CIK 1799456
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 |
|---|---|---|
| Equity Real Estate Investment Trusts (REITs) | 60.85% | 5 |
| Marine | 11.72% | 2 |
| Health Care Providers & Services | 10.91% | 1 |
| Professional Services | 4.14% | 1 |
| Pharmaceuticals & Biotechnology | 3.67% | 1 |
| Hotels, Restaurants & Leisure | 3.06% | 1 |
| Metals & Mining | 2.81% | 1 |
| Coal & Consumable Fuels | 1.57% | 1 |
| Utilities | 1.25% | 1 |
| # | Ticker | Name | Sector | Weight |
|---|---|---|---|---|
| 1 | DHC | DIVERSIFIED HEALTHCARE TRUST | Real Estate | 52.02% |
| 2 | BKD | Brookdale Senior Living Inc. | Health Care | 10.91% |
| 3 | TK | TEEKAY CORP LTD | Industrials | 6.61% |
| 4 | ASC | Ardmore Shipping Corp | Industrials | 5.11% |
| 5 | HHH | Howard Hughes Holdings Inc. | Real Estate | 4.54% |
| 6 | RMR | RMR GROUP INC. | Industrials | 4.14% |
| 7 | GRFS | Grifols SA | Health Care | 3.67% |
| 8 | CVEO | Civeo Corp | Consumer Discretionary | 3.06% |
| 9 | IAUX | i-80 Gold Corp. | Materials | 2.81% |
| 10 | ILPT | Industrial Logistics Properties Trust | Real Estate | 2.72% |
14/14 names classified · sector 100.0% of weight · industry 100.0% · mkt cap 84.6%; 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 15% of book weight classified — the grid is NOT representative of the whole book.
Classified: 14.5% of book weight (5/14 names) · unclassified 85.5%: DHC, BKD, TK, ASC, GRFS, IAUX, ILPT, SMC, SVC. 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 | DHCDIVERSIFIED HEALTHCARE TR | 23,487,002 | $156M | 52.0% | HOLD |
| 2 | BKDBROOKDALE SR LIVING INC | 2,391,526 | $33M | 10.9% | TRIM −72% |
| 3 | TKTEEKAY CORPORATION LTD | 1,622,766 | $20M | 6.6% | TRIM −8% |
| 4 | ASCARDMORE SHIPPING CORP | 1,004,696 | $15M | 5.1% | TRIM −20% |
| 5 | HHHHOWARD HUGHES HOLDINGS INC | 215,288 | $14M | 4.5% | NEW |
| 6 | RMRRMR GROUP INC | 802,739 | $12M | 4.1% | ADD 2% |
| 7 | GRFSGRIFOLS S A | 1,372,394 | $11M | 3.7% | ADD 27% |
| 8 | CVEOCIVEO CORP CDA | 347,240 | $9M | 3.1% | TRIM −25% |
| 9 | IAUXI-80 GOLD CORP | 5,542,640 | $8M | 2.8% | HOLD |
| 10 | ILPTINDUSTRIAL LOGISTICS PPTYS T | 1,435,087 | $8M | 2.7% | TRIM −16% |
| 11 | CNRCORE NATURAL RESOURCES INC | 44,965 | $5M | 1.6% | TRIM −97% |
| 12 | SMCSUMMIT MIDSTREAM CORPORATION | 124,278 | $4M | 1.3% | TRIM −65% |
| 13 | SEVNSEVEN HILLS REALTY TRUST | 433,192 | $4M | 1.2% | TRIM −35% |
| 14 | SVCSERVICE PPTYS TR | 852,490 | $1M | 0.4% | HOLD |
| Security | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| DHCDIVERSIFIED HEALTHCARE TR | 23.5M | 23.5M | 23.5M | 23.5M | 23.5M | 23.5M | $156M |
| BKDBROOKDALE SR LIVING INC | 11.4M | 17.9M | 15.5M | 12.7M | 8.5M | 2.4M | $33M |
| TKTEEKAY CORPORATION LTD | — | — | 1.6M | 1.8M | 1.8M | 1.6M | $20M |
| ASCARDMORE SHIPPING CORP | — | — | 469K | 680K | 1.2M | 1.0M | $15M |
| HHHHOWARD HUGHES HOLDINGS INC | — | — | — | — | — | 215K | $14M |
| RMRRMR GROUP INC | — | 54K | 59K | 7K | 784K | 803K | $12M |
| GRFSGRIFOLS S A | — | 1.8M | 1.6M | 1.1M | 1.1M | 1.4M | $11M |
| CVEOCIVEO CORP CDA | — | — | 92K | 286K | 463K | 347K | $9M |
| IAUXI-80 GOLD CORP | — | — | — | — | 5.6M | 5.5M | $8M |
| ILPTINDUSTRIAL LOGISTICS PPTYS T | — | — | 1.2M | 1.6M | 1.7M | 1.4M | $8M |
| CNRCORE NATURAL RESOURCES INC | — | 471K | 1.2M | 1.8M | 1.4M | 45K | $5M |
| SMCSUMMIT MIDSTREAM CORPORATION | — | — | — | — | 357K | 124K | $4M |
| SEVNSEVEN HILLS REALTY TRUST | — | — | — | — | 664K | 433K | $4M |
| SVCSERVICE PPTYS TR | — | — | — | 559K | 852K | 852K | $1M |
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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