FOUNDATION RESOURCE MANAGEMENT INC

2. Key Holdings

The portfolio is top-heavy, with the largest positions commanding significant weightings. The top ten holdings account for approximately 50% of the total portfolio value, suggesting a high-conviction approach toward specific names.

• Newmont Goldcorp (NEM) is the largest holding at $57.09M (7.64%). This new position indicates a strong bet on gold, likely serving as an inflation hedge or a defensive play against market volatility.
• Exxon Mobil (XOM) follows at $50.83M (6.80%), reinforcing a heavy tilt toward traditional energy. Combined with Chevron and other energy names, the firm is expressing significant confidence in the oil and gas sector.
• Berkshire Hathaway (BRK/B) represents a $48.49M (6.49%) stake. This position acts as a diversified anchor, providing exposure to financials, consumer goods, and infrastructure through a single, high-conviction holding.
• Teck Resources (TECK) and Agnico Eagle Mines (AEM) round out the top five, further emphasizing the "Basic Materials" and "Energy" themes. Notably, four of the top five positions are new this quarter, highlighting that the manager’s current highest-conviction ideas were recently acquired.