Institutional Manager · CIK 0001549358

Old West Investment Management, LLC

Los Angeles, CA · File #028-15252

Latest AUM

$560.2M

Positions

102

Top-10 Concentration

44.0%

Filings

Portfolio Value Over Time

2024-03

2024-06

2024-09

2024-12

2025-03

2025-06

2025-09

2025-12

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
REDUCE	TRILOGY METALS INC NEW	TMQ	-7,486,465	-$32.3M	+$26.9M
ADD	ALBEMARLE CORP	ALB-PA	+83,206	+$11.8M	+$3.3M
ADD	ALCOA CORP	AA	+210,713	+$11.2M	+$442,767
EXITED	CALAVO GROWERS INC	128246105	-434,966	-$11.2M	$0
ADD	CANADIAN NAT RES LTD	136385101	+259,805	+$8.8M	+$961,222
ADD	OCEANEERING INTL INC	675232102	+305,168	+$7.3M	-$178,577
ADD	LOCKHEED MARTIN CORP	LMT	+14,861	+$7.2M	-$603,001
NEW	ANTERO RESOURCES CORP	AR	+203,985	+$7.0M	$0
ADD	BUILDERS FIRSTSOURCE INC	BLDR	+59,716	+$6.1M	-$1.2M
ADD	NOKIA CORP	NOKBF	+853,366	+$5.5M	+$1.2M

Sector Allocation

20.9%$117.2M

14.6%$81.7M

12.1%$67.8M

5.5%$30.9M

4.8%$26.7M

2.9%$16.5M

1.4%$7.7M

0.9%$4.8M

0.4%$2.2M

Filing History

Feb 17, 202613F HOLDINGS REPORTQ/E Dec 2025102 pos · $560.2M
Nov 5, 202513F HOLDINGS REPORTQ/E Sep 202586 pos · $436.0M
Aug 8, 202513F HOLDINGS REPORTQ/E Jun 202562 pos · $303.3M
May 14, 202513F HOLDINGS REPORTQ/E Mar 202559 pos · $277.2M
Feb 13, 202513F HOLDINGS REPORTQ/E Dec 202455 pos · $246.8M
Nov 19, 202413F HOLDINGS REPORT (Amended)Q/E Sep 202458 pos · $258.6M
Oct 30, 202413F HOLDINGS REPORTQ/E Sep 202458 pos · $277.9M
Aug 9, 202413F HOLDINGS REPORTQ/E Jun 202458 pos · $226.7M
May 8, 202413F HOLDINGS REPORTQ/E Mar 202453 pos · $197.8M
Nov 13, 202313F HOLDINGS REPORTQ/E Dec 202342 pos · $198.1M

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	BRUKER CORP	BRKRP	684,770	$32.3M	6.40%
2	CANADIAN NAT RES LTD	136385101	768,396	$26.0M	5.16%
3	LOCKHEED MARTIN CORP	LMT	53,665	$26.0M	5.15%
4	NEXGEN ENERGY LTD	NXE	2,717,795	$25.0M	4.96%
5	TRILOGY METALS INC NEW	TMQ	4,679,087	$20.2M	4.00%
6	ALBEMARLE CORP	ALB-PA	137,152	$19.4M	3.85%
7	ALAMOS GOLD INC NEW	AGI	483,702	$18.7M	3.70%
8	CAMECO CORP	CCJ	202,247	$18.5M	3.67%
9	AGNICO EAGLE MINES LTD	AEM	107,152	$18.2M	3.60%
10	FERROGLOBE PLC	GSM	3,798,781	$17.6M	3.50%
11	BUNGE GLOBAL SA	BG	185,400	$16.5M	3.27%
12	OCEANEERING INTL INC	675232102	543,271	$13.1M	2.59%
13	ASML HOLDING N V	ASMLF	12,074	$12.9M	2.56%
14	BUILDERS FIRSTSOURCE INC	BLDR	123,015	$12.7M	2.51%
15	VIRTU FINL INC	928254101	371,697	$12.4M	2.46%
16	ALCOA CORP	AA	232,578	$12.4M	2.45%
17	TMC THE METALS COMPANY INC	TMCWW	1,862,348	$11.5M	2.28%
18	ELANCO ANIMAL HEALTH INC	ELAN	499,348	$11.3M	2.24%
19	SS&C TECHNOLOGIES HLDGS INC	SSNC	125,983	$11.0M	2.18%
20	ODYSSEY MARINE EXPL INC	OMEX	5,496,448	$10.8M	2.14%