Data as of Q4 2025 (Dec 31, 2025)

Condire Management, LP

•CIK: 1847739•Filing: Q4 2025

**Condire Management, LP** manages $958M across a concentrated portfolio of 22 positions. The fund exhibits a notable allocation to digital asset infrastructure and commodities, with NGD representing the largest holding at $239.0M. Further significant exposure includes IAU at $117.2M and ODV at $80.7M. This positioning suggests a tactical focus on hard assets and digital asset market structures.

Total AUM
$958.0M
QoQ Performance
+14.7%
Positions
20
Top 10 Concentration
82.7%
Latest Filing
Q4 2025

Top Holdings Allocation

NGD
IAU
ODV
SBSW
VAL
BTO
NGD24.9%
IAU12.2%
ODV8.4%
SBSW7.8%
VAL6.1%
BTO5.3%
CHRD4.9%
SDRL4.6%

📈 Biggest Buys

BTO
B2GOLD CORP
NEW
5.3% of portfolio
EDR
ENDEAVOUR SILVER CORP
+50.1%
4.4% of portfolio
NEXM
NEXMETALS MINING CORP.
NEW
1.4% of portfolio
XME
SPDR SERIES TRUST
+2904.2%
1.3% of portfolio
ELE
ELEMENTAL RTY CORP
NEW
1.2% of portfolio

📉 Biggest Sells

NGD
NEW GOLD INC CDA
-8.7%
24.9% of portfolio
CHRD
CHORD ENERGY CORPORATION
-4.8%
4.9% of portfolio

Sector Breakdown

Other100.0%

🚪 Exited Positionssold since Q3 2025

SSRM
SSR MINING IN
SOLD
$81.9M
INSW
INTERNATIONAL SEAWAYS INC
SOLD
$9.0M

Changes from Q3 2025

NEW4 new positions
↑7 increased
↓2 decreased

Historical Filings

Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023

📌 Top Holdings

NGD24.9%
NEW GOLD INC CDA
$239.0M
IAU12.2%
I-80 GOLD CORP
$117.2M
ODV8.4%
OSISKO DEVELOPMENT CORP
$80.7M
SBSW7.8%
SIBANYE STILLWATER LTD
$74.7M
VAL6.1%
VALARIS LTD
$58.4M

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