In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 8, 2026), Fore Capital, LLC reported 16 stock positions worth $15.1 million . Its top holding was Vaneck Gold Miners ETF (GDX) at 42.5% of the portfolio, followed by Ishr Ibx Usd Hiyld CB ETF-Ui (HYG, 26.3% ) and Kranesh Csi China Internet (KWEB, 6.6% ). Compared with Q4 2025, it opened 10 new positions, sold out of 22, added to 1 and reduced 3. The biggest buy was a new position in Vaneck Gold Miners ETF (GDX) and the biggest sale an exit from iShares Gold Trust (IAU).
Location New York, NY
CIK 0001714672
Portfolio Value $15.1M (Q1 2026) Holdings 16 stocks · $15.1M 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 Q4 2025 GDX Vaneck Gold Miners ETF 70,000 $6.4M New HYG Ishr Ibx Usd Hiyld CB ETF-Ui 50,000 $4.0M New KWEB Kranesh Csi China Internet 35,000 $995K New ECH iShares MSCI Chile ETF 20,000 $795K New NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 45,000 $647K Add +28.6% EWZ iShares MSCI Brazil ETF 11,000 $422K New BHC Bausch Health Cos Inc. 70,000 $378K Reduce -41.7% CHYM Chime Financial Inc. Class A 15,000 $281K New CMPS Compass Pathways PLC 45,000 $249K New ATAI Ataibeckley Inc. 60,000 $212K New CNDT Conduent Inc. 150,000 $192K New HELP Cybin Inc. 36,421 $175K Reduce -45.2% TMQ Trilogy Metals Inc. 35,000 $126K New EAF Graftech International Ltd. 12,128 $82K Reduce -65.3% EVO Evotec SE - Spon ADR 31,355 $78K No change CCO Clear Channel Outdoor Holdin 30,000 $71K No change
Options reported separately and not counted above: HYG puts ($61.3M), SPY puts ($45.5M), GDX puts ($6.4M), BHC calls ($2.2M), CNC calls ($982K), MMYT puts ($932K), UNH calls ($812K), MMYT calls ($559K).
Other holdings (8): bonds, preferreds, convertibles and warrants · $27.8M (not counted above) Security Class Shares / Principal Value Change JD.COM INC (JD 0.25 06/01/29) NOTE 0.250% 6/0 · principal 7,000,000 $7.0M No change SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) NOTE 0.500% 8/0 · principal 7,000,000 $6.6M Add +40.0% TRIP.COM GROUP LTD (TCOM 0.75 06/15/29) NOTE 0.750% 6/1 · principal 5,500,000 $5.7M New 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 $2.7M No change ENPHASE ENERGY INC (ENPH 0 03/01/28) NOTE 3/0 · principal 2,000,000 $1.8M No change BILL HOLDINGS INC (BILL 0 04/01/27) NOTE 4/0 · principal 768,000 $743K No change NCL CORPORATION LTD (NCLH 1.125 02/15/27) NOTE 1.125% 2/1 · principal 500,000 $488K No change
Total filed on the 13F, all lines: $42.9M.
