Vault-13

ORLA MNG LTD NEW OLA

COM · Common Stock · CUSIP 68634K106 · ISIN CA68634K1066

184 institutional holders -7 vs Q3 2025
206,193,986206.2m shares reported held*
$2.8bnreported value*
34 new 79 added 41 reduced 41 sold out net sold ≈ $83.0m (-6.2m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($79.5k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $13.45. Options: 10 managers hold calls ($29.4m notional), 9 hold puts ($15.7m).

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

0100200Q3 22: 68Q4 22: 70Q1 23: 84Q2 23: 77Q3 23: 84Q4 23: 82Q1 24: 74Q2 24: 85Q3 24: 103Q4 24: 111Q1 25: 135Q2 25: 147Q3 25: 191Q4 25: 184184Q3 22Q2 23Q1 24Q4 24Q4 25
Numbers
QuarterHolders
Q3 202268
Q4 202270
Q1 202384
Q2 202377
Q3 202384
Q4 202382
Q1 202474
Q2 202485
Q3 2024103
Q4 2024111
Q1 2025135
Q2 2025147
Q3 2025191
Q4 2025184

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
2000200Q1 24: 31 bought or addedQ1 24: 46 cut or sold outQ2 24: 43 bought or addedQ2 24: 29 cut or sold outQ2 24Q3 24: 61 bought or addedQ3 24: 29 cut or sold outQ4 24: 62 bought or addedQ4 24: 38 cut or sold outQ4 24Q1 25: 85 bought or addedQ1 25: 40 cut or sold outQ2 25: 82 bought or addedQ2 25: 61 cut or sold outQ2 25Q3 25: 128 bought or addedQ3 25: 59 cut or sold outQ4 25: 113 bought or addedQ4 25: 82 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 20243146
Q2 20244329
Q3 20246129
Q4 20246238
Q1 20258540
Q2 20258261
Q3 202512859
Q4 202511382

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$10m$20m$30mQ1 25 calls: $6.1mQ1 25 puts: $134.2kQ1 25P/C 0.02Q2 25 calls: $12.7mQ2 25 puts: $4.4mQ2 25P/C 0.34Q3 25 calls: $9.8mQ3 25 puts: $13.5mQ3 25P/C 1.37Q4 25 calls: $29.4mQ4 25 puts: $15.7mQ4 25P/C 0.53
Numbers
QuarterCallsPutsP/C
Q1 2025$6.1m$134.2k0.02
Q2 2025$12.7m$4.4m0.34
Q3 2025$9.8m$13.5m1.37
Q4 2025$29.4m$15.7m0.53

Biggest buyers

VAN ECK ASSOCIATES CORP Added +14,287,477+14.3m
VANGUARD GROUP INC Added +4,948,805+4.9m
Invesco Ltd. Added +3,216,068+3.2m
ROYAL BANK OF CANADA Added +2,221,698+2.2m
D. E. Shaw & Co., Inc. Added +1,886,663+1.9m
FIL Ltd Added +1,750,000+1.8m
MONTRUSCO BOLTON INVESTMENTS INC. New +1,071,537+1.1m
FMR LLC Added +1,020,858+1.0m
BLI - Banque de Luxembourg Investments Added +780,000+780.0k
GABELLI FUNDS LLC Added +756,900+756.9k

Biggest sellers

FAIRFAX FINANCIAL HOLDINGS LTD/ CAN Reduced -25,000,000-25.0m
MILLENNIUM MANAGEMENT LLC Reduced -5,193,052-5.2m
JANE STREET GROUP, LLC Reduced -3,098,547-3.1m
First Eagle Investment Management, LLC Reduced -1,950,165-2.0m
GOLDMAN SACHS GROUP INC Reduced -1,779,096-1.8m
Alberta Investment Management Corp Sold out -1,491,431-1.5m
Waratah Capital Advisors Ltd. Sold out -1,170,554-1.2m
DIMENSIONAL FUND ADVISORS LP Reduced -966,085-966.1k
Balyasny Asset Management L.P. Reduced -886,133-886.1k
StoneX Group Inc. Sold out -680,335-680.3k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $12.3m916.7k shares
ROYAL BANK OF CANADA New $4.4m327.0k shares
SIG North Trading, ULC Added $3.9m291.6k shares
D. E. Shaw & Co., Inc. Unchanged $2.0m150.0k shares
PEAK6 LLC Added $1.5m115.0k shares
GROUP ONE TRADING LLC Added $1.3m98.3k shares
CITADEL ADVISORS LLC Added $1.3m92.8k shares
IMC-Chicago, LLC Added $1.0m76.2k shares
SIMPLEX TRADING, LLC Added $839.2k62.3k shares
JANE STREET GROUP, LLC Added $743.5k55.2k shares

