Euro Pacific Asset Management, LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 9, 2025), Euro Pacific Asset Management, LLC reported 79 stock positions worth $551.1 million. Its top holding was Agnico Eagle Mines (AEM) at 10.2% of the portfolio, followed by Barrick Gold (B, 7.0%) and Franco-Nevada (FNV, 6.5%). Compared with Q4 2024, it opened 9 new positions, sold out of 1, added to 21 and reduced 41. The biggest buy was Wheaton Precious Metals (WPM, shares +2%) and the biggest sale Bank of Nova Scotia (BNS, shares −24%).
- Most Recent 13F
- Q2 2026
- Location
- DORADO, PR
- CIK
- 0001796651
- Portfolio Value
- $551.1M (Q1 2025)
- SEC Filing
- 0001796651-25-000003 ↗ filed May 9, 2025
Holdings Value
Holdings 79 stocks · $551.1M
| AEM Agnico Eagle Mines Ltd. | 10.22% | 519,654 | $56.3M | Reduce -4.3% |
| B Barrick Gold Corp. | 6.97% | 1,971,253 | $38.4M | Reduce -0.8% |
| FNV Franco-Nevada Corp. | 6.49% | 226,772 | $35.8M | Reduce -0.5% |
| PAAS Pan American Silver Corp. | 6.16% | 1,315,142 | $34.0M | Reduce -1.8% |
| BTI British American Tob-SP ADR | 4.99% | 665,519 | $27.5M | Add +0.0% |
| FSM Fortuna Mining Corp. | 4.82% | 4,354,454 | $26.6M | Reduce -0.2% |
| OR Osisko Gold Royalties Ltd. | 4.17% | 1,088,060 | $23.0M | Reduce -0.6% |
| WPM Wheaton Precious Metals Corp. | 4.09% | 290,607 | $22.6M | Add +2.4% |
| RGLD Royal Gold Inc. | 3.41% | 114,769 | $18.8M | Reduce -1.3% |
| NEM Newmont Corp. | 3.39% | 384,808 | $18.7M | Add +9.1% |
| BTG B2GOLD Corp. | 3.02% | 5,829,054 | $16.6M | Add +2.7% |
| UL Unilever PLC | 2.67% | 246,179 | $14.7M | Reduce -1.6% |
| MTA Metalla Royalty & Streaming | 2.65% | 5,061,433 | $14.6M | Add +5.0% |
| KGC Kinross Gold Corp. | 2.52% | 1,103,233 | $13.9M | Reduce -1.7% |
| OUNZ Vaneck Merk Gold ETF | 2.48% | 451,274 | $13.7M | Add +1.0% |
| PM Philip Morris International | 2.42% | 84,219 | $13.3M | Reduce -10.2% |
| SHEL Shell PLC-ADR | 2.28% | 172,022 | $12.6M | Reduce -1.4% |
| BP BP PLC-Spons ADR | 2.24% | 366,660 | $12.4M | Reduce -0.9% |
| TTE Totalenergies SE -Spon ADR | 1.93% | 164,884 | $10.6M | Reduce -1.6% |
| NVS Novartis AG-Sponsored ADR | 1.90% | 93,961 | $10.5M | Reduce -1.3% |
| CEF Sprott Physical Gold and Sil | 1.65% | 320,397 | $9.1M | Reduce -1.6% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 1.53% | 178,463 | $8.4M | Reduce -23.6% |
| GSK GSK PLC-Spon ADR | 1.49% | 212,969 | $8.2M | Reduce -0.6% |
| EQX Equinox Gold Corp. | 1.36% | 1,090,344 | $7.5M | Reduce -48.9% |
| ABEV Ambev SA-ADR | 1.36% | 3,194,263 | $7.5M | Reduce -0.9% |
| EQNR Equinor ASA-Spon ADR | 1.32% | 271,729 | $7.3M | Reduce -1.2% |
| IAG Iamgold Corp. | 1.30% | 1,145,363 | $7.2M | Reduce -18.6% |
| NVO Novo-Nordisk A/S-Spons ADR | 1.14% | 90,157 | $6.3M | Reduce -1.4% |
| DC Dakota Gold Corp. | 0.97% | 2,005,750 | $5.3M | Add +80.2% |
