New GoldNGD
13F holders, Q1 2025 (March 31)At the end of Q1 2025, 248 institutions reported holding New Gold Inc. (NGD) in their 13F filings, up 25 from Q4 2024. 46 opened new positions and 20 sold out. The largest holders were Van Eck Associates Corp. ($210.5M), Condire Management, LP ($121.5M) and Renaissance Technologies ($104.2M). 6 famous investors held it, including Jim Simons / Peter Brown (0.2% of Renaissance Technologies's portfolio), Joel Greenblatt (0.0% of Gotham Asset Management's portfolio) and David E. Shaw (0.0% of D. E. Shaw & Co.'s portfolio).
- Company
- New Gold Inc.
- CUSIP
- 644535106
- Latest filing quarter
- Q1 2026
History
Number of 13F holders
Total Exit/New Position Q4 2024 → Q1 2025
| Institutions | Total Value | |
|---|---|---|
| New Positions | 46 | $57.9M |
| Exits | 20 | $4.2M |
All 13F filers, Q4 2024 → Q1 2025: 65,345,728 shares bought and 41,244,254 shares sold, net +24,101,474 shares. Counts holders who added, trimmed, opened or closed a position; split-adjusted.
Ownership 248 holders
| Van Eck Associates Corp. | 0.27% | Reduce -12.3% | 56,726,062 | $210.5M |
| Condire Management, LP | 18.16% | No change | 32,739,918 | $121.5M |
| Renaissance Technologies | 0.16% | Add +11.7% | 28,082,364 | $104.2M |
| Invesco Ltd. | 0.01% | Add +16.9% | 15,761,737 | $58.5M |
| Arrowstreet Capital, Limited Partnership | 0.05% | Add +7.8% | 15,220,727 | $56.3M |
| American Century Companies Inc. | 0.03% | Add +23.7% | 15,149,653 | $56.0M |
| Morgan Stanley | 0.00% | Add +23.5% | 14,370,246 | $53.3M |
| Bank of Montreal | 0.02% | Add +26.8% | 12,300,657 | $45.5M |
| Connor, Clark & Lunn Investment Management Ltd. | 0.19% | Reduce -3.5% | 11,545,982 | $42.7M |
| JGP Global Gestao de Recursos Ltda. | 30.33% | Add +64.4% | 10,687,997 | $39.7M |
| Mackenzie Financial Corp. | 0.05% | Reduce -33.5% | 8,819,681 | $32.6M |
| Two Sigma Investments, LP | 0.07% | Add +2.2% | 8,497,442 | $31.5M |
| Amundi | 0.01% | Add +42.2% | 8,356,029 | $29.6M |
| Hillsdale Investment Management Inc. | 1.50% | Reduce -16.0% | 7,962,527 | $29.4M |
| Franklin Resources Inc. | 0.01% | Reduce -7.8% | 7,834,204 | $29.1M |
| Bank of America Corp. | 0.00% | Reduce -6.5% | 7,413,976 | $27.5M |
| Goldman Sachs Group Inc. | 0.00% | Add +74.9% | 6,448,313 | $23.9M |
| Pale Fire Capital SE | 2.88% | New | 6,447,352 | $23.9M |
| Dimensional Fund Advisors LP | 0.01% | Add +6.7% | 6,342,513 | $23.5M |
| JPMorgan Chase & Co. | 0.00% | Add +163.0% | 6,151,106 | $22.8M |
| D. E. Shaw & Co. | 0.03% | Add +25.4% | 6,119,840 | $22.7M |
| TSP Capital Management Group, LLC | 6.97% | Reduce -12.5% | 5,711,600 | $21.2M |
| UBS Group AG | 0.00% | Add +17.6% | 5,420,396 | $20.1M |
| Schroder Investment Management Group | 0.02% | Add +2.2% | 5,150,242 | $18.5M |
| Montrusco Bolton Investments Inc. | 0.21% | Reduce -16.2% | 4,395,223 | $16.2M |
| Heartland Advisors Inc. | 0.76% | Reduce -26.6% | 3,555,600 | $13.2M |
| Deutsche Bank AG | 0.01% | Add +2.3% | 3,504,806 | $13.0M |
