Foundation Resource Management Inc.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 14, 2025), Foundation Resource Management Inc. reported 51 stock positions worth $696.0 million. Its top holding was Berkshire Hathaway Class B (BRK.B) at 7.0% of the portfolio, followed by Newmont (NEM, 6.9%) and Exxon Mobil (XOM, 6.8%). Compared with Q2 2025, it opened 3 new positions, sold out of 2, added to 34 and reduced 9. The biggest buy was a new position in LKQ (LKQ) and the biggest sale Cameco (CCJ, shares −78%).
- Most Recent 13F
- Q2 2026
- Location
- LITTLE ROCK, AR
- CIK
- 0001179232
- Portfolio Value
- $696.0M (Q3 2025)
- SEC Filing
- 0001179232-25-000010 ↗ filed Oct 14, 2025
Holdings Value
Holdings 51 stocks · $696.0M
| BRK.B Berkshire Hathaway Inc. Class B | 6.98% | 96,594 | $48.6M | Add +0.0% |
| NEM Newmont Corp. | 6.94% | 573,053 | $48.3M | Reduce -15.6% |
| XOM Exxon Mobil Corp. | 6.81% | 420,628 | $47.4M | Add +0.6% |
| TECK Teck Resources Ltd.-CLS B | 6.00% | 951,919 | $41.8M | Add +0.3% |
| CVX Chevron Corp. | 5.20% | 232,982 | $36.2M | Add +0.7% |
| AEM Agnico Eagle Mines Ltd. | 5.14% | 212,049 | $35.7M | Reduce -30.0% |
| DG Dollar General Corp. | 4.21% | 283,634 | $29.3M | Add +0.6% |
| VZ Verizon Communications Inc. | 3.93% | 622,441 | $27.4M | Add +1.0% |
| COP Conocophillips | 3.87% | 284,450 | $26.9M | Add +0.6% |
| PFE Pfizer Inc. | 3.31% | 903,641 | $23.0M | Add +1.2% |
| MOS The Mosaic Co. | 3.20% | 643,147 | $22.3M | Add +0.4% |
| FHI Federated Hermes Inc. | 2.96% | 396,828 | $20.6M | Reduce -0.4% |
| B Barrick Mining Corp. | 2.82% | 597,996 | $19.6M | Add +0.4% |
| INTC Intel Corp. | 2.57% | 532,473 | $17.9M | Add +1.4% |
| LKQ LKQ Corp. | 2.55% | 580,193 | $17.7M | New |
| MRK Merck & Co. Inc. | 2.30% | 190,778 | $16.0M | Add +1.2% |
| ABEV Ambev SA-ADR | 2.21% | 6,883,476 | $15.4M | Add +0.8% |
| BEN Franklin Templeton Inc. | 1.94% | 585,240 | $13.5M | Add +0.7% |
| L Loews Corp. | 1.82% | 126,338 | $12.7M | Reduce -0.8% |
| SNY Sanofi-ADR | 1.75% | 258,047 | $12.2M | Add +0.1% |
| GILD Gilead Sciences Inc. | 1.74% | 109,045 | $12.1M | Reduce -0.1% |
| PBT Permian Basin Royalty Trust | 1.68% | 642,507 | $11.7M | Reduce -0.1% |
| HPQ HP Inc. | 1.47% | 375,314 | $10.2M | Add +0.5% |
| PKE Park Aerospace Corp. | 1.46% | 500,493 | $10.2M | Add +1.8% |
| NTR Nutrien Ltd. | 1.44% | 170,779 | $10.0M | Add +0.2% |
| NVO Novo-Nordisk A/S-Spons ADR | 1.34% | 167,766 | $9.3M | New |
