TSP Capital Management Group, LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 22, 2025), TSP Capital Management Group, LLC reported 44 stock positions worth $373.7 million. Its top holding was New Gold (NGD) at 7.6% of the portfolio, followed by Cia DE Minas Buenaventur-ADR (BVN, 6.5%) and Maui Land & Pineapple (MLP, 5.5%). Compared with Q2 2025, it opened 44 new positions. The biggest buy was a new position in New Gold (NGD).

Most Recent 13F
Q2 2026
Location
Summit, NJ
CIK
0001317208
Portfolio Value
$373.7M (Q3 2025)
SEC Filing
0001172661-25-004363 ↗ filed Oct 22, 2025

Holdings Value

0$100.0M$200.0M$300.0M$400.0M$500.0M Q1 2024: $310.7M Q1 2024 Q2 2024: $319.0M Q2 2024 Q3 2024: $323.3M Q3 2024 Q4 2024: $294.4M Q4 2024 Q1 2025: $303.9M Q1 2025 Q2 2025: $0 Q2 2025 Q3 2025: $373.7M $373.7M Q3 2025 Q4 2025: $0 Q4 2025 Q1 2026: $0 Q1 2026 Q2 2026: $418.0M Q2 2026

Holdings 44 stocks · $373.7M
NGD New Gold Inc. 7.64% 3,976,626 $28.6M New
BVN Cia DE Minas Buenaventur-ADR filed as COMPANIA DE MINAS BUENAVENTU 6.52% 1,001,508 $24.4M New
MLP Maui Land & Pineapple Co. filed as MAUI LD & PINEAPPLE INC 5.48% 1,099,541 $20.5M New
SBSW Sibanye-Stillwater Ltd.-ADR 5.47% 1,819,625 $20.5M New
CIG Cia Energetica DE-Spon ADR 5.15% 9,127,729 $19.3M New
SLV iShares Silver Trust 4.68% 412,525 $17.5M New
CWCO Consolidated Water Co.-Ord SH 4.58% 484,725 $17.1M New
ADEA Adeia Inc. 4.50% 1,001,487 $16.8M New
MNKD Mannkind Corp. 4.29% 2,983,975 $16.0M New
GLD SPDR Gold Shares 3.91% 41,069 $14.6M New
CTVA Corteva Inc. 3.87% 213,660 $14.4M New
TMQ Trilogy Metals Inc. 3.77% 6,715,000 $14.1M New
XYL Xylem Inc. 3.48% 88,232 $13.0M New
NVAX Novavax Inc. 3.25% 1,399,065 $12.1M New
NOK Nokia Corp.-Spon ADR 3.18% 2,473,592 $11.9M New
SSYS Stratasys Ltd. 2.83% 944,350 $10.6M New
CLDX Celldex Therapeutics Inc. 2.60% 375,927 $9.7M New
WM Waste Management Inc. 2.48% 41,965 $9.3M New
NEM Newmont Corp. 2.43% 107,816 $9.1M New
FCX Freeport-McMoran Inc. 2.27% 215,925 $8.5M New
CDE Coeur Mining Inc. 2.19% 436,125 $8.2M New
WBD Warner Bros Discovery Inc. 1.74% 332,048 $6.5M New
MSEX Middlesex Water Co. 1.73% 119,224 $6.5M New
MPV Barings Participation Invest 1.54% 285,455 $5.8M New
BGH Barings GLBL SHRT Dur Hi YLD 1.36% 329,932 $5.1M New
AMX America Movil Sab DE CV 1.09% 193,321 $4.1M New
WU Western Union Co. 0.99% 461,197 $3.7M New
GWRS Global Water Resources Inc. 0.89% 322,577 $3.3M New
KYN Kayne Anderson Energy Infra 0.87% 262,825 $3.3M New
MRK Merck & Co. Inc. 0.85% 37,794 $3.2M New
HPI John Hancock Prefer Inc. 0.61% 131,360 $2.3M New
ENB Enbridge Inc. 0.60% 44,349 $2.2M New
DUK Duke Energy Corp. 0.58% 17,607 $2.2M New
MCI Barings Corporate Investors 0.48% 85,607 $1.8M New
XPER Xperi Inc. 0.42% 239,538 $1.6M New
GLW Corning Inc. 0.33% 15,000 $1.2M New
PFE Pfizer Inc. 0.30% 44,100 $1.1M New
KRP Kimbell Royalty Partners LP 0.24% 67,850 $915K New
CSCO Cisco Systems Inc. 0.21% 11,350 $777K New
BMY Bristol-Myers Squibb Co. 0.21% 17,175 $775K New
PBI Pitney Bowes Inc. 0.19% 62,800 $717K New
WY Weyerhaeuser Co. 0.09% 13,111 $325K New
ASSERTIO HOLDINGS INC 0.07% 316,875 $279K New
CAG Conagra Brands Inc. 0.05% 10,250 $188K New

Portfolio Sells Q2 2025 → Q3 2025
None this quarter.

