CIK 1384484
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 |
|---|---|---|
| Capital Markets | 61.59% | 7 |
| Unclassified | 18.26% | 7 |
| Utilities | 7.05% | 1 |
| Metals & Mining | 6.32% | 2 |
| Oil, Gas & Consumable Fuels | 2.62% | 1 |
| Marine | 1.46% | 1 |
| Technology Hardware & Equipment | 0.95% | 3 |
| Insurance | 0.49% | 3 |
| Software | 0.43% | 1 |
| Specialty Retail | 0.26% | 1 |
| Software & IT Services | 0.16% | 1 |
| Machinery | 0.15% | 1 |
| Banks | 0.15% | 1 |
| Pharmaceuticals & Biotechnology | 0.11% | 1 |
| # | Ticker | Name | Sector | Weight |
|---|---|---|---|---|
| 1 | TPL | Texas Pacific Land Corp | Financials | 48.82% |
| 2 | PBT | PERMIAN BASIN RTY TR | Unclassified | 7.79% |
| 3 | HE | HAWAIIAN ELECTRIC INDUSTRIES INC | Utilities | 7.05% |
| 4 | GBTC | GRAYSCALE BITCOIN TRUST ETF | Unclassified | 6.86% |
| 5 | LB | LandBridge Co LLC | Financials | 6.64% |
| 6 | WPM | WHEATON PRECIOUS METALS CORP | Materials | 4.22% |
| 7 | MSB | MESABI TRUST | Financials | 3.65% |
| 8 | WBI | WaterBridge Infrastructure LLC | Energy | 2.62% |
| 9 | FNV | FRANCO NEVADA CORP | Materials | 2.10% |
| 10 | FBTC | FIDELITY WISE ORIGIN BITCOIN | Unclassified | 1.50% |
25/31 names classified · sector 81.9% of weight · industry 81.7% · mkt cap 72.9%; 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: 81.9% of the book is sector-classified (unclassified names shown, never dropped).
Classified: 65.0% of book weight (19/31 names) · unclassified 35.0%: PBT, GBTC, LB, WPM, WBI, FNV, FBTC, MIAX, VTI, BTC +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 | TPLTEXAS PACIFIC LAND CORPORATI | 285,120 | $135M | 48.8% | HOLD |
| 2 | PBTPERMIAN BASIN RTY TR | 1,003,140 | $22M | 7.8% | HOLD |
| 3 | HEHAWAIIAN ELEC INDS INC MTN B | 1,317,050 | $20M | 7.1% | ADD 3% |
| 4 | GBTCGRAYSCALE BITCOIN TRUST ETF | 360,139 | $19M | 6.9% | HOLD |
| 5 | LBLANDBRIDGE COMPANY LLC | 266,385 | $18M | 6.6% | HOLD |
| 6 | WPMWHEATON PRECIOUS METALS CORP | 89,271 | $12M | 4.2% | TRIM −9% |
| 7 | MSBMESABI TR | 321,546 | $10M | 3.7% | ADD 8% |
| 8 | WBIWATERBRIDGE INFRASTRUCTURE L | 270,900 | $7M | 2.6% | ADD 5% |
| 9 | FNVFRANCO NEV CORP | 23,590 | $6M | 2.1% | HOLD |
| 10 | FBTCFIDELITY WISE ORIGIN BITCOIN | 70,339 | $4M | 1.5% | HOLD |
| 11 | CCLCARNIVAL CORP | 156,181 | $4M | 1.5% | HOLD |
| 12 | MIAXMIAMI INTL HLDGS INC | 81,250 | $3M | 1.1% | ADD 8% |
| 13 | VTIVANGUARD INDEX FDS | 8,800 | $3M | 1.0% | TRIM −27% |
