Barrick Mining (B)
Market Price (8/14/2026): $40.965 | Market Cap: $68.2 BilSector: Materials | Industry: Gold
Barrick Mining (B)
Market Price (8/14/2026): $40.965Market Cap: $68.2 BilSector: MaterialsIndustry: Gold
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, Dividend Yield is 2.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.4%, FCF Yield is 7.6% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 49% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 52% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 46%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 25%, CFO LTM is 9.4 Bil, FCF LTM is 5.2 Bil Stock buyback supportStock Buyback 3Y Total is 3.2 Bil Low stock price volatilityVol 12M is 48% Megatrend and thematic driversMegatrends include Renewable Energy Transition, Battery Technology & Metals, and Electrification of Everything. Themes include Solar Energy Generation, Show more. | Key risksB key risks include [1] geopolitical and jurisdictional instability in key operating countries such as Mali, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, Dividend Yield is 2.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.4%, FCF Yield is 7.6% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 49% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 52% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 46%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 25%, CFO LTM is 9.4 Bil, FCF LTM is 5.2 Bil |
| Stock buyback supportStock Buyback 3Y Total is 3.2 Bil |
| Low stock price volatilityVol 12M is 48% |
| Megatrend and thematic driversMegatrends include Renewable Energy Transition, Battery Technology & Metals, and Electrification of Everything. Themes include Solar Energy Generation, Show more. |
| Key risksB key risks include [1] geopolitical and jurisdictional instability in key operating countries such as Mali, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 8/10/2026
Barrick Mining (B) stock has gained about 5% since 4/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Financial Performance.
Barrick Mining reported robust financial performance for fiscal Q2 2026, which concluded on June 30, 2026, with adjusted earnings per share of $0.82, matching or beating analyst estimates. Revenue surged 44% year-over-year to $5.29 billion, surpassing market expectations. Net earnings increased 50% year-on-year to $1.22 billion, while operating cash flow grew 28% to $1.70 billion. Gold production notably exceeded guidance at 796,000 ounces, marking an 11% increase over the previous quarter.
2. Favorable Commodity Price Environment.
The company significantly benefited from higher realized commodity prices during fiscal Q2 2026, which ended June 30, 2026. Realized gold prices escalated 34% year-over-year to an average of $4,417 per ounce, and realized copper prices increased 41% year-over-year to $6.15 per pound. Broader market trends during the period also showed copper prices rising 6.42% in the past month and 47.84% year-over-year as of August 11, 2026, with gold prices increasing 10.35% over the past month and 31.90% year-over-year.
Show more
Barrick Mining (B) stock has gained about 5% since 4/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Financial Performance.
Barrick Mining reported robust financial performance for fiscal Q2 2026, which concluded on June 30, 2026, with adjusted earnings per share of $0.82, matching or beating analyst estimates. Revenue surged 44% year-over-year to $5.29 billion, surpassing market expectations. Net earnings increased 50% year-on-year to $1.22 billion, while operating cash flow grew 28% to $1.70 billion. Gold production notably exceeded guidance at 796,000 ounces, marking an 11% increase over the previous quarter.
2. Favorable Commodity Price Environment.
The company significantly benefited from higher realized commodity prices during fiscal Q2 2026, which ended June 30, 2026. Realized gold prices escalated 34% year-over-year to an average of $4,417 per ounce, and realized copper prices increased 41% year-over-year to $6.15 per pound. Broader market trends during the period also showed copper prices rising 6.42% in the past month and 47.84% year-over-year as of August 11, 2026, with gold prices increasing 10.35% over the past month and 31.90% year-over-year.
Show more
Updated on 8/10/2026
Barrick Mining (B) stock has gained about 5% since 4/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Financial Performance.
Barrick Mining reported robust financial performance for fiscal Q2 2026, which concluded on June 30, 2026, with adjusted earnings per share of $0.82, matching or beating analyst estimates. Revenue surged 44% year-over-year to $5.29 billion, surpassing market expectations. Net earnings increased 50% year-on-year to $1.22 billion, while operating cash flow grew 28% to $1.70 billion. Gold production notably exceeded guidance at 796,000 ounces, marking an 11% increase over the previous quarter.
2. Favorable Commodity Price Environment.
The company significantly benefited from higher realized commodity prices during fiscal Q2 2026, which ended June 30, 2026. Realized gold prices escalated 34% year-over-year to an average of $4,417 per ounce, and realized copper prices increased 41% year-over-year to $6.15 per pound. Broader market trends during the period also showed copper prices rising 6.42% in the past month and 47.84% year-over-year as of August 11, 2026, with gold prices increasing 10.35% over the past month and 31.90% year-over-year.
3. Resolution of Nevada Gold Mines Dispute and Planned IPO.
Barrick and Newmont reached an agreement to resolve their long-standing dispute concerning the Nevada Gold Mines (NGM) joint venture. This agreement includes a $1.95 billion cash payment from Newmont to Barrick and the contribution of additional properties, expanding the joint venture's gold resources to nearly 100 million ounces. Additionally, Newmont consented to Barrick's proposed IPO of its North American gold assets, which is targeted for completion by year-end 2026 and aims to enhance structural flexibility and unlock value.
4. Enhanced Shareholder Returns.
Barrick demonstrated a strong commitment to shareholder returns, declaring a quarterly dividend of $0.175 per share for fiscal Q2 2026. The company also executed $1.2 billion in share buybacks during fiscal Q2 2026, contributing to a 242% year-over-year increase in total shareholder returns, reaching $1.50 billion.
Show less
Barrick Mining (B) stock has gained about 5% since 4/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Financial Performance.
