Sicart Associates LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 14, 2026), Sicart Associates LLC reported 76 stock positions worth $376.9 million. Its top holding was SS SPDR BB 1-3M T-Bill ETF (BIL) at 10.7% of the portfolio, followed by SPDR Gold Shares (GLD, 9.4%) and Guardant Health (GH, 6.2%). Compared with Q3 2025, it opened 3 new positions, added to 7 and reduced 29. The biggest buy was a new position in Lululemon Athletica (LULU) and the biggest sale Netflix (NFLX, shares −32%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001696494
Portfolio Value
$376.9M (Q4 2025)
SEC Filing
0001725547-26-000022 ↗ filed Jan 14, 2026

Holdings Value

0$100.0M$200.0M$300.0M$400.0M$500.0M Q1 2024: $273.0M Q1 2024 Q2 2024: $260.6M Q2 2024 Q3 2024: $284.8M Q3 2024 Q4 2024: $279.6M Q4 2024 Q1 2025: $289.1M Q1 2025 Q2 2025: $285.8M Q2 2025 Q3 2025: $369.1M Q3 2025 Q4 2025: $376.9M $376.9M Q4 2025 Q1 2026: $389.3M Q1 2026 Q2 2026: $408.4M Q2 2026

Holdings 76 stocks · $376.9M
BIL SS SPDR BB 1-3M T-Bill ETF 10.66% 439,682 $40.2M Add +1.9%
GLD SPDR Gold Shares 9.43% 89,675 $35.5M Reduce -0.2%
GH Guardant Health Inc. 6.18% 228,203 $23.3M Reduce -0.8%
TSLA Tesla Inc. 5.23% 43,796 $19.7M Add +0.7%
GOOGL Alphabet Inc. Class A 4.39% 52,835 $16.5M No change
IONS Ionis Pharmaceuticals Inc. 3.43% 163,557 $12.9M Reduce -0.5%
ABNB Airbnb Inc. Class A 3.37% 93,639 $12.7M Reduce -0.2%
IEF iShares 7-10 Year Treasury B 3.03% 118,605 $11.4M Add +1.6%
ILMN Illumina Inc. 2.86% 82,178 $10.8M Reduce -1.1%
NFLX Netflix Inc. 2.85% 114,480 $10.7M Reduce -32.0%
TLT iShares 20+ Year Treasury BD 2.83% 122,505 $10.7M Reduce -22.9%
WFC Wells Fargo & Co. 2.77% 111,932 $10.4M Reduce -0.1%
TRGP Targa Resources Corp. 2.60% 53,146 $9.8M Reduce -0.1%
META Meta Platforms Inc. Class A 2.55% 14,565 $9.6M Reduce -0.1%
SYY Sysco Corp. 2.16% 110,455 $8.1M Reduce -0.2%
ADBE Adobe Inc. 1.93% 20,777 $7.3M Reduce -9.0%
SLB SLB Ltd. filed as SLB LIMITED 1.89% 185,567 $7.1M Reduce -2.6%
MDT Medtronic PLC 1.85% 72,587 $7.0M Reduce -0.2%
BG Bunge Global SA 1.83% 77,415 $6.9M Reduce -0.3%
MP MP Materials Corp. 1.81% 134,680 $6.8M Reduce -28.1%
ALB Albemarle Corp. 1.76% 46,902 $6.6M Reduce -6.8%
XYZ Block Inc. 1.71% 98,974 $6.4M Reduce -9.2%
FSM Fortuna Mining Corp. 1.69% 648,736 $6.4M Add +2.0%
MGK Vngrd Mrgstr MG CP GR ETF-Ui 1.63% 14,871 $6.1M Add +0.3%
DIS The Walt Disney Co. filed as DISNEY WALT CO 1.56% 51,756 $5.9M Reduce -2.0%
FDX FedEx Corp. 1.52% 19,823 $5.7M Reduce -0.2%
REGN Regeneron Pharmaceuticals 1.43% 6,961 $5.4M Reduce -0.3%
NTR Nutrien Ltd. 1.32% 80,667 $5.0M Reduce -0.3%
