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Condire Management Portfolio holdings

AUM $1.03B
1-Year Est. Return 162.78%
This Fund
S&P 500
This Quarter Est. Return
+47.76%
1 Year Est. Return
+162.78%
3 Year Est. Return
+252.12%
5 Year Est. Return
+463.26%
10 Year Est. Return
–
AUM
$835M
AUM Growth
+$141M
Cap. Flow
-$102M
Cap. Flow %
-12.22%
Top 10 Hldgs %
86.4%
Holding
28
New
1
Increased
4
Reduced
3
Closed
8

Top Buys

Rank Stock Value
1
ODV
Osisko Development Corp
ODV
+$25M
2
SSRM icon
SSR Mining
SSRM
+$22M
3
IAUX.WS
i-80 Gold Corp Warrants
IAUX.WS
+$11.9M
4
EXK
Endeavour Silver
EXK
+$11.8M
5
IAUX
i-80 Gold Corp
IAUX
+$72.8K

Top Sells

Rank Stock Value
1
HBM icon
Hudbay
HBM
+$77.2M
2
XLB icon
State Street Materials Select Sector SPDR ETF
XLB
+$20M
3
NGD
New Gold Inc
NGD
+$14.6M
4
SBSW icon
Sibanye-Stillwater
SBSW
+$12.4M
5
XME icon
State Street SPDR S&P Metals & Mining ETF
XME
+$11.8M

Sector Composition

Rank Sector Weight
1 Materials 70.84%
2 Energy 25.37%
3 Industrials 1.54%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VTLE
26
DELISTED
Vital Energy
VTLE
– –
-530,981
Closed -$8.54M
XLB icon
27
State Street Materials Select Sector SPDR ETF
XLB
$8.34B
– –
-455,034
Closed -$20M
XLE icon
28
State Street Energy Select Sector SPDR ETF
XLE
$38.2B
– –
-36,060
Closed -$1.53M
1
2

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TWM
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Condire Management's Q3 2025 Portfolio in Review

As of Q3 2025, Condire Management held 28 positions worth $835M, up 20% from $694M the previous quarter. Its ten largest holdings account for 86% of the portfolio.

Condire Management withdrew a net $102M in Q3 2025, closing 8 positions and reducing 3 holdings. Its most notable exit was Hudbay, an estimated $77.2M position sold in full.

By sector, the portfolio is most concentrated in Materials at 71% of assets, up from 65% a quarter earlier, followed by Energy and Industrials.

Against the trend, Condire Management opened a new position in i-80 Gold Corp Warrants worth $18.4M.

  • Condire Management's largest Q3 2025 buy was i-80 Gold Corp Warrants: 40,846,499 shares worth $18.4M.
  • Condire Management added most to Osisko Development Corp in Q3 2025, an estimated $25M increase.
  • Condire Management's biggest Q3 2025 reduction was New Gold Inc, cutting an estimated $14.6M.
  • Condire Management fully exited Hudbay in Q3 2025, selling an estimated $77.2M.
  • Condire Management's ten largest holdings make up 86% of its $835M portfolio in Q3 2025.
  • Condire Management opened 1 new position and closed 8 in Q3 2025.
  • Condire Management's portfolio value rose 20% quarter-over-quarter to $835M.

Based on Condire Management's 13F filing for Q3 2025, filed 14 Nov 2025.