Barrick Mining reported robust financial performance for fiscal Q2 2026, which concluded on June 30, 2026, with adjusted earnings per share of $0.82, matching or beating analyst estimates. Revenue surged 44% year-over-year to $5.29 billion, surpassing market expectations. Net earnings increased 50% year-on-year to $1.22 billion, while operating cash flow grew 28% to $1.70 billion. Gold production notably exceeded guidance at 796,000 ounces, marking an 11% increase over the previous quarter.
2. Favorable Commodity Price Environment.
The company significantly benefited from higher realized commodity prices during fiscal Q2 2026, which ended June 30, 2026. Realized gold prices escalated 34% year-over-year to an average of $4,417 per ounce, and realized copper prices increased 41% year-over-year to $6.15 per pound. Broader market trends during the period also showed copper prices rising 6.42% in the past month and 47.84% year-over-year as of August 11, 2026, with gold prices increasing 10.35% over the past month and 31.90% year-over-year.
3. Resolution of Nevada Gold Mines Dispute and Planned IPO.
Barrick and Newmont reached an agreement to resolve their long-standing dispute concerning the Nevada Gold Mines (NGM) joint venture. This agreement includes a $1.95 billion cash payment from Newmont to Barrick and the contribution of additional properties, expanding the joint venture's gold resources to nearly 100 million ounces. Additionally, Newmont consented to Barrick's proposed IPO of its North American gold assets, which is targeted for completion by year-end 2026 and aims to enhance structural flexibility and unlock value.
4. Enhanced Shareholder Returns.
Barrick demonstrated a strong commitment to shareholder returns, declaring a quarterly dividend of $0.175 per share for fiscal Q2 2026. The company also executed $1.2 billion in share buybacks during fiscal Q2 2026, contributing to a 242% year-over-year increase in total shareholder returns, reaching $1.50 billion.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 4.4% change in B stock from 4/30/2026 to 8/13/2026 was primarily driven by a 21.8% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302026 | 8132026 | Change |
|---|---|---|---|
| Stock Price ($) | 39.17 | 40.91 | 4.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 16,956 | 20,655 | 21.8% |
| Net Income Margin (%) | 29.4% | 31.6% | 7.3% |
| P/E Multiple | 13.2 | 10.4 | -20.9% |
| Shares Outstanding (Mil) | 1,683 | 1,666 | 1.0% |
| Cumulative Contribution | 4.4% |
Market Drivers
4/30/2026 to 8/13/2026| Return | Correlation | |
|---|---|---|
| B | 4.4% | |
| Market (SPY) | 8.2% | 54.4% |
| Sector (XLB) | 1.6% | 57.7% |
Fundamental Drivers
The -9.5% change in B stock from 1/31/2026 to 8/13/2026 was primarily driven by a -51.4% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 8132026 | Change |
|---|---|---|---|
| Stock Price ($) | 45.22 | 40.91 | -9.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 14,604 | 20,655 | 41.4% |
| Net Income Margin (%) | 24.5% | 31.6% | 28.8% |
| P/E Multiple | 21.5 | 10.4 | -51.4% |
| Shares Outstanding (Mil) | 1,703 | 1,666 | 2.2% |
| Cumulative Contribution | -9.5% |
Market Drivers
1/31/2026 to 8/13/2026| Return | Correlation | |
|---|---|---|
| B | -9.5% | |
| Market (SPY) | 12.7% | 54.3% |
| Sector (XLB) | 6.6% | 64.3% |
Fundamental Drivers
The 98.1% change in B stock from 7/31/2025 to 8/13/2026 was primarily driven by a 81.0% change in the company's Net Income Margin (%).| (LTM values as of) | 7312025 | 8132026 | Change |
|---|---|---|---|
| Stock Price ($) | 20.65 | 40.91 | 98.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 13,305 | 20,655 | 55.2% |
| Net Income Margin (%) | 17.5% | 31.6% | 81.0% |
| P/E Multiple | 15.3 | 10.4 | -31.9% |
| Shares Outstanding (Mil) | 1,725 | 1,666 | 3.5% |
| Cumulative Contribution | 98.1% |
Market Drivers
7/31/2025 to 8/13/2026| Return | Correlation | |
|---|---|---|
| B | 98.1% | |
| Market (SPY) | 24.1% | 43.1% |
| Sector (XLB) | 21.0% | 52.1% |
Fundamental Drivers
The 153.5% change in B stock from 7/31/2023 to 8/13/2026 was primarily driven by a 2894.5% change in the company's Net Income Margin (%).| (LTM values as of) | 7312023 | 8132026 | Change |
|---|---|---|---|
| Stock Price ($) | 16.14 | 40.91 | 153.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 10,803 | 20,655 | 91.2% |
| Net Income Margin (%) | 1.1% | 31.6% | 2894.5% |
| P/E Multiple | 248.5 | 10.4 | -95.8% |
| Shares Outstanding (Mil) | 1,755 | 1,666 | 5.3% |
| Cumulative Contribution | 153.5% |
Market Drivers
7/31/2023 to 8/13/2026| Return | Correlation | |
|---|---|---|
| B | 153.5% | |
| Market (SPY) | 75.9% | 31.9% |
| Sector (XLB) | 28.8% | 45.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| B Return | -13% | -7% | 8% | -12% | 187% | -4% | 109% |
| Peers Return | 5% | -10% | 23% | 19% | 119% | 20% | 265% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| B Win Rate | 58% | 50% | 67% | 33% | 92% | 50% | |
| Peers Win Rate | 50% | 43% | 58% | 48% | 78% | 50% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| B Max Drawdown | -29% | -48% | -30% | -28% | -15% | -33% | |
| Peers Max Drawdown | -33% | -48% | -28% | -27% | -23% | -35% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: NEM, FCX, AEM, SCCO, KGC. See B Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/13/2026 (YTD)
How Low Can It Go
| Event | B | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -18.6% | -9.5% |
| % Gain to Breakeven | 22.8% | 10.5% |
| Time to Breakeven | 56 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -12.6% | -6.7% |
| % Gain to Breakeven | 14.4% | 7.1% |
| Time to Breakeven | 8 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -22.7% | -24.5% |
| % Gain to Breakeven | 29.4% | 32.4% |
