Managers / Q1 2023 · view latest →
ARMOR ADVISORS, L.L.C.
CIK 0001600698 · 410 PARK AVENUE, SUITE 530, NEW YORK, NY, 10022 · (646) 873-8501
Summary
Armor Advisors, L.L.C. reported $187M in U.S.-listed holdings across 13 positions for Q1 2023.
Its largest position, RGLD, represents 12.7% of the portfolio.
Compared with Q4 2022, the fund opened 4 new positions and exited 1.
Portfolio Metrics
Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.
Reported Value by Quarter
Portfolio Composition
- Common Stock · 44.7% · $84M
- ETP · 37.7% · $71M
- Other · 15.7% · $29M
- Closed-End Fund · 1.9% · $4M
Quarter-over-Quarter Changes full breakdown →
vs Q4 2022 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| SPDR INDEX SHS FDS | NEW | +750.0K | 750.0K | +$34M | $34M |
| XP INC | NEW | +715.0K | 715.0K | +$8M | $8M |
| SCHWSCHWAB CHARLES CORP | NEW | +63.0K | 63.0K | +$3M | $3M |
| WPMWHEATON PRECIOUS METALS CORP | NEW | +65.0K | 65.0K | +$3M | $3M |
| AAPLAPPLE INC | SOLD OUT | −20.0K | 0 | −$3M | $0 |
| SPDR S&P 500 ETF TR | TRIMMED | −340.0K | 90.0K | −$128M | $37M |
| FERGUSON PLC NEW | TRIMMED | −109.0K | 85.6K | −$13M | $11M |
| FRONTLINE LTD | TRIMMED | −186.5K | 570.6K | +$257,809 | $9M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q1 2023
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | RGLDROYAL GOLD INChistory → | COM | 12.65% | $24M | 182.6K |
| 2 | FNVFRANCO NEV CORPhistory → | COM | 10.30% | $19M | 132.2K |
| 3 | CRCCANADIAN NAT RES LTDhistory → | COM | 8.16% | $15M | 276.0K |
| 4 | FERGUSON PLC NEW | SHS | 6.12% | $11M | 85.6K |
| 5 | EOGEOG RES INChistory → | COM | 5.76% | $11M | 94.0K |
| 6 | FRONTLINE LTD | SHS NEW | 5.05% | $9M | 570.6K |
| 7 | XP INC | CL A | 4.53% | $8M | 715.0K |
| 8 | SEA1EURSEABRIDGE GOLD INChistory → | COM | 4.39% | $8M | 635.0K |
| 9 | SPROTT PHYSICAL SILVER TR | TR UNIT | 1.94% | $4M | 436.0K |
| 10 | SCHWSCHWAB CHARLES CORPhistory → | COM | 1.76% | $3M | 63.0K |
| 11 | WPMWHEATON PRECIOUS METALS CORPhistory → | COM | 1.67% | $3M | 65.0K |
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q1 2026 | $298M | 18 | May 15, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q4 2025 | $112M | 14 | Feb 10, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q3 2025 | $179M | 16 | Nov 10, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q2 2025 | $191M | 18 | Aug 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q1 2025 | $125M | 19 | May 9, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q4 2024 | $96M | 13 | Feb 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q3 2024 | $156M | 13 | Nov 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q2 2024 | $136M | 12 | Aug 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q1 2024 | $164M | 14 | May 15, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q4 2023 | $104M | 12 | Feb 13, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q3 2023 | $227M | 15 | Nov 13, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q2 2023 | $193M | 15 | Aug 10, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q1 2023 | $187M | 13 | May 15, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q4 2022 | $275M | 10 | Feb 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q3 2022 | $658M | 11 | Nov 14, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q2 2022 | $183M | 10 | Aug 15, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q1 2022 | $864M | 20 | May 20, 2022 | RESTATEMENT | changes · EDGAR ↗ |
| Q4 2021 | $509M | 19 | Feb 14, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q3 2021 | $588M | 20 | Nov 15, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q2 2021 | $362M | 16 | Aug 16, 2021 | RESTATEMENT | changes · EDGAR ↗ |
| Q1 2021 | $262M | 14 | May 17, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q4 2020 | $247M | 14 | Feb 16, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q3 2020 | $318M | 15 | Nov 16, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q2 2020 | $207M | 12 | Aug 14, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q1 2020 | $302M | 16 | May 15, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q4 2019 | $177M | 8 | Feb 14, 2020 | 13F-HR | changes · EDGAR ↗ |
13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.