Old West Investment Management, LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 5, 2025), Old West Investment Management, LLC reported 86 stock positions worth $436.0 million. Its top holding was Trilogy Metals (TMQ) at 5.9% of the portfolio, followed by Nexgen Energy (NXE, 5.4%) and Lockheed Martin (LMT, 4.4%). Compared with Q2 2025, it opened 27 new positions, sold out of 3, added to 37 and reduced 7. The biggest buy was a new position in Core Natural Resources (CNR) and the biggest sale Virtu Financial Class A (VIRT, shares −3%).

Most Recent 13F
Q2 2026
Location
Los Angeles, CA
CIK
0001549358
Portfolio Value
$436.0M (Q3 2025)
SEC Filing
0001941040-25-000594 ↗ filed Nov 5, 2025

Holdings Value

0$200.0M$400.0M$600.0M$800.0M$1.0B Q1 2024: $197.8M Q1 2024 Q2 2024: $226.7M Q2 2024 Q3 2024: $258.6M Q3 2024 Q4 2024: $246.8M Q4 2024 Q1 2025: $277.2M Q1 2025 Q2 2025: $303.3M Q2 2025 Q3 2025: $436.0M $436.0M Q3 2025 Q4 2025: $560.2M Q4 2025 Q1 2026: $922.6M Q1 2026 Q2 2026: $944.2M Q2 2026