| NTR Nutrien Ltd. | 0.96% | 105,973 | $5.3M | Reduce -1.6% |
| IAUX I-80 Gold Corp. | 0.75% | 7,075,663 | $4.1M | Reduce -17.4% |
| PSLV Sprott Physical Silver Trust | 0.57% | 272,149 | $3.1M | Add +1.1% |
| FEMB First Trust Emerging Markets | 0.56% | 113,598 | $3.1M | Reduce -3.3% |
| IE Ivanhoe Electric Inc. / US | 0.49% | 463,346 | $2.7M | Add +142.4% |
| IGOV iShares International Treasu | 0.35% | 47,442 | $1.9M | Reduce -3.2% |
| YUMC Yum China Holdings Inc. | 0.34% | 35,451 | $1.9M | Add +0.4% |
| AQN Algonquin Power & Utilities | 0.33% | 354,793 | $1.8M | Add +0.0% |
| SKM SK Telecom Co. Ltd.-Spon ADR | 0.28% | 71,884 | $1.5M | Reduce -2.9% |
| BCE Bce Inc. | 0.27% | 64,806 | $1.5M | Reduce -2.8% |
| EMX Emx Royalty Corp. filed as EMX RTY CORP | 0.26% | 693,171 | $1.4M | Reduce -51.4% |
| NTES Netease Inc.-ADR | 0.25% | 13,172 | $1.4M | Add +0.3% |
| BBD Banco Bradesco-ADR | 0.24% | 582,384 | $1.3M | No change |
| BWX SS SPDR BB Intl Treasury BD | 0.22% | 54,998 | $1.2M | Reduce -3.2% |
| WRN Western Copper and Gold Corp. | 0.22% | 1,060,351 | $1.2M | Reduce -3.1% |
| INFY Infosys Ltd.-SP ADR | 0.22% | 65,482 | $1.2M | Reduce -0.6% |
| PHYS Sprott Physical Gold Trust | 0.20% | 47,761 | $1.1M | Reduce -0.1% |
| ITUB Itau Unibanco H-Spon PRF ADR | 0.19% | 189,431 | $1.0M | Add +9.9% |
| HLN Haleon PLC-ADR | 0.17% | 93,019 | $953K | Reduce -0.8% |
| USFR Wisdomtree Floating Rate Tre | 0.16% | 17,715 | $892K | Add +156.5% |
| DEO Diageo PLC-Sponsored ADR | 0.15% | 8,075 | $853K | Reduce -2.3% |
| TLK Telkom Indonesia Persero-ADR filed as P T TELEKOMUNIKASI INDONESIA | 0.12% | 43,558 | $658K | New |
| VALE Vale SA-SP ADR | 0.12% | 65,118 | $658K | Add +1.1% |
| GDX Vaneck Gold Miners ETF | 0.11% | 12,793 | $589K | Add +38.5% |
| MELI MercadoLibre Inc. | 0.10% | 289 | $569K | Reduce -0.3% |
| VWOB Vanguard Emerg MKTS Gov BND | 0.10% | 8,785 | $563K | No change |
| JAAA Janus Henderson Aaa Clo ETF | 0.10% | 10,985 | $555K | No change |
| USHY iShares Broad Usd High Yield | 0.10% | 14,875 | $545K | No change |
| PSK SS SPDR Ice Pref Sec ETF | 0.09% | 15,965 | $515K | No change |
| TSM Taiwan Semiconductor-SP ADR | 0.09% | 2,819 | $476K | Reduce -9.3% |
| ENB Enbridge Inc. | 0.08% | 10,250 | $457K | Add +1.4% |
| IAU iShares Gold Trust | 0.07% | 6,620 | $390K | New |
| HYIN Wisdomtree PRV CRD & Alt Inc. | 0.07% | 21,450 | $382K | New |
| XFRAX BlackRock Fltng RT Inc. Strat | 0.07% | 28,200 | $364K | New |
| VZLA Vizsla Silver Corp. | 0.06% | 150,000 | $341K | New |
| BABA Alibaba Group Holding-SP ADR | 0.06% | 2,469 | $331K | New |
| AGI Alamos Gold Inc. Class A | 0.06% | 12,067 | $323K | Add +5.8% |
| GFI Gold Fields Ltd.-Spons ADR | 0.06% | 13,618 | $308K | Add +5.5% |
| RIO Rio Tinto PLC-Spon ADR | 0.05% | 4,875 | $298K | Add +1.4% |
| AG First Majestic Silver Corp. | 0.05% | 41,237 | $275K | Reduce -9.8% |
