FOUNDATION RESOURCE MANAGEMENT INC
Long book
$888.5M
Q1 2026
Positions
55
Top-10 weight
49%
concentration
Last quarter
+0.2%
SPY +14.8%
Turnover
5%
of book per quarter
Strategy in plain words
auto-generated from filingsFOUNDATION RESOURCE MANAGEMENT INC is a concentrated fundamental stock-picker, running a $888.5M US long book across 55 positions.
The portfolio is moderately concentrated (top 10 ≈ 49% of the book). The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: EXXON MOBIL CORP, NEWMONT CORP, CHEVRON CORP, TECK RESOURCES LTD-CLS B, BERKSHIRE HATHAWAY INC-CL B.
Over the last 9 quarters its long book ran on average 0.2pp per quarter behind the S&P 500, beating the index in 4 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
-2.8%
Q2 2024
+5.3%
Q3 2024
-7.8%
Q4 2024
+7.7%
Q1 2025
+4.3%
Q2 2025
+11.6%
Q3 2025
+5.1%
Q4 2025
+15.0%
Q1 2026
+0.2%
Sector allocation
Energy 26%
Materials 21%
Financials 12%
Healthcare 9%
Technology 7%
Consumer discretionary 7%
Communications 6%
Industrials 4%
Long book by quarter
What does FOUNDATION RESOURCE own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| XOM EXXON MOBIL CORP | Energy | 421.8K | $71.6M | 8.1% | -0.1% |
| NEM NEWMONT CORP | Materials | 500.7K | $54.2M | 6.1% | -12.4% |
| CVX CHEVRON CORP | Energy | 235.9K | $48.8M | 5.5% | +1.0% |
| TECK TECK RESOURCES LTD-CLS B | Materials | 913.2K | $47.3M | 5.3% | -0.8% |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 97.0K | $46.5M | 5.2% | +0.5% |
| COP CONOCOPHILLIPS | Energy | 287.2K | $37.9M | 4.3% | +0.6% |
| AEM AGNICO EAGLE MINES LTD | Materials | 176.3K | $35.8M | 4.0% | -16.7% |
| DG DOLLAR GENERAL CORP | Consumer discretionary | 283.4K | $33.7M | 3.8% | -0.5% |
| VZ VERIZON COMMUNICATIONS INC | Communications | 642.1K | $32.2M | 3.6% | +2.6% |
| PFE PFIZER INC | Healthcare | 932.5K | $26.2M | 2.9% | +3.5% |
| MRK MERCK & CO. INC. | Healthcare | 202.2K | $24.3M | 2.7% | +4.7% |
| FHI FEDERATED HERMES INC | Financials | 387.0K | $21.9M | 2.5% | -2.2% |
| HPQ HP INC | Technology | 1.1M | $21.3M | 2.4% | +195.4% |
| INTC INTEL CORP | Technology | 458.6K | $20.2M | 2.3% | -8.8% |
| CMCSA COMCAST CORP-CLASS A | Communications | 671.5K | $19.3M | 2.2% | +7.3% |
| ADBE ADOBE INC | Technology | 78.4K | $19.1M | 2.1% | New |
| LKQ LKQ CORP | Consumer discretionary | 597.6K | $17.6M | 2.0% | +2.5% |
| MOS MOSAIC CO/THE | Other | 683.7K | $17.4M | 2.0% | +5.0% |
| B BARRICK MINING CORP | Materials | 386.9K | $15.8M | 1.8% | -35.2% |
| GILD GILEAD SCIENCES INC | Healthcare | 103.0K | $14.4M | 1.6% | -5.1% |
| NTR NUTRIEN LTD | Other | 186.3K | $14.1M | 1.6% | +7.8% |
| PKE PARK AEROSPACE CORP | Industrials | 506.1K | $13.9M | 1.6% | +0.5% |
| BEN FRANKLIN RESOURCES INC | Financials | 585.4K | $13.8M | 1.6% | -0.7% |
| L LOEWS CORP | Financials | 127.7K | $13.6M | 1.5% | +0.8% |
| TEN TSAKOS ENERGY NAVIGATION LTD | Industrials | 342.8K | $13.5M | 1.5% | -1.7% |
| CVE CENOVUS ENERGY INC | Energy | 505.6K | $13.4M | 1.5% | +5.0% |
| FCX FREEPORT-MCMORAN INC | Materials | 209.8K | $12.3M | 1.4% | -5.2% |
| PSX PHILLIPS 66 | Energy | 61.8K | $11.3M | 1.3% | -1.6% |
| APA APA CORP | Energy | 260.6K | $11.1M | 1.2% | +6.7% |
| BMY BRISTOL-MYERS SQUIBB CO | Healthcare | 165.9K | $10.1M | 1.1% | +6.4% |
| TRC TEJON RANCH CO | Real estate | 512.3K | $9.7M | 1.1% | +3.5% |
| CPB THE CAMPBELL'S COMPANY | Consumer staples | 356.6K | $7.9M | 0.9% | New |
| CNH CNH INDUSTRIAL NV | Industrials | 684.3K | $7.5M | 0.8% | +6.0% |
| DVN DEVON ENERGY CORP | Energy | 147.8K | $7.4M | 0.8% | +15.6% |
| KHC KRAFT HEINZ CO/THE | Consumer staples | 324.0K | $7.3M | 0.8% | +3.9% |
| OVV OVINTIV INC | Energy | 103.5K | $6.1M | 0.7% | +9.8% |
| CCJ CAMECO CORP | Materials | 56.0K | $6.1M | 0.7% | -1.7% |
| BRK/A BERKSHIRE HATHAWAY INC-CL A | Financials | 5 | $3.6M | 0.4% | Held |
| WMT WALMART INC | Consumer discretionary | 17.5K | $2.2M | 0.2% | Held |
| MPC MARATHON PETROLEUM CORP | Energy | 4.9K | $1.2M | 0.1% | Held |
| RIG TRANSOCEAN LTD | Energy | 169.3K | $1.1M | 0.1% | -8.4% |
| IMO IMPERIAL OIL LTD | Energy | 6.9K | $909K | 0.1% | Held |
| EAF GRAFTECH INTERNATIONAL LTD | Industrials | 107.1K | $726K | 0.1% | -6.9% |
| CB CHUBB LTD | Financials | 2.1K | $694K | 0.1% | Held |
| TRV TRAVELERS COS INC/THE | Financials | 2.3K | $675K | 0.1% | Held |
| IBM INTL BUSINESS MACHINES CORP | Technology | 1.4K | $339K | 0.0% | Held |
| RTX RTX CORP | Industrials | 1.7K | $337K | 0.0% | Held |
| JNJ JOHNSON & JOHNSON | Healthcare | 1.1K | $270K | 0.0% | Held |
| MUR MURPHY OIL CORP | Energy | 6.0K | $250K | 0.0% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | Apr 21, 2026 | 55 | $888.5M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Jan 22, 2026 | 52 | $747.5M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Oct 14, 2025 | 51 | $696.0M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Jul 14, 2025 | 50 | $646.7M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | Apr 14, 2025 | 50 | $634.4M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Jan 14, 2025 | 52 | $598.7M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Oct 10, 2024 | 52 | $646.9M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Jul 10, 2024 | 52 | $625.9M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | Apr 11, 2024 | 52 | $636.6M | canonical | SEC ↗ |
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