Biggest puts

CITADEL ADVISORS LLC Reduced $4.8m358.7k shares
D. E. Shaw & Co., Inc. Unchanged $4.0m300.0k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $3.0m223.6k shares
SIG North Trading, ULC Added $1.2m90.0k shares
JANE STREET GROUP, LLC Added $868.8k64.5k shares
SIMPLEX TRADING, LLC Added $670.8k49.8k shares
IMC-Chicago, LLC Added $612.9k45.5k shares
GROUP ONE TRADING LLC Added $373.1k27.7k shares
TORONTO DOMINION BANK New $80.7k6.0k shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Major shareholders (over 5%)

Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.

HolderStakeChangeShares Last filed
FAIRFAX FINANCIAL HOLDINGS LTD/ CAN 13G · passive investor -0.5 pts · filed 2025-12-11 19.8% -0.5 pts 76.0m≈ $743.6m 2025-12-11
VAN ECK ASSOCIATES CORP 13G · institution new · filed 2026-02-13 5.7% new 19.4m≈ $189.7m 2026-02-13

Fell to 5% or below in the last year: FMR LLC (0.0%, 2026-09-08)

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 FMR LLC 0.03% of their portfolio BOSTON, MA 38,466,10238.5m $517.3m $517.3m 0.03% Added +1.0m +1,020,858
2 FAIRFAX FINANCIAL HOLDINGS LTD/ CAN 20.33% of their portfolio TORONTO, A6 31,817,22931.8m $423.6m $423.6m 20.33% Reduced -25.0m -25,000,000
3 VAN ECK ASSOCIATES CORP 0.22% of their portfolio NEW YORK, NY 19,391,60419.4m $261.2m $261.2m 0.22% Added +14.3m +14,287,477
4 VANGUARD GROUP INC 0.00% of their portfolio Valley Forge, PA 8,202,8618.2m $110.3m $110.3m 0.00% Added +4.9m +4,948,805
5 Connor, Clark & Lunn Investment Management Ltd. 0.27% of their portfolio VANCOUVER, A1 7,692,6707.7m $103.5m $103.5m 0.27% Added +441.1k +441,131
6 FRANKLIN RESOURCES INC 0.03% of their portfolio San Mateo, CA 7,686,8497.7m $103.4m $103.4m 0.03% Added +74.9k +74,925
7 ROYAL BANK OF CANADA 0.01% of their portfolio TORONTO, A6 6,292,1976.3m $84.8m $84.8m 0.01% Added +2.2m +2,221,698
8 Merk Investments LLC 23.15% of their portfolio PALO ALTO, CA 6,200,0006.2m $83.5m $83.5m 23.15% Unchanged
9 First Eagle Investment Management, LLC 0.11% of their portfolio NEW YORK, NY 4,769,4714.8m $64.1m $64.1m 0.11% Reduced -2.0m -1,950,165
10 Amundi 0.02% of their portfolio Paris, I0 4,688,8284.7m $63.2m $63.2m 0.02% Reduced -32.2k -32,219
11 TD Asset Management Inc 0.04% of their portfolio Toronto, A6 3,930,3983.9m $52.9m $52.9m 0.04% Added +389.7k +389,687
12 MILLENNIUM MANAGEMENT LLC 0.04% of their portfolio NEW YORK, NY 3,873,6263.9m $52.1m $52.1m 0.04% Reduced -5.2m -5,193,052
13 FIL Ltd 0.04% of their portfolio HAMILTON, D0 3,750,0003.8m $50.4m $50.4m 0.04% Added +1.8m +1,750,000
14 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 3,539,3923.5m $47.7m $47.7m 0.00% Added +3.2m +3,216,068
15 CWA Asset Management Group, LLC 1.64% of their portfolio NAPLES, FL 3,371,8143.4m $45.4m $45.4m 1.64% Added +245.4k +245,384
16 D. E. Shaw & Co., Inc. 0.03% of their portfolio New York, NY 3,329,2133.3m $44.8m $44.8m 0.03% Added +1.9m +1,886,663
17 JUPITER ASSET MANAGEMENT LTD 0.30% of their portfolio London, X0 2,770,1612.8m $37.3m $37.3m 0.30% Reduced -21.2k -21,208
18 NORGES BANK 0.00% of their portfolio OSLO, Q8 2,584,1832.6m $34.8m $34.8m 0.00% Not comparable
19 JANE STREET GROUP, LLC 0.04% of their portfolio NEW YORK, NY 2,521,4862.5m $34.0m $34.0m 0.04% Reduced -3.1m -3,098,547
