In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 14, 2024), Armor Advisors, L.L.C. reported 11 stock positions worth $126.3 million . Its top holding was JSC Kaspi.kz ADR (KSPI) at 18.9% of the portfolio, followed by CRH (CRH, 15.8% ) and XP Class A (XP, 12.6% ). Compared with Q1 2024, it opened 2 new positions, sold out of 3, added to 1 and reduced 6. The biggest buy was a new position in XP Class A (XP) and the biggest sale an exit from Canadian Natural Resources (CNQ).
Location NEW YORK, NY
CIK 0001600698
Portfolio Value $126.3M (Q2 2024) Holdings 11 stocks · $126.3M 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 Q1 2024 KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC 185,379 $23.9M Reduce -22.5% CRH CRH PLC 266,847 $20.0M Add +7.3% XP XP Inc. Class A 905,080 $15.9M New FNV Franco-Nevada Corp. 127,857 $15.2M Reduce -1.3% RGLD Royal Gold Inc. 118,827 $14.9M Reduce -3.9% FCNCA First Citizens Bcshs Class A 7,135 $12.0M No change FRONTLINE LTD 291,544 $7.5M Reduce -22.1% SBLK Star Bulk Carriers Corp. 252,143 $6.1M No change SA Seabridge Gold Inc. 445,032 $6.1M Reduce -1.3% WPM Wheaton Precious Metals Corp. 77,064 $4.0M Reduce -24.0% SLV iShares Silver Trust 23,000 $611K New
Options reported separately and not counted above: QQQ puts ($9.6M).
Portfolio Sells Q1 2024 → Q2 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 Q1 2024 % Of Portfolio Change To Portfolio ▲ CNQ Canadian Natural Resources Sold out 0.00% −6.02 EOG EOG Resources Inc. Sold out 0.00% −5.24 KSPI JSC Kaspi.kz ADR Reduce -22.5% 18.94% −3.13 GNK Genco Shipping & Trading Ltd. Sold out 0.00% −2.10 FRONTLINE LTD Reduce -22.1% 5.95% −0.33 WPM Wheaton Precious Metals Corp. Reduce -24.0% 3.20% −0.23 SA Seabridge Gold Inc. Reduce -1.3% 4.82% −0.07 FNV Franco-Nevada Corp. Reduce -1.3% 12.00% +0.92 RGLD Royal Gold Inc. Reduce -3.9% 11.78% +0.97
Portfolio Buys Q1 2024 → Q2 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 Q1 2024 % Of Portfolio Change To Portfolio ▼ XP XP Inc. Class A New 12.61% +12.61 SLV iShares Silver Trust New 0.48% +0.48 CRH CRH PLC Add +7.3% 15.84% +0.45
Options Activity Q1 2024 → Q2 2024 Security Type Change vs Q1 2024 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Sold out 25,000 $13.1Mbefore exit IWM iShares Russell 2000 ETF put Sold out 55,000 $11.6Mbefore exit QQQ Invesco QQQ Trust Series 1 put New 20,000 $9.6M
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