Extract Advisors LLC

Extract Advisors LLC's inaugural 13F filing — its first disclosed holdings, with no prior quarter to compare against — shows a $385.7 million portfolio built almost entirely around metals and mining, and one position dominates it: the iShares Silver Trust (SLV) alone accounts for 38.2% of the entire book, more than four times the size of the next-largest holding. That single physical-commodity ETF means a meaningful move in the price of silver alone would swing well over a third of the fund's value, independent of anything happening at any individual company. The rest of the 24-position book layers in gold and silver royalty companies (Royal Gold at 8.5%, Elemental Royalty at 7.5%, plus OR Royalties, Metalla and Vox Royalty), traditional miners (IAMGOLD, Eldorado Gold, Barrick, Agnico Eagle) and a distinct uranium sleeve — Uranium Energy Corp, enCore Energy, NexGen Energy and Denison Mines together make up roughly 11% of the fund. This isn't a diversified allocator's book; it's a concentrated, thematic bet on precious metals and nuclear fuel, anchored by a single outsized silver position.