Portfolio Buys Q2 2025 → Q3 2025
NGD New Gold Inc. New 7.64% +7.64
BVN Cia DE Minas Buenaventur-ADR New 6.52% +6.52
MLP Maui Land & Pineapple Co. New 5.48% +5.48
SBSW Sibanye-Stillwater Ltd.-ADR New 5.47% +5.47
CIG Cia Energetica DE-Spon ADR New 5.15% +5.15
SLV iShares Silver Trust New 4.68% +4.68
CWCO Consolidated Water Co.-Ord SH New 4.58% +4.58
ADEA Adeia Inc. New 4.50% +4.50
MNKD Mannkind Corp. New 4.29% +4.29
GLD SPDR Gold Shares New 3.91% +3.91
CTVA Corteva Inc. New 3.87% +3.87
TMQ Trilogy Metals Inc. New 3.77% +3.77
XYL Xylem Inc. New 3.48% +3.48
NVAX Novavax Inc. New 3.25% +3.25
NOK Nokia Corp.-Spon ADR New 3.18% +3.18
SSYS Stratasys Ltd. New 2.83% +2.83
CLDX Celldex Therapeutics Inc. New 2.60% +2.60
WM Waste Management Inc. New 2.48% +2.48
NEM Newmont Corp. New 2.43% +2.43
FCX Freeport-McMoran Inc. New 2.27% +2.27
CDE Coeur Mining Inc. New 2.19% +2.19
WBD Warner Bros Discovery Inc. New 1.74% +1.74
MSEX Middlesex Water Co. New 1.73% +1.73
MPV Barings Participation Invest New 1.54% +1.54
BGH Barings GLBL SHRT Dur Hi YLD New 1.36% +1.36
AMX America Movil Sab DE CV New 1.09% +1.09
WU Western Union Co. New 0.99% +0.99
GWRS Global Water Resources Inc. New 0.89% +0.89
KYN Kayne Anderson Energy Infra New 0.87% +0.87
MRK Merck & Co. Inc. New 0.85% +0.85
HPI John Hancock Prefer Inc. New 0.61% +0.61
ENB Enbridge Inc. New 0.60% +0.60
DUK Duke Energy Corp. New 0.58% +0.58
MCI Barings Corporate Investors New 0.48% +0.48
XPER Xperi Inc. New 0.42% +0.42
GLW Corning Inc. New 0.33% +0.33
PFE Pfizer Inc. New 0.30% +0.30
KRP Kimbell Royalty Partners LP New 0.24% +0.24
CSCO Cisco Systems Inc. New 0.21% +0.21
BMY Bristol-Myers Squibb Co. New 0.21% +0.21
PBI Pitney Bowes Inc. New 0.19% +0.19
WY Weyerhaeuser Co. New 0.09% +0.09
ASSERTIO HOLDINGS INC New 0.07% +0.07
CAG Conagra Brands Inc. New 0.05% +0.05

