Portfolio concentration
As of February 28, 2026 · N-PORT
Holdings
33
Top-10 weight
71.58%
Effective holdings
?
The number of equal-weight positions that would produce this portfolio's concentration (1 ÷ Herfindahl index). A 500-stock fund dominated by a few mega-caps might have only ~100 effective holdings.
15
Crowding
?
The value-weighted average number of funds that also own this fund's positions. High = consensus/crowded picks; low = holdings few other funds own.
269.5
Holdings
As of February 28, 2026 · N-PORT| # | Security | Ticker | Shares | Value | % of fund |
|---|---|---|---|---|---|
| 1 | HECLA MINING CO | — | 8,279,950 | $206.25M | 14.82% |
| 2 | INDUSTRIAS PENOL | — | 2,490,994 | $158.18M | 11.37% |
| 3 | FRESNILLO PLC | — | 2,579,300 | $147.17M | 10.57% |
| 4 | BlackRock Cash Funds: Institutional, SL Agency Shares | BISXX | 133,802,917 | $133.87M | 9.62% |
| 5 | FIRST MAJESTIC S | — | 3,795,972 | $121.44M | 8.73% |
| 6 | DISCOVERY SILVER | — | 7,670,941 | $63.38M | 4.55% |
| 7 | ENDEAVOUR SILVER | — | 4,512,687 | $62.79M | 4.51% |
| 8 | SILVERCORP METAL | — | 4,181,254 | $58.12M | 4.18% |
| 9 | WHEATON PRECIOUS METALS CORP | — | 341,091 | $55.58M | 3.99% |
| 10 | AGNICO EAGLE MINES LTD | — | 212,876 | $53.47M | 3.84% |
| 11 | AYA GOLD & SILVE | — | 2,465,156 | $53.37M | 3.83% |
| 12 | NEWMONT CORP | — | 396,241 | $51.51M | 3.70% |
| 13 | KINROSS GOLD CORP | — | 1,152,377 | $42.60M | 3.06% |
| 14 | FIRST MAJESTIC S | — | 973,940 | $31.18M | 2.24% |
| 15 | COEUR MINING INC | — | 951,519 | $25.83M | 1.86% |
| 16 | PAN AMER SILVER | — | 357,873 | $24.55M | 1.76% |
| 17 | AVINO SILVER GOLD MINES LTD | ASM | 2,472,849 | $23.78M | 1.71% |
| 18 | DPM METALS INC | — | 492,408 | $21.32M | 1.53% |
| 19 | NEW GOLD INC | — | 1,585,343 | $21.29M | 1.53% |
| 20 | ORLA MINING LTD | — | 845,506 | $18.29M | 1.31% |
| 21 | ELDORADO GOLD | — | 370,218 | $17.19M | 1.24% |
| 22 | HARMONY GOLD MNG | — | 731,689 | $16.65M | 1.20% |
| 23 | SSR MINING INC | — | 503,272 | $16.19M | 1.16% |
| 24 | LUNDIN GOLD INC | — | 171,568 | $16.17M | 1.16% |
| 25 | CHINA GOLD INTER | — | 604,500 | $15.83M | 1.14% |
| 26 | ZHAOJIN MINING-H | — | 3,085,000 | $13.60M | 0.98% |
| 27 | FORTUNA MINING C | — | 862,102 | $11.78M | 0.85% |
| 28 | HOCHSCHILD MININ | — | 941,159 | $10.24M | 0.74% |
| 29 | SEABRIDGE GOLD | — | 229,900 | $9.06M | 0.65% |
| 30 | SKEENA RESOURCES | — | 217,592 | $8.29M | 0.60% |
| 31 | PERPETUA RESOURC | — | 211,906 | $7.81M | 0.56% |
| 32 | TOREX GOLD RESOU | — | 116,736 | $7.11M | 0.51% |
| 33 | BlackRock Cash Funds: Treasury, SL Agency Shares | — | 810,000 | $810.00K | 0.06% |
| 34 | S+P/TSX 60 IX FUT MAR26 | — | 4 | $76.23K | 0.01% |
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