| Invenomic Capital Management LP | 0.64% | Add +1.6% | 3,411,752 | $12.7M |
| Two Sigma Advisers, LP | 0.03% | Add +7.5% | 3,378,430 | $12.5M |
| Wellington Management Group LLP | 0.00% | Add +198.7% | 3,386,617 | $12.5M |
| Ruffer LLP | 0.46% | Add +166.9% | 3,203,070 | $11.9M |
| TD Asset Management Inc | 0.01% | Add +7.1% | 3,040,853 | $11.2M |
| Jane Street Group, LLC | 0.02% | Add +317.5% | 3,019,600 | $11.2M |
| National Bank of Canada | 0.01% | Add +32.0% | 3,008,516 | $11.1M |
| BNP Paribas Financial Markets | 0.01% | Add +5.1% | 2,766,053 | $10.3M |
| Cibc World Market Inc. | 0.02% | Add +37.1% | 2,769,465 | $10.2M |
| Canada Pension Plan Investment Board | 0.01% | Add +9.8% | 2,690,100 | $9.9M |
| Empyrean Capital Partners, LP | 0.57% | No change | 2,610,000 | $9.7M |
| Allspring Global Investments Holdings, LLC | 0.02% | Add +68.0% | 2,471,000 | $9.1M |
| Quadrature Capital Ltd | 0.17% | Add +536.9% | 2,063,700 | $7.7M |
| Raymond James Financial Inc. | 0.00% | Add +160.3% | 2,012,687 | $7.5M |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | 0.02% | Reduce -15.5% | 1,533,779 | $7.4M |
| Citadel Advisors | 0.01% | Add +189.1% | 2,004,657 | $7.4M |
| Winmill & Co. Inc. | 2.25% | New | 1,993,000 | $7.4M |
| Nokomis Capital, L.L.C. | 3.06% | Reduce -53.8% | 1,915,282 | $7.1M |
| ArrowMark Colorado Holdings LLC | 0.11% | Add +10.2% | 1,868,000 | $6.9M |
| Groupe la Francaise | 0.14% | Add +2.8% | 1,850,000 | $6.6M |
| Millennium Management | 0.01% | Add +91.1% | 1,792,631 | $6.6M |
| Caprock Group, LLC | 0.20% | No change | 1,745,627 | $6.5M |
| Legal & General Group Plc | 0.00% | Reduce -0.7% | 1,695,387 | $6.3M |
| Manufacturers Life Insurance Company, The | 0.01% | Add +16.0% | 1,551,464 | $5.8M |
| Swiss National Bank | 0.00% | Reduce -1.6% | 1,541,862 | $5.7M |
| U S Global Investors Inc. | 0.75% | Reduce -31.6% | 1,522,531 | $5.6M |
| Gotham Asset Management | 0.05% | Add +1.2% | 1,508,054 | $5.6M |
| PCJ Investment Counsel Ltd. | 1.93% | New | 1,334,850 | $4.9M |
| Marshall Wace, LLP | 0.01% | Reduce -50.5% | 1,281,776 | $4.8M |
| Qube Research & Technologies Ltd | 0.01% | New | 1,245,044 | $4.6M |
| Royal Bank of Canada | 0.00% | Add +0.2% | 1,225,356 | $4.5M |
| Oppenheimer & Close, LLC | 3.44% | Reduce -31.9% | 1,125,580 | $4.2M |
| CIBC Asset Management Inc | 0.01% | Reduce -50.1% | 1,089,829 | $4.0M |
| Foundry Partners, LLC | 0.21% | New | 1,067,500 | $4.0M |
| Intact Investment Management Inc. | 0.13% | Reduce -46.6% | 1,030,000 | $3.8M |
| Impala Asset Management LLC | 2.85% | Add +47.1% | 1,000,000 | $3.7M |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | 0.00% | Add +4.5% | 951,651 | $3.5M |
| Credit Agricole S A | 0.01% | Add +122.4% | 920,212 | $3.4M |
| Barclays PLC | 0.00% | Reduce -3.9% | 887,662 | $3.3M |
| BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp | 0.02% | Add +23.1% | 801,774 | $3.0M |
| Sprott Inc. | 0.17% | Add +1.2% | 764,879 | $2.8M |
| Vanguard Group Inc. | 0.00% | No change | 703,080 | $2.6M |
| Aquatic Capital Management LLC | 0.07% | Add +17.9% | 697,448 | $2.6M |
