FOUNDATION RESOURCE MANAGEMENT INC

CIK 1179232 · View on SEC EDGAR ↗

Portfolio value QoQ: -3.2% 13F does not disclose cash

Top 10 holdings weight45.23%

Top 25 holdings weight78.29%

Positions above 1%36

Effective number of positions31.2

Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)

Turnover Q2 2026: 9.69% Est. buys $84,730,933 · sells $121,272,512

Median holding: 6.0 quarters Tracked Q1 2025–Q2 2026 · 88.9% still held

New positions3

Increased26

Decreased20

Closed2

Portfolio value $859.7M #2,775 of 9,337 by 13F value · top 29.7%

Positions 56

As of June 30, 2026 Data as of Q2 2026

Sector breakdown

Materials 14.8%

Financials 12.4%

Energy 10.1%

Healthcare 9.3%

Communication Services 5.1%

Technology 5.1%

Consumer Staples 4.4%

Retail 4.1%

Industrials 2.4%

Consumer Discretionary 1.8%

Real Estate 1.1%

Other/Unmapped 29.3%

Full portfolio 56 positions

					Streak
Unknown issuer (CUSIP: 30233Q108)	$57,536,413	6.69%	420,834		Up ×1
TECK Teck Resources Ltd Ordinary Shares	$52,915,393	6.15%	889,933	$5,656,330	Down ×3
BRK-B (filed as BRKB) Berkshire Hathaway Inc. Class B	$47,736,706	5.55%	95,399	$1,263,411	Down ×1
NEM Newmont Corporation	$46,662,188	5.43%	499,595	$-7,542,271	Down ×6
CVX Chevron Corporation Common Stock	$39,176,547	4.56%	236,345	$-9,630,542	Up ×4
DG Dollar General Corporation Common Stock	$32,960,943	3.83%	286,343	$-689,276	Up ×1
Unknown issuer (CUSIP: 20825c104)	$29,808,500	3.47%	286,730	$-8,106,714	Down ×1
Unknown issuer (CUSIP: 00724f101)	$27,465,299	3.19%	133,964	$8,396,888	Up ×1
AEM Agnico Eagle Mines Limited Common Stock	$27,295,279	3.17%	175,951	$-8,489,080	Down ×6
VZ Verizon Communications Inc. Common Stock	$27,272,019	3.17%	644,119	$-4,959,895	Up ×4
MRK Merck & Company, Inc. Common Stock (new)	$26,045,721	3.03%	202,690	$1,722,000	Up ×6
HPQ HP Inc. Common Stock	$24,322,640	2.83%	1,108,598	$3,057,093	Up ×2
PFE Pfizer, Inc. Common Stock	$22,540,758	2.62%	936,078	$-3,643,421	Up ×2
ABEV Ambev S.A. American Depositary Shares (Each representing 1 Common Share)	$22,247,478	2.59%	7,085,184	$1,496,933	Down ×1
FHI Federated Hermes, Inc. Common Stock	$20,990,084	2.44%	380,117	$-955,916	Down ×6
Unknown issuer (CUSIP: 25243q205)	$19,418,924	2.26%	241,589	$1,538,714	Up ×2
BEN Franklin Resources, Inc. Common Stock	$19,400,753	2.26%	583,131	$5,573,261	Down ×2
PKE Park Aerospace Corp. Common Stock	$19,182,421	2.23%	502,684	$5,326,033	Down ×1
INTC Intel Corporation - Common Stock	$18,679,562	2.17%	133,779	$-1,557,618	Down ×3
CMCSA Comcast Corporation - Class A Common Stock	$16,753,411	1.95%	682,420	$-2,524,608	Up ×4
LKQ LKQ Corporation - Common Stock	$15,888,154	1.85%	603,424	$-1,662,389	Up ×3
PBT Permian Basin Royalty Trust Common Stock	$15,683,328	1.82%	626,331	$2,121,273	Down ×2
Unknown issuer (CUSIP: 61945c103)	$14,724,174	1.71%	694,864	$-2,710,973	Up ×6
Unknown issuer (CUSIP: 06849f108)	$14,198,516	1.65%	386,565	$-1,582,423	Down ×3
L Loews Corporation Common Stock	$14,192,006	1.65%	125,360	$565,791	Down ×1
Unknown issuer (CUSIP: 35671d857)	$12,962,887	1.51%	206,120	$633,018	Down ×3
GILD Gilead Sciences, Inc. - Common Stock	$12,905,278	1.50%	102,147	$-1,449,443	Down ×6
Unknown issuer (CUSIP: 12008r107)	$12,714,571	1.48%	142,094		Up ×1
CVE Cenovus Energy Inc Common Stock	$12,586,044	1.46%	507,297	$-828,511	Up ×6
Unknown issuer (CUSIP: g9108l173)	$11,899,918	1.38%	336,441	$-1,625,905	Down ×3
Unknown issuer (CUSIP: 67077m108)	$11,799,474	1.37%	187,442	$-2,256,913	Up ×4
Unknown issuer (CUSIP: 80105n105)	$11,708,122	1.36%	274,452	$-1,451,619	Up ×4
PSX Phillips 66 Common Stock	$10,369,916	1.21%	61,342	$-891,176	Down ×6
BMY Bristol-Myers Squibb Company Common Stock	$9,894,297	1.15%	171,716	$-164,748	Up ×5
TRC Tejon Ranch Co Common Stock	$9,612,249	1.12%	514,024	$-39,747	Up ×5
APA APA Corporation - Common Stock	$8,563,336	1.00%	262,921	$-2,494,787	Up ×6
NVO Novo Nordisk A/S Common Stock	$8,525,554	0.99%	177,838	$2,126,424	Up ×3
CPB The Campbell's Company - Common Stock	$8,105,389	0.94%	363,960	$163,907	Up ×1
KHC The Kraft Heinz Company - Common Stock	$7,719,016	0.90%	326,800	$431,716	Up ×2
Unknown issuer (CUSIP: n20944109)	$7,685,082	0.89%	684,335	$157,375	Down ×1
Unknown issuer (CUSIP: 25179m103)	$6,283,904	0.73%	152,079	$-1,151,480	Up ×6
Unknown issuer (CUSIP: 13321l108)	$5,660,156	0.66%	55,568	$-424,719	Down ×6
Unknown issuer (CUSIP: 69047q102)	$5,483,129	0.64%	104,143	$-660,037	Up ×6
BRK-A (filed as BRKA) Berkshire Hathaway Inc. Class A	$3,744,250	0.44%	5	$153,550
WMT Walmart Inc. - Common Stock	$2,044,873	0.24%	18,055	$-130,276	Up ×1
Unknown issuer (CUSIP: 56585a102)	$1,260,197	0.15%	4,929	$56,634
RIG Transocean Ltd (Switzerland) Common Stock	$827,867	0.10%	169,298	$-294,579
IMO CUSIP: 453038408	$777,979	0.09%	6,945	$-130,566
Unknown issuer (CUSIP: 89417e109)	$764,228	0.09%	2,315	$88,989
CB Chubb Limited Common Stock	$725,435	0.08%	2,129	$31,530
EAF GrafTech International Ltd. Common Stock	$628,559	0.07%	106,355	$-97,831	Down ×3
IBM International Business Machines Corporation Common Stock	$438,406	0.05%	1,559	$99,302	Up ×1
RTX RTX Corporation Common Stock	$399,948	0.05%	2,108	$62,566	Up ×1
JNJ Johnson & Johnson Common Stock	$308,563	0.04%	1,215	$38,212	Up ×1
MUSA Murphy USA Inc. Common Stock	$202,076	0.02%	375		Up ×1
SJT San Juan Basin Royalty Trust Common Stock	$46,754	0.01%	14,565	$-23,304
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
CVX	$39,176,547	4.56%	up ×4
VZ	$27,272,019	3.17%	up ×4
MRK	$26,045,721	3.03%	up ×6
CMCSA	$16,753,411	1.95%	up ×4
LKQ	$15,888,154	1.85%	up ×3
None	$14,724,174	1.71%	up ×6
CVE	$12,586,044	1.46%	up ×6
None	$11,799,474	1.37%	up ×4
None	$11,708,122	1.36%	up ×4
BMY	$9,894,297	1.15%	up ×5
TRC	$9,612,249	1.12%	up ×5
APA	$8,563,336	1.00%	up ×6
NVO	$8,525,554	0.99%	up ×3
None	$6,283,904	0.73%	up ×6
None	$5,483,129	0.64%	up ×6

