In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Armor Advisors, L.L.C. reported 14 stock positions worth $100.7 million . Its top holding was CRH (CRH) at 21.1% of the portfolio, followed by Franco-Nevada (FNV, 13.7% ) and Royal Gold (RGLD, 11.2% ). Compared with Q1 2025, it added to 5 and reduced 6. The biggest buy was JSC Kaspi.kz ADR (KSPI, shares +55% ) and the biggest sale CRH (CRH, shares −17% ).
Location NEW YORK, NY
CIK 0001600698
Portfolio Value $100.7M (Q2 2025) Holdings 14 stocks · $100.7M 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 2025 CRH CRH PLC 230,849 $21.2M Reduce -16.6% FNV Franco-Nevada Corp. 84,312 $13.8M Add +7.0% RGLD Royal Gold Inc. 63,605 $11.3M Add +3.1% KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC 107,009 $9.1M Add +55.0% FERG Ferguson Enterprises Inc. 38,136 $8.3M Reduce -44.0% NMM Navios Maritime Partners LP 196,105 $7.4M Add +11.4% SBLK Star Bulk Carriers Corp. 328,390 $5.7M Reduce -1.7% ICLR Icon PLC 34,342 $5.0M No change FCNCA First Citizens Bcshs Class A 2,503 $4.9M Reduce -21.3% HAFN Hafnia Ltd. 825,376 $4.1M Reduce -2.9% BIDU Baidu Inc. - Spon ADR 42,000 $3.6M Add +5.0% FRO Frontline PLC 190,332 $3.1M No change SLV iShares Silver Trust 72,777 $2.4M Reduce -19.4% SA Seabridge Gold Inc. 53,142 $772K No change
Options reported separately and not counted above: GLD calls ($42.7M), SPY puts ($27.8M), NMM calls ($11.7M), HYG puts ($8.1M).
Portfolio Sells Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▲ CRH CRH PLC Reduce -16.6% 21.05% −2.89 FERG Ferguson Enterprises Inc. Reduce -44.0% 8.25% −2.49 FCNCA First Citizens Bcshs Class A Reduce -21.3% 4.86% −0.94 SLV iShares Silver Trust Reduce -19.4% 2.37% −0.38 SBLK Star Bulk Carriers Corp. Reduce -1.7% 5.63% +0.51 HAFN Hafnia Ltd. Reduce -2.9% 4.09% +0.61
Portfolio Buys Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▼ KSPI JSC Kaspi.kz ADR Add +55.0% 9.02% +2.72 FNV Franco-Nevada Corp. Add +7.0% 13.73% +1.52 RGLD Royal Gold Inc. Add +3.1% 11.24% +1.31 NMM Navios Maritime Partners LP Add +11.4% 7.34% +0.55 BIDU Baidu Inc. - Spon ADR Add +5.0% 3.58% −0.04
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ GLD SPDR Gold Shares call New 140,000 $42.7M SPY SS SPDR S&P 500 ETF Trust-US put Add +1185.7% 45,000 $27.8M HYG Ishr Ibx Usd Hiyld CB ETF-Ui put New 100,000 $8.1M NVDA Nvidia Corp. put Sold out 45,000 $4.9Mbefore exit XLF SS Financial Select Sector put Sold out 60,000 $3.0Mbefore exit BIDU Baidu Inc. - Spon ADR call Sold out 20,000 $1.8Mbefore 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