| Point72 Asset Management | 0.01% | New | 685,723 | $2.5M |
| Federation des caisses Desjardins du Quebec | 0.01% | Add +212.4% | 683,751 | $2.5M |
| Man Group plc | 0.01% | Add +170.8% | 666,791 | $2.5M |
| Nuveen, LLC | 0.00% | — | 644,667 | $2.4M |
| Journey Advisory Group, LLC | 0.19% | New | 619,460 | $2.3M |
| Amitell Capital Pte Ltd | 1.74% | Reduce -62.3% | 606,840 | $2.3M |
| O'shaughnessy Asset Management, LLC | 0.02% | Reduce -64.7% | 572,764 | $2.1M |
| Claret Asset Management Corp | 0.40% | No change | 550,000 | $2.0M |
| Pekin Hardy Strauss, Inc. | 0.24% | Add +10.2% | 541,750 | $2.0M |
| Russell Investments Group, Ltd. | 0.00% | Reduce -8.1% | 471,177 | $1.7M |
| Guggenheim Capital LLC | 0.02% | Add +0.7% | 463,503 | $1.7M |
| Geode Capital Management, LLC | 0.00% | Add +7.5% | 420,427 | $1.6M |
| Triasima Portfolio Management inc. | 0.31% | Reduce -31.3% | 423,772 | $1.6M |
| Cambridge Investment Research Advisors, Inc. | 0.01% | Add +3.7% | 421,383 | $1.6M |
| Hedges Asset Management LLC | 1.01% | No change | 412,500 | $1.5M |
| Manatuck Hill Partners, LLC | 0.70% | Reduce -32.5% | 411,000 | $1.5M |
| Pinnacle Wealth Management Group, Inc. | 1.04% | Add +11.1% | 403,830 | $1.5M |
| Eschler Asset Management LLP | 3.58% | New | 390,048 | $1.4M |
| Cubist Systematic Strategies, LLC | 0.02% | Reduce -24.8% | 377,779 | $1.4M |
| Virtu Financial LLC | 0.08% | Add +253.1% | 373,088 | $1.4M |
| PKO Investment Management Joint-Stock Co | 0.15% | No change | 350,000 | $1.3M |
| XTX Topco Ltd | 0.06% | Add +103.4% | 318,240 | $1.2M |
| Riggs Asset Managment Co. Inc. | 0.33% | New | 307,495 | $1.1M |
| Northwest & Ethical Investments L.P. | 0.03% | Reduce -28.8% | 302,062 | $1.1M |
| Oxbow Advisors, LLC | 0.11% | Add +1.9% | 282,400 | $1.0M |
| CANADA LIFE ASSURANCE Co | 0.00% | Add +241.4% | 282,882 | $1.0M |
| Alliancebernstein L.P. | 0.00% | No change | 253,372 | $940K |
| Public Employees Retirement System of Ohio | 0.00% | Add +7.5% | 250,529 | $926K |
| Sumitomo Mitsui Trust Group, Inc. | 0.00% | Reduce -13.7% | 222,891 | $827K |
| Kestra Advisory Services, LLC | 0.00% | Add +2.9% | 205,139 | $761K |
| Susquehanna International Group, LLP | 0.00% | Reduce -9.2% | 203,882 | $756K |
| Jupiter Asset Management Ltd. | 0.01% | No change | 202,571 | $749K |
| Amova Asset Management Americas, Inc. | 0.01% | Reduce -15.3% | 195,791 | $726K |
| Flat Footed LLC | 0.29% | New | 186,200 | $691K |
| Zurcher Kantonalbank (Zurich Cantonalbank) | 0.00% | Reduce -0.1% | 183,539 | $678K |
| Financial Sense Advisors, Inc. | 0.19% | New | 175,740 | $652K |
| Quantbot Technologies LP | 0.02% | Reduce -66.0% | 174,299 | $647K |
| Pine Valley Investments Ltd Liability Co | 0.04% | Reduce -98.3% | 168,842 | $626K |
| Dauntless Investment Group, LLC | 2.20% | No change | 160,696 | $596K |
| Evergreen Capital Management LLC | 0.02% | Reduce -0.5% | 160,400 | $595K |
| HRT Financial LP | 0.00% | Reduce -58.9% | 153,183 | $568K |
