CIK 1050417
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 | 30.74% | 3 |
| Airlines | 22.70% | 2 |
| Capital Markets | 11.60% | 1 |
| Banks | 11.13% | 1 |
| Commercial Services & Supplies | 10.76% | 1 |
| Software & IT Services | 3.19% | 1 |
| Media & Entertainment | 2.07% | 2 |
| Oil, Gas & Consumable Fuels | 1.95% | 2 |
| Hotels, Restaurants & Leisure | 1.55% | 2 |
| Specialty Retail | 1.01% | 1 |
| Utilities | 0.99% | 1 |
| Coal & Consumable Fuels | 0.93% | 1 |
| Equity Real Estate Investment Trusts (REITs) | 0.82% | 1 |
| Machinery | 0.47% | 1 |
| Diversified Consumer Services | 0.11% | 1 |
| # | Ticker | Name | Sector | Weight |
|---|---|---|---|---|
| 1 | RJET | REPUBLIC AIRWAYS HOLDINGS INC. | Industrials | 20.06% |
| 2 | GGB | GERDAU S.A. | Materials | 19.30% |
| 3 | FUTU | Futu Holdings Ltd | Financials | 11.60% |
| 4 | TX | Ternium S.A. | Materials | 11.17% |
| 5 | HSBC | Hsbc Holdings PLC | Financials | 11.13% |
| 6 | BABA | Alibaba Group Holding Ltd | Industrials | 10.76% |
| 7 | BIDU | Baidu, Inc. | Information Technology | 3.19% |
| 8 | AERO | Grupo Aeromexico, S.A.B. de C.V. | Industrials | 2.64% |
| 9 | CCO | Clear Channel Outdoor Holdings, Inc. | Communication Services | 1.56% |
| 10 | CZR | Caesars Entertainment, Inc. | Consumer Discretionary | 1.20% |
21/21 names classified · sector 100.0% of weight · industry 100.0% · mkt cap 29.8%; 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: 100.0% of the book is sector-classified (unclassified names shown, never dropped).
Only 7% of book weight classified — the grid is NOT representative of the whole book.
Classified: 6.6% of book weight (7/21 names) · unclassified 93.4%: RJET, GGB, FUTU, TX, HSBC, BABA, BIDU, AERO, CZR, VNOM +4 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 | RJETREPUBLIC AWYS HLDGS INC | 4,446,210 | $72M | 20.1% | HOLD |
| 2 | GGBGERDAU SA | 19,069,112 | $69M | 19.3% | HOLD |
| 3 | FUTUFUTU HLDGS LTD | 302,451 | $41M | 11.6% | NEW |
| 4 | TXTERNIUM SA | 992,413 | $40M | 11.2% | HOLD |
| 5 | HSBCHSBC HLDGS PLC | 481,063 | $40M | 11.1% | TRIM −62% |
| 6 | BABAALIBABA GROUP HLDG LTD | 305,862 | $38M | 10.8% | ADD 84% |
| 7 | BIDUBAIDU INC | 102,139 | $11M | 3.2% | HOLD |
| 8 | AEROGRUPO AEROMEXICO SAB DE CV | 671,207 | $9M | 2.6% | HOLD |
| 9 | CCOCLEAR CHANNEL OUTDOOR HLDGS | 2,351,871 | $6M | 1.6% | HOLD |
| 10 | CZRCAESARS ENTERTAINMENT INC NE | 162,163 | $4M | 1.2% | ADD 30% |
| 11 | VNOMVIPER ENERGY INC | 85,000 | $4M | 1.1% | ADD 100% |
| 12 | MMACYS INC | 200,000 | $4M | 1.0% | HOLD |
| 13 | PCGPG&E CORP | 200,000 | $4M | 1.0% | HOLD |
| 14 | CNRCORE NATURAL RESOURCES INC | 31,567 | $3M | 0.9% | HOLD |
| 15 | NENOBLE CORP PLC | 60,000 | $3M | 0.8% | HOLD |
| 16 | WYWEYERHAEUSER CO | 120,000 | $3M | 0.8% | ADD 58% |
| 17 | NCMINATIONAL CINEMEDIA INC | 596,231 | $2M | 0.5% | TRIM −19% |
| 18 | AMBPARDAGH METAL PACKAGING S A | 413,706 | $2M | 0.5% | HOLD |
| 19 | CNTYCENTURY CASINOS INC | 889,144 | $1M | 0.3% | HOLD |
| 20 | CLFCLEVELAND-CLIFFS INC NEW | 115,000 | $971,750 | 0.3% | HOLD |
| 21 | WWWW INTL INC | 28,091 | $385,970 | 0.1% | HOLD |
| Security | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| RJETREPUBLIC AWYS HLDGS INC | — | — | — | — | 4.4M | 4.4M | $72M |
| GGBGERDAU SA | 19.2M | 19.2M | 19.1M | 19.1M | 19.1M | 19.1M | $69M |
| FUTUFUTU HLDGS LTD | — | — | — | — | — | 302K | $41M |
| TXTERNIUM SA | 992K | 992K | 992K | 992K | 992K | 992K | $40M |
| HSBCHSBC HLDGS PLC | 241K | 1.3M | 1.3M | 1.3M | 1.3M | 481K | $40M |
| BABAALIBABA GROUP HLDG LTD | — | — | — | 144K | 166K | 306K | $38M |
| BIDUBAIDU INC | — | — | — | 102K | 102K | 102K | $11M |
| AEROGRUPO AEROMEXICO SAB DE CV | — | — | — | — | 671K | 671K | $9M |
| CCOCLEAR CHANNEL OUTDOOR HLDGS | 1.6M | 1.5M | 1.5M | 2.5M | 2.4M | 2.4M | $6M |
| CZRCAESARS ENTERTAINMENT INC NE | 118K | 120K | 120K | 146K | 125K | 162K | $4M |
| VNOMVIPER ENERGY INC | — | — | — | 32K | 43K | 85K | $4M |
| MMACYS INC | 200K | 200K | 200K | 200K | 200K | 200K | $4M |
| PCGPG&E CORP | — | 150K | 200K | 200K | 200K | 200K | $4M |
| CNRCORE NATURAL RESOURCES INC | — | 219K | 219K | 219K | 32K | 32K | $3M |
| NENOBLE CORP PLC | 60K | 60K | 60K | 60K | 60K | 60K | $3M |
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.
