In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), Praetorian PR LLC reported 19 stock positions worth $303.1 million . Its top holding was Valaris (VAL) at 19.9% of the portfolio, followed by St Joe (JOE, 15.9% ) and Tidewater (TDW, 13.1% ). Compared with Q4 2023, it opened 10 new positions, sold out of 2 and added to 6. The biggest buy was a new position in Vaneck Junior Gold Miners (GDXJ) and the biggest sale an exit from Global X Uranium ETF (URA).
Location RINCON, PR
CIK 0001949877
Portfolio Value $303.1M (Q1 2024) Holdings 19 stocks · $303.1M 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 2023 VAL Valaris Ltd. 800,000 $60.2M Add +68.9% JOE The St Joe Co. 830,000 $48.1M Add +0.1% TDW Tidewater Inc. 430,000 $39.6M Add +4.9% GOLD Gold.com Inc. filed as A-MARK PRECIOUS METALS INC 1,228,065 $37.7M Add +21.0% GDXJ Vaneck Junior Gold Miners 800,000 $31.0M New GDX Vaneck Gold Miners ETF 800,000 $25.3M New ATRO Astronics Corp. 530,646 $10.1M Add +2.9% SSRM SSR Mining Inc. 2,000,000 $8.9M New FNV Franco-Nevada Corp. 65,000 $7.7M New USAP Universal Stainless & Alloy 300,000 $6.7M No change UEC Uranium Energy Corp. 875,000 $5.9M Add +2.9% TGI Triumph Group Inc. 375,000 $5.6M No change LEE Lee Enterprises 353,721 $4.7M No change GENK Gen Restaurant Group Inc. 380,000 $4.4M New SILJ Amplify Junior Silver Miners 250,000 $2.5M New RGLD Royal Gold Inc. 20,000 $2.4M New ZIM Zim Integrated Shipping Serv 80,000 $810K New PAAS Pan American Silver Corp. 50,000 $754K New LSF Laird Superfood Inc. 220,000 $528K New
Options reported separately and not counted above: VANECK ETF TRUST calls ($3.6M), ISHARES SILVER TR calls ($743K), HANESBRANDS INC calls ($9K).
Other holdings (1): bonds, preferreds, convertibles and warrants · $9.8M (not counted above) Security Class Shares / Principal Value Change VAL.WS Valaris Ltd. -CW28 *W EXP 04/29/202 740,000 $9.8M Add +30.7%
Total filed on the 13F, all lines: $312.9M.
Portfolio Sells Q4 2023 → Q1 2024 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 2023 % Of Portfolio Change To Portfolio ▲ URA Global X Uranium ETF Sold out 0.00% −8.51 NXE Nexgen Energy Ltd. Sold out 0.00% −3.33
Portfolio Buys Q4 2023 → Q1 2024 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 2023 % Of Portfolio Change To Portfolio ▼ GDXJ Vaneck Junior Gold Miners New 10.23% +10.23 GDX Vaneck Gold Miners ETF New 8.35% +8.35 VAL Valaris Ltd. Add +68.9% 19.87% +3.23 SSRM SSR Mining Inc. New 2.94% +2.94 FNV Franco-Nevada Corp. New 2.56% +2.56 GENK Gen Restaurant Group Inc. New 1.46% +1.46 SILJ Amplify Junior Silver Miners New 0.82% +0.82 RGLD Royal Gold Inc. New 0.80% +0.80 ZIM Zim Integrated Shipping Serv New 0.27% +0.27 PAAS Pan American Silver Corp. New 0.25% +0.25 LSF Laird Superfood Inc. New 0.17% +0.17 UEC Uranium Energy Corp. Add +2.9% 1.95% −0.84 ATRO Astronics Corp. Add +2.9% 3.33% −1.27 TDW Tidewater Inc. Add +4.9% 13.05% −2.09 GOLD Gold.com Inc. Add +21.0% 12.44% −3.29 JOE The St Joe Co. Add +0.1% 15.88% −9.68
Options Activity Q4 2023 → Q1 2024 Security Type Change vs Q4 2023 Underlying Shares Value ▼ VANECK ETF TRUST call New 5,250 $3.6M ISHARES SILVER TR call Add +107042.9% 15,000 $743K HANESBRANDS INC call New 525 $9K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2023 → Q1 2024 Security Class Change vs Q4 2023 Shares / Principal Value ▼ VAL.WS Valaris Ltd. -CW28 *W EXP 04/29/202 Add +30.7% 740,000 $9.8M
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 14 $313.8M SII, UTI, JOE, MPC, MRX Q1 2026 12 $274.9M SII, JOE, UTI, MPC, MRX Q4 2025 15 $206.1M SII, JOE, MRX, XP, MPC Q3 2025 11 $163.6M SII, JOE, XP, MPC, MRX Q2 2025 8 $105.4M SII, JOE, XP, GOLD, VAL Q1 2025 17 $215.5M VAL, JOE, SII, TDW, XP Q4 2024 17 $239.5M VAL, JOE, GOLD, TDW, SII Q3 2024 12 $248.2M GOLD, VAL, JOE, SII, TDW Q2 2024 15 $262.2M VAL, JOE, GOLD, TDW, SII Q1 2024 19 $303.1M VAL, JOE, TDW, GOLD, GDXJ