AAPL Apple Inc. 1.18% 16,364 $4.4M No change
KHC The Kraft Heinz Co. 0.94% 145,855 $3.5M Reduce -36.6%
GLW Corning Inc. 0.90% 38,831 $3.4M Reduce -0.2%
KO The Coca-Cola Co. 0.86% 46,602 $3.3M No change
NKE Nike Inc. Class B 0.81% 47,828 $3.0M Reduce -3.4%
VXUS Vanguard Total Intl Stock 0.79% 39,326 $3.0M No change
T AT&T Inc. 0.76% 114,942 $2.9M No change
LULU Lululemon Athletica Inc. 0.67% 12,227 $2.5M New
PSLV Sprott Physical Silver Trust 0.61% 97,637 $2.3M No change
MOS The Mosaic Co. 0.60% 93,440 $2.3M Reduce -14.8%
SLV iShares Silver Trust 0.50% 29,494 $1.9M Reduce -2.3%
SBUX Starbucks Corp. 0.44% 19,753 $1.7M No change
CLX Clorox Company 0.41% 15,205 $1.5M Reduce -31.9%
BRK.B Berkshire Hathaway Inc. Class B 0.38% 2,825 $1.4M Add +20.2%
PDD PDD Holdings Inc. 0.35% 11,631 $1.3M Add +8.7%
LOW Lowe's Cos Inc. 0.30% 4,689 $1.1M No change
CGON CG Oncology Inc. 0.28% 25,000 $1.0M No change
MCD McDonald's Corp. 0.26% 3,150 $963K No change
AMZN Amazon.com Inc. 0.17% 2,787 $643K No change
WMT Walmart Inc. 0.16% 5,573 $621K No change
PG The Procter & Gamble Co. 0.16% 4,316 $619K No change
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.15% 5,000 $580K No change
SHV iShares 0-1 Year Treasury Bo 0.15% 5,150 $567K No change
MSFT Microsoft Corp. 0.14% 1,122 $543K No change
JNJ Johnson & Johnson 0.12% 2,260 $468K No change
CPB The Campbell's Company 0.12% 15,610 $435K Reduce -72.6%
JPM JPMorgan Chase & Co. 0.10% 1,172 $378K No change
HON Honeywell International Inc. 0.09% 1,706 $333K No change
CB Chubb Ltd. 0.09% 1,050 $328K No change
GOOG Alphabet Inc. Class C 0.09% 1,040 $326K No change
GIS General Mills Inc. 0.09% 6,958 $324K No change
IVV iShares Core S&P 500 ETF 0.08% 436 $299K No change
VONG Vanguard Russell 1000 Growth 0.07% 2,313 $282K No change
KGC Kinross Gold Corp. 0.07% 10,000 $282K No change
RTX RTX Corp. 0.07% 1,529 $280K No change
IWD iShares Russell 1000 Value E 0.07% 1,317 $277K No change
VOT Vngrd Mrngstr MC GRW ETF-Usd 0.07% 965 $269K No change
VOO Vanguard S&P 500 ETF 0.07% 416 $261K No change
BA The Boeing Co. 0.07% 1,139 $247K No change
MMM 3M Co. 0.06% 1,513 $242K No change
AFL Aflac Inc. 0.06% 2,098 $231K No change
VGK Vanguard Ftse Europe ETF 0.06% 2,730 $228K No change
SNOW Snowflake Inc. 0.06% 1,006 $221K No change
VTV Vanguard Mrngstr Val ETF-Aui 0.06% 1,093 $209K No change
PTCT PTC Therapeutics Inc. 0.06% 2,745 $209K New
GDX Vaneck Gold Miners ETF 0.05% 2,405 $206K New
HYG Ishr Ibx Usd Hiyld CB ETF-Ui 0.05% 2,489 $201K No change
BTG B2GOLD Corp. 0.02% 20,000 $90K No change

