In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 11, 2026), Fore Capital, LLC reported 28 stock positions worth $40.7 million . Its top holding was iShares Gold Trust (IAU) at 41.5% of the portfolio, followed by Sprott Physical Gold and Sil (CEF, 12.4% ) and Antero Resources (AR, 5.5% ). Compared with Q3 2025, it opened 14 new positions, sold out of 15, added to 7 and reduced 5. The biggest buy was a new position in Antero Resources (AR) and the biggest sale an exit from SS Health Care Select Sector (XLV).
Location New York, NY
CIK 0001714672
Portfolio Value $40.7M (Q4 2025) Holdings 28 stocks · $40.7M 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 Q3 2025 IAU iShares Gold Trust 208,000 $16.9M No change CEF Sprott Physical Gold and Sil 110,000 $5.0M No change AR Antero Resources Corp. 65,000 $2.2M New ELS Equity Lifestyle Properties 35,000 $2.1M Add +9.7% CRM Salesforce Inc. 5,000 $1.3M Add +53.9% HUM Humana Inc. 4,600 $1.2M Add +119.0% CVE Cenovus Energy Inc. 65,000 $1.1M New CNQ Canadian Natural Resources 30,000 $1.0M New PBR Petroleo Brasileiro-Spon ADR 80,000 $948K New OXY Occidental Petroleum Corp. 23,000 $946K New BHC Bausch Health Cos Inc. 120,000 $834K Add +33.3% VGZ Vista Gold Corp. 380,000 $748K New MOH Molina Healthcare Inc. 4,000 $694K Reduce -50.0% GRFS Grifols SA-ADR 70,000 $655K Add +133.3% BKR Baker Hughes Co. 13,000 $592K New NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 35,000 $586K New HELP Cybin Inc. 66,421 $543K Reduce -7.0% EAF Graftech International Ltd. 35,000 $543K Reduce -23.9% EQT Eqt Corp. 10,000 $536K New OSISKO DEVELOPMENT CORP 140,000 $489K Add +833.3% EXE Expand Energy Corp. 3,500 $386K New RRC Range Resources Corp. 10,000 $353K New HAL Halliburton Co. 10,000 $283K New UAMY United States Antimony Corp. 55,000 $276K New MIND MEDICINE MINDMED INC 15,000 $201K Reduce -57.1% EVO Evotec SE - Spon ADR 31,355 $97K New CCO Clear Channel Outdoor Holdin 30,000 $66K Reduce -92.7% OSISKO DEVELOPMENT CORP 24,999 $2K Add +66.7%
Options reported separately and not counted above: GLD puts ($49.5M), SLV calls ($38.3M), HYG puts ($32.3M), QQQ puts ($30.1M), GLD calls ($27.7M), GDX puts ($16.7M), GDX calls ($12.9M), NVDA puts ($7.5M), KWEB calls ($5.1M), CNC calls ($3.3M), CRM calls ($2.6M), NU calls ($2.3M), and 2 more.
Other holdings (10): bonds, preferreds, convertibles and warrants · $35.0M (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 $10.9M No change JD.COM INC (JD 0.25 06/01/29) NOTE 0.250% 6/0 · principal 7,000,000 $7.0M Add +366.7% SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) NOTE 0.500% 8/0 · principal 5,000,000 $4.8M Add +400.0% OIL STATES INTL INC (OIS 4.75 04/01/26) NOTE 4.750% 4/0 · principal 3,000,000 $3.0M No change NEOGENOMICS INC (NEO 0.25 01/15/28) NOTE 0.250% 1/1 · principal 3,000,000 $2.7M No change LITHIUM ARGENTINA AG (LARCN 1.75 01/15/27) NOTE 1.750% 1/1 · principal 2,860,000 $2.6M No change ENPHASE ENERGY INC (ENPH 0 03/01/28) NOTE 3/0 · principal 2,000,000 $1.7M No change IAUX.WS I-80 Gold Corp. -26 *W EXP 11/16/202 1,055,000 $971K Reduce -8.7% BILL HOLDINGS INC (BILL 0 04/01/27) NOTE 4/0 · principal 768,000 $729K No change NCL CORPORATION LTD (NCLH 1.125 02/15/27) NOTE 1.125% 2/1 · principal 500,000 $500K New
Total filed on the 13F, all lines: $75.7M.
