CIK 1047859
Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2025-Q4. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.
As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).
Computing…
Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.
| Industry group | Weight | Names |
|---|---|---|
| Metals & Mining | 29.72% | 4 |
| Unclassified | 20.34% | 2 |
| Health Care Providers & Services | 11.80% | 1 |
| Pharmaceuticals & Biotechnology | 8.05% | 1 |
| Marine | 7.87% | 1 |
| Commercial Services & Supplies | 7.38% | 1 |
| Utilities | 5.59% | 1 |
| Oil, Gas & Consumable Fuels | 5.44% | 1 |
| Health Care Equipment & Supplies | 3.80% | 2 |
| # | Ticker | Name | Sector | Weight |
|---|---|---|---|---|
| 1 | CDE | Coeur Mining, Inc. | Materials | 16.58% |
| 2 | SPY | STATE STR SPDR S&P 500 ETF T | Unclassified | 13.26% |
| 3 | CDNA | CareDx, Inc. | Health Care | 11.80% |
| 4 | DMAC | DiaMedica Therapeutics Inc. | Health Care | 8.05% |
| 5 | NVGS | Navigator Holdings Ltd. | Industrials | 7.87% |
| 6 | NPKI | NPK International Inc. | Industrials | 7.38% |
| 7 | STKL | SUNOPTA INC | Unclassified | 7.08% |
| 8 | AEM | AGNICO EAGLE MINES LTD | Materials | 6.90% |
| 9 | WES | Western Midstream Partners, LP | Utilities | 5.59% |
| 10 | EPSN | Epsilon Energy Ltd. | Energy | 5.44% |
12/14 names classified · sector 79.7% of weight · industry 79.7% · mkt cap 64.9%; unclassified names shown, never dropped.
Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 79.7% of the book is sector-classified (unclassified names shown, never dropped).
Only 24% of book weight classified — the grid is NOT representative of the whole book.
Classified: 24.0% of book weight (2/14 names) · unclassified 76.0%: SPY, CDNA, DMAC, NVGS, STKL, AEM, WES, EPSN, IAUX, PROF +2 more. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.
No contribution data for this period.
| # | Security | Shares | Value | Weight | Δ QoQ |
|---|---|---|---|---|---|
| 1 | CDECOEUR MNG INC | 649,999 | $12M | 16.6% | NEW |
| 2 | SPYSTATE STR SPDR S&P 500 ETF T | 15,000 | $10M | 13.3% | NEW |
| 3 | CDNACAREDX INC | 500,000 | $9M | 11.8% | ADD 33% |
| 4 | DMACDIAMEDICA THERAPEUTICS INC | 875,000 | $6M | 8.1% | HOLD |
| 5 | NVGSNAVIGATOR HLDGS LTD | 300,000 | $6M | 7.9% | HOLD |
| 6 | NPKINPK INTERNATIONAL INC | 375,000 | $5M | 7.4% | TRIM −6% |
| 7 | STKLSUNOPTA INC | 804,187 | $5M | 7.1% | HOLD |
| 8 | AEMAGNICO EAGLE MINES LTD | 25,000 | $5M | 6.9% | TRIM −50% |
| 9 | WESWESTERN MIDSTREAM PARTNERS L | 100,000 | $4M | 5.6% | NEW |
| 10 | EPSNEPSILON ENERGY LTD | 650,000 | $4M | 5.4% | HOLD |
| 11 | IAUXI-80 GOLD CORP | 2,500,000 | $4M | 5.2% | ADD 67% |
| 12 | PROFPROFOUND MED CORP | 276,001 | $2M | 2.4% | NEW |
| 13 | IRIXIRIDEX CORP | 1,000,000 | $1M | 1.4% | HOLD |
| 14 | NEXMNEXMETALS MINING CORP. | 325,000 | $796,250 | 1.1% | NEW |
| Security | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| CDECOEUR MNG INC | — | — | — | — | — | 650K | $12M |
| SPYSTATE STR SPDR S&P 500 ETF T | — | — | 10K | — | — | 15K | $10M |
| CDNACAREDX INC | — | 50K | 219K | 425K | 375K | 500K | $9M |
| DMACDIAMEDICA THERAPEUTICS INC | 515K | 600K | 650K | 875K | 875K | 875K | $6M |
| NVGSNAVIGATOR HLDGS LTD | 600K | 600K | 500K | 500K | 300K | 300K | $6M |
| NPKINPK INTERNATIONAL INC | 75K | 425K | 500K | 450K | 400K | 375K | $5M |
| STKLSUNOPTA INC | — | — | 750K | 750K | 800K | 804K | $5M |
| AEMAGNICO EAGLE MINES LTD | 125K | 130K | 120K | 80K | 50K | 25K | $5M |
| WESWESTERN MIDSTREAM PARTNERS L | — | — | — | — | — | 100K | $4M |
| EPSNEPSILON ENERGY LTD | 745K | 745K | 650K | 650K | 650K | 650K | $4M |
| IAUXI-80 GOLD CORP | — | — | — | 1.5M | 1.5M | 2.5M | $4M |
| PROFPROFOUND MED CORP | — | — | — | — | — | 276K | $2M |
| IRIXIRIDEX CORP | 1.0M | 1.0M | 1.0M | 1.0M | 1.0M | 1.0M | $1M |
| NEXMNEXMETALS MINING CORP. | — | — | — | — | — | 325K | $796,250 |
Shares reported each quarter by the largest current holdings. Green = added vs the prior filing of that name, red = trimmed, grey = roughly held; a dash is a quarter with no 13F on file (a gap is skipped, not read as an exit). 13F is filed up to 45 days after quarter-end. Up to 40 quarters (10 years) available — use the selector above.
Where this firm's principals came from and which firms its alumni went on to found.
