In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 9, 2025), Armor Advisors, L.L.C. reported 14 stock positions worth $101.6 million . Its top holding was CRH (CRH) at 23.9% of the portfolio, followed by Franco-Nevada (FNV, 12.2% ) and Ferguson Enterprises (FERG, 10.7% ). Compared with Q4 2024, it opened 3 new positions, added to 5 and reduced 5. The biggest buy was a new position in JSC Kaspi.kz ADR (KSPI) and the biggest sale CRH (CRH, shares −9% ).
Location NEW YORK, NY
CIK 0001600698
Portfolio Value $101.6M (Q1 2025) Holdings 14 stocks · $101.6M 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 2024 CRH CRH PLC 276,641 $24.3M Reduce -8.7% FNV Franco-Nevada Corp. 78,770 $12.4M Reduce -19.0% FERG Ferguson Enterprises Inc. 68,136 $10.9M Add +14.3% RGLD Royal Gold Inc. 61,705 $10.1M Add +85.0% NMM Navios Maritime Partners LP 176,105 $6.9M Reduce -4.1% KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC 69,050 $6.4M New ICLR Icon PLC 34,342 $6.0M Add +42.5% FCNCA First Citizens Bcshs Class A 3,182 $5.9M Add +39.3% SBLK Star Bulk Carriers Corp. 334,069 $5.2M Reduce -8.7% BIDU Baidu Inc. - Spon ADR 40,000 $3.7M New HAFN Hafnia Ltd. 849,659 $3.5M New FRO Frontline PLC 190,332 $2.8M No change SLV iShares Silver Trust 90,277 $2.8M Add +106.2% SA Seabridge Gold Inc. 53,142 $620K Reduce -8.7%
Options reported separately and not counted above: NMM calls ($12.2M), NVDA puts ($4.9M), XLF puts ($3.0M), SPY puts ($2.0M), BIDU calls ($1.8M).
Portfolio Sells Q4 2024 → Q1 2025 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 2024 % Of Portfolio Change To Portfolio ▲ CRH CRH PLC Reduce -8.7% 23.94% −10.23 NMM Navios Maritime Partners LP Reduce -4.1% 6.80% −2.89 FNV Franco-Nevada Corp. Reduce -19.0% 12.21% −1.73 SBLK Star Bulk Carriers Corp. Reduce -8.7% 5.11% −1.55 SA Seabridge Gold Inc. Reduce -8.7% 0.61% −0.20
Portfolio Buys Q4 2024 → Q1 2025 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 2024 % Of Portfolio Change To Portfolio ▼ KSPI JSC Kaspi.kz ADR New 6.31% +6.31 RGLD Royal Gold Inc. Add +85.0% 9.93% +4.56 BIDU Baidu Inc. - Spon ADR New 3.62% +3.62 HAFN Hafnia Ltd. New 3.48% +3.48 SLV iShares Silver Trust Add +106.2% 2.75% +1.35 FCNCA First Citizens Bcshs Class A Add +39.3% 5.80% −0.08 ICLR Icon PLC Add +42.5% 5.91% −0.25 FERG Ferguson Enterprises Inc. Add +14.3% 10.74% −1.87
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ NVDA Nvidia Corp. put New 45,000 $4.9M XLF SS Financial Select Sector put New 60,000 $3.0M SPY SS SPDR S&P 500 ETF Trust-US put New 3,500 $2.0M BIDU Baidu Inc. - Spon ADR call New 20,000 $1.8M TSLA Tesla Inc. put Sold out 1,500 $606Kbefore 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