20 BLI - Banque de Luxembourg Investments 0.84% of their portfolio LUXEMBOURG CITY, N4 2,130,0002.1m $28.6m $28.6m 0.84% Added +780.0k +780,000
21 GABELLI FUNDS LLC 0.17% of their portfolio Rye, NY 1,882,7001.9m $25.4m $25.4m 0.17% Added +756.9k +756,900
22 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 1,626,1301.6m $21.9m $21.9m 0.00% Added +696.3k +696,294
23 BANK OF MONTREAL /CAN/ 0.01% of their portfolio TORONTO, A6 1,587,9681.6m $21.4m $21.4m 0.01% Reduced -386.1k -386,056
24 DEUTSCHE BANK AG\ 0.01% of their portfolio FRANKFURT AM MAIN, 2M 1,580,6961.6m $21.3m $21.3m 0.01% Added +302.7k +302,716
25 Allspring Global Investments Holdings, LLC 0.03% of their portfolio CHARLOTTE, NC 1,562,5001.6m $21.0m $21.0m 0.03% Added +354.0k +354,000
26 AMERICAN CENTURY COMPANIES INC 0.01% of their portfolio KANSAS CITY, MO 1,493,2081.5m $20.1m $20.1m 0.01% Added +598.3k +598,345
27 Mudita Advisors LLP 4.19% of their portfolio London, X0 1,440,0001.4m $19.4m $19.4m 4.19% Added +40.0k +40,000
28 ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.01% of their portfolio BOSTON, MA 1,194,0661.2m $16.1m $16.1m 0.01% Added +344.4k +344,414
29 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 1,162,4371.2m $15.7m $15.7m 0.00% Reduced -30.0k -29,990
30 MONTRUSCO BOLTON INVESTMENTS INC. 0.18% of their portfolio MONTREAL, A8 1,071,5371.1m $14.4m $14.4m 0.18% New
31 RENAISSANCE TECHNOLOGIES LLC 0.02% of their portfolio NEW YORK, NY 1,042,1991.0m $14.0m $14.0m 0.02% Added +322.4k +322,399
32 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.01% of their portfolio FRANKFURT AM MAIN, 2M 1,016,3541.0m $13.7m $13.7m 0.01% Reduced -200.0k -200,000
33 Walleye Capital LLC 0.08% of their portfolio NEW YORK, NY 997,235997.2k $13.4m $13.4m 0.08% Added +436.9k +436,880
34 MACKENZIE FINANCIAL CORP 0.01% of their portfolio TORONTO ONTARIO, A6 872,290872.3k $11.9m $11.9m 0.01% Added +701.8k +701,836
35 Euro Pacific Asset Management, LLC 1.27% of their portfolio DORADO, PR 867,495867.5k $11.4m $11.4m 1.27% Added +533.1k +533,125
36 Covea Finance 0.36% of their portfolio PARIS, I0 811,700811.7k $10.9m $10.9m 0.36% Reduced -130.5k -130,500
37 UBS Group AG 0.00% of their portfolio ZURICH, V8 805,388805.4k $10.8m $10.8m 0.00% Added +623.6k +623,630
38 Goehring & Rozencwajg Associates, LLC 1.04% of their portfolio NEW YORK, NY 777,949777.9k $10.5m $10.5m 1.04% Reduced -404.8k -404,755
39 JANUS HENDERSON GROUP PLC 0.00% of their portfolio LONDON, X0 712,500712.5k $9.6m $9.6m 0.00% New
40 Groupe la Francaise 0.14% of their portfolio PARIS, I0 700,000700.0k $9.4m $9.4m 0.14% Added +30.0k +30,000
41 NATIONAL BANK OF CANADA /FI/ 0.01% of their portfolio MONTREAL, A8 627,292627.3k $8.3m $8.3m 0.01% Added +42.5k +42,505
42 Swiss National Bank 0.00% of their portfolio ZURICH, V8 601,700601.7k $8.1m $8.1m 0.00% Added +6.1k +6,100
43 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 596,005596.0k $8.0m $8.0m 0.00% Added +333.6k +333,573
44 CITADEL ADVISORS LLC 0.01% of their portfolio MIAMI, FL 592,548592.5k $8.0m $8.0m 0.01% Reduced -432.8k -432,806
45 Fiera Capital Corp 0.02% of their portfolio MONTREAL, A8 539,966540.0k $7.3m $7.3m 0.02% Reduced -103.7k -103,693
46 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.01% of their portfolio Toronto, A6 521,593521.6k $7.0m $7.0m 0.01% Added +223.7k +223,728
