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Trilogy Metals (TMQ): which funds own it

Materials →(by SIC code, unreviewed)Data as of Jun 30, 2026 (Q2 2026) · updated on Nov 5, 2026

A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions and they may have changed.

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Sections with a free account

2 concentrated managers hold it (+1 vs last quarter); combined they have held more shares for 4 quarters in a row (1 added, 0 trimmed). Its median weight in those portfolios is 3.0%.

Who owns Trilogy Metals?

Holders reporting more than 5% of the shares to the SEC (Schedules 13D/13G): Electrum Group, 18.5% (13D/A filed Dec 29, 2025), South32, 6.0% (13G/A filed Sep 1, 2026) and Tony Giardini, 5.0% (13D filed Oct 27, 2025). South32 International Investment Holdings Proprietary Ltd is listed on Form 4 filings as an owner of more than 10%. As of Jun 30, 2026, the largest holders reported on Form 13F were Electrum Group (18.0% of the shares), Tidal Investments (4.8%) and TSP Capital Management Group (3.9%).

Which institutions hold the most Trilogy Metals shares?

Per Form 13F filings as of Jun 30, 2026, as a share of all shares outstanding:

  1. 1. Electrum Group: 18.0%
  2. 2. Tidal Investments: 4.8%
  3. 3. TSP Capital Management Group: 3.9%
  4. 4. Old West Investment Management: 3.5%
  5. 5. Goehring & Rozencwajg Associates: 1.0%
  6. 6. Alps Advisors: 0.8%
  7. 7. Wace, Llp Marshall: 0.8%
  8. 8. Morgan Stanley: 0.5%
  9. 9. Envestnet Asset Management: 0.5%
  10. 10. Point72 Asset Management: 0.5%

How much of Trilogy Metals do institutions own?

The 149 institutions that file 13F reported 38.8% of the shares as of Jun 30, 2026.

Sources:13D/A by Electrum Group (Dec 29, 2025) ↗13G/A by South32 (Sep 1, 2026) ↗13D by Tony Giardini (Oct 27, 2025) ↗All of the company's proxy statements on EDGAR ↗

13F percentages divide the shares each institution reports by the shares outstanding on the cover of the company's latest report before the quarter end (Apr 2, 2026). Entities of the same group file separately and are not added up. We hold 13D and 13G filings made since Dec 23, 2024: a holder above 5% that has not filed since then does not appear here.

Concentrated managers
2
All 13F: 149
Consensus
—
No score: it needs 5 or more concentrated managers
Price at Jun 30, 2026 (per 13F)
$3.51
-2.2% in the quarter · reported value ÷ shares, not the quote · See current quote ↗

Quarter flow (concentrated managers)

Change in managers (1 → 2): 0 opened · 0 exited · 1 more with no comparable data = +1

“No comparable data”: managers whose previous-quarter portfolio we cannot compare (first 13F, or they did not file that quarter), plus spin-offs and corporate exits (mergers, delistings). They change the count without being a clean buy or sale. It is a net figure: “more” when more of them enter the count than leave it, “fewer” when it is the other way round. Here: 1 entered with no comparable quarter.

Net flow in the quarter: +$166K (+47 K shares) · bought $166K and sold $0Shares concentrated managers added minus those they cut, valued at the 13F quarter-end implied price, not each trade's price. It is a different measure from the change in managers: the two can have opposite signs.

Accumulation: combined they have held more shares for 4 quarters in a row (1 added, 0 trimmed). It is the combined share count of those still holding it: one large buyer can outweigh many who trimmed.

Concentrated managers holding it

Up to 15, sorted by position value. The percentage is the weight in each manager's portfolio.

Other relevant holders

Filers with $100M or more in the stock that do not count as concentrated managers because of their type: they are left out of the counts, the consensus and the accumulation.

Largest holders of TMQ (all 13F filers)

The 10 13F filers with the most shares as of Jun 30, 2026, whatever their type (index firms usually come first). “Change”: shares added or cut versus the previous quarter, split-adjusted; “no data” = there is no comparable portfolio for the previous quarter (no filing, or a filing with its holdings under confidential treatment). “% of the company” only where shares outstanding are up to date. Entities of the same group file separately and some 13F filings include other managers: there may be double counting. With a free account: the top 25, the largest buyers and the largest sellers.

