# FOUNDATION RESOURCE MANAGEMENT INC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1179232. Source: https://holderbook.com/funds/1179232-foundation-resource-management-inc/

- Reported value: $859.7M
- Positions: 56
- Weight of the ten largest: 45.2%
- Filed: 2026-07-21

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| EXXONMOBIL HOLDINGS CORP COM SHS | [XOM](https://holderbook.com/stocks/XOM/) | $57.5M | 420,834 | 6.7% | 1 |
| TECK RESOURCES LTD | [TECK](https://holderbook.com/stocks/TECK/) | $52.9M | 889,933 | 6.2% | 31 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $47.7M | 95,399 | 5.6% | 31 |
| NEWMONT CORP | [NEM](https://holderbook.com/stocks/NEM/) | $46.7M | 499,595 | 5.4% | 31 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $39.2M | 236,345 | 4.6% | 31 |
| DOLLAR GEN CORP | [DG](https://holderbook.com/stocks/DG/) | $33.0M | 286,343 | 3.8% | 8 |
| CONOCOPHILLIPS | [COP](https://holderbook.com/stocks/COP/) | $29.8M | 286,730 | 3.5% | 31 |
| ADOBE INC | [ADBE](https://holderbook.com/stocks/ADBE/) | $27.5M | 133,964 | 3.2% | 2 |
| AGNICO EAGLE MINES LTD | [AEM](https://holderbook.com/stocks/AEM/) | $27.3M | 175,951 | 3.2% | 19 |
| VERIZON COMMUNICATIONS INC | [VZ](https://holderbook.com/stocks/VZ/) | $27.3M | 644,119 | 3.2% | 18 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $26.0M | 202,690 | 3.0% | 31 |
| HP INC | [HPQ](https://holderbook.com/stocks/HPQ/) | $24.3M | 1,108,598 | 2.8% | 31 |
| PFIZER INC | [PFE](https://holderbook.com/stocks/PFE/) | $22.5M | 936,078 | 2.6% | 31 |
| AMBEV SA | [ABEV](https://holderbook.com/stocks/ABEV/) | $22.2M | 7,085,184 | 2.6% | 17 |
| FEDERATED HERMES INC | [FHI](https://holderbook.com/stocks/FHI/) | $21.0M | 380,117 | 2.4% | 31 |
| DIAGEO PLC | [DEO](https://holderbook.com/stocks/DEO/) | $19.4M | 241,589 | 2.3% | 3 |
| FRANKLIN RESOURCES INC | [BEN](https://holderbook.com/stocks/BEN/) | $19.4M | 583,131 | 2.3% | 31 |
| PARK AEROSPACE CORP | [PKE](https://holderbook.com/stocks/PKE/) | $19.2M | 502,684 | 2.2% | 12 |
| INTEL CORP | [INTC](https://holderbook.com/stocks/INTC/) | $18.7M | 133,779 | 2.2% | 31 |
| COMCAST CORP NEW | [CMCSA](https://holderbook.com/stocks/CMCSA/) | $16.8M | 682,420 | 1.9% | 5 |
| LKQ CORP | [LKQ](https://holderbook.com/stocks/LKQ/) | $15.9M | 603,424 | 1.8% | 4 |
| PERMIAN BASIN RTY TR | [PBT](https://holderbook.com/stocks/PBT/) | $15.7M | 626,331 | 1.8% | 31 |
| MOSAIC CO | [MOS](https://holderbook.com/stocks/MOS/) | $14.7M | 694,864 | 1.7% | 31 |
| BARRICK MNG CORP | [B](https://holderbook.com/stocks/B/) | $14.2M | 386,565 | 1.7% | 5 |
| LOEWS CORP | [L](https://holderbook.com/stocks/L/) | $14.2M | 125,360 | 1.7% | 31 |
| FREEPORT-MCMORAN INC | [FCX](https://holderbook.com/stocks/FCX/) | $13.0M | 206,120 | 1.5% | 31 |
| GILEAD SCIENCES INC | [GILD](https://holderbook.com/stocks/GILD/) | $12.9M | 102,147 | 1.5% | 31 |
| BUILDERS FIRSTSOURCE INC | [BLDR](https://holderbook.com/stocks/BLDR/) | $12.7M | 142,094 | 1.5% | 1 |
| CENOVUS ENERGY INC | [CVE](https://holderbook.com/stocks/CVE/) | $12.6M | 507,297 | 1.5% | 31 |
| TSAKOS ENERGY NAVIGATION LTD | [TEN](https://holderbook.com/stocks/TEN/) | $11.9M | 336,441 | 1.4% | 24 |
