ARMOR ADVISORS, L.L.C. Hedge Fund

CIK: 0001600698 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 10, 2026

Total Value ($000): $111,766 (100.0% shares, 0.0% debt)

Holdings (14)

New Positions (4)

AGI ALAMOS GOLD INC NEW 8.6%

Value ($000) $9,577 Shares 248,245 Est. Cost $34.84 Unrealized 0.0%

PPLT ABRDN PLATINUM ETF TRUST 2.2%

Value ($000) $2,406 Shares 12,903 Est. Cost $186.43 Unrealized —

SKE SKEENA RES LTD NEW 1.9%

Value ($000) $2,145 Shares 90,400 Est. Cost $19.72 Unrealized 0.0%

EXK ENDEAVOUR SILVER CORP 0.9%

Value ($000) $1,043 Shares 111,000 Est. Cost $8.48 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AGI	ALAMOS GOLD INC NEW	248,245	$9,577	8.6%	$34.84	0.0%	COM CL A	011532108
PPLT	ABRDN PLATINUM ETF TRUST	12,903	$2,406	2.2%	$186.43	—	PHYSCL PLATM SHS	003260106
SKE	SKEENA RES LTD NEW	90,400	$2,145	1.9%	$19.72	0.0%	COM	83056P715
EXK	ENDEAVOUR SILVER CORP	111,000	$1,043	0.9%	$8.48	0.0%	COM	29258Y103

Increased Positions (4)

SLV ISHARES SILVER TR 8.5%

Value ($000) $9,508 (+82.0%) Shares 147,595 (+19.7%) Est. Cost $39.64 Unrealized —

CRH CRH PLC 25.5%

Value ($000) $28,453 (+11.2%) Shares 227,989 (+6.9%) Est. Cost $69.04 Unrealized +72.5%

KSPI KASPI KZ JSC 9.2%

Value ($000) $10,241 (+8.2%) Shares 131,080 (+13.1%) Est. Cost $88.08 Unrealized —

ICLR ICON PLC 6.5%

Value ($000) $7,265 (+6.6%) Shares 39,868 (+2.4%) Est. Cost $214.41 Unrealized -16.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SLV	ISHARES SILVER TR	147,595 (+19.7%)	$9,508 (+82.0%)	8.5%	$39.64	—	ISHARES	46428Q109
CRH	CRH PLC	227,989 (+6.9%)	$28,453 (+11.2%)	25.5%	$69.04	+72.5%	ORD	G25508105
KSPI	KASPI KZ JSC	131,080 (+13.1%)	$10,241 (+8.2%)	9.2%	$88.08	—	SPONSORED ADS	48581R205
ICLR	ICON PLC	39,868 (+2.4%)	$7,265 (+6.6%)	6.5%	$214.41	-16.9%	SHS	G4705A100

Exited Positions (6)

GLD SPDR GOLD TR 47.7%

Value ($000) $53,321 Shares 150,000 Est. Cost — Unrealized —

FNV FRANCO NEV CORP 12.7%

Value ($000) $14,224 Shares 63,812 Est. Cost $113.36 Unrealized +78.9%

RGLD ROYAL GOLD INC 10.6%

Value ($000) $11,795 Shares 58,805 Est. Cost $125.95 Unrealized +57.5%

SPY SPDR S&P 500 ETF TR 6.0%

Value ($000) $6,662 Shares 10,000 Est. Cost — Unrealized —

— HAFNIA LTD 4.4%

Value ($000) $4,944 Shares 825,376 Est. Cost $4.16 Unrealized —

FRO FRONTLINE PLC 4.3%

Value ($000) $4,793 Shares 210,332 Est. Cost $18.17 Unrealized +28.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GLD	SPDR GOLD TR	150,000	$53,321	47.7%	—	—	PUT	78463V107
FNV	FRANCO NEV CORP	63,812	$14,224	12.7%	$113.36	+78.9%	—	351858105
RGLD	ROYAL GOLD INC	58,805	$11,795	10.6%	$125.95	+57.5%	—	780287108
SPY	SPDR S&P 500 ETF TR	10,000	$6,662	6.0%	—	—	PUT	78462F103
—	HAFNIA LTD	825,376	$4,944	4.4%	$4.16	—	—	G4233B109
FRO	FRONTLINE PLC	210,332	$4,793	4.3%	$18.17	+28.6%	—	M46528101

Decreased Positions (3)

FCNCA FIRST CTZNS BANCSHARES INC N 2.8%

Value ($000) $3,174 (+15.4%) Shares 1,479 (-3.8%) Est. Cost $1442.35 Unrealized +30.6%

SA SEABRIDGE GOLD INC 1.4%

Value ($000) $1,513 (+17.9%) Shares 51,132 (-3.8%) Est. Cost $15.23 Unrealized +72.7%

FERG FERGUSON ENTERPRISES INC 2.9%

Value ($000) $3,296 (-4.6%) Shares 14,804 (-3.8%) Est. Cost $191.49 Unrealized +24.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FCNCA	FIRST CTZNS BANCSHARES INC N	1,479 (-3.8%)	$3,174 (+15.4%)	2.8%	$1442.35	+30.6%	CL A	31946M103
SA	SEABRIDGE GOLD INC	51,132 (-3.8%)	$1,513 (+17.9%)	1.4%	$15.23	+72.7%	COM	811916105
FERG	FERGUSON ENTERPRISES INC	14,804 (-3.8%)	$3,296 (-4.6%)	2.9%	$191.49	+24.3%	COM	31488V107

Unchanged Positions (3)

NMM NAVIOS MARITIME PARTNERS L P 14.5%

Value ($000) $16,253 Shares 310,000 Est. Cost $59.66 Unrealized —

NMM NAVIOS MARITIME PARTNERS L P 9.5%

Value ($000) $10,579 Shares 201,776 Est. Cost $59.66 Unrealized —

SBLK STAR BULK CARRIERS CORP 5.6%

Value ($000) $6,312 Shares 328,390 Est. Cost $21.49 Unrealized -13.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NMM	NAVIOS MARITIME PARTNERS L P	310,000	$16,253	14.5%	$59.66	—	CALL	Y62267409
NMM	NAVIOS MARITIME PARTNERS L P	201,776	$10,579	9.5%	$59.66	—	COM UNIT LPI	Y62267409
SBLK	STAR BULK CARRIERS CORP	328,390	$6,312	5.6%	$21.49	-13.1%	SHS PAR	Y8162K204