| Time to Breakeven | 99 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -25.1% | -33.7% |
| % Gain to Breakeven | 33.6% | 50.9% |
| Time to Breakeven | 27 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -22.2% | -3.7% |
| % Gain to Breakeven | 28.5% | 3.9% |
| Time to Breakeven | 40 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -24.3% | -12.2% |
| % Gain to Breakeven | 32.1% | 13.9% |
| Time to Breakeven | 21 days | 62 days |
In The Past
Barrick Mining's stock fell -6.2% during the 2025 US Tariff Shock. Such a loss loss requires a 6.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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| Event | B | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -22.7% | -24.5% |
| % Gain to Breakeven | 29.4% | 32.4% |
| Time to Breakeven | 99 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -25.1% | -33.7% |
| % Gain to Breakeven | 33.6% | 50.9% |
| Time to Breakeven | 27 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -22.2% | -3.7% |
| % Gain to Breakeven | 28.5% | 3.9% |
| Time to Breakeven | 40 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -24.3% | -12.2% |
| % Gain to Breakeven | 32.1% | 13.9% |
| Time to Breakeven | 21 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -67.2% | -6.8% |
| % Gain to Breakeven | 204.9% | 7.3% |
| Time to Breakeven | 219 days | 15 days |
| 2013 Taper Tantrum | ||
| % Loss | -27.6% | -0.2% |
| % Gain to Breakeven | 38.2% | 0.2% |
| Time to Breakeven | 41 days | 1 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -54.3% | -53.4% |
| % Gain to Breakeven | 119.0% | 114.4% |
| Time to Breakeven | 88 days | 1085 days |
In The Past
Barrick Mining's stock fell -6.2% during the 2025 US Tariff Shock. Such a loss loss requires a 6.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Barrick Mining (B)
Barrick Gold Corporation is a global mining company primarily engaged in the exploration and development of mineral properties. Its core business involves identifying, extracting, and processing valuable mineral deposits, with a particular focus on gold, copper, and nickel. As of December 31, 2016, the company reported substantial proven and probable reserves, including 85.9 million ounces of gold and 11.1 billion pounds of copper.
Headquartered in Toronto, Canada, Barrick Gold boasts a wide international operational footprint. The company conducts its exploration and development activities across numerous countries, including the United States, Canada, Australia, Argentina, Chile, Peru, the Dominican Republic, Papua New Guinea, Tanzania, Zambia, and Saudi Arabia. With principal properties like Cortez, Goldstrike, Pueblo Viejo, Lagunas Norte, and Veladero, Barrick Gold serves the global commodity markets by supplying essential raw materials—gold, copper, and nickel—to various industries worldwide.
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Barrick Mining is like the ExxonMobil of gold and copper mining.
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- Gold: Barrick Gold Corporation primarily explores for, develops, and produces gold from its mineral properties globally.
- Copper: The company engages in the exploration, development, and production of copper deposits.
- Nickel: Barrick also explores for nickel deposits as part of its mineral property development activities.
AI Analysis | Feedback
Barrick Mining (symbol: B) sells primarily to other companies.
As a global producer of commodities such as gold, copper, and nickel, Barrick Gold Corporation sells its products on international markets to a diverse range of industrial buyers, refiners, and financial institutions. Due to the nature of commodity trading, where products are often sold on exchanges or through numerous supply agreements, and to maintain competitive advantage, Barrick Gold Corporation does not publicly disclose the names of specific major customer companies.
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The search results indicate some recent changes in Barrick Gold Corporation's leadership.
Mark Bristow was the President and CEO until September 2025, when Mark Hill was appointed as Group Chief Operating Officer and Interim President & CEO. Then in February 2026, Mark Hill was appointed President and Chief Executive Officer.
Helen Cai was appointed Senior Executive Vice President and Chief Financial Officer, effective in March 2026. Graham Shuttleworth was previously the CFO.
Given the current date (March 14, 2026), the information about Mark Hill as CEO and Helen Cai as CFO should be the most up-to-date.
Let's gather the information for the top 5 management members, including the current CEO and CFO.
**CEO:** Mark Hill
* **Title:** President and Chief Executive Officer
* **Background:** Mark Hill was appointed President and Chief Executive Officer of Barrick in February 2026, following his appointment as Group Chief Operating Officer and Interim President and Chief Executive Officer in September 2025. He was previously the executive responsible for the Latin America and Asia Pacific region, a role he assumed in January 2019. Hill is a seasoned mining executive with 30 years of experience and joined Barrick in 2006. He has experience in strategy, corporate development, and leading major projects across the world.
**CFO:** Helen Cai
* **Title:** Senior Executive Vice President, Chief Financial Officer
* **Background:** Helen Cai was appointed Senior Executive Vice President and Chief Financial Officer, effective in March 2026. She has served on the Barrick Board since November 2021 and brings over two decades of experience in equity research, corporate finance, strategic planning, capital markets, and M&A across the mining, industrial, and technology sectors, primarily with Goldman Sachs and China International Capital Corporation (CICC).
