CIK 1140753
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 |
|---|---|---|
| Oil, Gas & Consumable Fuels | 45.08% | 8 |
| Metals & Mining | 13.59% | 6 |
| Chemicals | 8.83% | 2 |
| Utilities | 5.09% | 1 |
| Aerospace & Defense | 4.77% | 1 |
| Distributors | 4.33% | 1 |
| Marine | 4.22% | 2 |
| Equity Real Estate Investment Trusts (REITs) | 3.48% | 2 |
| Construction Materials | 2.75% | 1 |
| Machinery | 1.98% | 1 |
| Insurance | 1.68% | 1 |
| Household Durables | 1.28% | 1 |
| Banks | 1.24% | 1 |
| Capital Markets | 0.93% | 3 |
| Food & Staples Retailing | 0.41% | 1 |
| Unclassified | 0.23% | 3 |
| Paper & Forest Products | 0.11% | 2 |
| # | Ticker | Name | Sector | Weight |
|---|---|---|---|---|
| 1 | CVE | CENOVUS ENERGY | Energy | 15.78% |
| 2 | EQX | EQUINOX GOLD CORP | Materials | 9.63% |
| 3 | PDS | PRECISION DRILLING Corp | Energy | 8.52% |
| 4 | VET | VERMILION ENERGY INC. | Energy | 6.06% |
| 5 | PBF | PBF Energy Inc. | Energy | 5.09% |
| 6 | HNRG | HALLADOR ENERGY CO | Utilities | 5.09% |
| 7 | ASIX | AdvanSix Inc. | Materials | 5.08% |
| 8 | HOG | HARLEY-DAVIDSON, INC. | Industrials | 4.77% |
| 9 | RYZ | Ryerson Holding Corp | Consumer Discretionary | 4.33% |
| 10 | TDW | TIDEWATER INC | Industrials | 3.98% |
34/37 names classified · sector 99.8% of weight · industry 99.8% · mkt cap 74.3%; 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: 99.8% of the book is sector-classified (unclassified names shown, never dropped).
Only 43% of book weight classified — the grid is NOT representative of the whole book.
Classified: 42.9% of book weight (18/37 names) · unclassified 57.1%: CVE, EQX, PDS, VET, PBF, GAU, NOA, EGO, EFXT, ASTL +9 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 | CVECENOVUS ENERGY INC | 3,451,821 | $92M | 15.8% | HOLD |
| 2 | EQXEQUINOX GOLD CORP | 3,880,964 | $56M | 9.6% | TRIM −13% |
| 3 | PDSPRECISION DRILLING CORP | 504,059 | $49M | 8.5% | HOLD |
| 4 | VETVERMILION ENERGY INC | 2,560,428 | $35M | 6.1% | ADD 94% |
| 5 | PBFPBF ENERGY INC | 620,289 | $30M | 5.1% | HOLD |
| 6 | HNRGHALLADOR ENERGY COMPANY | 1,814,026 | $30M | 5.1% | HOLD |
| 7 | ASIXADVANSIX INC | 1,209,629 | $30M | 5.1% | HOLD |
| 8 | HOGHARLEY DAVIDSON INC | 1,369,000 | $28M | 4.8% | NEW |
| 9 | RYZRYERSON HLDG CORP | 1,116,978 | $25M | 4.3% | ADD 58% |
| 10 | TDWTIDEWATER INC NEW | 276,529 | $23M | 4.0% | HOLD |
| 11 | NGSNATURAL GAS SVCS GROUP INC | 587,012 | $22M | 3.8% | TRIM −13% |
| 12 | MOSMOSAIC CO NEW | 853,638 | $22M | 3.7% | HOLD |
| 13 | SMSM ENERGY CO | 551,769 | $17M | 3.0% | NEW |
| 14 | GAUGALIANO GOLD INC | 6,409,321 | $16M | 2.8% | HOLD |
