CIK 1863154
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 | 64.50% | 18 |
| Metals & Mining | 17.17% | 15 |
| Coal & Consumable Fuels | 9.65% | 3 |
| Chemicals | 4.60% | 2 |
| Construction Materials | 3.95% | 3 |
| Capital Markets | 0.11% | 1 |
| Marine | 0.02% | 1 |
| # | Ticker | Name | Sector | Weight |
|---|---|---|---|---|
| 1 | CNQ | CANADIAN NATURAL RESOURCES LTD | Energy | 7.41% |
| 2 | VAL | Valaris Ltd | Energy | 6.95% |
| 3 | RRC | RANGE RESOURCES CORP | Energy | 6.61% |
| 4 | SU | SUNCOR ENERGY INC | Energy | 6.54% |
| 5 | SLB | SLB LIMITED/NV | Energy | 6.35% |
| 6 | SDRL | SEADRILL Ltd | Energy | 5.99% |
| 7 | CCJ | CAMECO CORP | Materials | 4.88% |
| 8 | NE | Noble Corp plc | Energy | 4.85% |
| 9 | CNR | Core Natural Resources, Inc. | Energy | 3.99% |
| 10 | EQT | EQT Corp | Energy | 3.96% |
43/43 names classified · sector 100.0% of weight · industry 100.0% · mkt cap 71.5%; 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).
Classified: 59.1% of book weight (23/43 names) · unclassified 40.9%: CNQ, SU, SDRL, CCJ, NTR, SBSW, AGI, UEC, UUUU, NXE +10 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 | CNQCANADIAN NAT RES LTD | 2,827,853 | $138M | 7.4% | ADD 49% |
| 2 | VALVALARIS LTD | 1,319,351 | $129M | 7.0% | ADD 24% |
| 3 | RRCRANGE RES CORP | 2,721,749 | $123M | 6.6% | ADD 36% |
| 4 | SUSUNCOR ENERGY INC NEW | 1,840,155 | $122M | 6.5% | ADD 153% |
| 5 | SLBSCHLUMBERGER LTD | 2,298,550 | $118M | 6.3% | ADD 145% |
| 6 | SDRLSEADRILL LTD | 2,449,565 | $111M | 6.0% | ADD 28% |
| 7 | CCJCAMECO CORP | 836,431 | $91M | 4.9% | ADD 22% |
| 8 | NENOBLE CORP PLC | 1,841,206 | $90M | 4.9% | ADD 29% |
| 9 | CNRCORE NATURAL RESOURCES INC | 708,225 | $74M | 4.0% | ADD 134% |
| 10 | EQTEQT CORP | 1,159,203 | $74M | 4.0% | ADD 37% |
| 11 | ARANTERO RESOURCES CORP | 1,617,138 | $69M | 3.7% | ADD 37% |
| 12 | NTRNUTRIEN LTD | 822,291 | $62M | 3.3% | HOLD |
| 13 | HCCWARRIOR MET COAL INC | 598,113 | $56M | 3.0% | NEW |
| 14 | SBSWSIBANYE STILLWATER LTD | 4,270,069 | $53M | 2.8% | ADD 21% |
| 15 | AMRALPHA METALLURGICAL RESOUR I | 242,039 | $50M | 2.7% | ADD 207% |
| 16 | CHRDCHORD ENERGY CORPORATION | 283,461 | $40M | 2.2% | NEW |
| 17 | PRPERMIAN RESOURCES CORP | 1,814,700 | $39M | 2.1% | ADD 304% |
| 18 | LEUCENTRUS ENERGY CORP | 202,058 | $35M | 1.9% | ADD 18% |
| 19 | AGIALAMOS GOLD INC NEW | 686,587 | $31M | 1.6% | TRIM −12% |
| 20 | UECURANIUM ENERGY CORP | 2,201,921 | $30M | 1.6% | ADD 21% |
| 21 | MTDRMATADOR RES CO | 457,894 | $29M | 1.6% | ADD 33% |
| 22 | UUUUENERGY FUELS INC | 1,484,902 | $27M | 1.5% | ADD 21% |