| FCX Freeport-McMoran Inc. | 1.25% | 221,826 | $8.7M | Add +0.5% |
| PSX Phillips 66 | 1.23% | 62,869 | $8.6M | Reduce -0.1% |
| KHC The Kraft Heinz Co. | 1.17% | 312,468 | $8.1M | Reduce -0.3% |
| CVE Cenovus Energy Inc. | 1.16% | 474,023 | $8.1M | Add +1.4% |
| TEN Tsakos Energy Navigation Ltd. | 1.12% | 352,024 | $7.8M | Add +0.7% |
| TRC Tejon Ranch Co. | 1.11% | 485,080 | $7.8M | Add +0.4% |
| BMY Bristol-Myers Squibb Co. | 1.00% | 154,035 | $6.9M | Add +0.7% |
| CNH CNH Industrial NV | 0.99% | 636,914 | $6.9M | Add +0.6% |
| CMCSA Comcast Corp. Class A | 0.95% | 210,783 | $6.6M | Add +1.3% |
| APA Apa Corp. | 0.80% | 229,463 | $5.6M | Add +4.3% |
| CCJ Cameco Corp. | 0.69% | 57,066 | $4.8M | Reduce -78.2% |
| DVN Devon Energy Corp. | 0.61% | 121,635 | $4.3M | Add +3.4% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.54% | 5 | $3.8M | Add +25.0% |
| OVV Ovintiv Inc. | 0.53% | 91,523 | $3.7M | Add +1.2% |
| EAF Graftech International Ltd. | 0.32% | 172,648 | $2.2M | Add +3.2% |
| WMT Walmart Inc. | 0.26% | 17,502 | $1.8M | Add +5.8% |
| MPC Marathon Petroleum Corp. | 0.14% | 4,929 | $950K | No change |
| TRV The Travelers Cos Inc. | 0.09% | 2,315 | $646K | Add +1.3% |
| IMO Imperial Oil Ltd. | 0.09% | 6,945 | $630K | No change |
| CB Chubb Ltd. | 0.09% | 2,129 | $601K | Add +5.1% |
| RIG Transocean Ltd. | 0.09% | 189,807 | $592K | Add +1.2% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.06% | 1,399 | $395K | No change |
| RTX RTX Corp. | 0.04% | 1,749 | $293K | No change |
| JNJ Johnson & Johnson | 0.03% | 1,106 | $205K | New |
| SJT San Juan Basin Royalty TR | 0.01% | 14,565 | $88K | No change |
Portfolio Sells Q2 2025 → Q3 2025
| CCJ Cameco Corp. | Reduce -78.2% | 0.69% | −2.31 |
| CSCO Cisco Systems Inc. | Sold out | 0.00% | −1.49 |
| AEM Agnico Eagle Mines Ltd. | Reduce -30.0% | 5.14% | −0.44 |
| AGI Alamos Gold Inc. Class A | Sold out | 0.00% | −0.21 |
| GILD Gilead Sciences Inc. | Reduce -0.1% | 1.74% | −0.13 |
| KHC The Kraft Heinz Co. | Reduce -0.3% | 1.17% | −0.08 |
| L Loews Corp. | Reduce -0.8% | 1.82% | +0.02 |
| PSX Phillips 66 | Reduce -0.1% | 1.23% | +0.07 |
| FHI Federated Hermes Inc. | Reduce -0.4% | 2.96% | +0.23 |
| PBT Permian Basin Royalty Trust | Reduce -0.1% | 1.68% | +0.45 |
| NEM Newmont Corp. | Reduce -15.6% | 6.94% | +0.83 |
Portfolio Buys Q2 2025 → Q3 2025
| LKQ LKQ Corp. | New | 2.55% | +2.55 |
| NVO Novo-Nordisk A/S-Spons ADR | New | 1.34% | +1.34 |
| B Barrick Mining Corp. | Add +0.4% | 2.82% | +0.90 |