| 15 | RLJRLJ LODGING TR | 1,999,425 | $15M | 2.6% | ADD 57% |
| 16 | NOANORTH AMERN CONSTR GROUP LTD | 1,038,177 | $14M | 2.4% | HOLD |
| 17 | EGOELDORADO GOLD CORP NEW | 387,779 | $13M | 2.3% | HOLD |
| 18 | EFXTENERFLEX LTD | 551,151 | $11M | 2.0% | HOLD |
| 19 | RDNRADIAN GROUP INC | 295,274 | $10M | 1.7% | NEW |
| 20 | BSETBASSETT FURNITURE INDS INC | 526,997 | $7M | 1.3% | ADD 5% |
| 21 | ASTLALGOMA STL GROUP INC | 1,786,122 | $7M | 1.3% | HOLD |
| 22 | INBKFIRST INTERNET BANCORP | 354,261 | $7M | 1.2% | ADD 42% |
| 23 | CLDTCHATHAM LODGING TR | 678,530 | $5M | 0.9% | HOLD |
| 24 | GFRGREENFIRE RES LTD NEW | 417,548 | $3M | 0.5% | ADD 133% |
| 25 | ACTGACACIA RESH CORP | 491,086 | $2M | 0.4% | NEW |
| 26 | VLGEAVILLAGE SUPER MKT INC | 55,733 | $2M | 0.4% | HOLD |
| 27 | IAUXI-80 GOLD CORP | 1,126,349 | $2M | 0.3% | HOLD |
| 28 | WHGWESTWOOD HLDGS GROUP INC | 99,926 | $2M | 0.3% | HOLD |
| 29 | HNNAHENNESSY ADVISORS INC | 141,353 | $1M | 0.2% | HOLD |
| 30 | ASCARDMORE SHIPPING CORP | 89,612 | $1M | 0.2% | HOLD |
| 31 | SLVISHARES SILVER TR | 8,842 | $602,494 | 0.1% | TRIM −50% |
| 32 | XPLSOLITARIO RESOURCES CORP | 632,458 | $518,616 | 0.1% | HOLD |
| 33 | MERCMERCER INTL INC | 308,927 | $438,676 | 0.1% | HOLD |
| 34 | CEFSPROTT ASSET MANAGEMENT LP | 7,474 | $356,659 | 0.1% | HOLD |
| 35 | GLDSPDR GOLD TR | 828 | $356,280 | 0.1% | HOLD |
| 36 | WFGWEST FRASER TIMBER CO LTD | 3,142 | $204,588 | 0.0% | NEW |
| 37 | DCDAKOTA GOLD CORP | 30,000 | $151,500 | 0.0% | HOLD |
| Security | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| CVECENOVUS ENERGY INC | — | — | — | 921K | 3.5M | 3.5M | $92M |
| EQXEQUINOX GOLD CORP | 2.6M | 2.6M | 4.8M | 4.8M | 4.5M | 3.9M | $56M |
| PDSPRECISION DRILLING CORP | 124K | 196K | 215K | 452K | 504K | 504K | $49M |
| VETVERMILION ENERGY INC | 296K | 43K | 520K | 870K | 1.3M | 2.6M | $35M |
| PBFPBF ENERGY INC | — | — | 620K | 620K | 620K | 620K | $30M |
| HNRGHALLADOR ENERGY COMPANY | 2.0M | 2.0M | 2.0M | 2.0M | 1.8M | 1.8M | $30M |
| ASIXADVANSIX INC | — | — | — | — | 1.2M | 1.2M | $30M |
| HOGHARLEY DAVIDSON INC | — | — | — | — | — | 1.4M | $28M |
| RYZRYERSON HLDG CORP | — | — | — | — | 707K | 1.1M | $25M |
| TDWTIDEWATER INC NEW | — | 202K | 277K | 277K | 277K | 277K | $23M |
| NGSNATURAL GAS SVCS GROUP INC | 671K | 671K | 671K | 671K | 671K | 587K | $22M |
| MOSMOSAIC CO NEW | — | — | — | — | 854K | 854K | $22M |
| SMSM ENERGY CO | — | — | — | — | — | 552K | $17M |
| GAUGALIANO GOLD INC | 2.4M | 2.5M | 6.5M | 6.7M | 6.4M | 6.4M | $16M |
| RLJRLJ LODGING TR | — | — | — | — | 1.3M | 2.0M | $15M |
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.
