Managers / Q3 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 $179M in U.S.-listed holdings across 16 positions for Q3 2025.
Its largest position, CRH, represents 14.3% of the portfolio.
Compared with Q2 2025, the fund opened 0 new positions and exited 2.
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, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. 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 · 42.8% · $77M
- ETP · 36.3% · $65M
- Other · 15.6% · $28M
- ADR · 5.3% · $9M
Quarter-over-Quarter Changes full breakdown →
vs Q2 2025 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| ISHARES TR | SOLD OUT | −100.0K | 0 | −$8M | $0 |
| BIDUBAIDU INC | SOLD OUT | −42.0K | 0 | −$4M | $0 |
| SPYSPDR S&P 500 ETF TR | TRIMMED | −35.0K | 10.0K | −$21M | $7M |
| SLVISHARES SILVER TR | ADDED | +50.5K | 123.3K | +$3M | $5M |
| FERGFERGUSON ENTERPRISES INC | TRIMMED | −22.8K | 15.4K | −$5M | $3M |
| FCNCAFIRST CTZNS BANCSHARES INC N | TRIMMED | −966 | 1.5K | −$2M | $3M |
| FNVFRANCO NEV CORP | TRIMMED | −20.5K | 63.8K | +$403,910 | $14M |
| ICLRICON PLC | ADDED | +4.6K | 38.9K | +$2M | $7M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q3 2025
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | CRHCRH PLChistory → | ORD | 14.25% | $26M | 213.3K |
| 2 | FNVFRANCO NEV CORPhistory → | COM | 7.93% | $14M | 63.8K |
| 3 | RGLDROYAL GOLD INChistory → | COM | 6.57% | $12M | 58.8K |
| 4 | KSPIKASPI KZ JSChistory → | SPONSORED ADS | 5.27% | $9M | 115.9K |
| 5 | NAVIOS MARITIME PARTNERS L P | COM UNIT LPI | 5.06% | $9M | 201.8K |
| 6 | ICLRICON PLChistory → | SHS | 3.80% | $7M | 38.9K |
| 7 | SBLKSTAR BULK CARRIERS CORPhistory → | SHS PAR | 3.40% | $6M | 328.4K |
| 8 | SLVISHARES SILVER TRhistory → | ISHARES | 2.91% | $5M | 123.3K |
| 9 | HAFNIA LTD | ORD SHS | 2.75% | $5M | 825.4K |
| 10 | FROFRONTLINE PLChistory → | COM | 2.67% | $5M | 210.3K |
| 11 | FERGFERGUSON ENTERPRISES INChistory → | COM | 1.93% | $3M | 15.4K |
| 12 | FCNCAFIRST CTZNS BANCSHARES INC Nhistory → | CL A | 1.53% | $3M | 1.5K |
| 13 | SASEABRIDGE GOLD INC | COM | 0.72% | $1M | 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 ↗.