Now, I need to find up to three other management members. I will look for recent executive appointments or prominent roles.
Based on search result and, James J. McGuire and Woo Lee were recently appointed. George Joannou is also listed as Chief Development Officer.
1. **James J. McGuire**
* **Title:** Chief Legal and Policy Officer
* **Background:** James J. McGuire was appointed Chief Legal and Policy Officer in February 2026. He has over 30 years of legal experience representing leading corporations, financial institutions, and individuals. Prior to joining Barrick, he was a Litigation Partner and Managing Partner of the New York office at Greenspoon Marder LLP. He also served as a federal criminal prosecutor in the Southern District of New York.
2. **Woo Lee**
* **Title:** Chief Global Affairs Officer
* **Background:** Woo Lee was appointed Chief Global Affairs Officer in March 2026. He joined Barrick in 2014 and most recently served as Senior Vice President and Head of Government & Corporate Affairs, Asia Pacific. He has over 30 years of experience in Washington, China, and East Asia, and previously worked as a U.S. diplomat in the State Department, holding senior posts at American embassies and consulates across the APAC region.
3. **George Joannou**
* **Title:** Chief Development Officer
* **Background:** George Joannou was appointed Chief Development Officer of Barrick in November 2025. He had been Senior Vice President, Strategic Matters since 2014. George joined Barrick in 2002 as an accountant and has also held the roles of Assistant Treasurer, CFO Australia Pacific, and head of Planning and Capital Allocation. He is a Chartered Accountant and holds a Bachelor of Commerce (Honours) degree from the University of the Witwatersrand in South Africa.
The user specifically asked for information on whether the CEO or CFO founded or managed other companies, or sold companies, or managed companies backed by private equity firms.
* **Mark Hill (CEO):** The search results do not explicitly state if he founded or managed other companies outside of Barrick. His background primarily mentions his experience within Barrick and prior to that "30 years of experience" in mining, but no details of founding or selling companies.
* **Helen Cai (CFO):** Her background mentions experience with Goldman Sachs and China International Capital Corporation (CICC), but no information about founding, selling companies, or managing companies backed by private equity firms.
The prompt requires HTML output. I will structure the response accordingly.
Double-checking the company: The company is Barrick Mining Corporation, which is Barrick Gold Corporation that recently changed its name and NYSE symbol to 'B'. The background information provided in the prompt about gold and copper reserves, founding year, and headquarters matches Barrick Gold Corporation. The management team found is for Barrick Gold Corporation. So the company is correct.
I need to make sure I include up to 5 members and definitely the CEO and CFO. I have Mark Hill (CEO), Helen Cai (CFO), James J. McGuire, Woo Lee, and George Joannou. This is 5 members.
AI Analysis | Feedback
Barrick Mining (formerly Barrick Gold Corporation) faces several significant risks inherent to the global mining industry, amplified by its extensive operations in diverse geopolitical and environmental landscapes.
The most prominent risk is political and geopolitical instability, coupled with resource nationalism. Barrick operates in numerous countries, many of which are prone to political upheaval, changes in mining regulations, and disputes over taxation and resource ownership. This risk has manifested in severe ways, such as the temporary suspension of operations and seizure of gold stocks at its Loulo-Gounkoto mine in Mali due to a revenue dispute with the Malian government, resulting in a reported $1 billion revenue write-off. Ongoing negotiations regarding tax and royalty frameworks in the Dominican Republic and the need for stable government support for projects like Reko Diq in Pakistan further underscore this vulnerability, which can directly impact license security, operational stability, and financial performance.
Another key risk is related to environmental and social impacts, particularly concerning waste management and water contamination. Barrick has faced accusations of extensive environmental degradation, notably regarding riverine tailings disposal at the Porgera mine in Papua New Guinea, leading to heavy metals contamination. In Argentina, the Veladero mine has been linked to multiple toxic spills involving cyanide, arsenic, and mercury, forcing local communities to rely on bottled water and raising human rights concerns. Furthermore, the proposed Naranjo Tailings Storage Facility in the Dominican Republic has sparked significant opposition from local communities due to environmental and human rights concerns, with an estimated "Extreme" consequence (over 100 fatalities) in the event of a dam failure. Such incidents can lead to operational disruptions, legal actions, and severe reputational damage.
Finally, operational inconsistency and challenges in cost management present a significant business risk. While gold and copper prices are critical drivers of profitability, Barrick's financial performance is also heavily influenced by its ability to manage operational costs, specifically its All-in Sustaining Costs (AISC). The company has experienced operational inconsistencies and has been noted for having slightly higher AISC compared to some top-tier peers, indicating challenges in maintaining optimal operational efficiency. Poor capital allocation decisions, coupled with unexpected disruptions such as labor issues or energy cost fluctuations, can further impact production volumes and overall profitability.
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For Barrick Mining (symbol: B), whose main products include gold, copper, and nickel, the addressable markets are as follows:
- Gold: The global gold market was valued at approximately USD 291.68 billion in 2024 and is projected to reach USD 400 billion by the end of 2030. Asia-Pacific dominated the global gold market in 2025 with a market share of 65.54%.
- Copper: The global copper market size was approximately USD 291.12 billion in 2025 and is anticipated to reach USD 442.04 billion by 2034. Asia-Pacific held 55.6% of the global market share in 2024.
- Nickel: The global nickel market size was USD 47.8 billion in 2025 and is projected to grow to USD 78.3 billion by 2034. Asia Pacific dominated the nickel market with an 83.40% share in 2025.