Biggest new bets

New positions opened this quarter, largest first.

Security	Value	Shares	% of portfolio
Unknown issuer (CUSIP: 30233Q108)	$57,536,413	420,834	6.69%
Unknown issuer (CUSIP: 12008r107)	$12,714,571	142,094	1.48%
MUSA	$202,076	375	0.02%

Top movers (QoQ)

Security	Action	Shares Δ	Value Δ
CVX	Bought more	+448	-$9.6M
AEM	Trimmed	-344	-$8.5M
·	Bought more	+56K	+$8.4M
·	Trimmed	-506	-$8.1M
NEM	Trimmed	-1K	-$7.5M
TECK	Trimmed	-23K	+$5.7M
BEN	Trimmed	-2K	+$5.6M
PKE	Trimmed	-3K	+$5.3M
VZ	Bought more	+2K	-$5.0M
PFE	Bought more	+4K	-$3.6M

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
XOM	June 30, 2026	421,849	$71,570,887	20.0%
GOLD	June 30, 2025	601,642	$11,695,912	90.7%
CSCO	Sept. 30, 2025	138,431	$9,604,343	64.0%
AGI	Sept. 30, 2025	51,477	$1,367,229	-6.9%
MUR	June 30, 2026	6,050	$249,562	15.7%
EMN	June 30, 2025	2,300	$202,653	-13.1%