# TSP Capital Management Group, LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1317208. Source: https://holderbook.com/funds/1317208-tsp-capital-management-group-llc/

- Reported value: $418.0M
- Positions: 43
- Weight of the ten largest: 51.8%
- Filed: 2026-07-31

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 |
|---|---|---|---|---|---|
| ADEIA INC | [ADEA](https://holderbook.com/stocks/ADEA/) | $29.2M | 885,551 | 7.0% | 15 |
| COEUR MNG INC | [CDE](https://holderbook.com/stocks/CDE/) | $28.3M | 1,736,886 | 6.8% | 26 |
| NOKIA CORP | [NOK](https://holderbook.com/stocks/NOK/) | $27.3M | 2,056,442 | 6.5% | 30 |
| TRILOGY METALS INC NEW | [TMQ](https://holderbook.com/stocks/TMQ/) | $23.8M | 6,777,100 | 5.7% | 25 |
| COMPANIA DE MINAS BUENAVENTU | [BVN](https://holderbook.com/stocks/BVN/) | $20.3M | 692,369 | 4.9% | 31 |
| MAUI LD & PINEAPPLE INC | [MLP](https://holderbook.com/stocks/MLP/) | $19.5M | 1,098,901 | 4.7% | 31 |
| CIA ENERGETICA DE MINAS GERA | [CIG](https://holderbook.com/stocks/CIG/) | $19.2M | 9,123,551 | 4.6% | 31 |
| CORTEVA INC | [CTVA](https://holderbook.com/stocks/CTVA/) | $17.9M | 211,579 | 4.3% | 29 |
| MANNKIND CORP | [MNKD](https://holderbook.com/stocks/MNKD/) | $16.9M | 3,972,675 | 4.0% | 10 |
| ISHARES SILVER TR | [SLV](https://holderbook.com/stocks/SLV/) | $14.2M | 264,925 | 3.4% | 31 |
| CONSOLIDATED WATER CO INC | [CWCO](https://holderbook.com/stocks/CWCO/) | $14.1M | 479,200 | 3.4% | 23 |
| CELLDEX THERAPEUTICS INC NEW | [CLDX](https://holderbook.com/stocks/CLDX/) | $13.8M | 371,127 | 3.3% | 30 |
| FREEPORT-MCMORAN INC | [FCX](https://holderbook.com/stocks/FCX/) | $13.4M | 213,575 | 3.2% | 31 |
| NOVAVAX INC | [NVAX](https://holderbook.com/stocks/NVAX/) | $13.4M | 1,419,365 | 3.2% | 27 |
| MIDDLESEX WTR CO | [MSEX](https://holderbook.com/stocks/MSEX/) | $11.9M | 211,037 | 2.8% | 31 |
| XYLEM INC | [XYL](https://holderbook.com/stocks/XYL/) | $10.4M | 88,018 | 2.5% | 31 |
| NEWMONT CORP | [NEM](https://holderbook.com/stocks/NEM/) | $9.7M | 103,966 | 2.3% | 29 |
| GLOBAL WTR RES INC | [GWRS](https://holderbook.com/stocks/GWRS/) | $9.7M | 1,340,305 | 2.3% | 4 |
| STRATASYS LTD | [SSYS](https://holderbook.com/stocks/SSYS/) | $9.5M | 1,111,050 | 2.3% | 15 |
| SIBANYE STILLWATER LTD | [SBSW](https://holderbook.com/stocks/SBSW/) | $9.3M | 1,097,375 | 2.2% | 26 |
| WASTE MGMT INC DEL | [WM](https://holderbook.com/stocks/WM/) | $9.2M | 41,465 | 2.2% | 31 |
| WESTERN UN CO | [WU](https://holderbook.com/stocks/WU/) | $8.7M | 1,125,159 | 2.1% | 31 |
| AMERICAN WTR WKS CO INC NEW | [AWK](https://holderbook.com/stocks/AWK/) | $8.3M | 63,410 | 2.0% | 3 |
