MEDICI CAPITAL LLC
Long book
$71.6M
Q1 2026
Positions
9
Top-10 weight
100%
concentration
Last quarter
-18.1%
SPY +14.8%
Turnover
25%
of book per quarter
Strategy in plain words
auto-generated from filingsMEDICI CAPITAL LLC is a concentrated fundamental stock-picker, specialised in materials (92% of the long book), running a $71.6M US long book across 9 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: AGNICO EAGLE MINES LTD, ELEMENTAL ROYALTY CORP, ALAMOS GOLD INC-CLASS A, WHEATON PRECIOUS METALS CORP, ALECTOR INC.
Over the last 9 quarters its long book ran on average 2.1pp per quarter ahead of the S&P 500, beating the index in 6 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
+4.6%
Q2 2024
+10.9%
Q3 2024
-2.8%
Q4 2024
+5.7%
Q1 2025
+7.1%
Q2 2025
+26.7%
Q3 2025
+12.3%
Q4 2025
+12.3%
Q1 2026
-18.1%
Sector allocation
Materials 95%
Healthcare 5%
Long book by quarter
What does MEDICI CAPITAL own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| AEM AGNICO EAGLE MINES LTD | Materials | 145.9K | $29.6M | 41.4% | -1.0% |
| ELE ELEMENTAL ROYALTY CORP | Materials | 879.1K | $16.6M | 23.1% | +0.2% |
| AGI ALAMOS GOLD INC-CLASS A | Materials | 208.0K | $9.2M | 12.9% | Held |
| WPM WHEATON PRECIOUS METALS CORP | Materials | 36.0K | $4.7M | 6.6% | Held |
| ALEC ALECTOR INC | Healthcare | 1.7M | $3.6M | 5.0% | +10.1% |
| ITRG INTEGRA RESOURCES CORP | Materials | 1.1M | $3.0M | 4.2% | +22.0% |
| DC DAKOTA GOLD CORP | Materials | 423.3K | $2.1M | 3.0% | +113.5% |
| GROY GOLD ROYALTY CORP | Materials | 185.9K | $665K | 0.9% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 14, 2026 | 11 | $81.2M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 14 | $124.8M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 13, 2025 | 33 | $138.9M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Jul 7, 2025 | 25 | $103.7M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | Apr 17, 2025 | 16 | $82.1M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 14 | $80.6M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 17 | $77.7M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 9 | $46.4M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 10 | $88.4M | canonical | SEC ↗ |