Condire Management, LP
Portfolio value QoQ: -8.9% 13F does not disclose cash
Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)
Turnover Q2 2026: 2.92% Est. buys $120,498,873 · sells $28,903,378
Median holding: 4.0 quarters Tracked Q1 2025–Q2 2026 · 60.0% still held
Sector breakdown
Full portfolio 21 positions
| Type | Streak | 8Q trend | |||||
|---|---|---|---|---|---|---|---|
| CDE | $162,258,401 | 17.22% | 9,942,304 | $-24,358,645 | |||
| IAUX | $118,229,125 | 12.55% | 82,103,559 | $-6,568,285 | |||
| OCANF | $87,448,495 | 9.28% | 3,492,154 | Up ×1 | |||
| VAL | $77,464,926 | 8.22% | 1,067,010 | $-36,129,218 | Down ×1 | ||
| ODV | $61,625,411 | 6.54% | 25,050,980 | $-19,790,274 | |||
| CHRD | $56,758,523 | 6.02% | 496,575 | $-22,369,765 | Down ×1 | ||
| RYAM | $49,980,773 | 5.30% | 6,358,877 | $-20,411,995 | |||
| SDRL | $48,408,390 | 5.14% | 1,279,968 | $-9,830,154 | |||
| SBSW | $44,525,542 | 4.73% | 5,244,469 | $-20,086,316 | |||
| BTG | $43,277,810 | 4.59% | 11,571,607 | $-9,141,570 | |||
| EXK | $37,289,336 | 3.96% | 4,503,543 | $-4,638,649 | |||
| AAUC | $33,002,954 | 3.50% | 1,387,845 | Up ×1 | |||
| IAUXWS | $32,449,871 | 3.44% | 41,602,399 | $-9,091,728 | Up ×3 | ||
| TDW | $19,049,517 | 2.02% | 285,900 | $-4,837,428 | |||
| CNR | $16,137,073 | 1.71% | 201,663 | $-4,983,093 | |||
| CVE | $14,886,000 | 1.58% | 600,000 | $-14,297,000 | Down ×1 | ||
| CDLR | $11,831,028 | 1.26% | 539,983 | $-2,861,104 | Down ×1 | ||
| ELE | $11,200,852 | 1.19% | 641,515 | $-1,505,127 | Down ×2 | ||
| NEXM | $8,274,293 | 0.88% | 3,513,500 | $-333,782 | |||
| TEN | $6,187,168 | 0.66% | 174,927 | $-1,348,784 | Down ×1 | ||
| MUX | $2,048,690 | 0.22% | 113,000 | $-258,770 | |||
| No matches | |||||||
Conviction holdings
Positions increased for 3+ consecutive quarters.
Share counts are as reported in 13F filings (not split-adjusted)
| Security | Value | % of portfolio | Streak |
|---|---|---|---|
| IAUXWS | $32,449,871 | 3.44% | up ×3 |
Biggest new bets
New positions opened this quarter, largest first.
| Security | Value | Shares | % of portfolio |
|---|---|---|---|
| OCANF | $87,448,495 | 3,492,154 | 9.28% |
| AAUC | $33,002,954 | 1,387,845 | 3.50% |
Top movers (QoQ)
| Security | Action | Shares Δ | Value Δ |
|---|---|---|---|
| VAL | Trimmed | -92K | -$36.1M |
| CDE | Price move only | +0 | -$24.4M |
| CHRD | Trimmed | -60K | -$22.4M |
| RYAM | Price move only | +0 | -$20.4M |
| SBSW | Price move only | +0 | -$20.1M |
| ODV | Price move only | +0 | -$19.8M |
| CVE | Trimmed | -500K | -$14.3M |
| SDRL | Price move only | +0 | -$9.8M |
| BTG | Price move only | +0 | -$9.1M |
| IAUXWS | Bought more | +61K | -$9.1M |
Exited positions
Includes corporate events (mergers, delistings) — not all exits are sells
Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.
| Security | Quarter | Shares before | Value before | Price since exit |
|---|---|---|---|---|
| NGD | March 31, 2026 | 27,437,020 | $238,976,444 | No longer tracked |
| SSRM | Dec. 31, 2025 | 3,353,891 | $81,902,018 | 51.8% |
| HBM | Sept. 30, 2025 | 7,275,553 | $77,193,617 | 79.4% |
| NEM | June 30, 2025 | 600,000 | $28,968,000 | 98.4% |
| XLB | Sept. 30, 2025 | 227,517 | $19,978,268 | No longer tracked |
| AEM | March 31, 2026 | 95,186 | $16,136,883 | -9.5% |
| XME | March 31, 2026 | 122,451 | $12,687,148 | -2.1% |
| XOP | June 30, 2025 | 87,889 | $11,575,860 | |
| PPTA | Sept. 30, 2025 | 890,459 | $10,810,172 | 0.7% |
| INSW | Dec. 31, 2025 | 194,763 | $8,974,679 | 138.5% |
| VTLE | Sept. 30, 2025 | 530,981 | $8,543,484 | No longer tracked |
| HL | Sept. 30, 2025 | 1,000,000 | $5,990,000 | 42.1% |
| CIVI | Sept. 30, 2025 | 200,000 | $5,504,000 | No longer tracked |
| XOP | March 31, 2026 | 41,028 | $5,180,195 | |
| CDE | Sept. 30, 2025 | 500,000 | $4,430,000 | -5.9% |
| XLE | Sept. 30, 2025 | 18,030 | $1,529,124 | 40.6% |