Armor Advisors, L.L.C.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 10, 2025), Armor Advisors, L.L.C. reported 13 stock positions worth $105.5 million. Its top holding was CRH (CRH) at 24.2% of the portfolio, followed by Franco-Nevada (FNV, 13.5%) and Royal Gold (RGLD, 11.2%). Compared with Q2 2025, it sold out of 1, added to 5 and reduced 5. The biggest buy was iShares Silver Trust (SLV, shares +69%) and the biggest sale Ferguson Enterprises (FERG, shares −60%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001600698
Portfolio Value
$105.5M (Q3 2025)
SEC Filing
0001600698-25-000016 ↗ filed Nov 10, 2025

Holdings Value

0$50.0M$100.0M$150.0M Q1 2024: $139.4M Q1 2024 Q2 2024: $126.3M Q2 2024 Q3 2024: $120.4M Q3 2024 Q4 2024: $82.0M Q4 2024 Q1 2025: $101.6M Q1 2025 Q2 2025: $100.7M Q2 2025 Q3 2025: $105.5M $105.5M Q3 2025 Q4 2025: $95.5M Q4 2025 Q1 2026: $89.8M Q1 2026 Q2 2026: $122.4M Q2 2026

Holdings 13 stocks · $105.5M
CRH CRH PLC 24.24% 213,349 $25.6M Reduce -7.6%
FNV Franco-Nevada Corp. 13.48% 63,812 $14.2M Reduce -24.3%
RGLD Royal Gold Inc. 11.18% 58,805 $11.8M Reduce -7.5%
KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC 8.97% 115,880 $9.5M Add +8.3%
NMM Navios Maritime Partners LP 8.61% 201,776 $9.1M Add +2.9%
ICLR Icon PLC 6.46% 38,934 $6.8M Add +13.4%
SBLK Star Bulk Carriers Corp. 5.79% 328,390 $6.1M No change
SLV iShares Silver Trust 4.95% 123,277 $5.2M Add +69.4%
HAFN Hafnia Ltd. 4.69% 825,376 $4.9M No change
FRO Frontline PLC 4.54% 210,332 $4.8M Add +10.5%
FERG Ferguson Enterprises Inc. 3.27% 15,386 $3.5M Reduce -59.6%
FCNCA First Citizens Bcshs Class A 2.61% 1,537 $2.7M Reduce -38.6%
SA Seabridge Gold Inc. 1.22% 53,142 $1.3M No change

Options reported separately and not counted above: GLD puts ($53.3M), NMM calls ($14.0M), SPY puts ($6.7M).

Portfolio Sells Q2 2025 → Q3 2025
FERG Ferguson Enterprises Inc. Reduce -59.6% 3.27% −4.97
BIDU Baidu Inc. - Spon ADR Sold out 0.00% −3.58
FCNCA First Citizens Bcshs Class A Reduce -38.6% 2.61% −2.26
FNV Franco-Nevada Corp. Reduce -24.3% 13.48% −0.25
RGLD Royal Gold Inc. Reduce -7.5% 11.18% −0.06
CRH CRH PLC Reduce -7.6% 24.24% +3.19

Portfolio Buys Q2 2025 → Q3 2025
SLV iShares Silver Trust Add +69.4% 4.95% +2.58
ICLR Icon PLC Add +13.4% 6.46% +1.49
FRO Frontline PLC Add +10.5% 4.54% +1.44
NMM Navios Maritime Partners LP Add +2.9% 8.61% +1.27
KSPI JSC Kaspi.kz ADR Add +8.3% 8.97% −0.05

Options Activity Q2 2025 → Q3 2025
GLD SPDR Gold Shares put New 150,000 $53.3M
GLD SPDR Gold Shares call Sold out 140,000 $42.7Mbefore exit
HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Sold out 100,000 $8.1Mbefore exit
SPY SS SPDR S&P 500 ETF Trust-US put Reduce -77.8% 10,000 $6.7M

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 15$122.4MCRH, NMM, ZBH, ZTS, KSPI
Q1 2026 14$89.8MCRH, NMM, AGI, KSPI, FCNCA
Q4 2025 13$95.5MCRH, NMM, KSPI, AGI, SLV
Q3 2025 13$105.5MCRH, FNV, RGLD, KSPI, NMM
Q2 2025 14$100.7MCRH, FNV, RGLD, KSPI, FERG
Q1 2025 14$101.6MCRH, FNV, FERG, RGLD, NMM
Q4 2024 11$82.0MCRH, FNV, FERG, NMM, SBLK
Q3 2024 11$120.4MCRH, NMM, XP, FNV, RGLD
Q2 2024 11$126.3MKSPI, CRH, XP, FNV, RGLD
Q1 2024 12$139.4MKSPI, CRH, FNV, RGLD, FCNCA