Up 119% in a Year, This Gold Royalty Stock Just Saw a $2.6 Million Trim Amid a Historic Run

On January 16, Louisbourg Investments disclosed a sale of 73,600 shares of OR Royalties (NYSE:OR), an estimated $2.58 million trade based on quarterly average pricing.

What happened

According to an SEC filing dated January 16, Louisbourg Investments reduced its position in OR Royalties (NYSE:OR) by 73,600 shares. The estimated transaction value was approximately $2.58 million, based on the average share price during the quarter. As a result, the quarter-end position value shifted by $3.96 million, which includes both trading and market price effects.

What else to know

This sale left the fund with 219,271 shares of OR Royalties, representing 1.55% of reported AUM.

Top holdings after the filing:

• NYSE: CNI: $28.72 million (5.7% of AUM)
• NASDAQ: GOOGL: $14.78 million (2.9% of AUM)
• NASDAQ: MSFT: $13.29 million (2.6% of AUM)
• NYSEMKT: IVV: $12.25 million (2.4% of AUM)
• NYSE: WPM: $10.80 million (2.2% of AUM)

As of January 15, OR Royalties shares were priced at $40.84, up 119.5% over the past year and vastly outperforming the S&P’s roughly 17% gain in the same period.

Company overview

Company snapshot

• OR Royalties offers precious metals royalties, streams, and related interests, primarily focused on gold assets such as the Canadian Malartic mine.
• The company operates a royalty and streaming business model, generating revenue by acquiring rights to a portion of production or revenues from mining operations in exchange for upfront capital.
• It serves mining operators and project developers seeking alternative financing solutions in the precious metals sector.

OR Royalties Inc. is a leading royalty and streaming company in the gold sector, leveraging a diversified portfolio of precious metals interests to generate stable, recurring revenues. The company’s strategy centers on acquiring high-quality royalty and streaming agreements with established and emerging mining projects, providing exposure to gold production growth without direct operating risks. Its scale and disciplined investment approach position it as a competitive capital provider in the mining industry.

What this transaction means for investors

After a run this sharp, portfolio discipline starts to matter more than conviction signaling. OR Royalties has been a very strong performer in the precious-metals space, with shares up nearly 120% over the past year. That surge was backed by fundamentals. The company delivered 80,775 gold-equivalent ounces in 2025, hit the top end of guidance, and posted record annual revenue of $277.4 million. Also of note, its cash margin came in at roughly 97%, a reminder of why the royalty model scales so efficiently in strong commodity tape.

Against that backdrop, Louisbourg’s $2.6 million trim looks less like a loss of faith and more like risk management after an unusually strong run. The fund still holds more than 219,000 shares, keeping the position at about 1.6% of reported assets. That places it alongside other large, durable holdings like Canadian National and Wheaton Precious Metals, rather than marking an exit. Ultimately, exceptional performance can justify selective trimming without breaking the thesis. When fundamentals remain intact, and capital returns stay strong, partial profit-taking often says more about portfolio balance than about the business itself.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet, Microsoft, and Or Royalties. The Motley Fool recommends Canadian National Railway and recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.