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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 $179,470,512 across 16 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-10. Its ten largest share positions make up 92.9% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001600698-25-000016

Period
2025-09-30
Reported value
$179M
Holdings
16
Top 10 weight
92.9%
New
1
Sold out
3

Largest buys vs the previous quarter

SecurityShares changeApprox. value
SLVadded+50,500$2.14M
ICLRadded+4,592$804K
KSPIadded+8,871$725K
FROadded+20,000$456K
NMMadded+5,671$255K

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-22,750-$5.11M
FNVreduced-20,500-$4.57M
BIDUexited-42,000-$3.6M
CRHreduced-17,500-$2.1M
FCNCAreduced-966-$1.73M

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, Q3 2025

Share positions as resolved from 13F-HR 0001600698-25-000016, largest first. % of portfolio is the value over $105,522,712, 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; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 237,886 shares; 2024Q4: 302,886 shares; 2025Q1: 276,641 shares; 2025Q2: 230,849 shares; 2025Q3: 213,349 shares 213,349$25.6M24.24%-17,500Timeline
FNVFRANCO NEV CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 115,881 shares; 2024Q4: 97,242 shares; 2025Q1: 78,770 shares; 2025Q2: 84,312 shares; 2025Q3: 63,812 shares 63,812$14.2M13.48%-20,500Timeline
RGLDROYAL GOLD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 99,358 shares; 2024Q4: 33,358 shares; 2025Q1: 61,705 shares; 2025Q2: 63,605 shares; 2025Q3: 58,805 shares 58,805$11.8M11.18%-4,800Timeline
KSPIKASPI KZ JSCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 69,050 shares; 2025Q2: 107,009 shares; 2025Q3: 115,880 shares 115,880$9.47M8.97%+8,871Timeline
NMMNAVIOS MARITIME PARTNERS LPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 242,933 shares; 2024Q4: 183,573 shares; 2025Q1: 176,105 shares; 2025Q2: 196,105 shares; 2025Q3: 201,776 shares 201,776$9.09M8.61%+5,671Timeline
ICLRICON PUB LTD COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 24,100 shares; 2025Q1: 34,342 shares; 2025Q2: 34,342 shares; 2025Q3: 38,934 shares 38,934$6.81M6.46%+4,592Timeline
SBLKSTAR BULK CARRIERS CORP.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 474,343 shares; 2024Q4: 365,763 shares; 2025Q1: 334,069 shares; 2025Q2: 328,390 shares; 2025Q3: 328,390 shares 328,390$6.1M5.79%0Timeline
SLVISHARES SILVER TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 73,000 shares; 2024Q4: 43,777 shares; 2025Q1: 90,277 shares; 2025Q2: 72,777 shares; 2025Q3: 123,277 shares 123,277$5.22M4.95%+50,500Timeline
HAFNIA LTD SHSHAFNIA LTD SHSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 849,659 shares; 2025Q2: 825,376 shares; 2025Q3: 825,376 shares 825,376$4.94M4.69%0
FROFRONTLINE PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 190,332 shares; 2025Q1: 190,332 shares; 2025Q2: 190,332 shares; 2025Q3: 210,332 shares 210,332$4.79M4.54%+20,000Timeline
FERGFERGUSON ENTERPRISES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 59,600 shares; 2025Q1: 68,136 shares; 2025Q2: 38,136 shares; 2025Q3: 15,386 shares 15,386$3.46M3.27%-22,750Timeline
FCNCAFIRST CTZNS BANCSHARES INC DQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,799 shares; 2024Q4: 2,284 shares; 2025Q1: 3,182 shares; 2025Q2: 2,503 shares; 2025Q3: 1,537 shares 1,537$2.75M2.61%-966Timeline
SASEABRIDGE GOLD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 309,540 shares; 2024Q4: 58,184 shares; 2025Q1: 53,142 shares; 2025Q2: 53,142 shares; 2025Q3: 53,142 shares 53,142$1.28M1.22%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 SHSput150,000$53.3Mnew
NMMNAVIOS MARITIME PARTNERS LP COM UNIT LPIcall310,000$14M0
SPYSTATE STR SPDR S&P 500 ETF T SHSput10,000$6.66M-35,000

Sold out in Q3 2025

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

SecurityShares beforeValue beforeType
GLDSPDR GOLD TR140,000$42.7Mcall
HYGISHARES TR100,000$8.06Mput
BIDUBAIDU INC42,000$3.6Mshares

How Q3 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 0001600698-25-000016 base2025-11-10acceptance time not in the bulk data set