Portfolio Sells Q3 2025 → Q4 2025
NFLX Netflix Inc. Reduce -32.0% 2.85% −2.62
MP MP Materials Corp. Reduce -28.1% 1.81% −1.60
TLT iShares 20+ Year Treasury BD Reduce -22.9% 2.83% −1.02
KHC The Kraft Heinz Co. Reduce -36.6% 0.94% −0.69
MOS The Mosaic Co. Reduce -14.8% 0.60% −0.43
XYZ Block Inc. Reduce -9.2% 1.71% −0.42
CPB The Campbell's Company Reduce -72.6% 0.12% −0.37
META Meta Platforms Inc. Class A Reduce -0.1% 2.55% −0.35
CLX Clorox Company Reduce -31.9% 0.41% −0.34
SYY Sysco Corp. Reduce -0.2% 2.16% −0.31
ADBE Adobe Inc. Reduce -9.0% 1.93% −0.25
NKE Nike Inc. Class B Reduce -3.4% 0.81% −0.13
DIS The Walt Disney Co. Reduce -2.0% 1.56% −0.08
MDT Medtronic PLC Reduce -0.2% 1.85% −0.03
NTR Nutrien Ltd. Reduce -0.3% 1.32% +0.04
GLW Corning Inc. Reduce -0.2% 0.90% +0.04
SLB SLB Ltd. Reduce -2.6% 1.89% +0.12
BG Bunge Global SA Reduce -0.3% 1.83% +0.12
SLV iShares Silver Trust Reduce -2.3% 0.50% +0.16
TRGP Targa Resources Corp. Reduce -0.1% 2.60% +0.19
WFC Wells Fargo & Co. Reduce -0.1% 2.77% +0.22
FDX FedEx Corp. Reduce -0.2% 1.52% +0.25
ABNB Airbnb Inc. Class A Reduce -0.2% 3.37% +0.28
REGN Regeneron Pharmaceuticals Reduce -0.3% 1.43% +0.36
IONS Ionis Pharmaceuticals Inc. Reduce -0.5% 3.43% +0.52
ALB Albemarle Corp. Reduce -6.8% 1.76% +0.65
ILMN Illumina Inc. Reduce -1.1% 2.86% +0.72
GLD SPDR Gold Shares Reduce -0.2% 9.43% +0.78
GH Guardant Health Inc. Reduce -0.8% 6.18% +2.29

Portfolio Buys Q3 2025 → Q4 2025
LULU Lululemon Athletica Inc. New 0.67% +0.67
FSM Fortuna Mining Corp. Add +2.0% 1.69% +0.14
BRK.B Berkshire Hathaway Inc. Class B Add +20.2% 0.38% +0.06
PTCT PTC Therapeutics Inc. New 0.06% +0.06
GDX Vaneck Gold Miners ETF New 0.05% +0.05
MGK Vngrd Mrgstr MG CP GR ETF-Ui Add +0.3% 1.63% +0.01
TSLA Tesla Inc. Add +0.7% 5.23% −0.01
IEF iShares 7-10 Year Treasury B Add +1.6% 3.03% −0.03
PDD PDD Holdings Inc. Add +8.7% 0.35% −0.03
BIL SS SPDR BB 1-3M T-Bill ETF Add +1.9% 10.66% −0.07

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 74$408.4MBIL, GH, GLD, TSLA, GOOGL
Q1 2026 74$389.3MBIL, GLD, GH, TSLA, GOOGL
Q4 2025 76$376.9MBIL, GLD, GH, TSLA, GOOGL
Q3 2025 73$369.1MBIL, GLD, NFLX, TSLA, GH
Q2 2025 72$285.8MGLD, NFLX, TLT, MP, TSLA
Q1 2025 66$289.1MGLD, NFLX, TLT, GILD, IEF
Q4 2024 69$279.6MGLD, NFLX, TLT, GOOGL, TSLA
Q3 2024 73$284.8MGLD, TLT, NFLX, META, GOOGL
Q2 2024 72$260.6MGLD, NFLX, GOOGL, META, SLB
Q1 2024 76$273.0MGLD, META, NFLX, KHC, FDX