changes.
quarter ended December 31, 2024 · filed February 20, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Amazon.com Inc. | Trimmed | −1,671 | −$367K | 24.9% |
| Agnico Eagle Mines Ltd | Trimmed | −2,300 | −$180K | 3.9% |
| Pan American Silver Corp | Trimmed | −8,863 | −$179K | 9.0% |
| BG Barrick Gold Corp | Trimmed | −2,500 | −$38.8K | 16.7% |
| LI Lyondellbasell Industries Nv | Exited | −150 | −$14.4K | — |
| NM Newmont Mining Corp | Trimmed | −349 | −$13K | 18.5% |
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