CIK 1847739
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 |
|---|---|---|
| Metals & Mining | 55.61% | 9 |
| Oil, Gas & Consumable Fuels | 27.07% | 4 |
| Paper & Forest Products | 6.80% | 1 |
| Unclassified | 4.74% | 2 |
| Marine | 3.73% | 2 |
| Coal & Consumable Fuels | 2.04% | 1 |
| # | Ticker | Name | Sector | Weight |
|---|---|---|---|---|
| 1 | CDE | Coeur Mining, Inc. | Materials | 18.04% |
| 2 | IAUX | i-80 Gold Corp. | Materials | 12.06% |
| 3 | VAL | Valaris Ltd | Energy | 10.98% |
| 4 | ODV | Osisko Development Corp. | Materials | 7.87% |
| 5 | CHRD | Chord Energy Corp | Energy | 7.65% |
| 6 | RYAM | RAYONIER ADVANCED MATERIALS INC. | Materials | 6.80% |
| 7 | SBSW | Sibanye Stillwater Ltd | Materials | 6.24% |
| 8 | SDRL | SEADRILL Ltd | Energy | 5.63% |
| 9 | BTG | B2GOLD CORP | Materials | 5.07% |
| 10 | EXK | ENDEAVOUR SILVER CORP | Materials | 4.05% |
17/19 names classified · sector 95.3% of weight · industry 95.3% · mkt cap 84.8%; 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: 95.3% of the book is sector-classified (unclassified names shown, never dropped).
Only 48% of book weight classified — the grid is NOT representative of the whole book.
Classified: 47.8% of book weight (6/19 names) · unclassified 52.2%: IAUX, ODV, SBSW, SDRL, BTG, EXK, IAUX.WS, CVE, CDLR, ELE +3 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 | CDECOEUR MNG INC | 9,942,304 | $187M | 18.0% | NEW |
| 2 | IAUXI-80 GOLD CORP | 82,103,559 | $125M | 12.1% | ADD 2% |
| 3 | VALVALARIS LTD | 1,158,651 | $114M | 11.0% | HOLD |
| 4 | ODVOSISKO DEVELOPMENT CORP | 25,050,980 | $81M | 7.9% | ADD 8% |
| 5 | CHRDCHORD ENERGY CORPORATION | 556,536 | $79M | 7.6% | ADD 10% |
| 6 | RYAMRAYONIER ADVANCED MATLS INC | 6,358,877 | $70M | 6.8% | HOLD |
| 7 | SBSWSIBANYE STILLWATER LTD | 5,244,469 | $65M | 6.2% | HOLD |
| 8 | SDRLSEADRILL LTD | 1,279,968 | $58M | 5.6% | HOLD |
| 9 | BTGB2GOLD CORP | 11,571,607 | $52M | 5.1% | ADD 3% |
| 10 | EXKENDEAVOUR SILVER CORP | 4,503,543 | $42M | 4.1% | HOLD |
| 11 | IAUX.WSi-80 Gold Corp | 41,541,599 | $42M | 4.0% | HOLD |
| 12 | CVECENOVUS ENERGY INC | 1,100,000 | $29M | 2.8% | HOLD |
| 13 | TDWTIDEWATER INC NEW | 285,900 | $24M | 2.3% | HOLD |
| 14 | CNRCORE NATURAL RESOURCES INC | 201,663 | $21M | 2.0% | HOLD |
| 15 | CDLRCADELER A S | 624,400 | $15M | 1.4% | HOLD |
| 16 | ELEELEMENTAL RTY CORP | 674,415 | $13M | 1.2% | HOLD |
| 17 | NEXMNEXMETALS MINING CORP. | 3,513,500 | $9M | 0.8% | HOLD |
| 18 | TENTSAKOS ENERGY NAVIGATION LTD | 190,977 | $8M | 0.7% | HOLD |
| 19 | MUXMCEWEN INC. | 113,000 | $2M | 0.2% | HOLD |
| Security | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| CDECOEUR MNG INC | — | — | 500K | — | — | 9.9M | $187M |
| IAUXI-80 GOLD CORP | — | — | 80.0M | 80.1M | 80.2M | 82.1M | $125M |
| VALVALARIS LTD | 2.6M | 2.9M | 1.2M | 1.2M | 1.2M | 1.2M | $114M |
| ODVOSISKO DEVELOPMENT CORP | 16K | 12.6M | 12.6M | 22.0M | 23.1M | 25.1M | $81M |
| CHRDCHORD ENERGY CORPORATION | 548K | 531K | 531K | 531K | 506K | 557K | $79M |
| RYAMRAYONIER ADVANCED MATLS INC | 6.4M | 6.4M | 6.4M | 6.4M | 6.4M | 6.4M | $70M |
| SBSWSIBANYE STILLWATER LTD | 3.8M | 3.8M | 6.4M | 5.0M | 5.2M | 5.2M | $65M |
| SDRLSEADRILL LTD | 3.0M | 3.1M | 1.3M | 1.3M | 1.3M | 1.3M | $58M |
| BTGB2GOLD CORP | — | — | — | — | 11.3M | 11.6M | $52M |
| EXKENDEAVOUR SILVER CORP | — | — | 1.0M | 3.0M | 4.5M | 4.5M | $42M |
| IAUX/WSi-80 Gold Corp | — | — | — | 40.8M | 41.3M | 41.5M | $42M |
| CVECENOVUS ENERGY INC | 2.1M | 2.1M | 1.1M | 1.1M | 1.1M | 1.1M | $29M |
| TDWTIDEWATER INC NEW | 286K | 286K | 286K | 286K | 286K | 286K | $24M |
| CNRCORE NATURAL RESOURCES INC | — | 202K | 202K | 202K | 202K | 202K | $21M |
| CDLRCADELER A S | 624K | 624K | 624K | 624K | 624K | 624K | $15M |
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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