TSP Capital Management Group, LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), TSP Capital Management Group, LLC reported 46 stock positions worth $303.9 million. Its top holding was New Gold (NGD) at 7.0% of the portfolio, followed by Maui Land & Pineapple (MLP, 6.4%) and Cia Energetica DE-Spon ADR (CIG, 5.3%). Compared with Q4 2024, it sold out of 1, added to 13 and reduced 25. The biggest buy was Sibanye-Stillwater Ltd.-ADR (SBSW, shares +29%) and the biggest sale Maui Land & Pineapple (MLP, shares −1%).
- Most Recent 13F
- Q2 2026
- Location
- Summit, NJ
- CIK
- 0001317208
- Portfolio Value
- $303.9M (Q1 2025)
- SEC Filing
- 0001172661-25-002206 ↗ filed May 15, 2025
Holdings Value
Holdings 46 stocks · $303.9M
| NGD New Gold Inc. | 6.97% | 5,711,600 | $21.2M | Reduce -12.5% |
| MLP Maui Land & Pineapple Co. filed as MAUI LD & PINEAPPLE INC | 6.37% | 1,101,831 | $19.4M | Reduce -0.7% |
| CIG Cia Energetica DE-Spon ADR | 5.32% | 9,194,205 | $16.2M | Reduce -0.2% |
| BVN Cia DE Minas Buenaventur-ADR filed as COMPANIA DE MINAS BUENAVENTU | 5.17% | 1,005,993 | $15.7M | Reduce -0.3% |
| SLV iShares Silver Trust | 4.77% | 468,075 | $14.5M | Reduce -0.9% |
| MNKD Mannkind Corp. | 4.60% | 2,781,350 | $14.0M | Add +10.4% |
| CTVA Corteva Inc. | 4.46% | 215,272 | $13.5M | Reduce -0.0% |
| ADEA Adeia Inc. | 4.35% | 1,000,968 | $13.2M | Reduce -3.1% |
| GLD SPDR Gold Shares | 4.10% | 43,214 | $12.5M | Reduce -5.6% |
| NOK Nokia Corp.-Spon ADR | 3.95% | 2,280,742 | $12.0M | Add +0.3% |
| XYL Xylem Inc. | 3.94% | 100,205 | $12.0M | Reduce -2.7% |
| CWCO Consolidated Water Co.-Ord SH | 3.91% | 485,175 | $11.9M | Add +1.3% |
| WM Waste Management Inc. | 3.21% | 42,190 | $9.8M | Reduce -0.3% |
| SSYS Stratasys Ltd. | 2.95% | 915,400 | $9.0M | Add +7.0% |
| NVAX Novavax Inc. | 2.85% | 1,352,165 | $8.7M | Reduce -0.5% |
| FCX Freeport-McMoran Inc. | 2.69% | 215,925 | $8.2M | Reduce -0.2% |
| TMQ Trilogy Metals Inc. | 2.66% | 5,222,500 | $8.1M | No change |
| MSEX Middlesex Water Co. | 2.30% | 109,217 | $7.0M | Reduce -0.1% |
| LLY Eli Lilly & Co. | 2.14% | 7,875 | $6.5M | Reduce -44.7% |
| SBSW Sibanye-Stillwater Ltd.-ADR | 2.09% | 1,384,475 | $6.3M | Add +28.8% |
| CLDX Celldex Therapeutics Inc. | 2.01% | 335,977 | $6.1M | Add +50.4% |
| NEM Newmont Corp. | 1.98% | 124,609 | $6.0M | No change |
| WBD Warner Bros Discovery Inc. | 1.70% | 482,423 | $5.2M | Add +1.4% |
| MPV Barings Participation Invest | 1.70% | 293,222 | $5.2M | Add +0.0% |
| WU Western Union Co. | 1.69% | 485,915 | $5.1M | Add +6.7% |
| BGH Barings GLBL SHRT Dur Hi YLD | 1.67% | 335,901 | $5.1M | Reduce -11.1% |
| CDE Coeur Mining Inc. | 1.38% | 709,850 | $4.2M | Reduce -0.3% |
| KYN Kayne Anderson Energy Infra | 1.14% | 269,325 | $3.5M | Reduce -0.5% |
| AMX America Movil Sab DE CV | 1.01% | 215,514 | $3.1M | Reduce -15.8% |
| MRK Merck & Co. Inc. | 0.91% | 30,726 | $2.8M | No change |
| DUK Duke Energy Corp. | 0.71% | 17,593 | $2.1M | Add +0.0% |
| HPI John Hancock Prefer Inc. | 0.70% | 128,860 | $2.1M | Reduce -1.0% |
| MCI Barings Corporate Investors | 0.68% | 87,834 | $2.1M | Add +0.6% |
| ENB Enbridge Inc. | 0.65% | 44,449 | $2.0M | Reduce -0.4% |
| XPER Xperi Inc. | 0.60% | 237,988 | $1.8M | Reduce -4.3% |
| AWK American Water Works Co. Inc. | 0.48% | 9,950 | $1.5M | Add +0.3% |
| PFE Pfizer Inc. | 0.37% | 44,100 | $1.1M | Reduce -1.3% |
| BMY Bristol-Myers Squibb Co. | 0.35% | 17,575 | $1.1M | Reduce -15.3% |