| INTC Intel Corp. | Add +1.4% | 2.57% | +0.75 |
| PKE Park Aerospace Corp. | Add +1.8% | 1.46% | +0.34 |
| APA Apa Corp. | Add +4.3% | 0.80% | +0.18 |
| CVE Cenovus Energy Inc. | Add +1.4% | 1.16% | +0.17 |
| BRK.A Berkshire Hathaway Inc. Class A | Add +25.0% | 0.54% | +0.09 |
| TEN Tsakos Energy Navigation Ltd. | Add +0.7% | 1.12% | +0.09 |
| CVX Chevron Corp. | Add +0.7% | 5.20% | +0.08 |
| TECK Teck Resources Ltd.-CLS B | Add +0.3% | 6.00% | +0.07 |
| EAF Graftech International Ltd. | Add +3.2% | 0.32% | +0.07 |
| HPQ HP Inc. | Add +0.5% | 1.47% | +0.06 |
| DVN Devon Energy Corp. | Add +3.4% | 0.61% | +0.03 |
| JNJ Johnson & Johnson | New | 0.03% | +0.03 |
| RIG Transocean Ltd. | Add +1.2% | 0.09% | +0.01 |
| WMT Walmart Inc. | Add +5.8% | 0.26% | +0.01 |
| OVV Ovintiv Inc. | Add +1.2% | 0.53% | −0.00 |
| TRV The Travelers Cos Inc. | Add +1.3% | 0.09% | −0.00 |
| CB Chubb Ltd. | Add +5.1% | 0.09% | −0.00 |
| MRK Merck & Co. Inc. | Add +1.2% | 2.30% | −0.01 |
| PFE Pfizer Inc. | Add +1.2% | 3.31% | −0.04 |
| COP Conocophillips | Add +0.6% | 3.87% | −0.06 |
| NTR Nutrien Ltd. | Add +0.2% | 1.44% | −0.09 |
| BMY Bristol-Myers Squibb Co. | Add +0.7% | 1.00% | −0.10 |
| TRC Tejon Ranch Co. | Add +0.4% | 1.11% | −0.15 |
| XOM Exxon Mobil Corp. | Add +0.6% | 6.81% | −0.16 |
| SNY Sanofi-ADR | Add +0.1% | 1.75% | −0.18 |
| VZ Verizon Communications Inc. | Add +1.0% | 3.93% | −0.19 |
| CMCSA Comcast Corp. Class A | Add +1.3% | 0.95% | −0.20 |
| BEN Franklin Templeton Inc. | Add +0.7% | 1.94% | −0.20 |
| FCX Freeport-McMoran Inc. | Add +0.5% | 1.25% | −0.23 |
| CNH CNH Industrial NV | Add +0.6% | 0.99% | −0.28 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +0.0% | 6.98% | −0.28 |
| ABEV Ambev SA-ADR | Add +0.8% | 2.21% | −0.34 |
| MOS The Mosaic Co. | Add +0.4% | 3.20% | −0.41 |
| DG Dollar General Corp. | Add +0.6% | 4.21% | −0.78 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 56 | $859.7M | XOM, TECK, BRK.B, NEM, CVX |
| Q1 2026 | 55 | $888.5M | XOM, NEM, CVX, TECK, BRK.B |
| Q4 2025 | 52 | $747.5M | NEM, XOM, BRK.B, TECK, DG |
| Q3 2025 | 51 | $696.0M | BRK.B, NEM, XOM, TECK, CVX |
| Q2 2025 | 50 | $646.7M | BRK.B, XOM, NEM, TECK, AEM |
| Q1 2025 | 50 | $634.4M | BRK.B, XOM, CVX, TECK, AEM |
| Q4 2024 | 52 | $598.7M | XOM, BRK.B, TECK, CVX, CCJ |
| Q3 2024 | 52 | $646.9M | TECK, XOM, BRK.B, NEM, CVX |
| Q2 2024 | 52 | $625.9M | XOM, TECK, BRK.B, CVX, COP |
| Q1 2024 | 52 | $636.6M | XOM, TECK, BRK.B, COP, CVX |