Notes & Other Activity Q2 2025 → Q3 2025
NGD New Gold Inc. COM · principal Sold out 4,525,726 $22.4Mbefore exit
MLP Maui Land & Pineapple Co. COM · principal Sold out 1,099,641 $20.0Mbefore exit
CIG Cia Energetica DE-Spon ADR SP ADR N-V PFD · principal Sold out 9,130,696 $17.9Mbefore exit
BVN Cia DE Minas Buenaventur-ADR SPONSORED ADR · principal Sold out 1,003,017 $16.5Mbefore exit
CTVA Corteva Inc. COM · principal Sold out 215,054 $16.0Mbefore exit
SLV iShares Silver Trust ISHARES · principal Sold out 465,875 $15.3Mbefore exit
CWCO Consolidated Water Co.-Ord SH ORD · principal Sold out 486,225 $14.6Mbefore exit
ADEA Adeia Inc. COM · principal Sold out 997,478 $14.1Mbefore exit
GLD SPDR Gold Shares GOLD SHS · principal Sold out 43,214 $13.2Mbefore exit
SBSW Sibanye-Stillwater Ltd.-ADR SPONSORED ADR · principal Sold out 1,820,675 $13.1Mbefore exit
XYL Xylem Inc. COM · principal Sold out 99,933 $12.9Mbefore exit
NOK Nokia Corp.-Spon ADR SPONSORED ADR · principal Sold out 2,273,192 $11.8Mbefore exit
MNKD Mannkind Corp. COM NEW · principal Sold out 2,982,575 $11.2Mbefore exit
SSYS Stratasys Ltd. SHS · principal Sold out 920,900 $10.6Mbefore exit
WM Waste Management Inc. COM · principal Sold out 41,965 $9.6Mbefore exit
FCX Freeport-McMoran Inc. CL B · principal Sold out 215,925 $9.4Mbefore exit
NVAX Novavax Inc. COM NEW · principal Sold out 1,399,065 $8.8Mbefore exit
TMQ Trilogy Metals Inc. COM · principal Sold out 6,152,500 $8.3Mbefore exit
CLDX Celldex Therapeutics Inc. COM NEW · principal Sold out 371,427 $7.6Mbefore exit
NEM Newmont Corp. COM · principal Sold out 124,609 $7.3Mbefore exit
MSEX Middlesex Water Co. COM · principal Sold out 111,720 $6.1Mbefore exit
CDE Coeur Mining Inc. COM NEW · principal Sold out 656,125 $5.8Mbefore exit
MPV Barings Participation Invest SH BEN INT · principal Sold out 285,515 $5.7Mbefore exit
WBD Warner Bros Discovery Inc. COM SER A · principal Sold out 473,573 $5.4Mbefore exit
BGH Barings GLBL SHRT Dur Hi YLD COM · principal Sold out 329,773 $5.1Mbefore exit
WU Western Union Co. COM · principal Sold out 440,343 $3.7Mbefore exit
AMX America Movil Sab DE CV SPON ADS RP CL B · principal Sold out 193,421 $3.5Mbefore exit
KYN Kayne Anderson Energy Infra COM · principal Sold out 264,825 $3.4Mbefore exit
MRK Merck & Co. Inc. COM · principal Sold out 36,826 $2.9Mbefore exit
DUK Duke Energy Corp. COM NEW · principal Sold out 17,600 $2.1Mbefore exit
HPI John Hancock Prefer Inc. SH BEN INT · principal Sold out 129,110 $2.1Mbefore exit
ENB Enbridge Inc. COM · principal Sold out 44,449 $2.0Mbefore exit
XPER Xperi Inc. COMMON STOCK · principal Sold out 244,138 $1.9Mbefore exit
MCI Barings Corporate Investors COM · principal Sold out 86,411 $1.9Mbefore exit
PFE Pfizer Inc. COM · principal Sold out 44,100 $1.1Mbefore exit
KRP Kimbell Royalty Partners LP UNIT · principal Sold out 67,850 $947Kbefore exit
BMY Bristol-Myers Squibb Co. COM · principal Sold out 17,575 $814Kbefore exit
GLW Corning Inc. COM · principal Sold out 15,000 $789Kbefore exit
CSCO Cisco Systems Inc. COM · principal Sold out 11,350 $787Kbefore exit
SAND Sandstorm Gold Ltd. COM NEW · principal Sold out 77,500 $729Kbefore exit
PBI Pitney Bowes Inc. COM · principal Sold out 63,900 $697Kbefore exit
WY Weyerhaeuser Co. COM NEW · principal Sold out 13,111 $337Kbefore exit
CAG Conagra Brands Inc. COM · principal Sold out 11,250 $230Kbefore exit
ASSERTIO HOLDINGS INC COM NEW · principal Sold out 316,875 $203Kbefore exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 43$418.0MADEA, CDE, NOK, TMQ, BVN
Q1 2026 0$0
Q4 2025 0$0
Q3 2025 44$373.7MNGD, BVN, MLP, SBSW, CIG
Q2 2025 0$0
Q1 2025 46$303.9MNGD, MLP, CIG, BVN, SLV
Q4 2024 47$294.4MMLP, CIG, MNKD, NGD, ADEA
Q3 2024 47$323.3MMLP, CIG, NGD, NVAX, LLY
Q2 2024 48$319.0MMLP, NGD, NVAX, BVN, LLY
Q1 2024 48$310.7MMLP, BVN, NGD, CIG, LLY