SEC 13F Intelligence

Managers / Q1 2024 · view latest →

ARMOR ADVISORS, L.L.C.

CIK 0001600698 · 410 PARK AVENUE, SUITE 530, NEW YORK, NY, 10022 · (646) 873-8501

Reported Value
$164M
Q1 2024
Positions
14
Filings on Record
28
2019–present window
Filed
May 15, 2024
original filing

Summary

Armor Advisors, L.L.C. reported $164M in U.S.-listed holdings across 14 positions for Q1 2024.

Its largest position, KSPI, represents 18.8% of the portfolio.

Compared with Q4 2023, the fund opened 3 new positions and exited 1.

Portfolio Metrics

Turnover
+4.6%
vs prior filed quarter
Top-10 Concentration
+80.3%
share of reported value
Largest Position
+18.8%
Jsc Kaspi Kz Adr
New / Exited
3 / 1
positions this quarter

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

13F Reported Value
Q4 ’19: $177MQ4 ’19Q1 ’20: $302MQ2 ’20: $207MQ3 ’20: $318MQ4 ’20: $247MQ4 ’20Q1 ’21: $262MQ2 ’21: $362MQ3 ’21: $588MQ4 ’21: $509MQ4 ’21Q1 ’22: $864MQ2 ’22: $183MQ3 ’22: $658MQ4 ’22: $275MQ4 ’22Q1 ’23: $187MQ2 ’23: $193MQ3 ’23: $227MQ4 ’23: $104MQ4 ’23Q1 ’24: $164MQ2 ’24: $136MQ3 ’24: $156MQ4 ’24: $96MQ4 ’24Q1 ’25: $125MQ2 ’25: $191MQ3 ’25: $179MQ4 ’25: $112MQ4 ’25Q1 ’26: $298Mfilingsflow.com

Portfolio Composition

By security type
Common Stock: 42.3%Other: 23.9%ADR: 18.8%ETP: 15.0%
  • Common Stock · 42.3% · $69M
  • Other · 23.9% · $39M
  • ADR · 18.8% · $31M
  • ETP · 15.0% · $25M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2023 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
KSPIJSC KASPI.KZ ADRNEW+239.1K239.1K+$31M$31M
SPDR S&P 500 ETF TRNEW+25.0K25.0K+$13M$13M
ISHARES TRNEW+55.0K55.0K+$12M$12M
FERGUSON PLC NEWSOLD OUT−21.9K0−$4M$0
STAR BULK CARRIERS CORPADDED+118.6K252.1K+$3M$6M
GENCO SHIPPING & TRADING LTDADDED+30.0K143.8K+$1M$3M
CRCCANADIAN NAT RES LTDTRIMMED−37.1K110.0K−$1M$8M
CRH PLCTRIMMED−67.2K248.7K−$397,298$21M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q1 2024

12 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1KSPIJSC KASPI.KZ ADRhistory →SHS18.75%$31M239.1K
2CRH PLCORD13.08%$21M248.7K
3FNVFRANCO NEV CORPhistory →COM9.41%$15M129.5K
4RGLDROYAL GOLD INChistory →COM9.19%$15M123.7K
5FCNCAFIRST CTZNS BANCSHARES INC Nhistory →CL A7.11%$12M7.1K
6FRONTLINE LTDSHS NEW5.34%$9M374.4K
7CRCCANADIAN NAT RES LTDhistory →COM5.12%$8M110.0K
8EOGEOG RES INChistory →COM4.45%$7M57.1K
9SEA1EURSEABRIDGE GOLD INChistory →COM4.16%$7M450.9K
10STAR BULK CARRIERS CORPSHS PAR3.67%$6M252.1K
11WPMWHEATON PRECIOUS METALS CORPhistory →COM2.91%$5M101.4K
12GENCO SHIPPING & TRADING LTDSHS1.78%$3M143.8K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$298M18May 15, 202613F-HRchanges · EDGAR ↗
Q4 2025$112M14Feb 10, 202613F-HRchanges · EDGAR ↗
Q3 2025$179M16Nov 10, 202513F-HRchanges · EDGAR ↗
Q2 2025$191M18Aug 14, 202513F-HRchanges · EDGAR ↗
Q1 2025$125M19May 9, 202513F-HRchanges · EDGAR ↗
Q4 2024$96M13Feb 14, 202513F-HRchanges · EDGAR ↗
Q3 2024$156M13Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$136M12Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$164M14May 15, 202413F-HRchanges · EDGAR ↗
Q4 2023$104M12Feb 13, 202413F-HRchanges · EDGAR ↗
Q3 2023$227M15Nov 13, 202313F-HRchanges · EDGAR ↗
Q2 2023$193M15Aug 10, 202313F-HRchanges · EDGAR ↗
Q1 2023$187M13May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022$275M10Feb 14, 202313F-HRchanges · EDGAR ↗
Q3 2022$658M11Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$183M10Aug 15, 202213F-HRchanges · EDGAR ↗
Q1 2022$864M20May 20, 2022RESTATEMENTchanges · EDGAR ↗
Q4 2021$509M19Feb 14, 202213F-HRchanges · EDGAR ↗
Q3 2021$588M20Nov 15, 202113F-HRchanges · EDGAR ↗
Q2 2021$362M16Aug 16, 2021RESTATEMENTchanges · EDGAR ↗
Q1 2021$262M14May 17, 202113F-HRchanges · EDGAR ↗
Q4 2020$247M14Feb 16, 202113F-HRchanges · EDGAR ↗
Q3 2020$318M15Nov 16, 202013F-HRchanges · EDGAR ↗
Q2 2020$207M12Aug 14, 202013F-HRchanges · EDGAR ↗
Q1 2020$302M16May 15, 202013F-HRchanges · EDGAR ↗
Q4 2019$177M8Feb 14, 202013F-HRchanges · 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 ↗.