| SPDR GOLD TR | [GLD](https://holderbook.com/stocks/GLD/) | $7.5M | 20,414 | 1.8% | 31 |
| XPERI INC | [XPER](https://holderbook.com/stocks/XPER/) | $7.2M | 879,076 | 1.7% | 15 |
| WARNER BROS DISCOVERY INC | [WBD](https://holderbook.com/stocks/WBD/) | $5.7M | 213,942 | 1.4% | 17 |
| BARINGS GLOBAL SHORT DURATIO | [BGH](https://holderbook.com/stocks/BGH/) | $5.7M | 402,228 | 1.4% | 31 |
| AMERICA MOVIL SAB DE CV | [AMX](https://holderbook.com/stocks/AMX/) | $4.9M | 189,121 | 1.2% | 14 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $4.8M | 37,594 | 1.2% | 31 |
| BARINGS PARTN INVS | [MPV](https://holderbook.com/stocks/MPV/) | $4.7M | 276,671 | 1.1% | 31 |
| KAYNE ANDERSON ENERGY INFRST | [KYN](https://holderbook.com/stocks/KYN/) | $3.7M | 270,525 | 0.9% | 31 |
| HANCOCK JOHN PFD INCOME FD | [HPI](https://holderbook.com/stocks/HPI/) | $3.3M | 202,635 | 0.8% | 31 |
| ENBRIDGE INC | [ENB](https://holderbook.com/stocks/ENB/) | $2.4M | 44,251 | 0.6% | 31 |
| DUKE ENERGY CORP NEW | [DUK](https://holderbook.com/stocks/DUK/) | $2.2M | 17,627 | 0.5% | 31 |
| BARINGS CORPORATE INVS | [MCI](https://holderbook.com/stocks/MCI/) | $1.5M | 86,732 | 0.4% | 31 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $1.3M | 11,100 | 0.3% | 31 |
| PITNEY BOWES INC | [PBI](https://holderbook.com/stocks/PBI/) | $1.1M | 61,300 | 0.3% | 31 |
| KIMBELL RTY PARTNERS LP | [KRP](https://holderbook.com/stocks/KRP/) | $985.9K | 67,850 | 0.2% | 29 |
| MEDTRONIC PLC | [MDT](https://holderbook.com/stocks/MDT/) | $797.9K | 10,200 | 0.2% | 2 |
| BRISTOL-MYERS SQUIBB CO | [BMY](https://holderbook.com/stocks/BMY/) | $701.5K | 12,175 | 0.2% | 31 |
| PFIZER INC | [PFE](https://holderbook.com/stocks/PFE/) | $662.2K | 27,500 | 0.2% | 31 |
| WEYERHAEUSER CO | [WY](https://holderbook.com/stocks/WY/) | $498.2K | 20,811 | 0.1% | 31 |
| CONAGRA BRANDS INC | [CAG](https://holderbook.com/stocks/CAG/) | $183.7K | 13,650 | 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 | +3.8% | +14.8% | -11.1% | 100% |
| Q1 2026 | +3.9% | -4.6% | +8.5% | 93% |
| Q4 2025 | +11.4% | +2.4% | +9.1% | 100% |
| Q3 2025 | +21.0% | +7.8% | +13.2% | 100% |
| Q2 2025 | +7.7% | +10.5% | -2.8% | 100% |
| Q1 2025 | +5.2% | -4.6% | +9.8% | 100% |
| Q4 2024 | -7.2% | +2.1% | -9.3% | 100% |
| Q3 2024 | +6.7% | +5.4% | +1.2% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $418.0M | 43 |
| Q1 2026 | $409.8M | 45 |
| Q4 2025 | $409.3M | 45 |
| Q3 2025 | $373.7M | 44 |
| Q2 2025 | $318.6M | 44 |
| Q1 2025 | $303.9M | 46 |
| Q4 2024 | $294.4M | 47 |
| Q3 2024 | $323.3M | 47 |
| Q2 2024 | $319.0M | 48 |
| Q1 2024 | $310.7M | 48 |
| Q4 2023 | $288.6M | 47 |
| Q3 2023 | $259.3M | 47 |