| Numerai GP LLC | 0.11% | Add +328.6% | 151,603 | $562K |
| FORA Capital, LLC | 0.06% | New | 151,168 | $561K |
| Citigroup Inc. | 0.00% | Reduce -7.3% | 149,779 | $554K |
| Pictet Asset Management Holding SA | 0.00% | Add +20.9% | 147,812 | $546K |
| Centiva Capital, LP | 0.03% | New | 147,056 | $546K |
| Mariner, LLC | 0.00% | Add +10.6% | 146,598 | $544K |
| HighTower Advisors, LLC | 0.00% | Add +22.5% | 138,507 | $514K |
| Vident Advisory, LLC | 0.01% | Reduce -54.3% | 133,512 | $495K |
| LPL Financial LLC | 0.00% | Reduce -7.7% | 132,844 | $493K |
| Headlands Technologies LLC | 0.06% | Add +520.8% | 131,268 | $487K |
| Kingsview Wealth Management, LLC | 0.01% | Add +758.5% | 128,771 | $478K |
| Impact Asset Management GmbH | 0.18% | No change | 125,000 | $464K |
| Wexford Capital LP | 0.12% | No change | 125,000 | $464K |
| Toronto Dominion Bank | 0.00% | Add +30.8% | 123,465 | $457K |
| SG Americas Securities, LLC | 0.00% | Add +69.2% | 113,640 | $422K |
| BlackRock, Inc. | 0.00% | Add +0.3% | 107,160 | $398K |
| Charles Schwab Investment Management Inc. | 0.00% | New | 102,344 | $378K |
| Sowell Financial Services LLC | 0.02% | No change | 100,000 | $371K |
| Independent Family Office, LLC | 0.16% | No change | 84,114 | $312K |
| Tidal Investments LLC | 0.00% | New | 82,289 | $305K |
| Artisan Partners Limited Partnership | 0.00% | Reduce -22.4% | 80,750 | $300K |
| NewEdge Advisors, LLC | 0.00% | Add +99.1% | 80,375 | $298K |
| Financial Counselors Inc. | 0.00% | New | 78,000 | $289K |
| DJE Kapital AG | 0.01% | New | 78,100 | $275K |
| Vanguard Personalized Indexing Management, LLC | 0.00% | Add +17.1% | 71,100 | $264K |
| Schonfeld Strategic Advisors LLC | 0.00% | Add +346.6% | 71,012 | $263K |
| Bank of New York Mellon Corp | 0.00% | Add +40.6% | 70,728 | $262K |
| Daiwa Securities Group Inc. | 0.00% | Add +66.5% | 69,100 | $256K |
| Profund Advisors LLC | 0.01% | Add +29.1% | 68,167 | $253K |
| Bank Julius Baer & Co. Ltd, Zurich | 0.00% | Add +58.0% | 67,991 | $252K |
| First Citizens Bank & Trust Co. | 0.01% | No change | 66,898 | $248K |
| Captrust Financial Advisors | 0.00% | Add +16.6% | 64,949 | $241K |
| Graham Capital Management, L.P. | 0.01% | Add +0.2% | 64,092 | $238K |
| Plato Investment Management Ltd | 0.02% | Add +31.1% | 60,054 | $224K |
| Commonwealth Equity Services, LLC | 0.00% | Add +13.7% | 54,955 | $204K |
| Oxford Asset Management LLP | 0.09% | Reduce -64.7% | 53,602 | $199K |
| Ingalls & Snyder LLC | 0.01% | Reduce -8.8% | 52,000 | $193K |
| Investment Management Corp of Ontario | 0.00% | New | 50,600 | $188K |
| Vontobel Holding Ltd. | 0.00% | No change | 50,000 | $185K |
| Stifel Financial Corp. | 0.00% | Reduce -1.0% | 48,720 | $181K |
| OMERS ADMINISTRATION Corp | 0.00% | Add +121.8% | 48,800 | $180K |
| Squarepoint Ops LLC | 0.00% | Reduce -52.6% | 47,772 | $177K |
| Moors & Cabot, Inc. | 0.01% | Reduce -9.5% | 47,750 | $177K |
| Rossby Financial, LCC | 0.07% | New | 50,000 | $170K |
| Shell Asset Management Co. | 0.01% | No change | 43,220 | $160K |