Holdings 86 stocks · $436.0M
TMQ Trilogy Metals Inc. 5.86% 12,165,552 $25.5M Add +9.7%
NXE Nexgen Energy Ltd. 5.44% 2,649,772 $23.7M Add +4.5%
LMT Lockheed Martin Corp. 4.44% 38,804 $19.4M Add +36.3%
BRKR Bruker Corp. 4.27% 573,462 $18.6M Add +144.2%
CCJ Cameco Corp. 4.01% 208,428 $17.5M Reduce -6.1%
AEM Agnico Eagle Mines Ltd. 3.98% 103,029 $17.4M Add +5.0%
AGI Alamos Gold Inc. Class A 3.77% 470,997 $16.4M Reduce -8.4%
CNQ Canadian Natural Resources 3.73% 508,591 $16.3M Add +44.1%
BG Bunge Global SA 3.50% 187,851 $15.3M Add +11.1%
GSM Ferroglobe PLC 3.38% 3,237,914 $14.7M Add +4.7%
TMC TMC the Metals Co. Inc. 2.92% 1,997,238 $12.7M Add +49.6%
VIRT Virtu Financial Inc. Class A 2.85% 350,509 $12.4M Reduce -3.3%
CVGW Calavo Growers Inc. 2.57% 434,966 $11.2M Add +1.8%
ASML ASML Holding NV-NY Reg SHS 2.38% 10,714 $10.4M Add +165.2%
SSNC Ss&c Technologies Holdings 2.37% 116,461 $10.3M Add +6.0%
BRK.B Berkshire Hathaway Inc. Class B 2.16% 18,740 $9.4M Add +6.7%
ELAN Elanco Animal Health Inc. 2.09% 452,230 $9.1M Add +6.3%
CNR Core Natural Resources Inc. 2.00% 104,503 $8.7M New
UHAL U-Haul Holding Co. 2.00% 152,786 $8.7M Add +6.9%
BLDR Builders Firstsource Inc. 1.76% 63,299 $7.7M Add +118.2%
LAC Lithium Americas Corp. 1.75% 1,339,275 $7.6M New
KW Kennedy-Wilson Holdings Inc. 1.67% 877,380 $7.3M Add +20.8%
OMEX Odyssey Marine Exploration 1.64% 3,676,882 $7.2M New
OII Oceaneering Intl Inc. 1.35% 238,103 $5.9M Add +21.1%
VRT Vertiv Holdings Co. Class A 1.33% 38,444 $5.8M Add +6.9%
GMED Globus Medical Inc. Class A 1.30% 99,124 $5.7M Add +3.0%
EWBC East West Bancorp Inc. 1.17% 47,795 $5.1M No change
HCC Warrior Met Coal Inc. 1.16% 79,491 $5.1M Add +0.4%
ALLE Allegion PLC 1.15% 28,206 $5.0M Add +13.9%
AMR Alpha Metallurgical Resource 1.07% 28,350 $4.7M Add +182.0%
WFRD Weatherford International PL 1.02% 64,800 $4.4M New
ALB Albemarle Corp. 1.00% 53,946 $4.4M Add +0.2%
PBF PBF Energy Inc. Class A 0.97% 140,690 $4.2M New
SGML Sigma Lithium Corp. 0.96% 651,892 $4.2M Add +1163.3%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.84% 71,334 $3.7M No change
VAL Valaris Ltd. 0.83% 73,960 $3.6M Add +9.5%
NOK Nokia Corp.-Spon ADR 0.81% 738,205 $3.6M New
TDW Tidewater Inc. 0.81% 66,296 $3.5M Add +10.7%
FCX Freeport-McMoran Inc. 0.76% 84,847 $3.3M Add +12.0%
AAPL Apple Inc. 0.75% 12,914 $3.3M No change
FLG Flagstar Bank NA 0.72% 270,469 $3.1M New
MUR Murphy Oil Corp. 0.65% 100,000 $2.8M No change
SU Suncor Energy Inc. 0.65% 67,615 $2.8M New
CDRE Cadre Holdings Inc. 0.63% 75,779 $2.8M Reduce -59.5%
GNE Genie Energy Ltd. Class B 0.55% 160,600 $2.4M No change
NE Noble Corp. PLC 0.51% 78,441 $2.2M Add +15.2%
ALM Almonty Industries Inc. 0.49% 356,146 $2.1M New
CAT Caterpillar Inc. 0.49% 4,458 $2.1M No change
VECO Veeco Instruments Inc. 0.47% 67,632 $2.1M Add +129.1%
MKSI MKS Inc. 0.45% 15,849 $2.0M Add +133.3%
DNN Denison Mines Corp. 0.45% 706,698 $1.9M Add +1.7%
AMAT Applied Materials Inc. 0.43% 9,200 $1.9M New
GLNG Golar LNG Ltd. 0.42% 45,652 $1.8M Add +22.1%
IPGP Ipg Photonics Corp. 0.38% 20,842 $1.7M Add +138.0%
ACLS Axcelis Technologies Inc. 0.36% 16,268 $1.6M New
MP MP Materials Corp. 0.36% 23,589 $1.6M Reduce -41.1%
GTLS Chart Industries Inc. 0.26% 5,772 $1.2M Reduce -65.2%
LHX L3HARRIS Technologies Inc. 0.25% 3,560 $1.1M New
NOC Northrop Grumman Corp. 0.25% 1,780 $1.1M New
COHR Coherent Corp. 0.25% 10,000 $1.1M New
TMO Thermo Fisher Scientific Inc. 0.24% 2,180 $1.1M New
TDY Teledyne Technologies Inc. 0.23% 1,735 $1.0M New
KEYS Keysight Technologies Inc. 0.23% 5,700 $997K New
LEU Centrus Energy Corp. Class A 0.21% 2,905 $901K Reduce -50.9%
MTRN Materion Corp. 0.19% 6,962 $841K New
AA Alcoa Corp. 0.16% 21,865 $719K New
HL Hecla Mining Co. 0.16% 57,036 $690K New
FLR Fluor Corp. 0.16% 16,130 $679K Add +4.4%
WFC Wells Fargo & Co. 0.15% 8,037 $674K No change
ERII Energy Recovery Inc. 0.15% 43,598 $672K Add +4.9%
LGO Largo Inc. 0.13% 374,378 $562K New
ERO Ero Copper Corp. 0.11% 24,348 $493K New
WM Waste Management Inc. 0.10% 1,952 $431K No change
BA The Boeing Co. 0.09% 1,788 $386K No change
CC The Chemours Co. 0.09% 23,920 $379K New
HXL Hexcel Corp. 0.08% 5,707 $358K New
GLD SPDR Gold Shares 0.08% 1,000 $355K No change
GOOG Alphabet Inc. Class C 0.08% 1,400 $341K No change
GOOGL Alphabet Inc. Class A 0.08% 1,400 $340K No change
LOW Lowe's Cos Inc. 0.08% 1,334 $335K No change
KBR KBR Inc. 0.08% 6,967 $329K New
RIG Transocean Ltd. 0.07% 95,000 $296K New
F Ford Motor Co. filed as FORD MTR CO 0.06% 22,660 $271K No change
RTX RTX Corp. 0.06% 1,559 $261K No change
INTC Intel Corp. 0.05% 6,440 $216K New
URG Ur-Energy Inc. 0.01% 27,557 $49K Add +63.1%

Portfolio Sells Q2 2025 → Q3 2025
VIRT Virtu Financial Inc. Class A Reduce -3.3% 2.85% −2.50
ENVX Enovix Corp. Sold out 0.00% −1.85
JOE The St Joe Co. Sold out 0.00% −1.50
CCJ Cameco Corp. Reduce -6.1% 4.01% −1.42
CDRE Cadre Holdings Inc. Reduce -59.5% 0.63% −1.33
SIRI Sirius XM Holdings Inc. Sold out 0.00% −1.06
AGI Alamos Gold Inc. Class A Reduce -8.4% 3.77% −0.74
GTLS Chart Industries Inc. Reduce -65.2% 0.26% −0.63
LEU Centrus Energy Corp. Class A Reduce -50.9% 0.21% −0.15
MP MP Materials Corp. Reduce -41.1% 0.36% −0.08

