Paragon Associates & Paragon Associates II Joint Venture
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 12, 2026), Paragon Associates & Paragon Associates II Joint Venture reported 12 stock positions worth $48.4 million. Its top holding was Agnico Eagle Mines (AEM) at 17.5% of the portfolio, followed by Caredx (CDNA, 14.6%) and Diamedica Therapeutics (DMAC, 14.4%). Compared with Q3 2025, it opened 1 new position, sold out of 1, added to 1 and reduced 6. The biggest buy was a new position in Invesco QQQ Trust Series 1 (QQQ) and the biggest sale an exit from Affiliated Managers (AMG).
- Most Recent 13F
- Q1 2026
- Location
- DALLAS, TX
- CIK
- 0001047859
- Portfolio Value
- $48.4M (Q4 2025)
- SEC Filing
- 0001047859-26-000001 ↗ filed Feb 12, 2026
Holdings Value
Holdings 12 stocks · $48.4M
| AEM Agnico Eagle Mines Ltd. | 17.48% | 49,900 | $8.5M | Reduce -37.6% |
| CDNA Caredx Inc. | 14.60% | 375,000 | $7.1M | Reduce -11.8% |
| DMAC Diamedica Therapeutics Inc. | 14.39% | 875,000 | $7.0M | No change |
| QQQ Invesco QQQ Trust Series 1 | 12.69% | 10,000 | $6.1M | New |
| NVGS Navigator Holdings Ltd. | 10.74% | 300,000 | $5.2M | Reduce -40.0% |
| NPKI NPK International Inc. | 9.85% | 400,000 | $4.8M | Reduce -11.1% |
| STKL Sunopta Inc. | 6.28% | 800,000 | $3.0M | Add +6.7% |
| EPSN Epsilon Energy Ltd. | 6.23% | 650,000 | $3.0M | No change |
| IAUX I-80 Gold Corp. | 4.53% | 1,500,000 | $2.2M | No change |
| IRIX Iridex Corp. | 2.36% | 1,000,000 | $1.1M | No change |
| BELFB Bel Fuse Inc. Class B | 0.53% | 1,500 | $254K | Reduce -85.0% |
| QTRX Quanterix Corp. | 0.33% | 25,000 | $159K | Reduce -75.2% |
Portfolio Sells Q3 2025 → Q4 2025
| AMG Affiliated Managers Group | Sold out | 0.00% | −9.55 |
| AEM Agnico Eagle Mines Ltd. | Reduce -37.6% | 17.48% | −6.57 |
| NVGS Navigator Holdings Ltd. | Reduce -40.0% | 10.74% | −3.08 |
| BELFB Bel Fuse Inc. Class B | Reduce -85.0% | 0.53% | −1.99 |
| QTRX Quanterix Corp. | Reduce -75.2% | 0.33% | −0.65 |
| NPKI NPK International Inc. | Reduce -11.1% | 9.85% | +0.78 |
| CDNA Caredx Inc. | Reduce -11.8% | 14.60% | +3.58 |
Portfolio Buys Q3 2025 → Q4 2025
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q1 2026 | 14 | $73.6M | CDE, SPY, CDNA, DMAC, NVGS |
| Q4 2025 | 12 | $48.4M | AEM, CDNA, DMAC, QQQ, NVGS |
| Q3 2025 | 12 | $56.1M | AEM, NVGS, CDNA, DMAC, AMG |
| Q2 2025 | 15 | $63.0M | AEM, NVGS, SPY, EPSN, STKL |
| Q1 2025 | 13 | $42.7M | AEM, NVGS, EPSN, BELFB, NPKI |
| Q4 2024 | 12 | $43.2M | AEM, NVGS, BELFB, EPSN, FNV |
| Q3 2024 | 16 | $55.7M | NVGS, AEM, SPY, BELFB, EPSN |
| Q2 2024 | 11 | $40.9M | NVGS, AEM, NEM, EPSN, BELFB |
| Q1 2024 | 16 | $56.1M | NVGS, AEM, EPSN, PBF, VLO |