| Kohmann Bosshard Financial Services, LLC | 0.02% | Reduce -18.0% | 41,000 | $152K |
| Marex Group Ltd | 0.00% | Reduce -35.4% | 40,794 | $151K |
| Brave Asset Management Inc. | 0.04% | No change | 38,500 | $143K |
| Gunderson Capital Management LLC | 0.09% | New | 37,264 | $138K |
| Wells Fargo & Company | 0.00% | Add +4.1% | 35,338 | $131K |
| Scotia Capital Inc. | 0.00% | Reduce -33.5% | 35,500 | $131K |
| Towarzystwo Funduszy Inwestycyjnych Pzu SA | 0.04% | No change | 35,000 | $130K |
| HC Advisors, LLC | 0.09% | No change | 33,800 | $125K |
| Morton Capital Management LLC | 0.02% | No change | 31,494 | $117K |
| Ritholtz Wealth Management | 0.00% | New | 31,268 | $116K |
| Baader Bank Aktiengesellschaft | 0.01% | New | 55,615 | $113K |
| Samalin Investment Counsel, LLC | 0.05% | Add +130.8% | 30,000 | $111K |
| B. Riley Wealth Advisors, Inc. | 0.00% | New | 29,500 | $109K |
| Altfest L J & Co. Inc. | 0.01% | No change | 29,060 | $108K |
| Carnegie Lake Advisors LLC | 0.04% | Reduce -8.3% | 27,750 | $103K |
| Bank of Nova Scotia | 0.00% | Add +0.5% | 27,220 | $101K |
| Jentner Corp | 0.03% | No change | 26,803 | $99K |
| Evanson Asset Management, LLC | 0.01% | No change | 26,584 | $99K |
| Creative Planning | 0.00% | Add +22.0% | 25,504 | $95K |
| TD Waterhouse Canada Inc. | 0.00% | Reduce -71.4% | 26,585 | $94K |
| Wolverine Trading, LLC | 0.00% | Add +0.0% | 26,083 | $94K |
| HSBC Holdings PLC | 0.00% | Add +17.8% | 25,176 | $93K |
| Cladis Investment Advisory, LLC | 0.07% | No change | 25,000 | $93K |
| Empowered Funds, LLC | 0.00% | New | 24,469 | $91K |
| CreativeOne Wealth, LLC | 0.00% | New | 22,950 | $85K |
| America First Investment Advisors, LLC | 0.02% | No change | 22,660 | $84K |
| Algert Global LLC | 0.00% | No change | 22,448 | $83K |
| Kiker Wealth Management, LLC | 0.06% | New | 22,282 | $83K |
| Rathbones Group PLC | 0.00% | Add +7.7% | 21,068 | $78K |
| NorthCrest Asset Manangement, LLC | 0.00% | No change | 20,290 | $75K |
| State of Wyoming | 0.01% | New | 20,135 | $75K |
| Fortis Capital Management LLC | 0.01% | No change | 20,000 | $74K |
| Traynor Capital Management, Inc. | 0.01% | New | 20,000 | $74K |
| Independent Financial Group, LLC | 0.00% | New | 20,000 | $74K |
| Regal Partners Ltd | 0.01% | New | 19,359 | $72K |
| Stapp Wealth Management, PLLC | 0.11% | No change | 19,105 | $71K |
| Leonteq Securities AG | 0.01% | Add +1400000.0% | 14,001 | $66K |
| OneDigital Investment Advisors LLC | 0.00% | No change | 17,745 | $66K |
| 111 Capital | 0.01% | New | 16,935 | $63K |
| Cheviot Value Management, LLC | 0.01% | No change | 15,585 | $61K |
| Flow Traders U.S. LLC | 0.00% | New | 16,539 | $61K |
| Baron Wealth Management LLC | 0.03% | New | 15,829 | $59K |
| First Trust Advisors LP | 0.00% | Reduce -15.1% | 15,404 | $57K |
| Banque Cantonale Vaudoise | 0.00% | — | 15,012 | $56K |
| Elgethun Capital Management | 0.01% | No change | 15,000 | $56K |
| Tradition Wealth Management, LLC | 0.00% | New | 15,000 | $56K |
