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ARMOR ADVISORS, L.L.C.

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13F filer, CIK 1600698, NEW YORK, NY

ARMOR ADVISORS, L.L.C. reported $190,886,613 across 18 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-08-14. Its ten largest share positions make up 90.18% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001600698-25-000014

Period
2025-06-30
Reported value
$191M
Holdings
18
Top 10 weight
90.18%
New
2
Sold out
3

Largest buys vs the previous quarter

SecurityShares changeApprox. value
KSPIadded+37,959$3.22M
FNVadded+5,542$908K
NMMadded+20,000$754K
RGLDadded+1,900$338K
BIDUadded+2,000$172K

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
FERGreduced-30,000-$6.53M
CRHreduced-45,792-$4.2M
FCNCAreduced-679-$1.33M
SLVreduced-17,500-$574K
HAFNIA LTD SHSreduced-24,283-$121K

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, Q2 2025

Share positions as resolved from 13F-HR 0001600698-25-000014, largest first. % of portfolio is the value over $100,661,363, 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; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 237,886 shares; 2024Q4: 302,886 shares; 2025Q1: 276,641 shares; 2025Q2: 230,849 shares 230,849$21.2M21.05%-45,792Timeline
FNVFRANCO NEV CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 115,881 shares; 2024Q4: 97,242 shares; 2025Q1: 78,770 shares; 2025Q2: 84,312 shares 84,312$13.8M13.73%+5,542Timeline
RGLDROYAL GOLD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 99,358 shares; 2024Q4: 33,358 shares; 2025Q1: 61,705 shares; 2025Q2: 63,605 shares 63,605$11.3M11.24%+1,900Timeline
KSPIKASPI KZ JSCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 69,050 shares; 2025Q2: 107,009 shares 107,009$9.08M9.02%+37,959Timeline
FERGFERGUSON ENTERPRISES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 59,600 shares; 2025Q1: 68,136 shares; 2025Q2: 38,136 shares 38,136$8.3M8.25%-30,000Timeline
NMMNAVIOS MARITIME PARTNERS LPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 242,933 shares; 2024Q4: 183,573 shares; 2025Q1: 176,105 shares; 2025Q2: 196,105 shares 196,105$7.39M7.34%+20,000Timeline
SBLKSTAR BULK CARRIERS CORP.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 474,343 shares; 2024Q4: 365,763 shares; 2025Q1: 334,069 shares; 2025Q2: 328,390 shares 328,390$5.66M5.63%-5,679Timeline
ICLRICON PUB LTD COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 24,100 shares; 2025Q1: 34,342 shares; 2025Q2: 34,342 shares 34,342$5M4.96%0Timeline
FCNCAFIRST CTZNS BANCSHARES INC DQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,799 shares; 2024Q4: 2,284 shares; 2025Q1: 3,182 shares; 2025Q2: 2,503 shares 2,503$4.9M4.86%-679Timeline
HAFNIA LTD SHSHAFNIA LTD SHSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 849,659 shares; 2025Q2: 825,376 shares 825,376$4.12M4.09%-24,283
BIDUBAIDU INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 40,000 shares; 2025Q2: 42,000 shares 42,000$3.6M3.58%+2,000Timeline
FROFRONTLINE PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 190,332 shares; 2025Q1: 190,332 shares; 2025Q2: 190,332 shares 190,332$3.12M3.1%0Timeline
SLVISHARES SILVER TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 73,000 shares; 2024Q4: 43,777 shares; 2025Q1: 90,277 shares; 2025Q2: 72,777 shares 72,777$2.39M2.37%-17,500Timeline
SASEABRIDGE GOLD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 309,540 shares; 2024Q4: 58,184 shares; 2025Q1: 53,142 shares; 2025Q2: 53,142 shares 53,142$772K0.77%0Timeline

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
GLDSPDR GOLD TR GOLD SHScall140,000$42.7Mnew
SPYSTATE STR SPDR S&P 500 ETF T SHSput45,000$27.8M+41,500
NMMNAVIOS MARITIME PARTNERS LP COM UNIT LPIcall310,000$11.7M0
HYGISHARES TR IBOXX HI YD ETFput100,000$8.06Mnew

Sold out in Q2 2025

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

SecurityShares beforeValue beforeType
NVDANVIDIA CORPORATION45,000$4.88Mput
XLFSELECT SECTOR SPDR TR60,000$2.99Mput
BIDUBAIDU INC20,000$1.84Mcall

How Q2 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 0001600698-25-000014 base2025-08-14acceptance time not in the bulk data set