Crescat Capital

Fund

Denver global-macro firm. Combined-fund NAV weights, not issuer %.

San Cristobal Mining is 45.3% of combined fund NAV (side-pocket / unlisted) · as of 2026-06-30 · CrescatCapitalLLC_PortfolioHoldings_6.30.26.xlsx.pdf

Website X

24 tracked · Fund disclosure · Disclosure as of Jun 30, 2026 · Fact sheets, corporate

Website X

Crescat Capital is Kevin C. Smith's Denver firm: global macro plus an activist precious-metals book. The table is Crescat's official combined-fund holdings. Weights are percent of combined fund NAV, not of the companies. San Cristobal Mining, a private side-pocket closed to new investors after July 1, 2024, is 45.334% of that NAV as of 2026-06-30. That concentration is the story. This page is Smith / Crescat, not Tavi Costa and not Quinton Hennigh.

Portfolio allocation

24 positions weighted

Weights are the disclosed percent of combined fund NAV or fund net assets. They are not issuer ownership.

Holdings (24)

Published holdings · official % of fund NAV · not issuer ownership

UNLISTED 45.3%

Largest % of fund NAV

88.0%

Named share of fund NAV

1
UNLISTEDSan Cristobal Mining Inc.
45.334%
FUND DISCLOSUREFund fact sheet · Crescat Capital LLC portfolio holdings as of 2026-06-30 (% of Firm NAV)Jun 30, 2026Source
2
TETOFTectonic Metals Inc.
7.674%
FUND DISCLOSUREFund fact sheet · Crescat Capital LLC portfolio holdings as of 2026-06-30 (% of Firm NAV)Jun 30, 2026Source
3
ELRRFEloro Resources Ltd.
4.675%
FUND DISCLOSUREFund fact sheet · Crescat Capital LLC portfolio holdings as of 2026-06-30 (% of Firm NAV)Jun 30, 2026Source
4
SITKFSitka Gold Corp.
4.096%
FUND DISCLOSUREFund fact sheet · Crescat Capital LLC portfolio holdings as of 2026-06-30 (% of Firm NAV)Jun 30, 2026Source
5
SBMTSilver Bow Mining Corp.
3.707%
FUND DISCLOSUREFund fact sheet · Crescat Capital LLC portfolio holdings as of 2026-06-30 (% of Firm NAV)Jun 30, 2026Source
6
MOGMogotes Metals Inc.
3.162%
FUND DISCLOSUREFund fact sheet · Crescat Capital LLC portfolio holdings as of 2026-06-30 (% of Firm NAV)Jun 30, 2026Source
7
BCMRFBCM Resources Corp.
2.96%
FUND DISCLOSUREFund fact sheet · Crescat Capital LLC portfolio holdings as of 2026-06-30 (% of Firm NAV)Jun 30, 2026Source
8
GOTRFGoliath Resources Limited
2.711%
FUND DISCLOSUREFund fact sheet · Crescat Capital LLC portfolio holdings as of 2026-06-30 (% of Firm NAV)Jun 30, 2026Source
9
ESKYFEskay Mining Corp.
1.547%
FUND DISCLOSUREFund fact sheet · Crescat Capital LLC portfolio holdings as of 2026-06-30 (% of Firm NAV)Jun 30, 2026Source
10
WAMAlaska Silver Corp.
1.449%
FUND DISCLOSUREFund fact sheet · Crescat Capital LLC portfolio holdings as of 2026-06-30 (% of Firm NAV)Jun 30, 2026Source
11
BLLGBlue Lagoon Resources Inc.
1.267%
FUND DISCLOSUREFund fact sheet · Crescat Capital LLC portfolio holdings as of 2026-06-30 (% of Firm NAV)Jun 30, 2026Source
12
WGLIFWestward Gold Inc.
1.226%
FUND DISCLOSUREFund fact sheet · Crescat Capital LLC portfolio holdings as of 2026-06-30 (% of Firm NAV)Jun 30, 2026Source
13
KGFMFKingfisher Metals Corp.
1.143%
FUND DISCLOSUREFund fact sheet · Crescat Capital LLC portfolio holdings as of 2026-06-30 (% of Firm NAV)Jun 30, 2026Source
14
CCICanadian Copper Inc.
1.14%
FUND DISCLOSUREFund fact sheet · Crescat Capital LLC portfolio holdings as of 2026-06-30 (% of Firm NAV)Jun 30, 2026Source
15
ALTAAltamira Gold Corp.
1.091%
FUND DISCLOSUREFund fact sheet · Crescat Capital LLC portfolio holdings as of 2026-06-30 (% of Firm NAV)Jun 30, 2026Source
16
JUGRFJuggernaut Exploration Ltd.
0.918%
FUND DISCLOSUREFund fact sheet · Crescat Capital LLC portfolio holdings as of 2026-06-30 (% of Firm NAV)Jun 30, 2026Source
17
HANHannan Metals Ltd.
0.785%
FUND DISCLOSUREFund fact sheet · Crescat Capital LLC portfolio holdings as of 2026-06-30 (% of Firm NAV)Jun 30, 2026Source
18
PJXPJX Resources Inc.
0.684%
FUND DISCLOSUREFund fact sheet · Crescat Capital LLC portfolio holdings as of 2026-06-30 (% of Firm NAV)Jun 30, 2026Source
19
CNRIFCondor Resources Inc.
0.622%
FUND DISCLOSUREFund fact sheet · Crescat Capital LLC portfolio holdings as of 2026-06-30 (% of Firm NAV)Jun 30, 2026Source
20
BROBarksdale Resources Corp.
0.606%
FUND DISCLOSUREFund fact sheet · Crescat Capital LLC portfolio holdings as of 2026-06-30 (% of Firm NAV)Jun 30, 2026Source
21
BCUBell Copper Corporation
0.569%
FUND DISCLOSUREFund fact sheet · Crescat Capital LLC portfolio holdings as of 2026-06-30 (% of Firm NAV)Jun 30, 2026Source
22
IRVRFIrving Resources Inc.
0.264%
FUND DISCLOSUREFund fact sheet · Crescat Capital LLC portfolio holdings as of 2026-06-30 (% of Firm NAV)Jun 30, 2026Source
23
HVGDFHarvest Gold Corp.
0.258%
FUND DISCLOSUREFund fact sheet · Crescat Capital LLC portfolio holdings as of 2026-06-30 (% of Firm NAV)Jun 30, 2026Source
24
KUYAFKuya Silver Corporation
0.073%
FUND DISCLOSUREFund fact sheet · Crescat Capital LLC portfolio holdings as of 2026-06-30 (% of Firm NAV)Jun 30, 2026Source