Portfolio Buys Q2 2025 → Q3 2025
CNR Core Natural Resources Inc. New 2.00% +2.00
LAC Lithium Americas Corp. New 1.75% +1.75
OMEX Odyssey Marine Exploration New 1.64% +1.64
ASML ASML Holding NV-NY Reg SHS Add +165.2% 2.38% +1.31
BRKR Bruker Corp. Add +144.2% 4.27% +1.08
WFRD Weatherford International PL New 1.02% +1.02
PBF PBF Energy Inc. Class A New 0.97% +0.97
TMQ Trilogy Metals Inc. Add +9.7% 5.86% +0.92
SGML Sigma Lithium Corp. Add +1163.3% 0.96% +0.88
NOK Nokia Corp.-Spon ADR New 0.81% +0.81
FLG Flagstar Bank NA New 0.72% +0.72
AMR Alpha Metallurgical Resource Add +182.0% 1.07% +0.69
SU Suncor Energy Inc. New 0.65% +0.65
BLDR Builders Firstsource Inc. Add +118.2% 1.76% +0.64
ALM Almonty Industries Inc. New 0.49% +0.49
AMAT Applied Materials Inc. New 0.43% +0.43
ACLS Axcelis Technologies Inc. New 0.36% +0.36
VECO Veeco Instruments Inc. Add +129.1% 0.47% +0.27
LHX L3HARRIS Technologies Inc. New 0.25% +0.25
NOC Northrop Grumman Corp. New 0.25% +0.25
COHR Coherent Corp. New 0.25% +0.25
TMO Thermo Fisher Scientific Inc. New 0.24% +0.24
TDY Teledyne Technologies Inc. New 0.23% +0.23
KEYS Keysight Technologies Inc. New 0.23% +0.23
MKSI MKS Inc. Add +133.3% 0.45% +0.23
MTRN Materion Corp. New 0.19% +0.19
IPGP Ipg Photonics Corp. Add +138.0% 0.38% +0.18
AA Alcoa Corp. New 0.16% +0.16
HL Hecla Mining Co. New 0.16% +0.16
AEM Agnico Eagle Mines Ltd. Add +5.0% 3.98% +0.13
LGO Largo Inc. New 0.13% +0.13
ERO Ero Copper Corp. New 0.11% +0.11
LMT Lockheed Martin Corp. Add +36.3% 4.44% +0.09
CC The Chemours Co. New 0.09% +0.09
ELAN Elanco Animal Health Inc. Add +6.3% 2.09% +0.09
HXL Hexcel Corp. New 0.08% +0.08
KBR KBR Inc. New 0.08% +0.08
CNQ Canadian Natural Resources Add +44.1% 3.73% +0.07
RIG Transocean Ltd. New 0.07% +0.07
INTC Intel Corp. New 0.05% +0.05
KW Kennedy-Wilson Holdings Inc. Add +20.8% 1.67% +0.05
DNN Denison Mines Corp. Add +1.7% 0.45% +0.03
TMC TMC the Metals Co. Inc. Add +49.6% 2.92% +0.01
OII Oceaneering Intl Inc. Add +21.1% 1.35% +0.01
URG Ur-Energy Inc. Add +63.1% 0.01% +0.01
ERII Energy Recovery Inc. Add +4.9% 0.15% −0.02
ALLE Allegion PLC Add +13.9% 1.15% −0.03
HCC Warrior Met Coal Inc. Add +0.4% 1.16% −0.04
GLNG Golar LNG Ltd. Add +22.1% 0.42% −0.08
NE Noble Corp. PLC Add +15.2% 0.51% −0.09

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 124$944.2MBRKR, OII, TDW, LMT, ILMN
Q1 2026 123$922.6MTDW, CNR, LMT, NTR, CNQ
Q4 2025 102$560.2MBRKR, CNQ, LMT, NXE, TMQ
Q3 2025 86$436.0MTMQ, NXE, LMT, BRKR, CCJ
Q2 2025 62$303.3MNXE, CCJ, VIRT, TMQ, AGI
Q1 2025 59$277.2MTMQ, AGI, VIRT, GSM, BG
Q4 2024 55$246.8MVIRT, CCJ, LMT, AGI, CNQ
Q3 2024Amended 58$258.6MVIRT, LMT, GSM, CCJ, B
Q2 2024 58$226.7MLMNR, VIRT, ENVX, CCJ, BG
Q1 2024 53$197.8MB, LMNR, VIRT, SMRT, BG