Fore Capital, LLC

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 13, 2025), Fore Capital, LLC reported 35 stock positions worth $37.5 million. Its top holding was iShares Gold Trust (IAU) at 32.7% of the portfolio, followed by Sprott Physical Gold and Sil (CEF, 8.3%) and Sprott Physical Silver Trust (PSLV, 7.4%). Compared with Q4 2024, it opened 16 new positions, sold out of 3, added to 9 and reduced 2. The biggest buy was a new position in Kranesh Csi China Internet (KWEB) and the biggest sale Vici Properties (VICI, shares −37%).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0001714672
Portfolio Value
$37.5M (Q1 2025)
SEC Filing
0001714672-25-000002 ↗ filed May 13, 2025

Holdings Value

0$10.0M$20.0M$30.0M$40.0M$50.0M Q1 2024: $16.1M Q1 2024 Q2 2024: $28.2M Q2 2024 Q3 2024: $23.1M Q3 2024 Q4 2024: $29.1M Q4 2024 Q1 2025: $37.5M $37.5M Q1 2025 Q2 2025: $26.9M Q2 2025 Q3 2025: $39.6M Q3 2025 Q4 2025: $40.7M Q4 2025 Q1 2026: $15.1M Q1 2026 Q2 2026: $31.7M Q2 2026

Holdings 35 stocks · $37.5M
IAU iShares Gold Trust 32.67% 208,000 $12.3M No change
CEF Sprott Physical Gold and Sil 8.32% 110,000 $3.1M No change
PSLV Sprott Physical Silver Trust 7.42% 240,000 $2.8M No change
VICI Vici Properties Inc. filed as VICI PPTYS INC 5.21% 60,000 $2.0M Reduce -36.8%
LH Labcorp Holdings Inc. 5.21% 8,400 $2.0M Add +42.4%
KWEB Kranesh Csi China Internet 5.21% 56,000 $2.0M New
ELS Equity Lifestyle Properties 4.26% 24,000 $1.6M Add +20.0%
CNC Centene Corp. 4.04% 25,000 $1.5M Add +25.0%
SILJ Amplify Junior Silver Miners 3.07% 95,000 $1.2M New
ACHC Acadia Healthcare Co. Inc. 2.75% 34,000 $1.0M Add +13.3%
FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD 2.45% 9,000 $921K New
QFIN Qfin Holdings Inc.-ADR filed as QIFU TECHNOLOGY INC 2.39% 20,000 $898K New
ATAT Atour Lifestyle Holdings-ADR 1.89% 25,000 $709K Add +25.0%
PGEN Precigen Inc. 1.56% 391,811 $584K No change
CCO Clear Channel Outdoor Holdin 1.39% 470,000 $522K Add +27.5%
CDE Coeur Mining Inc. 1.10% 70,000 $414K New
HL Hecla Mining Co. 1.04% 70,000 $389K New
PAAS Pan American Silver Corp. 1.03% 15,000 $387K New
MAG Mag Silver Corp. 1.02% 25,000 $382K New
EAF Graftech International Ltd. 0.95% 410,000 $359K Add +141.2%
SBSW Sibanye-Stillwater Ltd.-ADR 0.85% 70,000 $321K New
AZUL S A 0.83% 190,000 $312K Add +90.0%
CTEV Claritev Corp. 0.82% 14,875 $307K No change
AG First Majestic Silver Corp. 0.71% 40,000 $268K New
MIND MEDICINE MINDMED INC 0.62% 40,000 $234K Add +6.6%
SA Seabridge Gold Inc. 0.56% 18,007 $210K New
HELP Cybin Inc. 0.53% 31,421 $199K No change
UEC Uranium Energy Corp. 0.38% 30,000 $143K New
DNN Denison Mines Corp. 0.35% 100,000 $130K New
DADA Dada Nexus Ltd.-ADR 0.34% 70,000 $130K No change
GRFS Grifols SA-ADR 0.28% 15,000 $107K Reduce -88.5%
CMPS Compass Pathways PLC 0.27% 35,000 $100K No change
PLL Piedmont Lithium Inc. 0.25% 15,000 $95K New
EVO Evotec SE - Spon ADR 0.15% 17,005 $57K New
OSISKO DEVELOPMENT CORP 0.06% 15,000 $22K New

Options reported separately and not counted above: SLV calls ($62.6M), KWEB calls ($10.1M), LH calls ($4.7M), ACHC calls ($3.9M), SA calls ($1.9M), CNC calls ($1.5M), JD calls ($822K).

