SEC 13F Intelligence

Managers / Q2 2025 · view latest →

ARMOR ADVISORS, L.L.C.

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

Reported Value
$191M
Q2 2025
Positions
18
Filings on Record
28
2019–present window
Filed
Aug 14, 2025
original filing

Summary

Armor Advisors, L.L.C. reported $191M in U.S.-listed holdings across 18 positions for Q2 2025.

Its largest position, Crh, represents 11.1% of the portfolio.

Compared with Q1 2025, the fund opened 2 new positions and exited 2.

Portfolio Metrics

Turnover
+11.4%
vs prior filed quarter
Top-10 Concentration
+47.6%
share of reported value
Largest Position
+11.1%
Crh
New / Exited
2 / 2
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
ETP: 42.4%Other: 30.5%Common Stock: 20.5%ADR: 6.6%
  • ETP · 42.4% · $81M
  • Other · 30.5% · $58M
  • Common Stock · 20.5% · $39M
  • ADR · 6.6% · $13M

Quarter-over-Quarter Changes full breakdown →

vs Q1 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
GQ9SPDR GOLD TRNEW+140.0K140.0K+$43M$43M
ISHARES TRNEW+100.0K100.0K+$8M$8M
SPDR S&P 500 ETF TRADDED+41.5K45.0K+$26M$28M
NVDANVIDIA CORPORATIONSOLD OUT−45.0K0−$5M$0
XLFSELECT SECTOR SPDR TRSOLD OUT−60.0K0−$3M$0
KSPIKASPI KZ JSCADDED+38.0K107.0K+$3M$9M
FERGFERGUSON ENTERPRISES INCTRIMMED−30.0K38.1K−$3M$8M
BIDUNBAIDU INCTRIMMED−18.0K42.0K−$2M$4M

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

Holdings — Q2 2025

14 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1CRH PLCORD11.10%$21M230.8K
2FNVFRANCO NEV CORPhistory →COM7.24%$14M84.3K
3RGLDROYAL GOLD INChistory →COM5.93%$11M63.6K
4KSPIKASPI KZ JSChistory →SPONSORED ADS4.76%$9M107.0K
5FERGFERGUSON ENTERPRISES INChistory →COM4.35%$8M38.1K
6NAVIOS MARITIME PARTNERS L PCOM UNIT LPI3.87%$7M196.1K
7STAR BULK CARRIERS CORPSHS PAR2.97%$6M328.4K
8ICON PLCSHS2.62%$5M34.3K
9FCNCAFIRST CTZNS BANCSHARES INC Nhistory →CL A2.57%$5M2.5K
10HAFNIA LTDORD SHS2.16%$4M825.4K
11BIDUNBAIDU INChistory →SPON ADR REP A1.89%$4M42.0K
12FRONTLINE PLCCOM1.64%$3M190.3K
13SLVISHARES SILVER TRhistory →ISHARES1.25%$2M72.8K
14SEA1EURSEABRIDGE GOLD INCCOM0.40%$771,62253.1K

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 ↗.