| ET Energy Transfer LP | 0.04% | 13,210 | $247K | No change |
| SAP Sap SE-Sponsored ADR | 0.04% | 865 | $235K | Reduce -48.5% |
| XOM Exxon Mobil Corp. | 0.04% | 1,900 | $226K | New |
| OHI Omega Healthcare Investors | 0.04% | 5,800 | $222K | No change |
| IFN Aberdeen India Fund Inc. | 0.04% | 14,100 | $221K | New |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.04% | 891 | $221K | New |
| VOD Vodafone Group PLC-SP ADR | 0.03% | 15,291 | $146K | Reduce -30.3% |
| EXK Endeavour Silver Corp. | 0.02% | 27,520 | $106K | No change |
| WIT Wipro Ltd.-ADR | 0.01% | 23,639 | $78K | Add +4.4% |
| CX Cemex Sab-Spons ADR Part Cer | 0.01% | 10,372 | $61K | Reduce -0.8% |
Portfolio Sells Q4 2024 → Q1 2025
| BNS Bank of Nova Scotia | Reduce -23.6% | 1.53% | −1.18 |
| EQX Equinox Gold Corp. | Reduce -48.9% | 1.36% | −0.96 |
| NVO Novo-Nordisk A/S-Spons ADR | Reduce -1.4% | 1.14% | −0.58 |
| UL Unilever PLC | Reduce -1.6% | 2.67% | −0.39 |
| IAG Iamgold Corp. | Reduce -18.6% | 1.30% | −0.28 |
| EMX Emx Royalty Corp. | Reduce -51.4% | 0.26% | −0.28 |
| BP BP PLC-Spons ADR | Reduce -0.9% | 2.24% | −0.15 |
| EQNR Equinor ASA-Spon ADR | Reduce -1.2% | 1.32% | −0.14 |
| IAUX I-80 Gold Corp. | Reduce -17.4% | 0.75% | −0.14 |
| SHEL Shell PLC-ADR | Reduce -1.4% | 2.28% | −0.13 |
| OR Osisko Gold Royalties Ltd. | Reduce -0.6% | 4.17% | −0.11 |
| FEMB First Trust Emerging Markets | Reduce -3.3% | 0.56% | −0.10 |
| NTR Nutrien Ltd. | Reduce -1.6% | 0.96% | −0.10 |
| NVS Novartis AG-Sponsored ADR | Reduce -1.3% | 1.90% | −0.10 |
| INFY Infosys Ltd.-SP ADR | Reduce -0.6% | 0.22% | −0.10 |
| TTE Totalenergies SE -Spon ADR | Reduce -1.6% | 1.93% | −0.07 |
| BCE Bce Inc. | Reduce -2.8% | 0.27% | −0.07 |
| DEO Diageo PLC-Sponsored ADR | Reduce -2.3% | 0.15% | −0.07 |
| IGOV iShares International Treasu | Reduce -3.2% | 0.35% | −0.06 |
| GSK GSK PLC-Spon ADR | Reduce -0.6% | 1.49% | −0.06 |
| SKM SK Telecom Co. Ltd.-Spon ADR | Reduce -2.9% | 0.28% | −0.06 |
| CEF Sprott Physical Gold and Sil | Reduce -1.6% | 1.65% | −0.05 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -9.3% | 0.09% | −0.05 |
| SAP Sap SE-Sponsored ADR | Reduce -48.5% | 0.04% | −0.05 |
| BWX SS SPDR BB Intl Treasury BD | Reduce -3.2% | 0.22% | −0.04 |
| KT KT Corp.-SP ADR | Sold out | 0.00% | −0.04 |
| PM Philip Morris International | Reduce -10.2% | 2.42% | −0.03 |
| WRN Western Copper and Gold Corp. | Reduce -3.1% | 0.22% | −0.03 |
| HLN Haleon PLC-ADR | Reduce -0.8% | 0.17% | −0.02 |
| VOD Vodafone Group PLC-SP ADR | Reduce -30.3% | 0.03% | −0.01 |
| AG First Majestic Silver Corp. | Reduce -9.8% | 0.05% | −0.01 |
| MELI MercadoLibre Inc. | Reduce -0.3% | 0.10% | −0.00 |
| CX Cemex Sab-Spons ADR Part Cer | Reduce -0.8% | 0.01% | −0.00 |
| PHYS Sprott Physical Gold Trust | Reduce -0.1% | 0.20% | −0.00 |