Held by institutions (13F)

Institutions (13F): 38.8% of the shares · top 10: 34.3% · in index firms: 1.6% of the institutional total

Share of the stock held by 13F filers

Q2 2026: 38.8%

39.4%17.2%
Q3 2021Q2 2026

Shares reported by the 149 13F filers as of Jun 30, 2026, divided by the shares outstanding on the cover of the company's latest report (Apr 2, 2026). It is not all institutional ownership: only managers above $100M file a 13F, and it excludes short positions. Entities of the same group file separately and some 13F filings include other managers: there may be double counting. We only publish it where the figure is credible: not for ADRs, companies with more than one share class or stale shares-outstanding data.

Fundamentals

12-month figures to Aug 31, 2026 · balance sheet as of Aug 31, 2026.

Profitability
Operating margin
—
Net margin
—
ROE
-41.0%
Growth
Revenue (TTM)
—
Revenue growth
—
Net income (TTM)
$-47.9M
Balance sheet
Net debt / EBITDA
—
Free cash flow (TTM)
—
Quality vs sector
—

This company's sector comes from its SIC code, unreviewed, or has too few comparable companies: we do not compare it with its sector.

Figures from the statements the company filed with the SEC (10-K, 10-Q). Free cash flow = operating cash flow − capital expenditures; empty if the company does not report capex. “Quality vs sector”: 0 to 100, the average of its percentiles in ROE, operating margin, free-cash-flow margin, revenue and earnings growth and net debt / EBITDA (at least 3 needed) against companies in its sector above $300M. How each figure is calculated

Shares outstanding: buybacks and dilution

Diluted shares by fiscal year (split-adjusted)

2025: 164.8 M

164.8 M0
20182025
1 year
+3.1%
3 years
+13.1%
5 years
+14.0%
Buybacks (FY 2025)
no data
Share issuance
$25.0M
Stock-based compensation
$-3.3M
Dividends paid
no data

From the statements the company filed with the SEC (10-K). The change compares average diluted shares of each fiscal year, on today's basis: negative = it bought back more than it issued; positive = dilution. “No data” = the company does not report that item under a tag we can read; it does not mean zero.

Earnings quality and debt

Operating cash flow ÷ net income (12 months)
no datanot calculated with negative net income
Interest coverage (operating income ÷ interest)
no data
Debt due within 12 months
no data

From the figures the company filed with the SEC. Cash flow over net income near or above 1 means earnings are collected in cash; far below, that part is accounting. Coverage says how many times operating income pays the latest fiscal year's interest. Maturities come from the debt note of the latest annual report, counted from its closing date. “No data” never means zero.

Insiders (Form 4)

Officers and directors who bought (6 m)
0
Amount (6 m)
$0
CEO/CFO bought (12 m)
No

10% owners who bought (6 m): 0

Open-market purchases, excluding 10b5-1 plans. Officers and directors only; joint filers of the same purchase count as one. 10% owners with no role are shown separately. 0 = nobody bought; “no data” = we do not have its Form 4 filings.

Each of the company's Form 4 filings, on EDGAR ↗Latest trades, with date and filing →

Above 5% (13D/13G)

Disclosed stakes, with their amendments. A filing is not always a purchase: there are also reductions and changes of filing entity.

This list may be incomplete: we hold 13D and 13G filings made since Dec 23, 2024. A holder above 5% that has not filed anything since then is not shown here.

  • South326.01%13G · amendmentfiling ↗Event: Aug 28, 2026 · filed: Sep 1, 2026
  • Electrum Group18.5%13D · amendmentfiling ↗Event: Dec 26, 2025 · filed: Dec 29, 2025
  • Tony Giardini5%13Dfiling ↗Event: Mar 1, 2024 · filed: Oct 27, 2025

Above 5% over time (13D/13G)

Each holder with its filings in order. History since December 2024.

Flagged material events (8-K)

  • Sep 14, 2026Routinefiling ↗

    Unregistered sale of equity securities (Item 3.02)

    «Trilogy Metals Closes US$35.6 Million Strategic Equity Investment by the U.S. Department of War»

  • Aug 31, 2026Routinefiling ↗

    Unregistered sale of equity securities (Item 3.02)

    «Trilogy Metals Announces Execution of Definitive Agreements for Strategic Equity Investment by the U.S. Department of War»

Alert items the company itself flagged in its 8-K filings with the SEC, most serious first. It is the form's label, with no interpretation from us: Item 5.02 covers routine appointments as well as a chief executive's departure; open the filing. The quoted headline is the original press release's.

All material events (8-K)

Earnings, agreements, financing, management changes and announcements from the last year, with a filter by type and a link to each filing.

Other Materials stocks in managers' portfolios

Same sector and a similar number of concentrated managers holding them. It is a list to keep exploring, not a recommendation.

All of Materials →

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