TLS Advisors LLC

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 12, 2025), TLS Advisors LLC reported 15 stock positions worth $44.3 million. Its top holding was Eqt (EQT) at 16.4% of the portfolio, followed by iShares MSCI Global Metals & (PICK, 16.2%) and Rio Tinto PLC-Spon ADR (RIO, 16.0%). Compared with Q4 2024, it opened 1 new position, sold out of 3, added to 2 and reduced 2. The biggest buy was a new position in iShares MSCI Global Metals & (PICK) and the biggest sale BHP Group Ltd.-Spon ADR (BHP, shares −84%).

Most Recent 13F
Q2 2026
Location
MIAMI, FL
CIK
0001768824
Portfolio Value
$44.3M (Q1 2025)
SEC Filing
0001768824-25-000005 ↗ filed May 12, 2025

Holdings Value

0$10.0M$20.0M$30.0M$40.0M$50.0M Q1 2024: $43.0M Q1 2024 Q2 2024: $40.0M Q2 2024 Q3 2024: $47.3M Q3 2024 Q4 2024: $43.7M Q4 2024 Q1 2025: $44.3M $44.3M Q1 2025 Q2 2025: $32.0M Q2 2025 Q3 2025: $34.4M Q3 2025 Q4 2025: $31.1M Q4 2025 Q1 2026: $42.1M Q1 2026 Q2 2026: $34.0M Q2 2026

Holdings 15 stocks · $44.3M
EQT Eqt Corp. 16.38% 135,800 $7.3M Reduce -9.9%
PICK iShares MSCI Global Metals & 16.16% 199,500 $7.2M New
RIO Rio Tinto PLC-Spon ADR 16.02% 118,100 $7.1M Add +14.6%
META Meta Platforms Inc. Class A 13.78% 10,589 $6.1M No change
VALE Vale SA-SP ADR 13.38% 594,000 $5.9M No change
XOMA Xoma Royalty Corporation 5.36% 119,044 $2.4M No change
VAL Valaris Ltd. 4.61% 52,000 $2.0M Add +85.7%
RRC Range Resources Corp. 4.32% 47,923 $1.9M No change
BHP BHP Group Ltd.-Spon ADR 3.03% 27,660 $1.3M Reduce -84.3%
XENE Xenon Pharmaceuticals Inc. 2.50% 32,956 $1.1M No change
OABI Omniab Inc. 1.35% 250,185 $600K No change
WY Weyerhaeuser Co. 0.99% 15,000 $439K No change
HOV Hovnanian Enterprises-A 0.91% 3,872 $405K No change
EWS iShares MSCI Singapore ETF 0.73% 13,600 $323K No change
OVID Ovid Therapeutics Inc. 0.48% 680,967 $213K No change

Portfolio Sells Q4 2024 → Q1 2025
BHP BHP Group Ltd.-Spon ADR Reduce -84.3% 3.03% −16.61
XLB SS Materials Select Sector Sold out 0.00% −1.15
ENZB Enzo Biochem Inc. Sold out 0.00% −0.02
RVP Retractable Technologies Inc. Sold out 0.00% −0.02
EQT Eqt Corp. Reduce -9.9% 16.38% +0.48

Portfolio Buys Q4 2024 → Q1 2025
PICK iShares MSCI Global Metals & New 16.16% +16.16
RIO Rio Tinto PLC-Spon ADR Add +14.6% 16.02% +2.15
VAL Valaris Ltd. Add +85.7% 4.61% +1.78

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 17$34.0MEQT, META, RIO, PICK, FISV
Q1 2026 16$42.1MEQT, RIO, META, PICK, XOMA
Q4 2025 16$31.1MXLP, RIO, PICK, EQT, SPLV
Q3 2025 19$34.4MEQT, META, RIO, PICK, XOMA
Q2 2025 13$32.0MEQT, META, RIO, PICK, XOMA
Q1 2025 15$44.3MEQT, PICK, RIO, META, VALE
Q4 2024Amended 17$43.7MBHP, EQT, META, RIO, VALE
Q3 2024 19$47.3MBHP, RIO, EQT, META, VALE
Q2 2024 19$40.0MBHP, RIO, EQT, META, VALE
Q1 2024 15$43.0MRIO, BHP, EQT, META, VALE