Just spotted something interesting - Equinox Partners dumped 355k shares of Eldorado last quarter, cashing out around $10.6 million. The stock has been absolutely crushing it, up roughly 200% over the past year, so you can't really blame them for locking in some gains.

What caught my eye is the fund still holds nearly 300k shares worth about $10.7 million, but it's no longer in their top 5. Meanwhile they're sitting heavy on other precious metals plays - gold miners, silver trusts, the whole commodity suite. Looks like they're rebalancing after that insane run. Eldorado actually had a solid year operationally too - produced 488k oz of gold and generated strong cash flow.

This is pretty typical portfolio management honestly. When something rallies 200% in a year, you take some chips off the table even if you still believe in the thesis. Commodity cycles are real, and sometimes profit-taking doesn't mean the story has changed. The Eldorado position is still meaningful for them, just not as concentrated as it was.