Extract Advisors LLC
Long book
$144.6M
Q1 2026
Positions
21
Top-10 weight
85%
concentration
Last quarter
-12.9%
SPY +14.8%
Turnover
52%
of book per quarter
Strategy in plain words
auto-generated from filingsExtract Advisors LLC is a concentrated fundamental stock-picker, specialised in materials (69% of the long book), running a $144.6M US long book across 21 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is high — positions rotate quickly, so individual names matter less than the process. Current anchor positions: ROYAL GOLD INC, ELEMENTAL ROYALTY CORP, IAMGOLD CORP, SSR MINING INC, CENTERRA GOLD INC.
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
Q4 2025
+9.1%
Q1 2026
-12.9%
Sector allocation
Materials 69%
Financials 31%
Long book by quarter
What does Extract Advisors own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| RGLD ROYAL GOLD INC | Financials | 120.3K | $30.6M | 21.2% | -18.0% |
| ELE ELEMENTAL ROYALTY CORP | Materials | 1.1M | $20.7M | 14.3% | -35.8% |
| IAG IAMGOLD CORP | Materials | 856.6K | $16.1M | 11.1% | -30.5% |
| SSRM SSR MINING INC | Financials | 442.5K | $13.0M | 9.0% | New |
| CGAU CENTERRA GOLD INC | Materials | 545.6K | $9.7M | 6.7% | -9.9% |
| WPM WHEATON PRECIOUS METALS CORP | Materials | 60.1K | $7.9M | 5.4% | -16.1% |
| HCC WARRIOR MET COAL INC | Materials | 72.9K | $6.8M | 4.7% | -26.3% |
| PPTA PERPETUA RESOURCES CORP | Materials | 229.0K | $6.4M | 4.5% | Held |
| OR OR ROYALTIES INC | Materials | 155.3K | $5.9M | 4.1% | -20.6% |
| AEM AGNICO EAGLE MINES LTD | Materials | 27.8K | $5.6M | 3.9% | -8.5% |
| NXE NEXGEN ENERGY LTD | Materials | 452.1K | $5.2M | 3.6% | -49.9% |
| GROY GOLD ROYALTY CORP | Materials | 1.3M | $4.8M | 3.3% | New |
| NEXM NEXMETALS MINING CORP | Materials | 815.2K | $2.0M | 1.4% | +9.1% |
| DNN DENISON MINES CORP | Materials | 500.0K | $1.8M | 1.2% | -71.0% |
| AU ANGLOGOLD ASHANTI PLC | Materials | 15.0K | $1.5M | 1.0% | New |
| NEM NEWMONT CORP | Materials | 9.1K | $985K | 0.7% | New |
| AEC ANFIELD ENERGY INC | Materials | 176.3K | $984K | 0.7% | +88.2% |
| CDE COEUR MINING INC | Materials | 50.0K | $939K | 0.6% | New |
| LZM LIFEZONE METALS LTD | Materials | 136.8K | $459K | 0.3% | New |