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TMQ

Trilogy Metals
TMQ

124 hedge funds and large institutions have $308M invested in Trilogy Metals in 2025 Q4 according to their latest regulatory filings, with 73 funds opening new positions, 25 increasing their positions, 15 reducing their positions, and 14 closing their positions.

New
Increased
Maintained
Reduced
Closed

421% more first-time investments, than exits

New positions opened: 73 | Existing positions closed: 14

215% more capital invested

Capital invested by funds: $97.8M → $308M (+$211M)

88% more funds holding

Funds holding: 66 → 124 (+58)

67% more repeat investments, than reductions

Existing positions increased: 25 | Existing positions reduced: 15

30% more call options, than puts

Call options by funds: $9.01M | Put options by funds: $6.94M

9.56% more ownership

Funds ownership: 28.32% → 37.89% (+9.6%)

0% more funds holding in top 10

Funds holding in top 10: 2 → 2 (0)

Holders
124
Holders Change
+58
Holders Change %
+87.88%
% of All Funds
1.51%
Holding in Top 10
2
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
0.02%
New
73
Increased
25
Reduced
15
Closed
14
Calls
$9.01M
Puts
$6.94M
Net Calls
+$2.07M
Net Calls Change
-$870K

Top Buyers

1
TI
Tidal Investments
Wisconsin
+$71.3M
2
Susquehanna International Group
Susquehanna International Group
Pennsylvania
+$2.79M
3
Jane Street
Jane Street
New York
+$2.32M
4
AA
ALPS Advisors
Colorado
+$1.36M
5
BlackRock
BlackRock
New York
+$1.33M

Top Sellers

1
OWIM
Old West Investment Management
California
-$35.3M
2
TCMG
TSP Capital Management Group
New Jersey
-$31.6M
3
PC
Paulson & Co
New York
-$30.1M
4
BCM
Bornite Capital Management
New York
-$2.1M
5
WC
Wexford Capital
Florida
-$1.5M
Name Holding Trade Value Shares
Change 		Change in
Stake
EG
1
Electrum Group
New York
$136M +$149M +31,604,741 New
TI
2
Tidal Investments
Wisconsin
$80.8M +$71.3M +15,127,311 +417%
TCMG
3
TSP Capital Management Group
New Jersey
$29M -$31.6M -6,715,000 Closed
OWIM
4
Old West Investment Management
California
$20.2M -$35.3M -7,486,465 -62%
GRA
5
Goehring & Rozencwajg Associates
New York
$6.1M +$329K +69,883 +5%
Jane Street
6
Jane Street
New York
$4.06M +$2.32M +492,846 +110%
Envestnet Asset Management
7
Envestnet Asset Management
Illinois
$3.99M -$414K -87,777 -9%
AA
8
ALPS Advisors
Colorado
$2.91M +$1.36M +288,935 +75%
Susquehanna International Group
9
Susquehanna International Group
Pennsylvania
$2.83M +$2.79M +591,453 +917%
Bank of America
10
Bank of America
North Carolina
$1.54M +$1.13M +239,281 +203%
Millennium Management
11
Millennium Management
New York
$1.42M -$345K -73,222 -18%
Two Sigma Investments
12
Two Sigma Investments
New York
$1.4M -$7.68K -1,630 -0.5%
BlackRock
13
BlackRock
New York
$1.22M +$1.33M +282,584 New
Walleye Capital
14
Walleye Capital
New York
$1.1M +$921K +195,605 +333%
Manulife (Manufacturers Life Insurance)
15
Manulife (Manufacturers Life Insurance)
Ontario, Canada
$1.06M -$747K -158,660 -39%
Swiss National Bank
16
Swiss National Bank
Switzerland
$914K +$999K +212,100 New
Morgan Stanley
17
Morgan Stanley
New York
$855K +$689K +146,259 +280%
LCGC
18
Legacy Capital Group California
California
$753K -$512K -108,597 -38%
State Street
19
State Street
Massachusetts
$726K +$794K +168,538 New
Goldman Sachs
20
Goldman Sachs
New York
$689K +$192K +40,857 +34%
Point72 Asset Management
21
Point72 Asset Management
Connecticut
$612K +$668K +141,900 New
TD Asset Management
22
TD Asset Management
Ontario, Canada
$589K +$640K +135,888 New
SI
23
Sprott Inc
Ontario, Canada
$584K -$386K -82,033 -38%
Vanguard Group
24
Vanguard Group
Pennsylvania
$430K +$468K +99,298 New
Mackenzie Financial
25
Mackenzie Financial
Ontario, Canada
$416K +$456K +96,699 New
1
2 3 4 5

TMQ Hedge Fund Activity: Q4 2025 in Review

124 of the 8,223 institutional investors tracked by Wall St. Rank reported a position in Trilogy Metals (TMQ) for Q4 2025, worth a combined $308M — up 215% from $97.8M a quarter earlier.

Buyers outnumbered sellers: 73 funds opened new TMQ positions and 14 closed out — a net gain of 59 holders — while 25 added to existing stakes and 15 trimmed.

The largest buyer was Tidal Investments, adding an estimated $71.3M. The largest seller was Old West Investment Management, cutting an estimated $35.3M.

  • 124 institutional investors held Trilogy Metals (TMQ) as of Q4 2025, up from 66 in Q3 2025.
  • Funds reported $308M of Trilogy Metals stock for Q4 2025, up 215% quarter-over-quarter.
  • 73 funds opened new Trilogy Metals positions in Q4 2025 and 14 closed out, a net change of +59 holders.
  • The largest Trilogy Metals buyer in Q4 2025 was Tidal Investments, an estimated $71.3M added.
  • The largest Trilogy Metals seller in Q4 2025 was Old West Investment Management, an estimated $35.3M sold.

Based on aggregated 13F filings for Q4 2025.