CIK 1599814
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 | 19.46% | 2 |
| Unclassified | 15.77% | 2 |
| Metals & Mining | 15.13% | 8 |
| Insurance | 9.85% | 3 |
| Diversified Telecommunication Services | 7.97% | 1 |
| Chemicals | 7.50% | 1 |
| Capital Markets | 7.34% | 2 |
| Equity Real Estate Investment Trusts (REITs) | 6.40% | 2 |
| Real Estate Management & Development | 4.02% | 2 |
| Commercial Services & Supplies | 3.11% | 1 |
| Software | 1.93% | 1 |
| Media & Entertainment | 1.30% | 1 |
| Utilities | 0.21% | 1 |
| # | Ticker | Name | Sector | Weight |
|---|---|---|---|---|
| 1 | SA | SEABRIDGE GOLD INC | Unclassified | 14.52% |
| 2 | RRC | RANGE RESOURCES CORP | Energy | 13.22% |
| 3 | KT | KT CORP | Communication Services | 7.97% |
| 4 | NTR | NUTRIEN LTD | Materials | 7.50% |
| 5 | EXE | EXPAND ENERGY Corp | Energy | 6.24% |
| 6 | BEN | FRANKLIN RESOURCES INC | Financials | 5.81% |
| 7 | CNC | CENTENE CORP | Financials | 5.76% |
| 8 | NG | NOVAGOLD RESOURCES INC | Materials | 4.08% |
| 9 | CRESY | CRESUD INC | Real Estate | 3.92% |
| 10 | WY | WEYERHAEUSER CO | Real Estate | 3.25% |
25/27 names classified · sector 84.2% of weight · industry 84.2% · mkt cap 61.0%; 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: 84.2% 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: 43.2% of book weight (12/27 names) · unclassified 56.8%: SA, KT, NTR, CNC, NG, CRESY, NAK, THM, NICE, VGZ +5 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 | SASEABRIDGE GOLD INC | 7,332,863 | $208M | 14.5% | ADD 5% |
| 2 | RRCRANGE RES CORP | 4,188,614 | $189M | 13.2% | TRIM −20% |
| 3 | KTKT CORP | 5,321,922 | $114M | 8.0% | TRIM −8% |
| 4 | NTRNUTRIEN LTD | 1,423,780 | $107M | 7.5% | TRIM −19% |
| 5 | EXEEXPAND ENERGY CORPORATION | 813,632 | $89M | 6.2% | ADD 19% |
| 6 | BENFRANKLIN RESOURCES INC | 3,522,587 | $83M | 5.8% | ADD 5% |
| 7 | CNCCENTENE CORP DEL | 2,517,106 | $82M | 5.8% | ADD 24% |
| 8 | NGNOVAGOLD RES INC | 6,511,729 | $58M | 4.1% | TRIM −23% |
| 9 | CRESYCRESUD S A C I F Y A | 4,415,543 | $56M | 3.9% | ADD 4% |
| 10 | WYWEYERHAEUSER CO | 1,904,591 | $47M | 3.3% | NEW |
| 11 | NAKNORTHERN DYNASTY MINERALS LT | 32,655,846 | $46M | 3.2% | ADD 51% |
| 12 | RYNRAYONIER INC | 2,186,503 | $45M | 3.1% | NEW |
| 13 | CNXCCONCENTRIX CORP | 1,627,306 | $45M | 3.1% | NEW |
| 14 | THMINTERNATIONAL TOWER HILL MIN | 17,650,432 | $41M | 2.8% | ADD 22% |
| 15 | MOHMOLINA HEALTHCARE INC | 291,941 | $39M | 2.7% | ADD 133% |
| 16 | NICENICE LTD | 250,948 | $28M | 1.9% | NEW |
| 17 | VGZVISTA GOLD CORP | 13,852,010 | $27M | 1.9% | ADD 462% |
| 18 | BBARRICK MNG CORP | 560,044 | $23M | 1.6% | TRIM −5% |
| 19 | RGLDROYAL GOLD INC | 86,159 | $22M | 1.5% | TRIM −59% |
| 20 | IEIVANHOE ELECTRIC INC | 1,784,170 | $21M | 1.5% | ADD 316% |
| 21 | HUMHUMANA INC | 113,385 | $20M | 1.4% | NEW |
| 22 | CMCSACOMCAST CORP NEW | 649,213 | $19M | 1.3% | HOLD |
| 23 | AIR LEASE CORP | 277,612 | $18M | 1.3% | TRIM −3% |
| 24 | KEPKOREA ELECTRIC PWR | 207,140 | $3M | 0.2% | TRIM −23% |
| 25 | IRSIRSA INVERSIONES Y REP S A | 85,363 | $1M | 0.1% | HOLD |
| 26 | PLGPLATINUM GROUP METALS LTD | 358,692 | $634,885 | 0.0% | NEW |
| 27 | NEMNEWMONT CORP | 761 | $82,378 | 0.0% | TRIM −97% |
| Security | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| SASEABRIDGE GOLD INC | 3.0M | 7.3M | 7.4M | 6.9M | 7.0M | 7.3M | $208M |
| RRCRANGE RES CORP | 2.7M | 2.8M | 2.8M | 4.4M | 5.2M | 4.2M | $189M |
| KTKT CORP | 7.9M | 6.3M | 4.3M | 4.6M | 5.8M | 5.3M | $114M |
| NTRNUTRIEN LTD | 81K | 571K | 574K | 1.3M | 1.8M | 1.4M | $107M |
| EXEEXPAND ENERGY CORPORATION | 920K | 864K | 523K | 738K | 682K | 814K | $89M |
| BENFRANKLIN RESOURCES INC | 1.2M | 2.4M | 2.8M | 2.7M | 3.4M | 3.5M | $83M |
| CNCCENTENE CORP DEL | — | — | — | 2.3M | 2.0M | 2.5M | $82M |
| NGNOVAGOLD RES INC | 17.0M | 18.6M | 19.1M | 13.1M | 8.4M | 6.5M | $58M |
| CRESYCRESUD S A C I F Y A | 1.4M | 2.0M | 2.4M | 3.7M | 4.2M | 4.4M | $56M |
| WYWEYERHAEUSER CO | — | — | — | — | — | 1.9M | $47M |
| NAKNORTHERN DYNASTY MINERALS LT | 31.5M | 19.7M | 19.7M | 21.7M | 21.7M | 32.7M | $46M |
| RYNRAYONIER INC | — | — | — | — | — | 2.2M | $45M |
| CNXCCONCENTRIX CORP | — | — | — | — | — | 1.6M | $45M |
| THMINTERNATIONAL TOWER HILL MIN | 13.9M | 14.4M | 14.4M | 14.4M | 14.4M | 17.7M | $41M |
| MOHMOLINA HEALTHCARE INC | — | — | — | — | 126K | 292K | $39M |
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.