Other holdings (13): bonds, preferreds, convertibles and warrants · $46.1M (not counted above)
SecurityClassShares / PrincipalValueChange
NCL CORPORATION LTD (NCLH 1.125 02/15/27) NOTE 1.125% 2/1 · principal 6,000,000$5.8MAdd +100.0%
ZTO EXPRESS KY INC (ZTO 1.5 09/01/27) NOTE 1.500% 9/0 · principal 5,000,000$5.0MAdd +66.7%
CONMED CORP (CNMD 2.25 06/15/27) NOTE 2.250% 6/1 · principal 5,000,000$4.7MReduce -28.6%
ETSY INC (ETSY 0.25 06/15/28) NOTE 0.250% 6/1 · principal 5,000,000$4.3MNo change
FIVE9 INC (FIVN 1 03/15/29) NOTE 1.000% 3/1 · principal 4,500,000$3.9MNew
BILL HOLDINGS INC (BILL 0 04/01/27) NOTE 4/0 · principal 4,500,000$3.7MAdd +125.0%
LITHIUM ARGENTINA AG (LARCN 1.75 01/15/27) NOTE 1.750% 1/1 · principal 4,060,000$3.4MNo change
H WORLD GROUP LTD (HTHT 3 05/01/26) NOTE 3.000% 5/0 · principal 3,000,000$3.4MNo change
OIL STATES INTL INC (OIS 4.75 04/01/26) NOTE 4.750% 4/0 · principal 3,000,000$2.9MNo change
OKTA INC (OKTA 0.375 06/15/26) NOTE 0.375% 6/1 · principal 3,000,000$2.9MNo change
RAPID7 INC (RPD 1.25 03/15/29) NOTE 1.250% 3/1 · principal 3,000,000$2.6MNew
GUARDANT HEALTH INC (GH 0 11/15/27) NOTE 11/1 · principal 2,500,000$2.2MNo change
FIRST MAJESTIC SILVER (AGCN 0.375 01/15/27) NOTE 0.375% 1/1 · principal 1,500,000$1.4MNo change

Total filed on the 13F, all lines: $83.7M.

Portfolio Sells Q4 2024 → Q1 2025
VICI Vici Properties Inc. Reduce -36.8% 5.21% −4.32
BLCO Bausch + Lomb Corp. Sold out 0.00% −3.58
PRGO Perrigo Co. PLC Sold out 0.00% −3.36
GRFS Grifols SA-ADR Reduce -88.5% 0.28% −3.04
CTGO Contango Silver & Gold Inc. Sold out 0.00% −0.38

Portfolio Buys Q4 2024 → Q1 2025
KWEB Kranesh Csi China Internet New 5.21% +5.21
SILJ Amplify Junior Silver Miners New 3.07% +3.07
FUTU Futu Holdings Ltd.-ADR New 2.45% +2.45
QFIN Qfin Holdings Inc.-ADR New 2.39% +2.39
CDE Coeur Mining Inc. New 1.10% +1.10
HL Hecla Mining Co. New 1.04% +1.04
PAAS Pan American Silver Corp. New 1.03% +1.03
MAG Mag Silver Corp. New 1.02% +1.02
SBSW Sibanye-Stillwater Ltd.-ADR New 0.85% +0.85
AG First Majestic Silver Corp. New 0.71% +0.71
SA Seabridge Gold Inc. New 0.56% +0.56
LH Labcorp Holdings Inc. Add +42.4% 5.21% +0.56
UEC Uranium Energy Corp. New 0.38% +0.38
DNN Denison Mines Corp. New 0.35% +0.35
AZUL S A Add +90.0% 0.83% +0.26
PLL Piedmont Lithium Inc. New 0.25% +0.25
EVO Evotec SE - Spon ADR New 0.15% +0.15
OSISKO DEVELOPMENT CORP New 0.06% +0.06
ATAT Atour Lifestyle Holdings-ADR Add +25.0% 1.89% +0.04
EAF Graftech International Ltd. Add +141.2% 0.95% −0.06
CNC Centene Corp. Add +25.0% 4.04% −0.12
MIND MEDICINE MINDMED INC Add +6.6% 0.62% −0.27
ELS Equity Lifestyle Properties Add +20.0% 4.26% −0.31
CCO Clear Channel Outdoor Holdin Add +27.5% 1.39% −0.35
ACHC Acadia Healthcare Co. Inc. Add +13.3% 2.75% −1.34

