Orion Resource Partners LP
Long book
$218.9M
Q1 2026
Positions
20
Top-10 weight
86%
concentration
Last quarter
-5.4%
SPY +14.8%
Turnover
48%
of book per quarter
Strategy in plain words
auto-generated from filingsOrion Resource Partners LP is a concentrated fundamental stock-picker, specialised in materials (91% of the long book), running a $218.9M US long book across 20 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: SKEENA RESOURCES LTD, SOLARIS RESOURCES INC, DAKOTA GOLD CORP, I-80 GOLD CORP, QUIMICA Y MINERA CHIL-SP ADR.
Over the last 9 quarters its long book ran on average 10.1pp 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
+11.6%
Q2 2024
+20.1%
Q3 2024
-11.7%
Q4 2024
+27.1%
Q1 2025
+7.5%
Q2 2025
+41.5%
Q3 2025
+29.1%
Q4 2025
+11.4%
Q1 2026
-5.4%
Sector allocation
Materials 90%
Industrials 5%
Other 3%
Financials 2%
Long book by quarter
What does Orion Resource own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| SKE SKEENA RESOURCES LTD | Materials | 2.8M | $82.6M | 37.8% | Held |
| SLSR SOLARIS RESOURCES INC | Materials | 2.7M | $23.2M | 10.6% | -46.0% |
| DC DAKOTA GOLD CORP | Materials | 4.2M | $21.1M | 9.6% | -19.3% |
| IAUX I-80 GOLD CORP | Materials | 12.5M | $19.0M | 8.7% | -27.8% |
| AU ANGLOGOLD ASHANTI PLC | Materials | 81.2K | $7.9M | 3.6% | +216.6% |
| IAG IAMGOLD CORP | Materials | 389.9K | $7.3M | 3.3% | +213.3% |
| SVM SILVERCORP METALS INC | Materials | 662.0K | $7.1M | 3.3% | +84.4% |
| MEOH METHANEX CORP | Other | 92.1K | $5.5M | 2.5% | -27.1% |
| SSRM SSR MINING INC | Financials | 161.8K | $4.8M | 2.2% | +82.3% |
| STLD STEEL DYNAMICS INC | Industrials | 26.4K | $4.7M | 2.2% | +125.5% |
| CENX CENTURY ALUMINUM COMPANY | Industrials | 68.8K | $4.0M | 1.8% | New |
| FCX FREEPORT-MCMORAN INC | Materials | 64.9K | $3.8M | 1.7% | +59.6% |
| FNV FRANCO-NEVADA CORP | Materials | 14.8K | $3.7M | 1.7% | New |
| CCJ CAMECO CORP | Materials | 31.4K | $3.4M | 1.6% | +40.6% |
| EQX EQUINOX GOLD CORP | Materials | 211.5K | $3.1M | 1.4% | +45.3% |
| NEWP NEW PACIFIC METALS CORP | Materials | 616.8K | $2.6M | 1.2% | New |
| EAF GRAFTECH INTERNATIONAL LTD | Industrials | 245.7K | $1.7M | 0.8% | New |
| PPTA PERPETUA RESOURCES CORP | Materials | 56.9K | $1.6M | 0.7% | New |
| LAR LITHIUM ARGENTINA AG | Materials | 221.3K | $1.5M | 0.7% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 20 | $218.9M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 21 | $203.3M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 27 | $275.2M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 24 | $539.7M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 18 | $525.6M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR/ANEW HOLDINGS | Apr 9, 2025 | 2 | $18.1M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 17 | $488.9M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR/ANEW HOLDINGS | Apr 9, 2025 | 2 | $16.1M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR/ANEW HOLDINGS | Feb 24, 2025 | 4 | $692K | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 12 | $735.1M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 18 | $661.7M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | Aug 14, 2024 | 3 | $405K | canonical | SEC ↗ |
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