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Peer Outperformance in Gold
B has outperformed 50% of its 30 Gold peers over 5Y. Gold ranks 4th of 15 industries in Materials by median 5Y return.
Share of Gold constituents that B has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
70%
of 37 industry peers · 75.4% return
3Y
47%
of 36 industry peers · 162.9% return
5Y
50%
of 30 industry peers · 129.8% return
No Gold peer with a comparable growth profile has beaten B by more than 20pp over 5Y.
Median price return by industry across the Materials sector, ranked by 5Y. Gold is B's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Copper | 6 | 96.3% | 68.1% | 221.7% | TGB 372% · HBM 303% · SCCO 244% |
| Silver | 6 | 143.5% | 266.2% | 154.0% | AYA 231% · HL 196% · SVM 179% |
| Steel | 13 | 24.5% | 46.7% | 132.5% | HCC 482% · AMR 349% · NWPX 326% |
| Gold ← | 31 | 48.5% | 175.4% | 129.8% | IAG 622% · OGC 436% · KGC 383% |
| Aluminum | 3 | 94.8% | 164.3% | 71.9% | CENX 278% · KALU 72% · AA 15% |
| Construction Materials | 7 | -12.9% | 23.5% | 46.1% | USLM 293% · CRH 96% · VMC 52% |
| Diversified Metals & Mining | 24 | 9.7% | -18.1% | 34.9% | ATLX 224900% · USAR 62350% · FMST 1643% |
| Metal, Glass & Plastic Containers | 11 | 3.7% | 12.1% | 6.4% | KRT 154% · MYE 76% · GEF 65% |
| Paper & Plastic Packaging Products & Materials | 7 | 9.1% | 16.9% | -2.5% | PKG 103% · CCK 15% · SON 9% |
| Specialty Chemicals | 40 | 12.5% | 1.0% | -11.8% | LWLG 1039% · ODC 462% · NEU 207% |
| Commodity Chemicals | 13 | 21.8% | 7.2% | -25.8% | HWKN 261% · MEOH 76% · KOP 54% |
| Precious Metals & Minerals | 9 | 43.6% | 138.1% | -26.4% | ASM 564% · PPTA 371% · ELE 105% |
| Diversified Chemicals | 4 | 6.8% | -31.1% | -27.5% | CBT 74% · ASH -7% · CC -48% |
| Fertilizers & Agricultural Chemicals | 10 | 2.1% | -11.3% | -39.6% | CF 166% · CTVA 74% · NTR 26% |
| Paper Products | 3 | -14.6% | -49.2% | -95.0% | CLW -32% · MERC -95% · ITP -96% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 90.51 |
| Mkt Cap | 93.3 |
| Rev LTM | 18,221 |
| Op Inc LTM | 8,729 |
| FCF LTM | 4,824 |
| FCF 3Y Avg | 2,765 |
| CFO LTM | 7,077 |
| CFO 3Y Avg | 5,677 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 36.1% |
| Rev Chg 3Y Avg | 27.4% |
| Rev Chg Q | 32.3% |
| QoQ Delta Rev Chg LTM | 6.8% |
| Op Inc Chg LTM | 82.4% |
| Op Inc Chg 3Y Avg | 72.8% |
| Op Mgn LTM | 53.7% |
| Op Mgn 3Y Avg | 38.1% |
| QoQ Delta Op Mgn LTM | 1.3% |
| CFO/Rev LTM | 47.3% |
| CFO/Rev 3Y Avg | 38.8% |
| FCF/Rev LTM | 31.8% |
| FCF/Rev 3Y Avg | 24.6% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 93.3 |
| P/S | 4.2 |
| P/Op Inc | 9.6 |
| P/EBIT | 9.7 |
| P/E | 14.8 |
| P/CFO | 10.9 |
| Total Yield | 7.7% |
| Dividend Yield | 0.9% |
| FCF Yield 3Y Avg | 5.2% |
| D/E | 0.1 |
| Net D/E | -0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 12.2% |
| 3M Rtn | -3.2% |
| 6M Rtn | -6.4% |
| 12M Rtn | 63.2% |
| 3Y Rtn | 186.0% |
| 1M Excs Rtn | 10.7% |
| 3M Excs Rtn | -10.5% |
| 6M Excs Rtn | -23.0% |
| 12M Excs Rtn | 42.8% |
| 3Y Excs Rtn | 113.0% |
Comparison Analyses
FDA Approved Drugs Data
Expand for More| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| ANDA090977 | LANTHANUM CARBONATE | lanthanum carbonate | tablet, chewable | 1272022 | 20.4% | -15.7% | 7.8% | -12.8% | 143.2% |
| ANDA090095 | DUTASTERIDE | dutasteride | capsule | 12212010 | -2.6% | -14.1% | -9.5% | -33.0% | 3.3% |
| ANDA078965 | NORETHINDRONE AND ETHINYL ESTRADIOL AND FERROUS FUMARATE | ethinyl estradiol | tablet | 8052010 | 15.7% | 14.5% | 8.4% | -21.5% | 25.5% |
| ANDA079193 | ESTRADIOL AND NORETHINDRONE ACETATE | estradiol | tablet | 5112010 | -4.8% | 11.7% | 0.5% | -15.8% | 17.4% |
| ANDA090360 | BUPRENORPHINE HYDROCHLORIDE | buprenorphine hydrochloride | tablet | 5072010 | 1.8% | 15.8% | 10.7% | -9.4% | 25.8% |
