Armor Advisors, L.L.C.

Name: ARMOR ADVISORS, L.L.C. 13F holdings, Q4 2025
Creator: ARMOR ADVISORS, L.L.C.
Published: 2026-02-10

Q2 2026Q1 2026Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 10, 2026), Armor Advisors, L.L.C. reported 13 stock positions worth $95.5 million. Its top holding was CRH (CRH) at 29.8% of the portfolio, followed by Navios Maritime Partners (NMM, 11.1%) and JSC Kaspi.kz ADR (KSPI, 10.7%). Compared with Q3 2025, it opened 4 new positions, sold out of 4, added to 4 and reduced 3. The biggest buy was a new position in Alamos Gold Class A (AGI) and the biggest sale an exit from Franco-Nevada (FNV).

Most Recent 13F: Q2 2026
Location: NEW YORK, NY
CIK: 0001600698
Portfolio Value: $95.5M (Q4 2025)
SEC Filing: 0001600698-26-000003 ↗ filed Feb 10, 2026

Holdings Value

Holdings 13 stocks · $95.5M


CRH CRH PLC	29.79%	227,989	$28.5M	Add +6.9%
NMM Navios Maritime Partners LP	11.08%	201,776	$10.6M	No change
KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC	10.72%	131,080	$10.2M	Add +13.1%
AGI Alamos Gold Inc. Class A	10.03%	248,245	$9.6M	New
SLV iShares Silver Trust	9.95%	147,595	$9.5M	Add +19.7%
ICLR Icon PLC	7.61%	39,868	$7.3M	Add +2.4%
SBLK Star Bulk Carriers Corp.	6.61%	328,390	$6.3M	No change
FERG Ferguson Enterprises Inc.	3.45%	14,804	$3.3M	Reduce -3.8%
FCNCA First Citizens Bcshs Class A	3.32%	1,479	$3.2M	Reduce -3.8%
PPLT Abrdn Physical Platinum SHRS	2.52%	12,903	$2.4M	New
SKE Skeena Resources Ltd.	2.25%	90,400	$2.1M	New
SA Seabridge Gold Inc.	1.58%	51,132	$1.5M	Reduce -3.8%
EXK Endeavour Silver Corp.	1.09%	111,000	$1.0M	New

Options reported separately and not counted above: NMM calls ($16.3M).

Portfolio Sells Q3 2025 → Q4 2025


FNV Franco-Nevada Corp.	Sold out	0.00%	−13.48
RGLD Royal Gold Inc.	Sold out	0.00%	−11.18
HAFN Hafnia Ltd.	Sold out	0.00%	−4.69
FRO Frontline PLC	Sold out	0.00%	−4.54
FERG Ferguson Enterprises Inc.	Reduce -3.8%	3.45%	+0.18
SA Seabridge Gold Inc.	Reduce -3.8%	1.58%	+0.37
FCNCA First Citizens Bcshs Class A	Reduce -3.8%	3.32%	+0.72

Portfolio Buys Q3 2025 → Q4 2025


AGI Alamos Gold Inc. Class A	New	10.03%	+10.03
CRH CRH PLC	Add +6.9%	29.79%	+5.55
SLV iShares Silver Trust	Add +19.7%	9.95%	+5.00
PPLT Abrdn Physical Platinum SHRS	New	2.52%	+2.52
SKE Skeena Resources Ltd.	New	2.25%	+2.25
KSPI JSC Kaspi.kz ADR	Add +13.1%	10.72%	+1.75
ICLR Icon PLC	Add +2.4%	7.61%	+1.15
EXK Endeavour Silver Corp.	New	1.09%	+1.09

Options Activity Q3 2025 → Q4 2025


GLD SPDR Gold Shares	put	Sold out	150,000	$53.3Mbefore exit
SPY SS SPDR S&P 500 ETF Trust-US	put	Sold out	10,000	$6.7Mbefore 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