| KRP Kimbell Royalty Partners LP | 0.31% | 67,850 | $950K | No change |
| CSCO Cisco Systems Inc. | 0.23% | 11,350 | $700K | Reduce -0.9% |
| GLW Corning Inc. | 0.23% | 15,000 | $687K | No change |
| SAND Sandstorm Gold Ltd. | 0.19% | 77,500 | $585K | No change |
| PBI Pitney Bowes Inc. | 0.19% | 64,100 | $580K | Reduce -7.4% |
| WY Weyerhaeuser Co. | 0.12% | 12,861 | $377K | No change |
| CAG Conagra Brands Inc. | 0.10% | 11,850 | $316K | No change |
| ASSERTIO HOLDINGS INC | 0.06% | 282,325 | $190K | Add +30.3% |
Portfolio Sells Q4 2024 → Q1 2025
| MLP Maui Land & Pineapple Co. | Reduce -0.7% | 6.37% | −1.91 |
| LLY Eli Lilly & Co. | Reduce -44.7% | 2.14% | −1.59 |
| NVAX Novavax Inc. | Reduce -0.5% | 2.85% | −0.86 |
| ADEA Adeia Inc. | Reduce -3.1% | 4.35% | −0.55 |
| BGH Barings GLBL SHRT Dur Hi YLD | Reduce -11.1% | 1.67% | −0.31 |
| XPER Xperi Inc. | Reduce -4.3% | 0.60% | −0.26 |
| AMX America Movil Sab DE CV | Reduce -15.8% | 1.01% | −0.24 |
| CIG Cia Energetica DE-Spon ADR | Reduce -0.2% | 5.32% | −0.21 |
| XYL Xylem Inc. | Reduce -2.7% | 3.94% | −0.12 |
| FCX Freeport-McMoran Inc. | Reduce -0.2% | 2.69% | −0.11 |
| BMY Bristol-Myers Squibb Co. | Reduce -15.3% | 0.35% | −0.05 |
| PFE Pfizer Inc. | Reduce -1.3% | 0.37% | −0.04 |
| HPI John Hancock Prefer Inc. | Reduce -1.0% | 0.70% | −0.03 |
| KYN Kayne Anderson Energy Infra | Reduce -0.5% | 1.14% | −0.03 |
| LICYQ Li-Cycle Holdings Corp. | Sold out | 0.00% | −0.01 |
| CDE Coeur Mining Inc. | Reduce -0.3% | 1.38% | −0.00 |
| CSCO Cisco Systems Inc. | Reduce -0.9% | 0.23% | +0.00 |
| ENB Enbridge Inc. | Reduce -0.4% | 0.65% | +0.01 |
| PBI Pitney Bowes Inc. | Reduce -7.4% | 0.19% | +0.02 |
| CTVA Corteva Inc. | Reduce -0.0% | 4.46% | +0.29 |
| WM Waste Management Inc. | Reduce -0.3% | 3.21% | +0.31 |
| GLD SPDR Gold Shares | Reduce -5.6% | 4.10% | +0.33 |
| MSEX Middlesex Water Co. | Reduce -0.1% | 2.30% | +0.35 |
| SLV iShares Silver Trust | Reduce -0.9% | 4.77% | +0.55 |
| BVN Cia DE Minas Buenaventur-ADR | Reduce -0.3% | 5.17% | +1.23 |
| NGD New Gold Inc. | Reduce -12.5% | 6.97% | +1.48 |
Portfolio Buys Q4 2024 → Q1 2025
| SBSW Sibanye-Stillwater Ltd.-ADR | Add +28.8% | 2.09% | +0.88 |
| NOK Nokia Corp.-Spon ADR | Add +0.3% | 3.95% | +0.54 |
| SSYS Stratasys Ltd. | Add +7.0% | 2.95% | +0.36 |
| CLDX Celldex Therapeutics Inc. | Add +50.4% | 2.01% | +0.09 |
| MCI Barings Corporate Investors | Add +0.6% | 0.68% | +0.07 |
| AWK American Water Works Co. Inc. | Add +0.3% | 0.48% | +0.06 |
| DUK Duke Energy Corp. | Add +0.0% | 0.71% | +0.06 |
| WU Western Union Co. | Add +6.7% | 1.69% | +0.05 |
| MPV Barings Participation Invest | Add +0.0% | 1.70% | −0.00 |
| ASSERTIO HOLDINGS INC | Add +30.3% | 0.06% | −0.00 |
| WBD Warner Bros Discovery Inc. | Add +1.4% | 1.70% | −0.01 |
| CWCO Consolidated Water Co.-Ord SH | Add +1.3% | 3.91% | −0.30 |
| MNKD Mannkind Corp. | Add +10.4% | 4.60% | −0.90 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 43 | $418.0M | ADEA, CDE, NOK, TMQ, BVN |
| Q1 2026 | 0 | $0 | |
| Q4 2025 | 0 | $0 | |
| Q3 2025 | 44 | $373.7M | NGD, BVN, MLP, SBSW, CIG |
| Q2 2025 | 0 | $0 | |
| Q1 2025 | 46 | $303.9M | NGD, MLP, CIG, BVN, SLV |
| Q4 2024 | 47 | $294.4M | MLP, CIG, MNKD, NGD, ADEA |
| Q3 2024 | 47 | $323.3M | MLP, CIG, NGD, NVAX, LLY |
| Q2 2024 | 48 | $319.0M | MLP, NGD, NVAX, BVN, LLY |
| Q1 2024 | 48 | $310.7M | MLP, BVN, NGD, CIG, LLY |