CIK 1845012
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 |
|---|---|---|
| Unclassified | 23.83% | 8 |
| Metals & Mining | 23.05% | 3 |
| Machinery | 10.24% | 2 |
| Aerospace & Defense | 9.62% | 1 |
| Textiles, Apparel & Luxury Goods | 6.85% | 1 |
| Capital Markets | 6.46% | 2 |
| Commercial Services & Supplies | 5.41% | 1 |
| Paper & Forest Products | 3.97% | 1 |
| Oil, Gas & Consumable Fuels | 3.10% | 2 |
| Equity Real Estate Investment Trusts (REITs) | 2.67% | 2 |
| Technology Hardware & Equipment | 2.51% | 1 |
| Diversified Telecommunication Services | 1.34% | 1 |
| Software | 0.95% | 1 |
| # | Ticker | Name | Sector | Weight |
|---|---|---|---|---|
| 1 | HSLV | HIGHLANDER SILVER CORP | Unclassified | 17.52% |
| 2 | USAS | Americas Gold & Silver Corp | Materials | 14.12% |
| 3 | MDA | MDA Space Ltd. | Industrials | 9.62% |
| 4 | EFXT | Enerflex Ltd. | Industrials | 9.37% |
| 5 | CDE | Coeur Mining, Inc. | Materials | 7.13% |
| 6 | GIL | GILDAN ACTIVEWEAR INC | Consumer Discretionary | 6.85% |
| 7 | BGSI | Boyd Group Services Inc. | Industrials | 5.41% |
| 8 | SSRM | SSR MINING INC. | Financials | 5.00% |
| 9 | BEP | BROOKFIELD RENEWABLE PARTNER | Unclassified | 4.74% |
| 10 | WFG | WEST FRASER TIMBER CO., LTD | Materials | 3.97% |
18/26 names classified · sector 76.2% of weight · industry 76.2% · mkt cap 48.8%; 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: 76.2% of the book is sector-classified (unclassified names shown, never dropped).
Only 16% of book weight classified — the grid is NOT representative of the whole book.
Classified: 16.3% of book weight (5/26 names) · unclassified 83.7%: HSLV, USAS, MDA, EFXT, GIL, BGSI, BEP, WFG, ENB, CAE +11 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 | HSLVHIGHLANDER SILVER CORP | 4,900,000 | $29M | 17.5% | NEW |
| 2 | USASAMERICAS GOLD AND SILVER COR | 4,449,900 | $23M | 14.1% | TRIM −28% |
| 3 | MDAMDA Space Ltd | 625,000 | $16M | 9.6% | NEW |
| 4 | EFXTENERFLEX LTD | 736,744 | $15M | 9.4% | TRIM −6% |
| 5 | CDECOEUR MNG INC | 625,000 | $12M | 7.1% | TRIM −13% |
| 6 | GILGILDAN ACTIVEWEAR INC | 202,598 | $11M | 6.9% | ADD 105% |
| 7 | BGSIBOYD GROUP SERVICES INC | 69,800 | $9M | 5.4% | ADD 156% |
| 8 | SSRMSSR MINING IN | 280,000 | $8M | 5.0% | NEW |
| 9 | BEPBROOKFIELD RENEWABLE PARTNER | 239,500 | $8M | 4.7% | HOLD |
| 10 | WFGWEST FRASER TIMBER CO LTD | 100,000 | $7M | 4.0% | NEW |
| 11 | ENBENBRIDGE INC | 90,000 | $5M | 3.0% | HOLD |
| 12 | CAECAE INC | 158,200 | $4M | 2.5% | NEW |
| 13 | ARIAPOLLO COML REAL EST FIN INC | 305,670 | $3M | 2.0% | NEW |
| 14 | VZLAVIZSLA SILVER CORP | 893,700 | $3M | 1.8% | HOLD |
| 15 | BAMBROOKFIELD ASSET MANAGMT LTD | 54,000 | $2M | 1.5% | TRIM −46% |
| 16 | ZDZIFF DAVIS INC | 52,500 | $2M | 1.3% | NEW |
| 17 | DCBODOCEBO INC | 89,172 | $2M | 0.9% | NEW |
| 18 | TRSTRIMAS CORP | 40,000 | $1M | 0.9% | TRIM −60% |
| 19 | ELMEWASHINGTON REAL ESTATE INVT | 576,764 | $1M | 0.7% | NEW |
| 20 | PSBDPALMER SQUARE CAPITAL BDC IN | 73,684 | $719,893 | 0.4% | NEW |
| 21 | OCSLOAKTREE SPECIALTY LENDING CO | 40,500 | $457,650 | 0.3% | NEW |
| 22 | MFICMIDCAP FINANCIAL INVSTMNT CO | 35,000 | $393,400 | 0.2% | NEW |
| 23 | NCDLNUVEEN CHURCHILL DIRECT LEND | 27,900 | $354,888 | 0.2% | NEW |
| 24 | MSDLMORGAN STANLEY DIRECT LENDIN | 24,300 | $339,228 | 0.2% | NEW |
| 25 | GBDCGOLUB CAP BDC INC | 25,600 | $324,096 | 0.2% | NEW |
| 26 | ANNAALEANNA INC | 28,283 | $234,466 | 0.1% | HOLD |
| Security | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| HSLVHIGHLANDER SILVER CORP | — | — | — | — | — | 4.9M | $29M |
| USASAMERICAS GOLD AND SILVER COR | — | — | — | 9.3M | 6.2M | 4.4M | $23M |
| MDAMDA Space Ltd | — | — | — | — | — | 625K | $16M |
| EFXTENERFLEX LTD | 670K | 544K | 1.4M | 713K | 787K | 737K | $15M |
| CDECOEUR MNG INC | 800K | 1.3M | — | — | 718K | 625K | $12M |
| GILGILDAN ACTIVEWEAR INC | — | — | — | — | 99K | 203K | $11M |
| BGSIBOYD GROUP SERVICES INC | — | — | — | — | 27K | 70K | $9M |
| SSRMSSR MINING IN | — | — | — | — | — | 280K | $8M |
| BEPBROOKFIELD RENEWABLE PARTNER | — | 250K | 484K | 240K | 240K | 240K | $8M |
| WFGWEST FRASER TIMBER CO LTD | — | — | — | — | — | 100K | $7M |
| ENBENBRIDGE INC | 115K | 115K | 180K | 90K | 90K | 90K | $5M |
| CAECAE INC | — | — | — | — | — | 158K | $4M |
| ARIAPOLLO COML REAL EST FIN INC | — | — | — | — | — | 306K | $3M |
| VZLAVIZSLA SILVER CORP | — | — | — | — | 900K | 894K | $3M |
| BAMBROOKFIELD ASSET MANAGMT LTD | — | — | — | 75K | 100K | 54K | $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.
