In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Fore Capital, LLC reported 29 stock positions worth $39.6 million . Its top holding was iShares Gold Trust (IAU) at 38.3% of the portfolio, followed by Sprott Physical Gold and Sil (CEF, 10.2% ) and SS Health Care Select Sector (XLV, 4.9% ). Compared with Q2 2025, it opened 16 new positions, sold out of 9, added to 4 and reduced 1. The biggest buy was a new position in SS Health Care Select Sector (XLV) and the biggest sale an exit from Kranesh Csi China Internet (KWEB).
Location New York, NY
CIK 0001714672
Portfolio Value $39.6M (Q3 2025) Holdings 29 stocks · $39.6M 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 Q2 2025 IAU iShares Gold Trust 208,000 $15.1M No change CEF Sprott Physical Gold and Sil 110,000 $4.0M No change XLV SS Health Care Select Sector 14,000 $1.9M New ELS Equity Lifestyle Properties 31,911 $1.9M New NVO Novo-Nordisk A/S-Spons ADR 29,000 $1.6M New MOH Molina Healthcare Inc. 8,000 $1.5M New OSCR Oscar Health Inc. Class A 75,000 $1.4M New ELV Elevance Health Inc. 4,000 $1.3M New CNC Centene Corp. 35,000 $1.2M New PPTA Perpetua Resources Corp. 50,000 $1.0M Add +19.1% VZLA Vizsla Silver Corp. 195,000 $842K Add +11.4% VICI Vici Properties Inc. filed as VICI PPTYS INC 25,000 $815K New CRM Salesforce Inc. 3,250 $770K New CCO Clear Channel Outdoor Holdin 410,000 $648K No change EAF Graftech International Ltd. 46,000 $590K No change BHC Bausch Health Cos Inc. 90,000 $581K New HUM Humana Inc. 2,100 $546K New IQV Iqvia Holdings Inc. 2,600 $494K New CHYM Chime Financial Inc. Class A 24,000 $484K Add +118.2% OKTA Okta Inc. 5,250 $481K New HELP Cybin Inc. 71,421 $421K Add +127.3% MIND MEDICINE MINDMED INC 35,000 $413K No change MELI MercadoLibre Inc. 130 $304K New GRFS Grifols SA-ADR 30,000 $299K No change ARGT Global X MSCI Argentina ETF 4,000 $279K New UROY Uranium Royalty Corp. 60,000 $258K New NG Novagold Resources Inc. 10,000 $88K Reduce -95.2% OSISKO DEVELOPMENT CORP 15,000 $51K No change OSISKO DEVELOPMENT CORP 15,000 $21K No change
Options reported separately and not counted above: SLV calls ($79.0M), SPY puts ($63.3M), HYG puts ($52.8M), QQQ puts ($25.8M), GLD puts ($17.8M), GDX puts ($6.4M), IBIT puts ($4.9M), NVDA puts ($4.0M), IBIT calls ($3.9M), CNC calls ($3.0M), NVO puts ($1.9M), QFIN puts ($1.7M), and 7 more.
Other holdings (13): bonds, preferreds, convertibles and warrants · $39.4M (not counted above) Security Class Shares / Principal Value Change ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal 7,000,000 $12.9M New ETSY INC (ETSY 0.25 06/15/28) NOTE 0.250% 6/1 · principal 7,000,000 $6.2M No change OIL STATES INTL INC (OIS 4.75 04/01/26) NOTE 4.750% 4/0 · principal 3,000,000 $3.0M No change RAPID7 INC (RPD 1.25 03/15/29) NOTE 1.250% 3/1 · principal 3,000,000 $2.7M No change NEOGENOMICS INC (NEO 0.25 01/15/28) NOTE 0.250% 1/1 · principal 3,000,000 $2.6M New LITHIUM ARGENTINA AG (LARCN 1.75 01/15/27) NOTE 1.750% 1/1 · principal 2,860,000 $2.6M Reduce -29.6% SHIFT4 PAYMENTS INC (FOUR 0 12/15/25) NOTE 12/1 · principal 2,000,000 $2.1M New HAEMONETICS CORP (HAE 2.5 06/01/29) NOTE 2.500% 6/0 · principal 2,000,000 $1.9M New ENPHASE ENERGY INC (ENPH 0 03/01/28) NOTE 3/0 · principal 2,000,000 $1.7M New JD.COM INC (JD 0.25 06/01/29) NOTE 0.250% 6/0 · principal 1,500,000 $1.6M New SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) NOTE 0.500% 8/0 · principal 1,000,000 $987K New BILL HOLDINGS INC (BILL 0 04/01/27) NOTE 4/0 · principal 768,000 $717K Add +2.1% IAUX.WS I-80 Gold Corp. -26 *W EXP 11/16/202 1,155,000 $520K New
Total filed on the 13F, all lines: $78.9M.
