Managers / Q1 2025 · 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 $125M in U.S.-listed holdings across 19 positions for Q1 2025.
Its largest position, Crh, represents 19.4% of the portfolio.
Compared with Q4 2024, the fund opened 6 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
- Other · 48.6% · $61M
- Common Stock · 35.7% · $45M
- ADR · 9.5% · $12M
- ETP · 6.2% · $8M
Quarter-over-Quarter Changes full breakdown →
vs Q4 2024 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| KSPIKASPI KZ JSC | NEW | +69.0K | 69.0K | +$6M | $6M |
| BIDUNBAIDU INC | NEW | +60.0K | 60.0K | +$6M | $6M |
| NVDANVIDIA CORPORATION | NEW | +45.0K | 45.0K | +$5M | $5M |
| HAFNIA LTD | NEW | +849.7K | 849.7K | +$4M | $4M |
| XLFSELECT SECTOR SPDR TR | NEW | +60.0K | 60.0K | +$3M | $3M |
| SPDR S&P 500 ETF TR | NEW | +3.5K | 3.5K | +$2M | $2M |
| SLVISHARES SILVER TR | ADDED | +46.5K | 90.3K | +$2M | $3M |
| TSLATESLA INC | SOLD OUT | −1.5K | 0 | −$605,760 | $0 |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q1 2025
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | CRH PLC | ORD | 19.40% | $24M | 276.6K |
| 2 | FNVFRANCO NEV CORPhistory → | COM | 9.89% | $12M | 78.8K |
| 3 | FERGFERGUSON ENTERPRISES INChistory → | COM | 8.70% | $11M | 68.1K |
| 4 | RGLDROYAL GOLD INChistory → | COM | 8.04% | $10M | 61.7K |
| 5 | NAVIOS MARITIME PARTNERS L P | COM UNIT LPI | 5.51% | $7M | 176.1K |
| 6 | KSPIKASPI KZ JSChistory → | SPONSORED ADS | 5.11% | $6M | 69.0K |
| 7 | ICON PLC | SHS | 4.79% | $6M | 34.3K |
| 8 | FCNCAFIRST CTZNS BANCSHARES INC Nhistory → | CL A | 4.70% | $6M | 3.2K |
| 9 | STAR BULK CARRIERS CORP | SHS PAR | 4.14% | $5M | 334.1K |
| 10 | BIDUNBAIDU INChistory → | SPON ADR REP A | 2.93% | $4M | 40.0K |
| 11 | HAFNIA LTD | ORD SHS | 2.82% | $4M | 849.7K |
| 12 | FRONTLINE PLC | COM | 2.25% | $3M | 190.3K |
| 13 | SLVISHARES SILVER TRhistory → | ISHARES | 2.23% | $3M | 90.3K |
| 14 | SEA1EURSEABRIDGE GOLD INC | COM | 0.49% | $620,167 | 53.1K |
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 ↗.