Options Activity Q4 2024 → Q1 2025
SPY SS SPDR S&P 500 ETF Trust-US put Sold out 135,000 $79.1Mbefore exit
SLV iShares Silver Trust call Add +6.3% 2,020,000 $62.6M
TLTW iShares 20+ Bond Buywrite call Sold out 260,000 $22.7Mbefore exit
GDX Vaneck Gold Miners ETF call Sold out 400,000 $13.6Mbefore exit
KWEB Kranesh Csi China Internet call Reduce -10.8% 290,000 $10.1M
LH Labcorp Holdings Inc. call New 20,000 $4.7M
ACHC Acadia Healthcare Co. Inc. call New 130,000 $3.9M
EEM iShares MSCI Emerging Market call Sold out 90,000 $3.8Mbefore exit
SA Seabridge Gold Inc. call New 160,000 $1.9M
JD Jd.com Inc.-ADR put Sold out 50,000 $1.7Mbefore exit
CNC Centene Corp. call New 25,000 $1.5M
JD Jd.com Inc.-ADR call New 20,000 $822K
MIND MEDICINE MINDMED INC call Sold out 75,000 $522Kbefore exit

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

Notes & Other Activity Q4 2024 → Q1 2025
NCL CORPORATION LTD (NCLH 1.125 02/15/27) NOTE 1.125% 2/1 · principal Add +100.0% 6,000,000 $5.8M
ZTO EXPRESS KY INC (ZTO 1.5 09/01/27) NOTE 1.500% 9/0 · principal Add +66.7% 5,000,000 $5.0M
CONMED CORP (CNMD 2.25 06/15/27) NOTE 2.250% 6/1 · principal Reduce -28.6% 5,000,000 $4.7M
FIVE9 INC (FIVN 1 03/15/29) NOTE 1.000% 3/1 · principal New 4,500,000 $3.9M
CHEGG INC (CHGG 0 09/01/26) NOTE 9/0 · principal Sold out 4,500,000 $3.7Mbefore exit
BILL HOLDINGS INC (BILL 0 04/01/27) NOTE 4/0 · principal Add +125.0% 4,500,000 $3.7M
PDD HOLDINGS INC (PDD 0 12/01/25) NOTE 12/0 · principal Sold out 3,000,000 $2.9Mbefore exit
RAPID7 INC (RPD 0.25 03/15/27) NOTE 0.250% 3/1 · principal Sold out 3,000,000 $2.8Mbefore exit
RAPID7 INC (RPD 1.25 03/15/29) NOTE 1.250% 3/1 · principal New 3,000,000 $2.6M
HAEMONETICS CORP (HAE 0 03/01/26) NOTE 3/0 · principal Sold out 2,703,000 $2.6Mbefore exit
UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) NOTE 0.875%12/0 · principal Sold out 2,000,000 $2.2Mbefore exit
DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26) NOTE 12/0 · principal Sold out 2,000,000 $1.8Mbefore exit
WOLF Wolfspeed Inc. (wolf 1.75 05/01/26) NOTE 1.750% 5/0 · principal Sold out 1,000,000 $890Kbefore exit
WOLF Wolfspeed Inc. (wolf 0.25 02/15/28) NOTE 0.250% 2/1 · principal Sold out 1,551,000 $722Kbefore exit
WOLF Wolfspeed Inc. (wolf 1.875 12/01/29) NOTE 1.875%12/0 · principal Sold out 1,000,000 $419Kbefore exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 35$31.7MGDX, XLV, TCOM, ECH, EXE
Q1 2026 16$15.1MGDX, HYG, KWEB, ECH, NU
Q4 2025 28$40.7MIAU, CEF, AR, ELS, CRM
Q3 2025 29$39.6MIAU, CEF, XLV, ELS, NVO
Q2 2025 22$26.9MIAU, CEF, KWEB, PRGO, EWZ
Q1 2025 35$37.5MIAU, CEF, PSLV, VICI, LH
Q4 2024 22$29.1MIAU, VICI, CEF, PSLV, LH
Q3 2024 22$23.1MIAU, SLV, CEF, XBI, XLV
Q2 2024 30$28.2MIAU, CEF, VNQ, PSQ, NUGT
Q1 2024 22$16.1MIAU, CEF, VICI, DAL, HUM