Portfolio Sells Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▲ XLV SS Health Care Select Sector Sold out 0.00% −4.93 NVO Novo-Nordisk A/S-Spons ADR Sold out 0.00% −4.07 OSCR Oscar Health Inc. Class A Sold out 0.00% −3.59 ELV Elevance Health Inc. Sold out 0.00% −3.27 CNC Centene Corp. Sold out 0.00% −3.16 PPTA Perpetua Resources Corp. Sold out 0.00% −2.56 MOH Molina Healthcare Inc. Reduce -50.0% 1.71% −2.16 VZLA Vizsla Silver Corp. Sold out 0.00% −2.13 VICI Vici Properties Inc. Sold out 0.00% −2.06 CCO Clear Channel Outdoor Holdin Reduce -92.7% 0.16% −1.47 IQV Iqvia Holdings Inc. Sold out 0.00% −1.25 CHYM Chime Financial Inc. Class A Sold out 0.00% −1.22 OKTA Okta Inc. Sold out 0.00% −1.22 MELI MercadoLibre Inc. Sold out 0.00% −0.77 ARGT Global X MSCI Argentina ETF Sold out 0.00% −0.71 UROY Uranium Royalty Corp. Sold out 0.00% −0.65 MIND MEDICINE MINDMED INC Reduce -57.1% 0.49% −0.55 NG Novagold Resources Inc. Sold out 0.00% −0.22 EAF Graftech International Ltd. Reduce -23.9% 1.33% −0.16 HELP Cybin Inc. Reduce -7.0% 1.34% +0.27
Portfolio Buys Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▼ AR Antero Resources Corp. New 5.51% +5.51 CVE Cenovus Energy Inc. New 2.70% +2.70 CNQ Canadian Natural Resources New 2.50% +2.50 PBR Petroleo Brasileiro-Spon ADR New 2.33% +2.33 OXY Occidental Petroleum Corp. New 2.33% +2.33 VGZ Vista Gold Corp. New 1.84% +1.84 HUM Humana Inc. Add +119.0% 2.90% +1.52 BKR Baker Hughes Co. New 1.46% +1.46 NU Nu Holdings Ltd./Cayman Isl-A New 1.44% +1.44 EQT Eqt Corp. New 1.32% +1.32 CRM Salesforce Inc. Add +53.9% 3.26% +1.31 OSISKO DEVELOPMENT CORP Add +833.3% 1.20% +1.07 EXE Expand Energy Corp. New 0.95% +0.95 RRC Range Resources Corp. New 0.87% +0.87 GRFS Grifols SA-ADR Add +133.3% 1.61% +0.85 HAL Halliburton Co. New 0.69% +0.69 UAMY United States Antimony Corp. New 0.68% +0.68 BHC Bausch Health Cos Inc. Add +33.3% 2.05% +0.58 ELS Equity Lifestyle Properties Add +9.7% 5.21% +0.32 EVO Evotec SE - Spon ADR New 0.24% +0.24 OSISKO DEVELOPMENT CORP Add +66.7% 0.01% −0.05
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Sold out 95,000 $63.3Mbefore exit GLD SPDR Gold Shares put Add +150.0% 125,000 $49.5M SLV iShares Silver Trust call Reduce -68.1% 595,000 $38.3M HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Reduce -38.5% 400,000 $32.3M QQQ Invesco QQQ Trust Series 1 put Add +13.9% 49,000 $30.1M GLD SPDR Gold Shares call New 70,000 $27.7M GDX Vaneck Gold Miners ETF put Add +95.0% 195,000 $16.7M GDX Vaneck Gold Miners ETF call New 150,000 $12.9M NVDA Nvidia Corp. put Add +87.8% 40,000 $7.5M KWEB Kranesh Csi China Internet call New 150,000 $5.1M IBIT iShares Bitcoin Trust ETF put Sold out 75,000 $4.9Mbefore exit IBIT iShares Bitcoin Trust ETF call Sold out 60,000 $3.9Mbefore exit CNC Centene Corp. call Reduce -5.9% 80,000 $3.3M CRM Salesforce Inc. call New 10,000 $2.6M NU Nu Holdings Ltd./Cayman Isl-A call Add +100.0% 140,000 $2.3M NVO Novo-Nordisk A/S-Spons ADR put Sold out 35,000 $1.9Mbefore exit QFIN Qfin Holdings Inc.-ADR put Sold out 60,000 $1.7Mbefore exit MIND MEDICINE MINDMED INC call Reduce -5.9% 80,000 $1.1M BHC Bausch Health Cos Inc. call New 120,000 $834K NU Nu Holdings Ltd./Cayman Isl-A put Sold out 50,000 $801Kbefore exit MOH Molina Healthcare Inc. call Sold out 3,500 $670Kbefore exit OSCR Oscar Health Inc. Class A call Sold out 35,000 $663Kbefore exit CHYM Chime Financial Inc. Class A put Sold out 20,000 $403Kbefore exit ARGT Global X MSCI Argentina ETF put Sold out 5,300 $370Kbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2025 → Q4 2025 Security Class Change vs Q3 2025 Shares / Principal Value ▼ JD.COM INC (JD 0.25 06/01/29) NOTE 0.250% 6/0 · principal Add +366.7% 7,000,000 $7.0M ETSY INC (ETSY 0.25 06/15/28) NOTE 0.250% 6/1 · principal Sold out 7,000,000 $6.2Mbefore exit SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) NOTE 0.500% 8/0 · principal Add +400.0% 5,000,000 $4.8M RAPID7 INC (RPD 1.25 03/15/29) NOTE 1.250% 3/1 · principal Sold out 3,000,000 $2.7Mbefore exit SHIFT4 PAYMENTS INC (FOUR 0 12/15/25) NOTE 12/1 · principal Sold out 2,000,000 $2.1Mbefore exit HAEMONETICS CORP (HAE 2.5 06/01/29) NOTE 2.500% 6/0 · principal Sold out 2,000,000 $1.9Mbefore exit IAUX.WS I-80 Gold Corp. -26 *W EXP 11/16/202 Reduce -8.7% 1,055,000 $971K NCL CORPORATION LTD (NCLH 1.125 02/15/27) NOTE 1.125% 2/1 · principal New 500,000 $500K
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