47 PCJ Investment Counsel Ltd. 1.72% of their portfolio TORONTO, A6 517,480517.5k $7.0m $7.0m 1.72% Added +268.9k +268,920
48 INTACT INVESTMENT MANAGEMENT INC. 0.18% of their portfolio MONTREAL, A8 470,029470.0k $6.3m $6.3m 0.18% Reduced -73.9k -73,900
49 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 459,365459.4k $6.2m $6.2m 0.00% Reduced -19.6k -19,601
50 GROUPAMA ASSET MANAGMENT 0.12% of their portfolio PARIS, I0 444,142444.1k $8.2m $8.2m 0.12% Added +122.2k +122,235
51 Balyasny Asset Management L.P. 0.01% of their portfolio Chicago, IL 419,921419.9k $5.6m $5.6m 0.01% Reduced -886.1k -886,133
52 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio SAN FRANCISCO, CA 416,003416.0k $5.6m $5.6m 0.00% Added +256.1k +256,052
53 CIBC Asset Management Inc 0.01% of their portfolio TORONTO, Z4 327,826327.8k $4.4m $4.4m 0.01% Added +48.7k +48,717
54 Legal & General Group Plc 0.00% of their portfolio London, X0 327,610327.6k $4.4m $4.4m 0.00% Reduced -180.3k -180,298
55 VICTORY CAPITAL MANAGEMENT INC 0.00% of their portfolio San Antonio, TX 316,166316.2k $4.3m $4.3m 0.00% Unchanged
56 Point72 Asset Management, L.P. 0.01% of their portfolio STAMFORD, CT 299,027299.0k $4.0m $4.0m 0.01% New
57 TWO SIGMA INVESTMENTS, LP 0.01% of their portfolio NEW YORK, NY 296,591296.6k $4.0m $4.0m 0.01% Reduced -136.9k -136,900
58 HOHIMER WEALTH MANAGEMENT, LLC 0.53% of their portfolio SEATTLE, WA 291,900291.9k $3.9m $3.9m 0.53% Added +192.0k +192,000
59 EDMOND DE ROTHSCHILD HOLDING S.A. 0.06% of their portfolio CHAMBESY, V8 288,264288.3k $3.9m $3.9m 0.06% Added +31.7k +31,713
60 GUGGENHEIM CAPITAL LLC 0.03% of their portfolio CHICAGO, IL 285,793285.8k $3.8m $3.8m 0.03% Reduced -15.6k -15,554
61 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 274,656274.7k $3.7m $3.7m 0.00% Reduced -1.8m -1,779,096
62 CIBC WORLD MARKET INC. 0.01% of their portfolio TORONTO, A6 257,888257.9k $3.5m $3.5m 0.01% Added +153.2k +153,246
63 Federation des caisses Desjardins du Quebec 0.01% of their portfolio LEVIS, A8 256,885256.9k $3.4m $3.4m 0.01% Reduced -18.0k -17,951
64 ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio NASHVILLE, TN 240,238240.2k $3.2m $3.2m 0.00% Reduced -40.8k -40,750
65 Nuveen, LLC 0.00% of their portfolio CHARLOTTE, NC 226,059226.1k $3.0m $3.0m 0.00% Unchanged
66 MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.00% of their portfolio CAUSEWAY BAY, K3 223,989224.0k $3.0m $3.0m 0.00% Added +66.3k +66,300
67 Ninepoint Partners LP 0.36% of their portfolio TORONTO, A6 222,500222.5k $3.0m $3.0m 0.36% Added +47.5k +47,500
68 QUATTRO FINANCIAL ADVISORS LLC 0.86% of their portfolio The Woodlands, TX 214,015214.0k $2.9m $2.9m 0.86% Unchanged
69 Triasima Portfolio Management inc. 0.43% of their portfolio MONTREAL, A8 213,736213.7k $2.9m $2.9m 0.43% Added +247 +247
70 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 205,626205.6k $2.8m $2.8m 0.00% Added +72.6k +72,609
71 Man Group plc 0.00% of their portfolio LONDON, X0 183,400183.4k $2.5m $2.5m 0.00% Reduced -4.7k -4,734
72 FORMULA GROWTH LTD 0.94% of their portfolio MONTREAL, A8 182,000182.0k $2.5m $2.5m 0.94% New
73 O'SHAUGHNESSY ASSET MANAGEMENT, LLC 0.01% of their portfolio Stamford, CT 178,055178.1k $2.4m $2.4m 0.01% Reduced -77.6k -77,632