| ANDA076237 | FLUOXETINE HYDROCHLORIDE | fluoxetine hydrochloride | capsule, delayed rel pellets | 3242010 | 20.7% | 27.7% | 40.3% | 20.3% | 44.7% |
| ANDA090591 | PHENTERMINE HYDROCHLORIDE | phentermine hydrochloride | capsule | 3182010 | 13.2% | 16.2% | 25.7% | 13.1% | 35.4% |
| ANDA090470 | PHENTERMINE HYDROCHLORIDE | phentermine hydrochloride | tablet | 8312009 | 23.6% | 11.3% | 36.4% | 49.4% | 56.0% |
| ANDA078804 | ASPIRIN AND DIPYRIDAMOLE | aspirin | capsule, extended release | 8142009 | 26.4% | 8.7% | 27.7% | 48.9% | 59.6% |
| ANDA078515 | DROSPIRENONE AND ETHINYL ESTRADIOL | drospirenone | tablet | 3302009 | 8.6% | 13.1% | 18.2% | 63.3% | 68.6% |
| ... | |||||||||
| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| ANDA090977 | LANTHANUM CARBONATE | lanthanum carbonate | tablet, chewable | 1272022 | 20.4% | -15.7% | 7.8% | -12.8% | 143.2% |
| ANDA090095 | DUTASTERIDE | dutasteride | capsule | 12212010 | -2.6% | -14.1% | -9.5% | -33.0% | 3.3% |
| ANDA078965 | NORETHINDRONE AND ETHINYL ESTRADIOL AND FERROUS FUMARATE | ethinyl estradiol | tablet | 8052010 | 15.7% | 14.5% | 8.4% | -21.5% | 25.5% |
| ANDA079193 | ESTRADIOL AND NORETHINDRONE ACETATE | estradiol | tablet | 5112010 | -4.8% | 11.7% | 0.5% | -15.8% | 17.4% |
| ANDA090360 | BUPRENORPHINE HYDROCHLORIDE | buprenorphine hydrochloride | tablet | 5072010 | 1.8% | 15.8% | 10.7% | -9.4% | 25.8% |
| ANDA076237 | FLUOXETINE HYDROCHLORIDE | fluoxetine hydrochloride | capsule, delayed rel pellets | 3242010 | 20.7% | 27.7% | 40.3% | 20.3% | 44.7% |
| ANDA090591 | PHENTERMINE HYDROCHLORIDE | phentermine hydrochloride | capsule | 3182010 | 13.2% | 16.2% | 25.7% | 13.1% | 35.4% |
| ANDA090470 | PHENTERMINE HYDROCHLORIDE | phentermine hydrochloride | tablet | 8312009 | 23.6% | 11.3% | 36.4% | 49.4% | 56.0% |
| ANDA078804 | ASPIRIN AND DIPYRIDAMOLE | aspirin | capsule, extended release | 8142009 | 26.4% | 8.7% | 27.7% | 48.9% | 59.6% |
| ANDA078515 | DROSPIRENONE AND ETHINYL ESTRADIOL | drospirenone | tablet | 3302009 | 8.6% | 13.1% | 18.2% | 63.3% | 68.6% |
| ANDA078189 | GALANTAMINE HYDROBROMIDE | galantamine hydrobromide | capsule, extended release | 9152008 | 18.7% | 6.7% | 37.5% | 65.0% | 96.2% |
| ANDA077605 | GALANTAMINE HYDROBROMIDE | galantamine hydrobromide | tablet | 8282008 | -16.4% | -9.9% | 2.4% | 36.1% | 56.5% |
| ANDA077527 | DROSPIRENONE AND ETHINYL ESTRADIOL | drospirenone | tablet | 5092008 | -10.2% | -38.9% | -12.5% | 11.1% | 39.8% |
| ANDA078221 | GRANISETRON HYDROCHLORIDE | granisetron hydrochloride | tablet | 12312007 | 3.3% | 8.7% | -12.6% | -3.8% | 31.0% |
| ANDA076105 | TRI-LEGEST FE | ethinyl estradiol | tablet | 10262007 | 21.6% | -7.5% | -53.4% | -10.9% | 28.4% |
| ANDA076405 | TRI-LEGEST 21 | ethinyl estradiol | tablet | 10262007 | 21.6% | -7.5% | -53.4% | -10.9% | 28.4% |
| ANDA076693 | ONDANSETRON | ondansetron | tablet, orally disintegrating | 6252007 | 37.9% | 36.5% | 42.8% | 18.6% | 91.1% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Carlin | 4,024 | 3,041 | 2,760 | 2,848 | 2,687 |
| Cortez | 2,686 | 1,725 | 1,737 | 1,316 | 1,485 |
| Other Mines | 2,392 | 2,076 | 1,591 | 1,553 | 2,659 |
| Pueblo Viejo | 2,300 | 1,429 | 1,118 | 1,303 | 1,514 |
| Turquoise Ridge | 1,984 | 1,177 | 1,008 | 814 | 987 |
| Lumwana | 1,487 | 855 | 795 | 868 | |
| Kibali | 1,040 | 743 | 670 | 598 | 661 |
| North Mara | 1,024 | 770 | 591 | 570 | 552 |
| Bulyanhulu | 659 | 495 | 442 | 463 | 361 |
| Loulo-Gounkoto | 505 | 1,346 | 1,335 | 1,236 | 1,249 |
| Other revenue | -105 | 8 | 20 | 42 | 109 |
| Share of equity investee | -1,040 | -743 | -670 | -598 | -661 |
| Veladero | 382 | ||||
| Total | 16,956 | 12,922 | 11,397 | 11,013 | 11,985 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Carlin | 2,116 | 1,189 | 938 | 1,114 | 1,189 |
| Cortez | 1,460 | 705 | 542 | 450 | 547 |
| Pueblo Viejo | 1,255 | 493 | 316 | 461 | 759 |
| Other Mines | 1,234 | 727 | 286 | 109 | 809 |
