In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), Armor Advisors, L.L.C. reported 11 stock positions worth $120.4 million . Its top holding was CRH (CRH) at 18.3% of the portfolio, followed by Navios Maritime Partners (NMM, 12.6% ) and XP Class A (XP, 12.2% ). Compared with Q2 2024, it opened 1 new position, sold out of 1, added to 2 and reduced 7. The biggest buy was a new position in Navios Maritime Partners (NMM) and the biggest sale an exit from JSC Kaspi.kz ADR (KSPI).
Location NEW YORK, NY
CIK 0001600698
Portfolio Value $120.4M (Q3 2024) Holdings 11 stocks · $120.4M 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 Q2 2024 CRH CRH PLC 237,886 $22.1M Reduce -10.8% NMM Navios Maritime Partners LP 242,933 $15.2M New XP XP Inc. Class A 815,760 $14.6M Reduce -9.9% FNV Franco-Nevada Corp. 115,881 $14.4M Reduce -9.4% RGLD Royal Gold Inc. 99,358 $13.9M Reduce -16.4% SBLK Star Bulk Carriers Corp. 474,343 $11.2M Add +88.1% FCNCA First Citizens Bcshs Class A 5,799 $10.7M Reduce -18.7% FRONTLINE LTD 291,544 $6.7M No change SA Seabridge Gold Inc. 309,540 $5.2M Reduce -30.4% WPM Wheaton Precious Metals Corp. 69,838 $4.3M Reduce -9.4% SLV iShares Silver Trust 73,000 $2.1M Add +217.4%
Options reported separately and not counted above: NMM calls ($19.4M), SPY puts ($15.8M).
Portfolio Sells Q2 2024 → Q3 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 Q2 2024 % Of Portfolio Change To Portfolio ▲ KSPI JSC Kaspi.kz ADR Sold out 0.00% −18.94 FCNCA First Citizens Bcshs Class A Reduce -18.7% 8.87% −0.64 SA Seabridge Gold Inc. Reduce -30.4% 4.32% −0.51 XP XP Inc. Class A Reduce -9.9% 12.16% −0.45 RGLD Royal Gold Inc. Reduce -16.4% 11.58% −0.20 FNV Franco-Nevada Corp. Reduce -9.4% 11.96% −0.04 WPM Wheaton Precious Metals Corp. Reduce -9.4% 3.54% +0.35 CRH CRH PLC Reduce -10.8% 18.33% +2.49
Portfolio Buys Q2 2024 → Q3 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 Q2 2024 % Of Portfolio Change To Portfolio ▼ NMM Navios Maritime Partners LP New 12.64% +12.64 SBLK Star Bulk Carriers Corp. Add +88.1% 9.34% +4.47 SLV iShares Silver Trust Add +217.4% 1.72% +1.24
Options Activity Q2 2024 → Q3 2024 Security Type Change vs Q2 2024 Underlying Shares Value ▼ NMM Navios Maritime Partners LP call New 310,000 $19.4M SPY SS SPDR S&P 500 ETF Trust-US put New 120,000 $15.8M QQQ Invesco QQQ Trust Series 1 put Sold out 20,000 $9.6Mbefore exit
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