Portfolio Sells Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▲ KWEB Kranesh Csi China Internet Sold out 0.00% −8.95 PRGO Perrigo Co. PLC Sold out 0.00% −4.13 EWZ iShares MSCI Brazil ETF Sold out 0.00% −3.76 NG Novagold Resources Inc. Reduce -95.2% 0.22% −2.98 WBD Warner Bros Discovery Inc. Sold out 0.00% −2.13 PGEN Precigen Inc. Sold out 0.00% −1.81 FUTU Futu Holdings Ltd.-ADR Sold out 0.00% −1.61 QFIN Qfin Holdings Inc.-ADR Sold out 0.00% −1.13 PAM Pampa Energia SA-Spon ADR Sold out 0.00% −0.78 CMPS Compass Pathways PLC Sold out 0.00% −0.21
Portfolio Buys Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▼ XLV SS Health Care Select Sector New 4.93% +4.93 ELS Equity Lifestyle Properties New 4.90% +4.90 NVO Novo-Nordisk A/S-Spons ADR New 4.07% +4.07 MOH Molina Healthcare Inc. New 3.87% +3.87 OSCR Oscar Health Inc. Class A New 3.59% +3.59 ELV Elevance Health Inc. New 3.27% +3.27 CNC Centene Corp. New 3.16% +3.16 VICI Vici Properties Inc. New 2.06% +2.06 CRM Salesforce Inc. New 1.95% +1.95 BHC Bausch Health Cos Inc. New 1.47% +1.47 HUM Humana Inc. New 1.38% +1.38 IQV Iqvia Holdings Inc. New 1.25% +1.25 OKTA Okta Inc. New 1.22% +1.22 MELI MercadoLibre Inc. New 0.77% +0.77 ARGT Global X MSCI Argentina ETF New 0.71% +0.71 PPTA Perpetua Resources Corp. Add +19.1% 2.56% +0.66 UROY Uranium Royalty Corp. New 0.65% +0.65 VZLA Vizsla Silver Corp. Add +11.4% 2.13% +0.21 HELP Cybin Inc. Add +127.3% 1.06% +0.08 CHYM Chime Financial Inc. Class A Add +118.2% 1.22% −0.19
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ SLV iShares Silver Trust call Reduce -28.1% 1,865,000 $79.0M SPY SS SPDR S&P 500 ETF Trust-US put Reduce -5.0% 95,000 $63.3M HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Add +550.0% 650,000 $52.8M QQQ Invesco QQQ Trust Series 1 put New 43,000 $25.8M GLD SPDR Gold Shares put Reduce -66.7% 50,000 $17.8M GDX Vaneck Gold Miners ETF put Reduce -31.0% 100,000 $6.4M IBIT iShares Bitcoin Trust ETF put New 75,000 $4.9M NVDA Nvidia Corp. put New 21,300 $4.0M IBIT iShares Bitcoin Trust ETF call Reduce -79.3% 60,000 $3.9M CNC Centene Corp. call New 85,000 $3.0M EWZ iShares MSCI Brazil ETF call Sold out 70,000 $2.0Mbefore exit NVO Novo-Nordisk A/S-Spons ADR put New 35,000 $1.9M QFIN Qfin Holdings Inc.-ADR put New 60,000 $1.7M NU Nu Holdings Ltd./Cayman Isl-A call New 70,000 $1.1M MIND MEDICINE MINDMED INC call Add +54.5% 85,000 $1.0M NU Nu Holdings Ltd./Cayman Isl-A put New 50,000 $801K MOH Molina Healthcare Inc. call New 3,500 $670K OSCR Oscar Health Inc. Class A call Reduce -63.2% 35,000 $663K CHYM Chime Financial Inc. Class A put New 20,000 $403K ARGT Global X MSCI Argentina ETF put New 5,300 $370K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2025 → Q3 2025 Security Class Change vs Q2 2025 Shares / Principal Value ▼ ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal New 7,000,000 $12.9M ZTO EXPRESS KY INC (ZTO 1.5 09/01/27) NOTE 1.500% 9/0 · principal Sold out 5,000,000 $5.0Mbefore exit GUARDANT HEALTH INC (GH 0 11/15/27) NOTE 11/1 · principal Sold out 3,000,000 $2.7Mbefore exit NEOGENOMICS INC (NEO 0.25 01/15/28) NOTE 0.250% 1/1 · principal New 3,000,000 $2.6M LITHIUM ARGENTINA AG (LARCN 1.75 01/15/27) NOTE 1.750% 1/1 · principal Reduce -29.6% 2,860,000 $2.6M SHIFT4 PAYMENTS INC (FOUR 0 12/15/25) NOTE 12/1 · principal New 2,000,000 $2.1M HAEMONETICS CORP (HAE 2.5 06/01/29) NOTE 2.500% 6/0 · principal New 2,000,000 $1.9M ENPHASE ENERGY INC (ENPH 0 03/01/28) NOTE 3/0 · principal New 2,000,000 $1.7M JD.COM INC (JD 0.25 06/01/29) NOTE 0.250% 6/0 · principal New 1,500,000 $1.6M SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) NOTE 0.500% 8/0 · principal New 1,000,000 $987K BILL HOLDINGS INC (BILL 0 04/01/27) NOTE 4/0 · principal Add +2.1% 768,000 $717K IAUX.WS I-80 Gold Corp. -26 *W EXP 11/16/202 New 1,155,000 $520K
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 35 $31.7M GDX, XLV, TCOM, ECH, EXE Q1 2026 16 $15.1M GDX, HYG, KWEB, ECH, NU Q4 2025 28 $40.7M IAU, CEF, AR, ELS, CRM Q3 2025 29 $39.6M IAU, CEF, XLV, ELS, NVO Q2 2025 22 $26.9M IAU, CEF, KWEB, PRGO, EWZ Q1 2025 35 $37.5M IAU, CEF, PSLV, VICI, LH Q4 2024 22 $29.1M IAU, VICI, CEF, PSLV, LH Q3 2024 22 $23.1M IAU, SLV, CEF, XBI, XLV Q2 2024 30 $28.2M IAU, CEF, VNQ, PSQ, NUGT Q1 2024 22 $16.1M IAU, CEF, VICI, DAL, HUM