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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
+18.39%
1 Year Est. Return
+162.78%
3 Year Est. Return
+252.12%
5 Year Est. Return
+463.26%
10 Year Est. Return
–
AUM
$694M
AUM Growth
+$25.5M
Cap. Flow
-$43.1M
Cap. Flow %
-6.21%
Top 10 Hldgs %
78.44%
Holding
29
New
7
Increased
2
Reduced
6
Closed
2

Top Buys

Rank Stock Value
1
IAUX
i-80 Gold Corp
IAUX
+$47.2M
2
SSRM icon
SSR Mining
SSRM
+$23.2M
3
XLB icon
State Street Materials Select Sector SPDR ETF
XLB
+$19.3M
4
SBSW icon
Sibanye-Stillwater
SBSW
+$14.2M
5
XME icon
State Street SPDR S&P Metals & Mining ETF
XME
+$9.03M

Top Sells

Rank Stock Value
1
VAL icon
Valaris
VAL
+$64.2M
2
SDRL icon
Seadrill
SDRL
+$42.3M
3
NEM icon
Newmont
NEM
+$29M
4
CVE icon
Cenovus Energy
CVE
+$13.1M
5
XOP icon
State Street SPDR S&P Oil & Gas Exploration & Production ETF
XOP
+$11.6M

Sector Composition

Rank Sector Weight
1 Materials 64.71%
2 Energy 28.93%
3 Industrials 1.79%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
NGD
1
DELISTED
New Gold Inc
NGD
$162M 23.34%
32,739,918
– –
HBM icon
2
Hudbay
HBM
$9.04B
$77.2M 11.12%
7,275,553
+1,000,000
+16% +$8.33M
CHRD icon
3
Chord Energy
CHRD
$7.21B
$51.5M 7.41%
531,291
– –
VAL icon
4
Valaris
VAL
$5.3B
$48.8M 7.03%
1,158,651
-1,706,335
-60% -$64.2M
IAUX
5
i-80 Gold Corp
IAUX
$1.11B
$47.9M 6.89%
+80,000,000
New +$47.2M
SBSW icon
6
Sibanye-Stillwater
SBSW
$5.66B
$46.1M 6.64%
6,386,739
+2,596,184
+68% +$14.2M
SDRL icon
7
Seadrill
SDRL
$2.7B
$33.6M 4.84%
1,279,968
-1,790,735
-58% -$42.3M
ODV
8
Osisko Development Corp
ODV
$692M
$26.9M 3.87%
12,551,934
– –
SSRM icon
9
SSR Mining
SSRM
$5.31B
$26.2M 3.77%
+2,053,891
New +$23.2M
RYAM icon
10
Rayonier Advanced Materials
RYAM
$555M
$24.5M 3.52%
6,356,130
– –
XLB icon
11
State Street Materials Select Sector SPDR ETF
XLB
$8.34B
$20M 2.88%
+455,034
New +$19.3M
CVE icon
12
Cenovus Energy
CVE
$52.1B
$15M 2.15%
1,100,000
-1,008,306
-48% -$13.1M
CNR
13
Core Natural Resources Inc
CNR
$4.18B
$14.1M 2.03%
201,663
– –
TDW icon
14
Tidewater
TDW
$3.77B
$13.2M 1.9%
285,900
– –
CDLR icon
15
Cadeler
CDLR
$2.24B
$12.4M 1.79%
624,400
– –
AEM icon
16
Agnico Eagle Mines
AEM
$68.5B
$11.3M 1.63%
95,186
-81,836
-46% -$9.5M
PPTA
17
Perpetua Resources
PPTA
$2.11B
$10.8M 1.56%
890,459
– –
XME icon
18
State Street SPDR S&P Metals & Mining ETF
XME
$3.9B
$10.2M 1.47%
+152,085
New +$9.03M
VTLE
19
DELISTED
Vital Energy
VTLE
$8.54M 1.23%
530,981
– –
INSW icon
20
International Seaways
INSW
$4.3B
$7.1M 1.02%
194,763
– –
HL icon
21
Hecla Mining
HL
$9.61B
$5.99M 0.86%
+1,000,000
New +$5.52M
CIVI
22
DELISTED
Civitas Resources
CIVI
$5.5M 0.79%
200,000
-89,764
-31% -$2.6M
EXK
23
Endeavour Silver
EXK
$2.19B
$4.92M 0.71%
+1,000,000
New +$3.94M
CDE icon
24
Coeur Mining
CDE
$14.8B
$4.43M 0.64%
+500,000
New +$3.64M
TEN
25
Tsakos Energy Navigation Ltd
TEN
$1.13B
$3.66M 0.53%
190,977
– –
1
2

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Condire Management's Q2 2025 Portfolio in Review

As of Q2 2025, Condire Management held 29 positions worth $694M, up 3.8% from $669M the previous quarter. Its ten largest holdings account for 78% of the portfolio.

Condire Management withdrew a net $43.1M in Q2 2025, closing 2 positions and reducing 6 holdings. Its most notable exit was Newmont, an estimated $29M position sold in full.

By sector, the portfolio is most concentrated in Materials at 65% of assets, up from 45% a quarter earlier, followed by Energy and Industrials.

Against the trend, Condire Management opened a new position in i-80 Gold Corp worth $47.9M.

  • Condire Management's largest Q2 2025 buy was i-80 Gold Corp: 80,000,000 shares worth $47.9M.
  • Condire Management added most to Sibanye-Stillwater in Q2 2025, an estimated $14.2M increase.
  • Condire Management's biggest Q2 2025 reduction was Valaris, cutting an estimated $64.2M.
  • Condire Management fully exited Newmont in Q2 2025, selling an estimated $29M.
  • Condire Management's ten largest holdings make up 78% of its $694M portfolio in Q2 2025.
  • Condire Management opened 7 new positions and closed 2 in Q2 2025.
  • Condire Management's portfolio value rose 3.8% quarter-over-quarter to $694M.

Based on Condire Management's 13F filing for Q2 2025, filed 14 Aug 2025.