| Turquoise Ridge | 1,131 | 388 | 280 | 160 | 371 |
| Lumwana | 596 | 135 | 37 | 180 | |
| North Mara | 566 | 318 | 165 | 209 | 254 |
| Kibali | 527 | 316 | 243 | 142 | 278 |
| Bulyanhulu | 336 | 193 | 147 | 140 | 147 |
| Loss on currency translation | 3 | -39 | -93 | ||
| Gain (loss) on non-hedge derivatives | 1 | ||||
| Other cost of sales/amortization | -56 | ||||
| Loulo-Gounkoto | -126 | 525 | 484 | 426 | 474 |
| Finance costs, net (includes non-segment accretion) | -176 | -179 | -265 | -329 | |
| Exploration, evaluation and project expenses not attributable to segments | -335 | -351 | -249 | ||
| Share of equity investee | -527 | -316 | -243 | -142 | -278 |
| Closed mine rehabilitation | -59 | ||||
| Gain on non-hedge derivatives | 13 | 7 | 2 | ||
| General and administrative expenses | -115 | -159 | |||
| Income from equity investees | 241 | ||||
| Impairment reversals (charges) | -312 | ||||
| Other revenue | 20 | 42 | |||
| Other income (expense) not attributable to segments | 396 | ||||
| Veladero | 118 | ||||
| Total | 8,005 | 4,184 | 2,810 | 3,021 | 4,341 |
| $ Mil | 2013 | 2012 | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|
| Goodwill | 5,835 | 8,837 | |||
| Pueblo Viejo | 4,836 | 4,799 | |||
| Other current assets | 3,485 | 3,660 | |||
| Cortez | 3,042 | 2,938 | |||
| Other Mines - Copper | 3,018 | 3,799 | |||
| Other items not allocated to segments | 2,792 | 3,782 | |||
| Pascua-Lama | 2,593 | 6,270 | |||
| Cash and equivalents | 2,404 | 2,097 | |||
| Goldstrike | 2,222 | 1,876 | |||
| Australia Pacific | 1,669 | 2,869 | |||
| North America - Other | 1,525 | 1,696 | |||
| African Barrick Gold | 1,515 | 2,295 | |||
| Veladero | 634 | 1,058 | |||
| Lagunas Norte | 614 | 534 | |||
| Deferred income tax assets | 501 | 437 | |||
| Assets of held for sale | 323 | ||||
| Intangible assets | 320 | 453 | |||
| Other investments | 120 | 78 | |||
| Barrick Energy | 1,104 | 808 | 4,017 | ||
| Copper | 12,398 | 1,231 | 1,239 | ||
| Gold | 17,365 | 10,591 | 11,053 | ||
| Other | 18,017 | 20,692 | 10,766 | ||
| Total | 37,448 | 47,478 | 48,884 | 33,322 | 27,075 |
Price Behavior
Price Behavior
| Market Price | $40.91 | |
| Market Cap ($ Bil) | 68.5 | |
| First Trading Date | 12/29/2006 | |
| Distance from 52W High | -21.8% | |
| 50 Days | 200 Days | |
| DMA Price | $38.35 | $41.34 |
| DMA Trend | up | down |
| Distance from DMA | 6.7% | -1.0% |
| 3M | 1YR | |
| Volatility | 49.0% | 47.9% |
| Downside Capture | 237.84 | 168.92 |
| Upside Capture | 176.39 | 196.37 |
| Correlation (SPY) | 55.9% | 43.6% |
B Betas & Captures as of 7/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.36 | 1.91 | 2.18 | 1.94 | 1.60 | 0.80 |
| Up Beta | 2.60 | 1.72 | 1.80 | 1.62 | 1.49 | 0.54 |
| Down Beta | 1.52 | 2.66 | 2.54 | 1.87 | 1.23 | 0.72 |
| Up Capture | 95% | 128% | 198% | 179% | 322% | 123% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 8 | 16 | 26 | 59 | 143 | 404 |
| Down Capture | 96% | 191% | 219% | 199% | 134% | 99% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 14 | 26 | 36 | 66 | 106 | 341 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with B | |
|---|---|---|---|---|
| B | 78.5% | 47.8% | 1.36 | - |
| Sector ETF (XLB) | 18.9% | 17.8% | 0.82 | 52.0% |
| Equity (SPY) | 22.2% | 12.8% | 1.29 | 43.3% |
| Gold (GLD) | 29.6% | 28.5% | 0.90 | 74.4% |
| Commodities (DBC) | 36.9% | 20.1% | 1.45 | 5.4% |
| Real Estate (VNQ) | 15.2% | 13.9% | 0.78 | 18.6% |
| Bitcoin (BTCUSD) | -47.3% | 42.9% | -1.37 | 27.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with B | |
|---|---|---|---|---|
| B | 17.0% | 36.9% | 0.51 | - |
| Sector ETF (XLB) | 6.8% | 19.1% | 0.24 | 40.0% |
| Equity (SPY) | 13.5% | 17.2% | 0.61 | 28.0% |
| Gold (GLD) | 18.8% | 18.6% | 0.82 | 72.1% |
| Commodities (DBC) | 9.2% | 19.6% | 0.36 | 22.9% |
| Real Estate (VNQ) | 2.2% | 18.9% | 0.01 | 27.6% |