| Baird Financial Group, Inc. | 0.00% | Add +6.8% | 15,000 | $56K |
| SIH Partners, LLLP | 0.00% | Add +29.4% | 13,895 | $52K |
| J.W. Cole Advisors, Inc. | 0.00% | New | 13,635 | $51K |
| Private Advisor Group, LLC | 0.00% | New | 13,395 | $50K |
| Cannell & Spears LLC | 0.00% | No change | 13,000 | $48K |
| Focus Partners Wealth | 0.00% | No change | 12,558 | $47K |
| Swiss Life Asset Management Ltd | 0.00% | Add +9.1% | 12,401 | $46K |
| Nwam LLC | 0.00% | New | 12,000 | $45K |
| Janney Montgomery Scott LLC | 0.00% | Reduce -79.8% | 11,696 | $43K |
| Eastern Bank | 0.00% | No change | 11,500 | $43K |
| Foster Victor Wealth Advisors, LLC | 0.00% | No change | 11,939 | $43K |
| CIBC Private Wealth Group LLC | 0.00% | New | 13,500 | $40K |
| Signaturefd, LLC | 0.00% | Reduce -5.8% | 10,135 | $38K |
| Terril Brothers, Inc. | 0.01% | No change | 10,000 | $37K |
| SteelPeak Wealth, LLC | 0.00% | New | 10,000 | $37K |
| Cary Street Partners Financial LLC | 0.00% | New | 10,000 | $37K |
| Equitable Holdings, Inc. | 0.00% | No change | 10,000 | $37K |
| Parvin Asset Management, LLC | 0.03% | New | 8,000 | $30K |
| Generali Investments CEE, investicni spolecnost, a.s. | 0.00% | Reduce -76.6% | 7,033 | $26K |
| Tower Research Capital LLC (TRC) | 0.00% | Add +125.0% | 7,017 | $26K |
| Osaic Holdings, Inc. | 0.00% | Reduce -62.9% | 6,850 | $25K |
| Point72 (DIFC) Ltd | 0.00% | Reduce -48.9% | 5,405 | $20K |
| Jackson, Grant Investment Advisers, Inc. | 0.01% | No change | 4,000 | $15K |
| Parallel Advisors, LLC | 0.00% | Add +360.5% | 3,578 | $13K |
| Financial Management Professionals, Inc. | 0.00% | No change | 2,725 | $10K |
| Lindbrook Capital, LLC | 0.00% | No change | 2,584 | $10K |
| Garde Capital, Inc. | 0.00% | New | 2,385 | $9K |
| Hara Capital LLC | 0.01% | No change | 2,000 | $7K |
| Salem Investment Counselors Inc. | 0.00% | No change | 1,700 | $6K |
| Harbour Investments, Inc. | 0.00% | Add +37.5% | 1,100 | $4K |
| PNC Financial Services Group, Inc. | 0.00% | No change | 1,000 | $4K |
| Allworth Financial LP | 0.00% | Reduce -90.4% | 1,000 | $3K |
| US Bancorp \de | 0.00% | No change | 700 | $3K |
| Oakworth Capital, Inc. | 0.00% | No change | 600 | $2K |
| SBI Securities Co., Ltd. | 0.00% | Add +57.9% | 461 | $2K |
| Beacon Capital Management, LLC | 0.00% | No change | 428 | $2K |
| Vision Financial Markets LLC | 0.00% | New | 325 | $1K |
| Rhumbline Advisers | 0.00% | Add +1775.0% | 300 | $1K |
| CoreCap Advisors, LLC | 0.00% | No change | 200 | $742 |
| Aviso Financial Inc. | 0.00% | Add +100.0% | 200 | $739 |
| Bell Investment Advisors, Inc | 0.00% | New | 161 | $598 |
| Point72 Asia (Singapore) Pte. Ltd. | 0.00% | Reduce -99.2% | 134 | $499 |
| CENTRAL TRUST Co | 0.00% | New | 100 | $371 |
| Nemes Rush Group LLC | 0.00% | No change | 100 | $371 |
| Caitong International Asset Management Co., Ltd | 0.00% | Reduce -98.8% | 73 | $271 |
| FMR LLC | 0.00% | New | 25 | $92 |
"% of holder's portfolio" is NGD's weight in each manager's 13F, not the share of New Gold Inc. the manager owns.