Euro Pacific Asset Management, LLC
Long book
$1.01B
Q1 2026
Positions
96
Top-10 weight
50%
concentration
Last quarter
-10.3%
SPY +14.8%
Turnover
15%
of book per quarter
Strategy in plain words
auto-generated from filingsEuro Pacific Asset Management, LLC is a diversified fundamental manager, specialised in materials (68% of the long book), running a $1.01B US long book across 96 positions.
The portfolio is moderately concentrated (top 10 ≈ 50% of the book). Turnover is modest: positions are typically held for years. Current anchor positions: AGNICO EAGLE MINES LTD, PAN AMERICAN SILVER CORP, BARRICK MINING CORP, FRANCO-NEVADA CORP, FORTUNA MINING CORP.
Over the last 9 quarters its long book ran on average 3.5pp per quarter ahead of the S&P 500, beating the index in 5 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+2.1%
Q2 2024
+10.7%
Q3 2024
-10.6%
Q4 2024
+21.5%
Q1 2025
+7.7%
Q2 2025
+33.4%
Q3 2025
+11.3%
Q4 2025
+6.4%
Q1 2026
-10.3%
Sector allocation
Materials 83%
Financials 9%
Services media 2%
Energy 2%
Consumer staples 1%
Other 1%
Communications 1%
Utilities 1%
Long book by quarter
What does Euro Pacific own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| AEM AGNICO EAGLE MINES LTD | Materials | 447.5K | $84.1M | 8.3% | -1.7% |
| PAAS PAN AMERICAN SILVER CORP | Materials | 1.3M | $62.9M | 6.2% | -2.7% |
| B BARRICK MINING CORP | Materials | 1.7M | $61.4M | 6.1% | -4.6% |
| FNV FRANCO-NEVADA CORP | Materials | 249.8K | $57.2M | 5.7% | +5.4% |
| FSM FORTUNA MINING CORP | Materials | 4.5M | $43.9M | 4.4% | +0.5% |
| RGLD ROYAL GOLD INC | Financials | 165.3K | $41.9M | 4.2% | +0.6% |
| OR OR ROYALTIES INC | Materials | 1.0M | $38.6M | 3.8% | -0.1% |
| WPM WHEATON PRECIOUS METALS CORP | Materials | 294.4K | $37.9M | 3.8% | +3.0% |
| MTA METALLA ROYALTY & STREAMING | Materials | 5.7M | $37.0M | 3.7% | +0.1% |
| BTG B2GOLD CORP | Materials | 8.1M | $36.8M | 3.6% | +7.3% |
| EQX EQUINOX GOLD CORP | Materials | 2.3M | $32.6M | 3.2% | +20.2% |
| NEM NEWMONT CORP | Materials | 348.5K | $29.8M | 3.0% | -4.7% |
| AU ANGLOGOLD ASHANTI PLC | Materials | 272.7K | $26.9M | 2.7% | +121.9% |
| IAG IAMGOLD CORP | Materials | 1.3M | $23.9M | 2.4% | -5.5% |
| KGC KINROSS GOLD CORP | Materials | 780.3K | $19.8M | 2.0% | +2.4% |
| ELE ELEMENTAL ROYALTY CORP | Materials | 962.9K | $18.3M | 1.8% | -0.6% |
| DC DAKOTA GOLD CORP | Materials | 3.5M | $18.1M | 1.8% | +15.8% |
| TFPM TRIPLE FLAG PRECIOUS MET | Financials | 520.1K | $17.8M | 1.8% | -0.2% |
| ACN ACCENTURE PLC-CL A | Services media | 66.3K | $15.7M | 1.6% | +84.4% |
| ORLA ORLA MINING LTD | Materials | 872.8K | $13.8M | 1.4% | +0.6% |
| TTE TOTALENERGIES SE | Energy | 177.9K | $13.0M | 1.3% | New |
| BNS BANK OF NOVA SCOTIA | Financials | 171.7K | $10.5M | 1.0% | -1.1% |
| PM PHILIP MORRIS INTERNATIONAL | Consumer staples | 46.3K | $8.1M | 0.8% | -1.3% |
| NTR NUTRIEN LTD | Other | 103.3K | $6.9M | 0.7% | -0.1% |
| WRN WESTERN COPPER AND GOLD CORP | Materials | 2.4M | $6.0M | 0.6% | +133.9% |
| IE IVANHOE ELECTRIC INC / US | Materials | 440.1K | $5.3M | 0.5% | +2.2% |
| BCE BCE INC | Communications | 207.6K | $5.1M | 0.5% | +64.8% |
| AQN ALGONQUIN POWER & UTILITIES | Utilities | 703.5K | $4.3M | 0.4% | +98.7% |
| ASML ASML HOLDING NV-NY REG SHS | Industrials | 3.0K | $3.7M | 0.4% | +0.4% |
| NU NU HOLDINGS LTD/CAYMAN ISL-A | Financials | 233.6K | $3.3M | 0.3% | 0.0% |
| FMC FMC CORP | Materials | 158.9K | $2.7M | 0.3% | +1.0% |
| GRAB GRAB HOLDINGS LTD - CL A | Services media | 653.4K | $2.4M | 0.2% | +73.0% |
| ENB ENBRIDGE INC | Energy | 11.6K | $526K | 0.1% | +14.3% |
| MELI MERCADOLIBRE INC | Services media | 299 | $519K | 0.1% | +0.3% |
| MINE MAYFAIR GOLD CORP | Materials | 136.5K | $422K | 0.0% | New |
| AGI ALAMOS GOLD INC-CLASS A | Materials | 9.5K | $421K | 0.0% | -33.3% |
| CDE COEUR MINING INC | Materials | 19.1K | $317K | 0.0% | New |
| AG FIRST MAJESTIC SILVER CORP | Materials | 34.2K | $316K | 0.0% | -11.6% |
| IBM INTL BUSINESS MACHINES CORP | Technology | 1.0K | $293K | 0.0% | +9.8% |
| ET ENERGY TRANSFER LP | Utilities | 14.4K | $260K | 0.0% | +8.7% |
| HL HECLA MINING CO | Materials | 8.7K | $213K | 0.0% | New |
| DOW DOW INC | Materials | 4.9K | $203K | 0.0% | New |
| EXK ENDEAVOUR SILVER CORP | Materials | 32.5K | $160K | 0.0% | Held |
| VZLA VIZSLA SILVER CORP | Materials | 23.9K | $72K | 0.0% | New |
| ASM AVINO SILVER & GOLD MINES | Materials | 10.0K | $36K | 0.0% | New |
| IAUX I-80 GOLD CORP | Materials | 66.7K | $22K | 0.0% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 6, 2026 | 96 | $1.01B | $K fixed canonical | SEC ↗ |
| Q4 2025 | 13F-HR/ARESTATEMENT | Jan 21, 2026 | 93 | $900.9M | $K fixed canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Jan 15, 2026 | 94 | $901K | SEC ↗ | |
| Q3 2025 | 13F-HR | Oct 14, 2025 | 89 | $828.7M | $K fixed canonical | SEC ↗ |
| Q2 2025 | 13F-HR/ANEW HOLDINGS | Jul 23, 2025 | 84 | $619.9M | $K fixed canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Jul 22, 2025 | 79 | $451.5M | $K fixed canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 9, 2025 | 79 | $551.1M | $K fixed canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Jan 21, 2025 | 71 | $463.9M | $K fixed canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 6, 2024 | 75 | $542.5M | $K fixed canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Jul 30, 2024 | 68 | $504.8M | $K fixed canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 7, 2024 | 72 | $491.4M | $K fixed canonical | SEC ↗ |