Named weighted holdings sum to 87.96% of the full book. About 12.04% remains in unnamed aggregate lines in the filing and is not listed here.

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Portfolio Intelligence

Aggregated from this investor's disclosed positions. Methodology

Portfolio Gold Beta

Equal-weight average of cached stock-level gold beta values across disclosed holdings with available regression data.

Methodology

Beta

0.40

R-squared

0.13

Coverage

63%

15 of 24 holdings, equal weight

Consensus Holdings

Holdings also disclosed by other tracked investors.

Ticker	Company	Also held by
GOTRF	Goliath Resources Limited	2 investors, Rob McEwen, Tavi Costa
HVGDF	Harvest Gold Corp.	2 investors, Bob Moriarty, Tavi Costa
SBMT	Silver Bow Mining Corp.	2 investors, Peter Krauth, Sprott Inc.
TETOF	Tectonic Metals Inc.	2 investors, Jeff Clark, Tavi Costa
WGLIF	Westward Gold Inc.	2 investors, Bob Moriarty, Jeff Clark
ALTA	Altamira Gold Corp.	1 investor, Tavi Costa
IRVRF	Irving Resources Inc.	1 investor, Jayant Bhandari
JUGRF	Juggernaut Exploration Ltd.	1 investor, Tavi Costa
KGFMF	Kingfisher Metals Corp.	1 investor, Orogen Royalties
PJX	PJX Resources Inc.	1 investor, Bob Moriarty