| 23 | OIIOCEANEERING INTL INC | 713,586 | $25M | 1.4% | ADD 25% |
| 24 | IEIVANHOE ELECTRIC INC | 2,115,009 | $25M | 1.3% | ADD 18% |
| 25 | EXEEXPAND ENERGY CORPORATION | 225,860 | $25M | 1.3% | ADD 37% |
| 26 | MOSMOSAIC CO NEW | 922,305 | $24M | 1.3% | ADD 104% |
| 27 | FANGDIAMONDBACK ENERGY INC | 113,489 | $22M | 1.2% | ADD 33% |
| 28 | NXENEXGEN ENERGY LTD | 1,810,943 | $21M | 1.1% | ADD 19% |
| 29 | EQXEQUINOX GOLD CORP | 1,283,253 | $19M | 1.0% | TRIM −12% |
| 30 | CRKCOMSTOCK RES INC | 861,858 | $18M | 1.0% | ADD 35% |
| 31 | DNNDENISON MINES CORP | 4,720,615 | $17M | 0.9% | ADD 19% |
| 32 | SMSM ENERGY CO | 487,730 | $15M | 0.8% | NEW |
| 33 | BORRBORR DRILLING LTD | 2,119,465 | $12M | 0.7% | ADD 31% |
| 34 | IPIINTREPID POTASH INC | 267,097 | $11M | 0.6% | ADD 22% |
| 35 | FCXFREEPORT MCMORAN INC | 123,252 | $7M | 0.4% | TRIM −48% |
| 36 | URGUR-ENERGY INC | 4,253,094 | $6M | 0.3% | ADD 23% |
| 37 | TMQTRILOGY METALS INC NEW | 1,728,153 | $6M | 0.3% | ADD 23% |
| 38 | NGNOVAGOLD RES INC | 692,741 | $6M | 0.3% | TRIM −13% |
| 39 | CMCLCALEDONIA MNG CORP PLC | 153,264 | $3M | 0.2% | TRIM −7% |
| 40 | EUENCORE ENERGY CORP | 1,464,724 | $3M | 0.1% | ADD 19% |
| 41 | ORLAORLA MNG LTD NEW | 161,584 | $3M | 0.1% | TRIM −79% |
| 42 | TFPMTRIPLE FLAG PRECIOUS METAL | 60,271 | $2M | 0.1% | TRIM −11% |
| 43 | TDWTIDEWATER INC NEW | 3,914 | $327,015 | 0.0% | NEW |
| Security | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| CNQCANADIAN NAT RES LTD | 512K | 527K | 562K | 1.0M | 1.9M | 2.8M | $138M |
| VALVALARIS LTD | 167K | 171K | 432K | 902K | 1.1M | 1.3M | $129M |
| RRCRANGE RES CORP | 1.4M | 1.4M | 1.4M | 1.4M | 2.0M | 2.7M | $123M |
| SUSUNCOR ENERGY INC NEW | — | — | — | — | 727K | 1.8M | $122M |
| SLBSCHLUMBERGER LTD | 181K | 185K | 181K | 182K | 937K | 2.3M | $118M |
| SDRLSEADRILL LTD | 476K | 1.2M | 1.7M | 1.7M | 1.9M | 2.4M | $111M |
| CCJCAMECO CORP | 659K | 673K | 649K | 648K | 683K | 836K | $91M |
| NENOBLE CORP PLC | 370K | 405K | 382K | 1.1M | 1.4M | 1.8M | $90M |
| CNRCORE NATURAL RESOURCES INC | — | 283K | 283K | 285K | 303K | 708K | $74M |
| EQTEQT CORP | 592K | 606K | 591K | 595K | 846K | 1.2M | $74M |
| ARANTERO RESOURCES CORP | 831K | 849K | 825K | 824K | 1.2M | 1.6M | $69M |
| NTRNUTRIEN LTD | 200K | 672K | 781K | 780K | 825K | 822K | $62M |
| HCCWARRIOR MET COAL INC | — | — | — | — | — | 598K | $56M |
| SBSWSIBANYE STILLWATER LTD | 2.7M | 2.7M | 3.3M | 3.4M | 3.5M | 4.3M | $53M |
| AMRALPHA METALLURGICAL RESOUR I | 72K | 74K | 74K | 74K | 79K | 242K | $50M |
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.