74 Aquatic Capital Management LLC 0.07% of their portfolio CHICAGO, IL 174,973175.0k $2.4m $2.4m 0.07% Added +114.6k +114,563
75 Quadrature Capital Ltd 0.02% of their portfolio LONDON, X0 160,100160.1k $2.2m $2.2m 0.02% New
76 Financial Sense Advisors, Inc. 0.37% of their portfolio SAN DIEGO, CA 146,661146.7k $2.0m $2.0m 0.37% New
77 TORONTO DOMINION BANK 0.00% of their portfolio TORONTO, ONTARIO, A6 141,389141.4k $1.9m $1.9m 0.00% Added +70.8k +70,793
78 BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp 0.01% of their portfolio VICTORIA, A1 140,774140.8k $1.9m $1.9m 0.01% Reduced -6.9k -6,887
79 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 127,766127.8k $1.7m $1.7m 0.00% Added +126.6k +126,574
80 SUSQUEHANNA ADVISORS GROUP, INC. 0.05% of their portfolio BALA CYNWYD, PA 119,100119.1k $1.6m $1.6m 0.05% New
81 DIMENSIONAL FUND ADVISORS LP 0.00% of their portfolio AUSTIN, TX 118,066118.1k $1.6m $1.6m 0.00% Reduced -966.1k -966,085
82 PKO Investment Management Joint-Stock Co 0.12% of their portfolio WARSAW, R9 112,800112.8k $1.5m $1.5m 0.12% Unchanged
83 Qube Research & Technologies Ltd 0.00% of their portfolio LONDON, X0 108,270108.3k $1.5m $1.5m 0.00% Reduced -320.9k -320,852
84 Public Sector Pension Investment Board 0.00% of their portfolio MONTREAL, A8 99,92099.9k $1.3m $1.3m 0.00% Added +81.0k +80,968
85 Lighthouse Investment Partners, LLC 0.04% of their portfolio Palm Beach Gardens, FL 99,86699.9k $1.3m $1.3m 0.04% New
86 GLOBAL STRATEGIC MANAGEMENT INC 1.08% of their portfolio SAN JUAN, PR 96,70096.7k $1.3m $1.3m 1.08% First filing
87 NEUBERGER BERMAN GROUP LLC 0.00% of their portfolio NEW YORK, NY 94,43594.4k $1.3m $1.3m 0.00% Added +81.1k +81,061
88 Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% of their portfolio ZURICH, V8 93,33393.3k $1.3m $1.3m 0.00% Added +26.0k +26,035
89 TUDOR INVESTMENT CORP ET AL 0.01% of their portfolio STAMFORD, CT 92,91192.9k $1.3m $1.3m 0.01% Added +21.0k +21,041
90 Leonteq Securities AG 0.06% of their portfolio ZURICH, V8 90,25990.3k $1.2m $1.2m 0.06% Added +53.3k +53,259
91 Concurrent Investment Advisors, LLC 0.01% of their portfolio Tampa, FL 88,82888.8k $1.2m $1.2m 0.01% New
92 ACADIAN ASSET MANAGEMENT LLC 0.00% of their portfolio Boston, MA 88,40088.4k $1.2m $1.2m 0.00% New
93 GAMCO INVESTORS, INC. ET AL 0.01% of their portfolio GREENWICH, CT 82,94582.9k $1.1m $1.1m 0.01% Added +17.8k +17,800
94 BESSEMER GROUP INC 0.00% of their portfolio WOODBRIDGE, NJ 81,50081.5k $1.1m $1.1m 0.00% Unchanged
95 Stratos Wealth Advisors, LLC 0.05% of their portfolio BEACHWOOD, OH 81,18581.2k $1.1m $1.1m 0.05% Unchanged
96 PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.00% of their portfolio COLUMBUS, OH 81,00781.0k $1.1m $1.1m 0.00% Added +7.1k +7,129
97 SIG North Trading, ULC 0.19% of their portfolio Bala Cynwyd, PA 79,94779.9k $1.1m $1.1m 0.19% Added +56.6k +56,553
98 Ewing Morris & Co. Investment Partners Ltd. 0.42% of their portfolio TORONTO, Z4 71,00071.0k $967.9k $967.9k 0.42% Unchanged
99 Parvin Asset Management, LLC 0.77% of their portfolio SIOUX FALLS, SD 70,50070.5k $949.6k $949.6k 0.77% Added +825 +825
100 Tacita Capital Inc 0.52% of their portfolio TORONTO, A6 66,48366.5k $894.7k $894.7k 0.52% Unchanged