| 14 | BTCGRAYSCALE BITCOIN MINI TR ET | 81,217 | $2M | 0.9% | ADD 5% |
| 15 | CBOECBOE GLOBAL MKTS INC | 6,680 | $2M | 0.7% | HOLD |
| 16 | AAPLAPPLE INC | 5,100 | $1M | 0.5% | HOLD |
| 17 | ICEINTERCONTINENTAL EXCHANGE IN | 7,645 | $1M | 0.4% | HOLD |
| 18 | ORCLORACLE CORP | 8,050 | $1M | 0.4% | HOLD |
| 19 | PANWPALO ALTO NETWORKS INC | 5,484 | $879,195 | 0.3% | HOLD |
| 20 | AMZNAMAZON COM INC | 3,500 | $728,945 | 0.3% | HOLD |
| 21 | RGLDROYAL GOLD INC | 2,463 | $626,812 | 0.2% | TRIM −7% |
| 22 | CINFCINCINNATI FINL CORP | 3,600 | $566,460 | 0.2% | HOLD |
| 23 | CSCOCISCO SYS INC | 6,000 | $465,540 | 0.2% | HOLD |
| 24 | UNHUNITEDHEALTH GROUP INC | 1,700 | $460,003 | 0.2% | HOLD |
| 25 | CACICACI INTL INC | 805 | $437,816 | 0.2% | HOLD |
| 26 | ETNEATON CORP PLC | 1,200 | $429,204 | 0.2% | HOLD |
| 27 | JPMJPMORGAN CHASE & CO | 1,417 | $416,825 | 0.2% | HOLD |
| 28 | BRK.BBERKSHIRE HATHAWAY INC DEL | 825 | $395,340 | 0.1% | TRIM −27% |
| 29 | RLIRLI CORP | 6,000 | $342,240 | 0.1% | TRIM −20% |
| 30 | JNJJOHNSON & JOHNSON | 1,200 | $293,328 | 0.1% | HOLD |
| 31 | VIGVANGUARD SPECIALIZED FUNDS | 1,000 | $215,060 | 0.1% | TRIM −38% |
| Security | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| TPLTEXAS PACIFIC LAND CORPORATI | 96K | 95K | 95K | 95K | 286K | 285K | $135M |
| PBTPERMIAN BASIN RTY TR | 246K | 472K | 884K | 922K | 987K | 1.0M | $22M |
| HEHAWAIIAN ELEC INDS INC MTN B | 120K | 1.2M | 1.2M | 1.2M | 1.3M | 1.3M | $20M |
| GBTCGRAYSCALE BITCOIN TRUST ETF | 386K | 372K | 372K | 361K | 360K | 360K | $19M |
| LBLANDBRIDGE COMPANY LLC | 233K | 234K | 235K | 241K | 263K | 266K | $18M |
| WPMWHEATON PRECIOUS METALS CORP | 147K | 148K | 116K | 98K | 98K | 89K | $12M |
| MSBMESABI TR | 295K | 296K | 295K | 296K | 297K | 322K | $10M |
| WBIWATERBRIDGE INFRASTRUCTURE L | — | — | — | 252K | 257K | 271K | $7M |
| FNVFRANCO NEV CORP | 32K | 28K | 24K | 24K | 24K | 24K | $6M |
| FBTCFIDELITY WISE ORIGIN BITCOIN | 76K | 75K | 73K | 72K | 71K | 70K | $4M |
| CCLCARNIVAL CORP | 193K | 188K | 184K | 155K | 156K | 156K | $4M |
| MIAXMIAMI INTL HLDGS INC | — | — | — | 75K | 75K | 81K | $3M |
| VTIVANGUARD INDEX FDS | 12K | 12K | 12K | 12K | 12K | 9K | $3M |
| BTCGRAYSCALE BITCOIN MINI TR ET | 78K | 78K | 78K | 82K | 78K | 81K | $2M |
| CBOECBOE GLOBAL MKTS INC | 6K | 6K | 7K | 7K | 7K | 7K | $2M |
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.
