In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), Armor Advisors, L.L.C. reported 12 stock positions worth $139.4 million . Its top holding was JSC Kaspi.kz ADR (KSPI) at 22.1% of the portfolio, followed by CRH (CRH, 15.4% ) and Franco-Nevada (FNV, 11.1% ). Compared with Q4 2023, it opened 1 new position, sold out of 1, added to 4 and reduced 5. The biggest buy was a new position in JSC Kaspi.kz ADR (KSPI) and the biggest sale CRH (CRH, shares −21% ).
Location NEW YORK, NY
CIK 0001600698
Portfolio Value $139.4M (Q1 2024) Holdings 12 stocks · $139.4M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2023 KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC 239,109 $30.8M New CRH CRH PLC 248,747 $21.5M Reduce -21.3% FNV Franco-Nevada Corp. 129,531 $15.4M No change RGLD Royal Gold Inc. 123,683 $15.1M Add +12.8% FCNCA First Citizens Bcshs Class A 7,135 $11.7M Reduce -5.1% FRONTLINE LTD 374,398 $8.8M Add +10.3% CNQ Canadian Natural Resources 109,998 $8.4M Reduce -25.2% EOG EOG Resources Inc. 57,079 $7.3M Reduce -5.1% SA Seabridge Gold Inc. 450,858 $6.8M Reduce -5.1% SBLK Star Bulk Carriers Corp. 252,143 $6.0M Add +88.8% WPM Wheaton Precious Metals Corp. 101,364 $4.8M No change GNK Genco Shipping & Trading Ltd. 143,785 $2.9M Add +26.4%
Options reported separately and not counted above: SPY puts ($13.1M), IWM puts ($11.6M).
Portfolio Sells Q4 2023 → Q1 2024 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▲ CRH CRH PLC Reduce -21.3% 15.40% −5.70 FERG Ferguson Jersey Ltd. Sold out 0.00% −4.09 CNQ Canadian Natural Resources Reduce -25.2% 6.02% −3.28 FCNCA First Citizens Bcshs Class A Reduce -5.1% 8.37% −1.92 EOG EOG Resources Inc. Reduce -5.1% 5.24% −1.78 SA Seabridge Gold Inc. Reduce -5.1% 4.89% −0.67
Portfolio Buys Q4 2023 → Q1 2024 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▼ KSPI JSC Kaspi.kz ADR New 22.07% +22.07 SBLK Star Bulk Carriers Corp. Add +88.8% 4.32% +1.58 GNK Genco Shipping & Trading Ltd. Add +26.4% 2.10% +0.28 FRONTLINE LTD Add +10.3% 6.28% −0.29 RGLD Royal Gold Inc. Add +12.8% 10.81% −2.00
Options Activity Q4 2023 → Q1 2024 Security Type Change vs Q4 2023 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put New 25,000 $13.1M IWM iShares Russell 2000 ETF put New 55,000 $11.6M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 15 $122.4M CRH, NMM, ZBH, ZTS, KSPI Q1 2026 14 $89.8M CRH, NMM, AGI, KSPI, FCNCA Q4 2025 13 $95.5M CRH, NMM, KSPI, AGI, SLV Q3 2025 13 $105.5M CRH, FNV, RGLD, KSPI, NMM Q2 2025 14 $100.7M CRH, FNV, RGLD, KSPI, FERG Q1 2025 14 $101.6M CRH, FNV, FERG, RGLD, NMM Q4 2024 11 $82.0M CRH, FNV, FERG, NMM, SBLK Q3 2024 11 $120.4M CRH, NMM, XP, FNV, RGLD Q2 2024 11 $126.3M KSPI, CRH, XP, FNV, RGLD Q1 2024 12 $139.4M KSPI, CRH, FNV, RGLD, FCNCA