| NUTRIEN LTD | [NTR](https://holderbook.com/stocks/NTR/) | $11.8M | 187,442 | 1.4% | 7 |
| SANOFI SA | [SNY](https://holderbook.com/stocks/SNY/) | $11.7M | 274,452 | 1.4% | 31 |
| PHILLIPS 66 | [PSX](https://holderbook.com/stocks/PSX/) | $10.4M | 61,342 | 1.2% | 31 |
| BRISTOL-MYERS SQUIBB CO | [BMY](https://holderbook.com/stocks/BMY/) | $9.9M | 171,716 | 1.2% | 9 |
| TEJON RANCH CO | [TRC](https://holderbook.com/stocks/TRC/) | $9.6M | 514,024 | 1.1% | 31 |
| APA CORPORATION | [APA](https://holderbook.com/stocks/APA/) | $8.6M | 262,921 | 1.0% | 22 |
| NOVO-NORDISK A S | [NVO](https://holderbook.com/stocks/NVO/) | $8.5M | 177,838 | 1.0% | 4 |
| THE CAMPBELLS COMPANY | [CPB](https://holderbook.com/stocks/CPB/) | $8.1M | 363,960 | 0.9% | 2 |
| KRAFT HEINZ CO | [KHC](https://holderbook.com/stocks/KHC/) | $7.7M | 326,800 | 0.9% | 26 |
| CNH INDL N V | [CNH](https://holderbook.com/stocks/CNH/) | $7.7M | 684,335 | 0.9% | 11 |
| DEVON ENERGY CORP NEW | [DVN](https://holderbook.com/stocks/DVN/) | $6.3M | 152,079 | 0.7% | 31 |
| CAMECO CORP | [CCJ](https://holderbook.com/stocks/CCJ/) | $5.7M | 55,568 | 0.7% | 31 |
| OVINTIV INC | [OVV](https://holderbook.com/stocks/OVV/) | $5.5M | 104,143 | 0.6% | 26 |
| BERKSHIRE HATHAWAY INC DEL | [BRKA](https://holderbook.com/stocks/BRKA/) | $3.7M | 5 | 0.4% | 31 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $2.0M | 18,055 | 0.2% | 31 |
| MARATHON PETE CORP | [MPC](https://holderbook.com/stocks/MPC/) | $1.3M | 4,929 | 0.1% | 23 |
| TRANSOCEAN LTD | [RIG](https://holderbook.com/stocks/RIG/) | $827.9K | 169,298 | 0.1% | 31 |
| IMPERIAL OIL LTD | [IMO](https://holderbook.com/stocks/IMO/) | $778.0K | 6,945 | 0.1% | 31 |
| TRAVELERS COMPANIES INC | [TRV](https://holderbook.com/stocks/TRV/) | $764.2K | 2,315 | 0.1% | 31 |
| CHUBB LIMITED | [CB](https://holderbook.com/stocks/CB/) | $725.4K | 2,129 | 0.1% | 23 |
| GRAFTECH INTL LTD SR NT | [EAF](https://holderbook.com/stocks/EAF/) | $628.6K | 106,355 | 0.1% | 4 |
| INTERNATIONAL BUSINESS MACHS | [IBM](https://holderbook.com/stocks/IBM/) | $438.4K | 1,559 | 0.1% | 12 |
| RTX CORPORATION | [RTX](https://holderbook.com/stocks/RTX/) | $399.9K | 2,108 | 0.0% | 8 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $308.6K | 1,215 | 0.0% | 4 |
| MURPHY USA INC | [MUSA](https://holderbook.com/stocks/MUSA/) | $202.1K | 375 | 0.0% | 1 |
| SAN JUAN BASIN RTY TR | [SJT](https://holderbook.com/stocks/SJT/) | $46.8K | 14,565 | 0.0% | 31 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | -0.7% | +14.8% | -15.5% | 100% |
| Q1 2026 | +14.1% | -4.6% | +18.7% | 100% |
| Q4 2025 | +4.5% | +2.4% | +2.1% | 100% |
| Q3 2025 | +13.9% | +7.8% | +6.1% | 100% |
| Q2 2025 | +4.2% | +10.5% | -6.3% | 100% |
| Q1 2025 | +7.7% | -4.6% | +12.2% | 100% |
| Q4 2024 | -8.4% | +2.1% | -10.5% | 100% |
| Q3 2024 | +4.5% | +5.4% | -0.9% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $859.7M | 56 |
| Q1 2026 | $888.5M | 55 |
| Q4 2025 | $747.5M | 52 |
| Q3 2025 | $696.0M | 51 |
| Q2 2025 | $646.7M | 50 |
| Q1 2025 | $634.4M | 50 |
| Q4 2024 | $598.7M | 52 |
| Q3 2024 | $646.9M | 52 |
| Q2 2024 | $625.9M | 52 |
| Q1 2024 | $636.6M | 52 |
| Q4 2023 | $627.8M | 52 |
| Q3 2023 | $602.4M | 52 |