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Disclosery

ARMOR ADVISORS, L.L.C.

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13F filer, CIK 1600698, NEW YORK, NY

ARMOR ADVISORS, L.L.C. reported $125,461,914 across 19 holdings for the quarter ended 2025-03-31, in a 13F-HR filed 2025-05-09. Its ten largest share positions make up 90.38% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001600698-25-000008

Period
2025-03-31
Reported value
$125M
Holdings
19
Top 10 weight
90.38%
New
7
Sold out
1

Largest buys vs the previous quarter

SecurityShares changeApprox. value
KSPInew+69,050$6.41M
RGLDadded+28,347$4.64M
BIDUnew+40,000$3.68M
HAFNIA LTD SHSnew+849,659$3.53M
ICLRadded+10,242$1.79M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
FNVreduced-18,472-$2.91M
CRHreduced-26,245-$2.31M
SBLKreduced-31,694-$493K
NMMreduced-7,468-$293K
SAreduced-5,042-$58.8K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q1 2025

Share positions as resolved from 13F-HR 0001600698-25-000008, largest first. % of portfolio is the value over $101,639,549, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
CRHCRH PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 237,886 shares; 2024Q4: 302,886 shares; 2025Q1: 276,641 shares 276,641$24.3M23.94%-26,245Timeline
FNVFRANCO NEV CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 115,881 shares; 2024Q4: 97,242 shares; 2025Q1: 78,770 shares 78,770$12.4M12.21%-18,472Timeline
FERGFERGUSON ENTERPRISES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 59,600 shares; 2025Q1: 68,136 shares 68,136$10.9M10.74%+8,536Timeline
RGLDROYAL GOLD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 99,358 shares; 2024Q4: 33,358 shares; 2025Q1: 61,705 shares 61,705$10.1M9.93%+28,347Timeline
NMMNAVIOS MARITIME PARTNERS LPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 242,933 shares; 2024Q4: 183,573 shares; 2025Q1: 176,105 shares 176,105$6.91M6.8%-7,468Timeline
KSPIKASPI KZ JSCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 69,050 shares 69,050$6.41M6.31%newTimeline
ICLRICON PUB LTD COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 24,100 shares; 2025Q1: 34,342 shares 34,342$6.01M5.91%+10,242Timeline
FCNCAFIRST CTZNS BANCSHARES INC DQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,799 shares; 2024Q4: 2,284 shares; 2025Q1: 3,182 shares 3,182$5.9M5.8%+898Timeline
SBLKSTAR BULK CARRIERS CORP.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 474,343 shares; 2024Q4: 365,763 shares; 2025Q1: 334,069 shares 334,069$5.2M5.11%-31,694Timeline
BIDUBAIDU INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 40,000 shares 40,000$3.68M3.62%newTimeline
HAFNIA LTD SHSHAFNIA LTD SHSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 849,659 shares 849,659$3.53M3.48%new
FROFRONTLINE PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 190,332 shares; 2025Q1: 190,332 shares 190,332$2.83M2.78%0Timeline
SLVISHARES SILVER TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 73,000 shares; 2024Q4: 43,777 shares; 2025Q1: 90,277 shares 90,277$2.8M2.75%+46,500Timeline
SASEABRIDGE GOLD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 309,540 shares; 2024Q4: 58,184 shares; 2025Q1: 53,142 shares 53,142$620K0.61%-5,042Timeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
NMMNAVIOS MARITIME PARTNERS LP COM UNIT LPIcall310,000$12.2M0
NVDANVIDIA CORPORATION COMput45,000$4.88Mnew
XLFSELECT SECTOR SPDR TR SHSput60,000$2.99Mnew
SPYSTATE STR SPDR S&P 500 ETF T SHSput3,500$1.96Mnew
BIDUBAIDU INC ADRcall20,000$1.84Mnew

Sold out in Q1 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
TSLATESLA INC1,500$606Kput

How Q1 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001600698-25-000008 base2025-05-09acceptance time not in the bulk data set