TSP Capital Management Group, LLC

Private Equity

TSP Capital Management Group, LLC is a Private Equity based in Bellevue, WA led by Aaron Michael Perrine, managing $373.7M across 44 long positions as of Q3 2025 with 35% Unknown concentration and 52% concentrated in top 10 holdings.

Managing PartnerAaron Michael Perrine

Portfolio Value: $373.7M
Positions: 44
Top Holding: NGD at 7.64%
Last Reported: Q3 2025

Address155 108th Ave. Ne, Suite 400, Bellevue, WA, 98004, United States

Top Holdings

Largest long holdings in TSP Capital Management Group, LLC's portfolio (52.2% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 New Gold NGD	Gold Basic Materials	$28.6M	7.64%	-$3.9M Sold	0.50% 4.0M shares	Q4 2016 Held for 8y 11m
2 BVN Compania de Minas Buenaventura BVN	Unknown Unknown	$24.4M	6.52%	+$24.4M Bought	— 1.0M shares	Q3 2025 Held for 2 months
3 Maui Land & Pineapple MLP	Real Estate - Services Real Estate	$20.5M	5.48%	-$1.9K Sold	5.57% 1.1M shares	≤ Q2 2013 Held for 12y 5m+
4 SBSW Sibanye Stillwater SBSW	Unknown Unknown	$20.5M	5.47%	+$20.5M Bought	— 1.8M shares	Q3 2025 Held for 2 months
5 CIG Companhia Energética de Minas Gerais CIG	Unknown Unknown	$19.3M	5.15%	+$19.3M Bought	— 9.1M shares	Q3 2025 Held for 2 months
6 SLV iShares Silver Trust SLV	Unknown Unknown	$17.5M	4.68%	+$17.5M Bought	— 412.5K shares	Q3 2025 Held for 2 months
7 Consolidated Water Company CWCO	Regulated Water Utilities	$17.1M	4.58%	-$52.9K Sold	3.04% 484.7K shares	Q4 2020 Held for 4y 11m
8 Adeia ADEA	Software - Application Technology	$16.8M	4.50%	+$67.4K Bought	0.92% 1.0M shares	Q2 2020 Held for 5y 5m
9 Mannkind MNKD	Biotechnology Healthcare	$16.0M	4.29%	+$7.5K Bought	0.97% 3.0M shares	Q1 2024 Held for 1y 8m
10 GLD SPDR Gold Trust GLD	Unknown Unknown	$14.6M	3.91%	+$14.6M Bought	— 41.1K shares	Q3 2025 Held for 2 months

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in TSP Capital Management Group, LLC's latest filing

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Market Value

$373.7M

Prior: $209.2M

Q/Q Change

+78.61%

+$164.5M

Net Flows % of MV

-2.5%

Turnover Ratio

20.18%

New Purchases

1 stocks

$3.3M

Added To

10 stocks

+$2.3M

Sold Out Of

1 stocks

$728.5K

Reduced Holdings

19 stocks

-$14.2M

Increased Positions

Position	Shares Δ	Change
1 Global Water Resources GWRS	New	0 → 322.6K +$3.3M
2 Trilogy Metals TMQ	+9.14%	6.2M → 6.7M +$1.2M
3 Middlesex Water Company MSEX	+6.72%	111.7K → 119.2K +$406.1K
4 Western Union WU	+4.74%	440.3K → 461.2K +$166.6K
5 Merck & Co. MRK	+2.63%	36.8K → 37.8K +$81.3K

Decreased Positions

Position	Shares Δ	Change
1 Sandstorm Gold SAND	Sold	77.5K → 0 −$728.5K
2 Coeur Mining CDE	-33.53%	656.1K → 436.1K −$4.1M
3 Warner Bros. Discovery, Inc. WBD	-29.88%	473.6K → 332.0K −$2.8M
4 Newmont NEM	-13.48%	124.6K → 107.8K −$1.4M
5 New Gold NGD	-12.13%	4.5M → 4.0M −$3.9M

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Analytics

Portfolio insights and performance metrics for TSP Capital Management Group, LLC

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Sector Allocation

Basic Materials

22.20%

Healthcare

11.60%

Technology

8.30%

Utilities

7.80%

Industrials

6.20%

Real Estate

5.60%

Communication Services

1.70%

Financial Services

1.00%

Energy

0.80%

Consumer Defensive

0.10%

Market Cap Distribution

Mega Cap (> $200B)

1.06%

Large Cap ($10B - $200B)

20.56%

Mid Cap ($2B - $10B)

8.68%

Small Cap ($300M - $2B)

33.47%

Micro Cap ($50M - $300M)

1.38%

N/A (ETF or Unknown)

34.86%

Portfolio Concentration

Top 10 Holdings %

52.22%

Top 20 Holdings %

82.39%

Top 50 Holdings %

100.0%

Top 100 Holdings %