Condire Management, LP
Long book
$1.03B
Q1 2026
Positions
19
Top-10 weight
84%
concentration
Last quarter
-14.8%
SPY +14.8%
Turnover
22%
of book per quarter
Strategy in plain words
auto-generated from filingsCondire Management, LP is a concentrated fundamental stock-picker, specialised in materials (60% of the long book), running a $1.03B US long book across 19 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is modest: positions are typically held for years. Current anchor positions: COEUR MINING INC, I-80 GOLD CORP, VALARIS LTD, OSISKO DEVELOPMENT CORP, CHORD ENERGY CORP.
Over the last 9 quarters its long book ran on average 0.5pp per quarter behind the S&P 500, beating the index in 3 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+3.8%
Q2 2024
-9.6%
Q3 2024
-8.6%
Q4 2024
-12.2%
Q1 2025
+7.3%
Q2 2025
+39.8%
Q3 2025
+8.3%
Q4 2025
+22.2%
Q1 2026
-14.8%
Sector allocation
Materials 58%
Energy 31%
Other 8%
Industrials 3%
Long book by quarter
What does Condire Management, own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| CDE COEUR MINING INC | Materials | 9.9M | $186.6M | 18.0% | New |
| IAUX I-80 GOLD CORP | Materials | 82.1M | $124.8M | 12.1% | +2.3% |
| VAL VALARIS LTD | Energy | 1.2M | $113.6M | 11.0% | Held |
| ODV OSISKO DEVELOPMENT CORP | Materials | 25.1M | $81.4M | 7.9% | +8.4% |
| CHRD CHORD ENERGY CORP | Energy | 556.5K | $79.1M | 7.6% | +10.1% |
| RYAM RAYONIER ADVANCED MATERIALS | Other | 6.4M | $70.4M | 6.8% | Held |
| SDRL SEADRILL LIMITED | Energy | 1.3M | $58.2M | 5.6% | Held |
| BTG B2GOLD CORP | Materials | 11.6M | $52.4M | 5.1% | +2.7% |
| EXK ENDEAVOUR SILVER CORP | Materials | 4.5M | $41.9M | 4.1% | Held |
| CVE CENOVUS ENERGY INC | Energy | 1.1M | $29.2M | 2.8% | Held |
| TDW TIDEWATER INC | Industrials | 285.9K | $23.9M | 2.3% | Held |
| CNR CORE NATURAL RESOURCES INC | Materials | 201.7K | $21.1M | 2.0% | Held |
| ELE ELEMENTAL ROYALTY CORP | Materials | 674.4K | $12.7M | 1.2% | -1.7% |
| NEXM NEXMETALS MINING CORP | Materials | 3.5M | $8.6M | 0.8% | Held |
| TEN TSAKOS ENERGY NAVIGATION LTD | Industrials | 191.0K | $7.5M | 0.7% | Held |
| MUX MCEWEN INC | Materials | 113.0K | $2.3M | 0.2% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 19 | $1.03B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 22 | $958.0M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 20 | $835.4M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 27 | $694.3M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 22 | $668.8M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 20 | $690.6M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 17 | $795.5M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 16 | $740.4M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 19 | $740.5M | canonical | SEC ↗ |
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