| Bitcoin (BTCUSD) | 9.2% | 52.8% | 0.36 | 16.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with B | |
|---|---|---|---|---|
| B | 8.2% | 36.9% | 0.32 | - |
| Sector ETF (XLB) | 10.2% | 20.7% | 0.43 | 29.0% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 21.2% |
| Gold (GLD) | 11.9% | 16.2% | 0.60 | 70.9% |
| Commodities (DBC) | 7.7% | 18.0% | 0.34 | 21.2% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 21.1% |
| Bitcoin (BTCUSD) | 60.3% | 66.1% | 1.00 | 13.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/11/2026 | 6-K |
| 12/31/2025 | 02/27/2026 | 40-F |
| 09/30/2025 | 11/10/2025 | 6-K |
| 03/31/2025 | 05/07/2025 | 6-K |
| 12/31/2024 | 03/14/2025 | 40-F |
| 09/30/2024 | 11/07/2024 | 6-K |
| 06/30/2024 | 08/12/2024 | 6-K |
| 03/31/2024 | 05/02/2024 | 6-K |
| 12/31/2023 | 03/15/2024 | 40-F |
| 09/30/2023 | 11/02/2023 | 6-K |
| 06/30/2023 | 08/08/2023 | 6-K |
| 03/31/2023 | 05/03/2023 | 6-K |
| 12/31/2022 | 03/17/2023 | 40-F |
| 09/30/2022 | 11/04/2022 | 6-K |
| 06/30/2022 | 08/08/2022 | 6-K |
| 03/31/2022 | 05/05/2022 | 6-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/11/2026 | 6-K |
| 12/31/2025 | 02/27/2026 | 40-F |
| 09/30/2025 | 11/10/2025 | 6-K |
| 03/31/2025 | 05/07/2025 | 6-K |
| 12/31/2024 | 03/14/2025 | 40-F |
| 09/30/2024 | 11/07/2024 | 6-K |
| 06/30/2024 | 08/12/2024 | 6-K |
| 03/31/2024 | 05/02/2024 | 6-K |
| 12/31/2023 | 03/15/2024 | 40-F |
| 09/30/2023 | 11/02/2023 | 6-K |
| 06/30/2023 | 08/08/2023 | 6-K |
| 03/31/2023 | 05/03/2023 | 6-K |
| 12/31/2022 | 03/17/2023 | 40-F |
| 09/30/2022 | 11/04/2022 | 6-K |
| 06/30/2022 | 08/08/2022 | 6-K |
| 03/31/2022 | 05/05/2022 | 6-K |
| 12/31/2021 | 03/18/2022 | 40-F |
| 09/30/2021 | 11/05/2021 | 6-K |
| 06/30/2021 | 08/09/2021 | 6-K |
| 03/31/2021 | 05/05/2021 | 6-K |
| 12/31/2020 | 03/19/2021 | 40-F |
| 09/30/2020 | 11/06/2020 | 6-K |
| 06/30/2020 | 08/11/2020 | 6-K |
| 03/31/2020 | 05/06/2020 | 6-K |
| 12/31/2019 | 03/26/2020 | 40-F |
| 09/30/2019 | 11/06/2019 | 6-K |
| 06/30/2019 | 08/12/2019 | 6-K |
| 03/31/2019 | 05/09/2019 | 6-K |
Investor Activity (13F)
Updated Aug 14, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Scheer, Rowlett & Associates Investment Management Ltd. | $83.6 Mil | 6.0% | 33 | TRIM -12.8% | 13F |
| Gemsstock Ltd. | $55.6 Mil | 5.9% | 28 | ADD +17.7% | 13F |
| Evergreen Quality Fund GP, Ltd. | $168.9 Mil | 3.9% | 40 | TRIM -10.2% | 13F |
| Kopernik Global Investors, LLC | $22.8 Mil | 1.6% | 27 | TRIM -5.1% | 13F |
| FengHe Fund Management Pte. Ltd. | $5.7 Mil | 0.8% | 31 | New | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Maple Rock Capital Partners Inc. | $86.7 Mil | 2.9% | 38 | Exited | Dec 31, 2025 | 13F |
| Drummond Knight Asset Management Pty Ltd | $60.3 Mil | 16.9% | 11 | Exited | Dec 31, 2025 | 13F |
| Sound Shore Management Inc /CT/ | $50.3 Mil | 1.6% | 37 | Exited | Dec 31, 2025 | 13F |
| Encompass Capital Advisors LLC | $17.4 Mil | 0.8% | 48 | Exited | Dec 31, 2025 | 13F |
| Wealth High Governance Capital Ltda | $5.3 Mil | 1.0% | 46 | Exited | Dec 31, 2025 | 13F |
| Scheer, Rowlett & Associates Investment Management Ltd. | $83.6 Mil | 6.0% | 33 | TRIM -12.8% | Mar 31, 2026 | 13F |
| Evergreen Quality Fund GP, Ltd. | $168.9 Mil | 3.9% | 40 | TRIM -10.2% | Mar 31, 2026 | 13F |
| Kopernik Global Investors, LLC | $22.8 Mil | 1.6% | 27 | TRIM -5.1% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Evergreen Quality Fund GP, Ltd. | $168.9 Mil | 3.9% | 40 | TRIM -10.2% | 13F |
| Scheer, Rowlett & Associates Investment Management Ltd. | $83.6 Mil | 6.0% | 33 | TRIM -12.8% | 13F |
| Gemsstock Ltd. | $55.6 Mil | 5.9% | 28 | ADD +17.7% | 13F |
| Kopernik Global Investors, LLC | $22.8 Mil | 1.6% | 27 | TRIM -5.1% | 13F |
| FengHe Fund Management Pte. Ltd. | $5.7 Mil | 0.8% | 31 | New | 13F |
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