Similar Portfolios

Tavi Costa

5 shared holdings

21% overlap

ALTA, GOTRF, HVGDF, JUGRF, TETOF

Bob Moriarty

3 shared holdings

13% overlap

HVGDF, PJX, WGLIF

Jeff Clark

2 shared holdings

8% overlap

TETOF, WGLIF

Jayant Bhandari

1 shared holding

4% overlap

IRVRF

Orogen Royalties

1 shared holding

4% overlap

KGFMF

Filing Timeline

Jun 30, 2026UNLISTEDSan Cristobal Mining Inc.
45.334% of combined fund NAV (fund weight, not issuer ownership). Unlisted / side-pocket / private. No public ticker. Crescat designated SCM a side pocket as of July 1, 2024; not available to new investors after that date. Not an issuer-ownership percent.
Fund HoldingFund fact sheet · Crescat Capital LLC portfolio holdings as of 2026-06-30 (% of Firm NAV)
Jun 30, 2026TETOFTectonic Metals Inc.
7.674% of combined fund NAV (fund weight, not issuer ownership).
Fund HoldingFund fact sheet · Crescat Capital LLC portfolio holdings as of 2026-06-30 (% of Firm NAV)
Jun 30, 2026ELRRFEloro Resources Ltd.
4.675% of combined fund NAV (fund weight, not issuer ownership).
Fund HoldingFund fact sheet · Crescat Capital LLC portfolio holdings as of 2026-06-30 (% of Firm NAV)
Jun 30, 2026SITKFSitka Gold Corp.
4.096% of combined fund NAV (fund weight, not issuer ownership).
Fund HoldingFund fact sheet · Crescat Capital LLC portfolio holdings as of 2026-06-30 (% of Firm NAV)
Jun 30, 2026SBMTSilver Bow Mining Corp.
3.707% of combined fund NAV (fund weight, not issuer ownership). Named Silver Bow Mining Corp. on the holdings file. Now NYSE American: SBMT (IPO closed 2026-05-01).
Fund HoldingFund fact sheet · Crescat Capital LLC portfolio holdings as of 2026-06-30 (% of Firm NAV)
Jun 30, 2026MOGMogotes Metals Inc.
3.162% of combined fund NAV (fund weight, not issuer ownership).
Fund HoldingFund fact sheet · Crescat Capital LLC portfolio holdings as of 2026-06-30 (% of Firm NAV)
Jun 30, 2026BCMRFBCM Resources Corp.
2.960% of combined fund NAV (fund weight, not issuer ownership). Home TSXV:B. Shown as BCMRF so it does not collide with Barrick (NYSE:B).
Fund HoldingFund fact sheet · Crescat Capital LLC portfolio holdings as of 2026-06-30 (% of Firm NAV)
Jun 30, 2026GOTRFGoliath Resources Limited
2.711% of combined fund NAV (fund weight, not issuer ownership).
Fund HoldingFund fact sheet · Crescat Capital LLC portfolio holdings as of 2026-06-30 (% of Firm NAV)
Jun 30, 2026ESKYFEskay Mining Corp.
1.547% of combined fund NAV (fund weight, not issuer ownership).
Fund HoldingFund fact sheet · Crescat Capital LLC portfolio holdings as of 2026-06-30 (% of Firm NAV)
Jun 30, 2026WAMAlaska Silver Corp.
1.449% of combined fund NAV (fund weight, not issuer ownership).
Fund HoldingFund fact sheet · Crescat Capital LLC portfolio holdings as of 2026-06-30 (% of Firm NAV)
Jun 30, 2026BLLGBlue Lagoon Resources Inc.
1.267% of combined fund NAV (fund weight, not issuer ownership).
Fund HoldingFund fact sheet · Crescat Capital LLC portfolio holdings as of 2026-06-30 (% of Firm NAV)
Jun 30, 2026WGLIFWestward Gold Inc.
1.226% of combined fund NAV (fund weight, not issuer ownership).
Fund HoldingFund fact sheet · Crescat Capital LLC portfolio holdings as of 2026-06-30 (% of Firm NAV)

Notable disclosed positions from fund fact sheets and public statements.

Ticker

Company

Also held by

GOTRF

Goliath Resources Limited

2 investors, Rob McEwen, Tavi Costa

HVGDF

Harvest Gold Corp.

2 investors, Bob Moriarty, Tavi Costa

SBMT

Silver Bow Mining Corp.

2 investors, Peter Krauth, Sprott Inc.

TETOF

Tectonic Metals Inc.

2 investors, Jeff Clark, Tavi Costa

WGLIF

Westward Gold Inc.

2 investors, Bob Moriarty, Jeff Clark

ALTA

Altamira Gold Corp.

1 investor, Tavi Costa

IRVRF

Irving Resources Inc.

1 investor, Jayant Bhandari

JUGRF

Juggernaut Exploration Ltd.

1 investor, Tavi Costa

KGFMF

Kingfisher Metals Corp.

1 investor, Orogen Royalties

PJX

PJX Resources Inc.

1 investor, Bob Moriarty

	Last	Chg	%
Gold	4,162.30	-40.01	-0.95%
Silver	60.41	-0.76	-1.24%
GDX	87.78	+1.04	+1.20%
GDXJ	113.65	+1.19	+1.06%
USD Index	101.92	-0.01	-0.01%
10Y Yield	5.28	+0.04	+0.76%