Portfolio Sells Q4 2025 → Q1 2026 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 Q4 2025 % Of Portfolio Change To Portfolio ▲ IAU iShares Gold Trust Sold out 0.00% −41.51 CEF Sprott Physical Gold and Sil Sold out 0.00% −12.39 AR Antero Resources Corp. Sold out 0.00% −5.51 ELS Equity Lifestyle Properties Sold out 0.00% −5.21 CRM Salesforce Inc. Sold out 0.00% −3.26 HUM Humana Inc. Sold out 0.00% −2.90 CVE Cenovus Energy Inc. Sold out 0.00% −2.70 CNQ Canadian Natural Resources Sold out 0.00% −2.50 PBR Petroleo Brasileiro-Spon ADR Sold out 0.00% −2.33 OXY Occidental Petroleum Corp. Sold out 0.00% −2.33 VGZ Vista Gold Corp. Sold out 0.00% −1.84 MOH Molina Healthcare Inc. Sold out 0.00% −1.71 GRFS Grifols SA-ADR Sold out 0.00% −1.61 BKR Baker Hughes Co. Sold out 0.00% −1.46 EQT Eqt Corp. Sold out 0.00% −1.32 OSISKO DEVELOPMENT CORP Sold out 0.00% −1.20 EXE Expand Energy Corp. Sold out 0.00% −0.95 RRC Range Resources Corp. Sold out 0.00% −0.87 EAF Graftech International Ltd. Reduce -65.3% 0.54% −0.79 HAL Halliburton Co. Sold out 0.00% −0.69 UAMY United States Antimony Corp. Sold out 0.00% −0.68 MIND MEDICINE MINDMED INC Sold out 0.00% −0.49 HELP Cybin Inc. Reduce -45.2% 1.16% −0.18 OSISKO DEVELOPMENT CORP Sold out 0.00% −0.01 BHC Bausch Health Cos Inc. Reduce -41.7% 2.50% +0.45
Portfolio Buys Q4 2025 → Q1 2026 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 Q4 2025 % Of Portfolio Change To Portfolio ▼ GDX Vaneck Gold Miners ETF New 42.53% +42.53 HYG Ishr Ibx Usd Hiyld CB ETF-Ui New 26.33% +26.33 KWEB Kranesh Csi China Internet New 6.59% +6.59 ECH iShares MSCI Chile ETF New 5.26% +5.26 NU Nu Holdings Ltd./Cayman Isl-A Add +28.6% 4.28% +2.84 EWZ iShares MSCI Brazil ETF New 2.80% +2.80 CHYM Chime Financial Inc. Class A New 1.86% +1.86 CMPS Compass Pathways PLC New 1.65% +1.65 ATAI Ataibeckley Inc. New 1.41% +1.41 CNDT Conduent Inc. New 1.27% +1.27 TMQ Trilogy Metals Inc. New 0.83% +0.83
Options Activity Q4 2025 → Q1 2026 Security Type Change vs Q4 2025 Underlying Shares Value ▼ HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Add +92.6% 770,500 $61.3M GLD SPDR Gold Shares put Sold out 125,000 $49.5Mbefore exit SPY SS SPDR S&P 500 ETF Trust-US put New 70,000 $45.5M SLV iShares Silver Trust call Sold out 595,000 $38.3Mbefore exit QQQ Invesco QQQ Trust Series 1 put Sold out 49,000 $30.1Mbefore exit GLD SPDR Gold Shares call Sold out 70,000 $27.7Mbefore exit GDX Vaneck Gold Miners ETF call Sold out 150,000 $12.9Mbefore exit NVDA Nvidia Corp. put Sold out 40,000 $7.5Mbefore exit GDX Vaneck Gold Miners ETF put Reduce -64.1% 70,000 $6.4M KWEB Kranesh Csi China Internet call Sold out 150,000 $5.1Mbefore exit CRM Salesforce Inc. call Sold out 10,000 $2.6Mbefore exit NU Nu Holdings Ltd./Cayman Isl-A call Sold out 140,000 $2.3Mbefore exit BHC Bausch Health Cos Inc. call Add +233.3% 400,000 $2.2M MIND MEDICINE MINDMED INC call Sold out 80,000 $1.1Mbefore exit CNC Centene Corp. call Reduce -62.5% 30,000 $982K MMYT Makemytrip Ltd. put New 25,000 $932K UNH Unitedhealth Group Inc. call New 3,000 $812K MMYT Makemytrip Ltd. call New 15,000 $559K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2025 → Q1 2026 Security Class Change vs Q4 2025 Shares / Principal Value ▼ ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal Sold out 7,000,000 $10.9Mbefore exit SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) NOTE 0.500% 8/0 · principal Add +40.0% 7,000,000 $6.6M TRIP.COM GROUP LTD (TCOM 0.75 06/15/29) NOTE 0.750% 6/1 · principal New 5,500,000 $5.7M OIL STATES INTL INC (OIS 4.75 04/01/26) NOTE 4.750% 4/0 · principal Sold out 3,000,000 $3.0Mbefore exit IAUX.WS I-80 Gold Corp. -26 *W EXP 11/16/202 Sold out 1,055,000 $971Kbefore exit
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