| ABEV Ambev SA-ADR | Reduce -0.9% | 1.36% | +0.09 |
| RGLD Royal Gold Inc. | Reduce -1.3% | 3.41% | +0.10 |
| KGC Kinross Gold Corp. | Reduce -1.7% | 2.52% | +0.19 |
| B Barrick Gold Corp. | Reduce -0.8% | 6.97% | +0.27 |
| PAAS Pan American Silver Corp. | Reduce -1.8% | 6.16% | +0.27 |
| FNV Franco-Nevada Corp. | Reduce -0.5% | 6.49% | +0.66 |
| FSM Fortuna Mining Corp. | Reduce -0.2% | 4.82% | +0.77 |
| AEM Agnico Eagle Mines Ltd. | Reduce -4.3% | 10.22% | +0.95 |
Portfolio Buys Q4 2024 → Q1 2025
| WPM Wheaton Precious Metals Corp. | Add +2.4% | 4.09% | +0.64 |
| NEM Newmont Corp. | Add +9.1% | 3.39% | +0.51 |
| DC Dakota Gold Corp. | Add +80.2% | 0.97% | +0.44 |
| IE Ivanhoe Electric Inc. / US | Add +142.4% | 0.49% | +0.18 |
| TLK Telkom Indonesia Persero-ADR | New | 0.12% | +0.12 |
| USFR Wisdomtree Floating Rate Tre | Add +156.5% | 0.16% | +0.09 |
| IAU iShares Gold Trust | New | 0.07% | +0.07 |
| HYIN Wisdomtree PRV CRD & Alt Inc. | New | 0.07% | +0.07 |
| XFRAX BlackRock Fltng RT Inc. Strat | New | 0.07% | +0.07 |
| VZLA Vizsla Silver Corp. | New | 0.06% | +0.06 |
| BABA Alibaba Group Holding-SP ADR | New | 0.06% | +0.06 |
| XOM Exxon Mobil Corp. | New | 0.04% | +0.04 |
| IFN Aberdeen India Fund Inc. | New | 0.04% | +0.04 |
| IBM Intl Business Machines Corp. | New | 0.04% | +0.04 |
| GDX Vaneck Gold Miners ETF | Add +38.5% | 0.11% | +0.04 |
| OUNZ Vaneck Merk Gold ETF | Add +1.0% | 2.48% | +0.03 |
| MTA Metalla Royalty & Streaming | Add +5.0% | 2.65% | +0.02 |
| BTG B2GOLD Corp. | Add +2.7% | 3.02% | +0.02 |
| GFI Gold Fields Ltd.-Spons ADR | Add +5.5% | 0.06% | +0.02 |
| AGI Alamos Gold Inc. Class A | Add +5.8% | 0.06% | +0.01 |
| PSLV Sprott Physical Silver Trust | Add +1.1% | 0.57% | +0.01 |
| ITUB Itau Unibanco H-Spon PRF ADR | Add +9.9% | 0.19% | +0.00 |
| VALE Vale SA-SP ADR | Add +1.1% | 0.12% | −0.00 |
| WIT Wipro Ltd.-ADR | Add +4.4% | 0.01% | −0.00 |
| NTES Netease Inc.-ADR | Add +0.3% | 0.25% | −0.00 |
| RIO Rio Tinto PLC-Spon ADR | Add +1.4% | 0.05% | −0.01 |
| AQN Algonquin Power & Utilities | Add +0.0% | 0.33% | −0.01 |
| ENB Enbridge Inc. | Add +1.4% | 0.08% | −0.01 |
| YUMC Yum China Holdings Inc. | Add +0.4% | 0.34% | −0.03 |
| BTI British American Tob-SP ADR | Add +0.0% | 4.99% | −0.25 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 96 | $879.5M | AEM, B, FNV, PAAS, MTA |
| Q1 2026 | 96 | $1.0B | AEM, PAAS, B, FNV, FSM |
| Q4 2025Amended | 93 | $900.9M | AEM, B, PAAS, FNV, MTA |
| Q3 2025 | 89 | $828.7M | AEM, B, PAAS, FNV, OR |
| Q2 2025Amended | 84 | $619.9M | AEM, B, PAAS, FNV, BTI |
| Q1 2025 | 79 | $551.1M | AEM, B, FNV, PAAS, BTI |
| Q4 2024 | 71 | $463.9M | AEM, B, PAAS, FNV, BTI |
| Q3 2024 | 75 | $542.5M | AEM, B, PAAS, FNV, BTI |
| Q2 2024 | 68 | $504.8M | AEM, B, PAAS, FNV, FSM |
| Q1 2024 | 72 | $491.4M | AEM, B, FNV, PAAS, BTI |