CIK 1727012
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 |
|---|---|---|
| Diversified Telecommunication Services | 50.51% | 2 |
| Unclassified | 12.28% | 4 |
| Paper & Forest Products | 8.51% | 2 |
| Machinery | 6.38% | 2 |
| Equity Real Estate Investment Trusts (REITs) | 5.57% | 1 |
| Utilities | 4.72% | 1 |
| Banks | 4.70% | 1 |
| Communications Equipment | 3.26% | 1 |
| Household Durables | 2.88% | 1 |
| Specialty Retail | 0.96% | 1 |
| Construction Materials | 0.21% | 1 |
| # | Ticker | Name | Sector | Weight |
|---|---|---|---|---|
| 1 | ECHO | EchoStar CORP | Communication Services | 38.57% |
| 2 | UNIT | Uniti Group Inc. | Communication Services | 11.94% |
| 3 | FBIN | Fortune Brands Innovations, Inc. | Materials | 5.94% |
| 4 | SILA | Sila Realty Trust, Inc. | Real Estate | 5.57% |
| 5 | PCG | PG&E Corp | Utilities | 4.72% |
| 6 | UWMC | UWM Holdings Corp | Financials | 4.70% |
| 7 | AMBP | Ardagh Metal Packaging S.A. | Industrials | 4.05% |
| 8 | NCDL | NUVEEN CHURCHILL DIRECT LEND | Unclassified | 3.93% |
| 9 | VISN | Vistance Networks, Inc. | Information Technology | 3.26% |
| 10 | PFLT | PENNANTPARK FLOATING RATE CA | Unclassified | 2.98% |
13/17 names classified · sector 87.7% of weight · industry 87.7% · mkt cap 83.7%; 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: 87.7% of the book is sector-classified (unclassified names shown, never dropped).
Only 30% of book weight classified — the grid is NOT representative of the whole book.
Classified: 30.4% of book weight (8/17 names) · unclassified 69.6%: ECHO, UNIT, AMBP, NCDL, PFLT, BBDC, SLRC, MAGN, JHX. 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 | ECHOECHOSTAR CORP | 1,470,584 | $172M | 38.6% | TRIM −61% |
| 2 | UNITUNITI GROUP LLC | 5,681,528 | $53M | 11.9% | ADD 279% |
| 3 | FBINFORTUNE BRANDS INNOVATIONS I | 680,000 | $26M | 5.9% | NEW |
| 4 | SILASILA REALTY TRUST INC | 1,050,429 | $25M | 5.6% | TRIM −40% |
| 5 | PCGPG&E CORP | 1,200,000 | $21M | 4.7% | NEW |
| 6 | UWMCUWM HOLDINGS CORPORATION | 5,800,000 | $21M | 4.7% | NEW |
| 7 | AMBPARDAGH METAL PACKAGING S A | 4,467,420 | $18M | 4.1% | TRIM −17% |
| 8 | NCDLNUVEEN CHURCHILL DIRECT LEND | 1,379,361 | $18M | 3.9% | ADD 13% |
| 9 | VISNCOMMSCOPE HLDG CO INC | 800,000 | $15M | 3.3% | NEW |
| 10 | PFLTPENNANTPARK FLOATING RATE CA | 1,655,246 | $13M | 3.0% | ADD 40% |
| 11 | MBCMASTERBRAND INC | 1,545,571 | $13M | 2.9% | TRIM −74% |
| 12 | BBDCBarings BDC, Inc. | 1,471,800 | $12M | 2.7% | ADD 52% |
| 13 | SLRCSLR INVESTMENT CORP | 827,099 | $12M | 2.7% | ADD 109% |
| 14 | MAGNMAGNERA CORP | 1,205,793 | $11M | 2.6% | HOLD |
| 15 | CMCOCOLUMBUS MCKINNON CORP N Y | 715,783 | $10M | 2.3% | NEW |
| 16 | RHRH | 30,725 | $4M | 1.0% | TRIM −58% |
| 17 | JHXJAMES HARDIE INDS PLC | 50,000 | $947,000 | 0.2% | TRIM −95% |
| Security | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| ECHOECHOSTAR CORP | 5.0M | 6.0M | 3.3M | 6.0M | 3.8M | 1.5M | $172M |
| UNITUNITI GROUP LLC | — | — | — | — | 1.5M | 5.7M | $53M |
| FBINFORTUNE BRANDS INNOVATIONS I | — | — | — | — | — | 680K | $26M |
| SILASILA REALTY TRUST INC | 1.4M | 1.3M | 671K | 1.4M | 1.8M | 1.1M | $25M |
| PCGPG&E CORP | — | — | — | — | — | 1.2M | $21M |
| UWMCUWM HOLDINGS CORPORATION | — | — | 2.8M | — | — | 5.8M | $21M |
| AMBPARDAGH METAL PACKAGING S A | 4.4M | 4.6M | 1.9M | 5.1M | 5.4M | 4.5M | $18M |
| NCDLNUVEEN CHURCHILL DIRECT LEND | — | — | — | — | 1.2M | 1.4M | $18M |
| VISNCOMMSCOPE HLDG CO INC | — | 2.7M | 4.8M | — | — | 800K | $15M |
| PFLTPENNANTPARK FLOATING RATE CA | — | — | — | — | 1.2M | 1.7M | $13M |
| MBCMASTERBRAND INC | — | — | 1.0M | 5.1M | 6.0M | 1.5M | $13M |
| BBDCBarings BDC, Inc. | — | — | — | — | 966K | 1.5M | $12M |
| SLRCSLR INVESTMENT CORP | — | — | — | — | 395K | 827K | $12M |
| MAGNMAGNERA CORP | — | — | 460K | 460K | 1.2M | 1.2M | $11M |
| CMCOCOLUMBUS MCKINNON CORP N Y | — | — | — | — | — | 716K | $10M |
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.
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