CIK 1980739
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 |
|---|---|---|
| Coal & Consumable Fuels | 28.57% | 2 |
| Chemicals | 18.04% | 7 |
| Metals & Mining | 16.45% | 6 |
| Utilities | 6.16% | 1 |
| Banks | 5.96% | 1 |
| Food Products | 5.56% | 3 |
| Construction & Engineering | 4.90% | 1 |
| Distributors | 3.47% | 2 |
| Semiconductors & Semiconductor Equipment | 3.39% | 1 |
| Construction Materials | 2.54% | 1 |
| Paper & Forest Products | 1.86% | 1 |
| Airlines | 1.48% | 1 |
| Machinery | 1.46% | 1 |
| Unclassified | 0.15% | 1 |
| # | Ticker | Name | Sector | Weight |
|---|---|---|---|---|
| 1 | METC | Ramaco Resources, Inc. | Energy | 27.51% |
| 2 | SGML | Sigma Lithium Corp | Materials | 10.90% |
| 3 | HNRG | HALLADOR ENERGY CO | Utilities | 6.16% |
| 4 | HUT | Hut 8 Corp. | Financials | 5.96% |
| 5 | FLR | FLUOR CORP | Industrials | 4.90% |
| 6 | ATR | APTARGROUP, INC. | Materials | 4.34% |
| 7 | NGVT | Ingevity Corp | Materials | 3.57% |
| 8 | ECVT | Ecovyst Inc. | Materials | 3.53% |
| 9 | Q | Qnity Electronics, Inc. | Information Technology | 3.39% |
| 10 | CC | Chemours Co | Materials | 3.26% |
28/29 names classified · sector 99.8% of weight · industry 99.8% · mkt cap 99.8%; 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: 99.8% of the book is sector-classified (unclassified names shown, never dropped).
Classified: 63.7% of book weight (18/29 names) · unclassified 36.3%: SGML, HUT, FLR, NGVT, Q, OI, CLF, MEOH, ARLP, ATCX +1 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 | METCRAMACO RES INC | 3,050,000 | $47M | 27.5% | ADD 82% |
| 2 | SGMLSIGMA LITHIUM CORPORATION | 1,513,578 | $19M | 10.9% | ADD 20% |
| 3 | HNRGHALLADOR ENERGY COMPANY | 648,300 | $11M | 6.2% | ADD 484% |
| 4 | HUTHUT 8 CORP | 217,920 | $10M | 6.0% | ADD 13% |
| 5 | FLRFLUOR CORP NEW | 180,215 | $8M | 4.9% | NEW |
| 6 | ATRAPTARGROUP INC | 59,000 | $7M | 4.3% | NEW |
| 7 | NGVTINGEVITY CORP | 85,795 | $6M | 3.6% | TRIM −28% |
| 8 | ECVTECOVYST INC | 470,000 | $6M | 3.5% | NEW |
| 9 | QQNITY ELECTRONICS INC | 50,425 | $6M | 3.4% | TRIM −33% |
| 10 | CCCHEMOURS CO | 253,903 | $6M | 3.3% | NEW |
| 11 | ASHASHLAND INC | 100,000 | $6M | 3.2% | NEW |
| 12 | OIO-I GLASS INC | 414,897 | $4M | 2.5% | NEW |
| 13 | BGBUNGE GLOBAL SA | 33,000 | $4M | 2.4% | NEW |
| 14 | CLFCLEVELAND-CLIFFS INC NEW | 480,000 | $4M | 2.4% | NEW |
| 15 | DARDARLING INGREDIENTS INC | 54,605 | $3M | 2.0% | ADD 195% |
| 16 | PKGPACKAGING CORP AMER | 15,000 | $3M | 1.9% | NEW |
| 17 | FDXFEDEX CORP | 7,103 | $3M | 1.5% | TRIM −25% |
| 18 | FLSFLOWSERVE CORP | 33,944 | $2M | 1.5% | TRIM −32% |
| 19 | MEOHMETHANEX CORP | 39,934 | $2M | 1.4% | TRIM −76% |
| 20 | NUENUCOR CORP | 12,000 | $2M | 1.2% | NEW |
| 21 | STLDSTEEL DYNAMICS INC | 11,000 | $2M | 1.2% | NEW |
| 22 | SFDSMITHFIELD FOODS INC | 70,000 | $2M | 1.1% | NEW |
| 23 | ARLPALLIANCE RESOURCE PARTNERS L | 66,000 | $2M | 1.1% | NEW |
| 24 | WMSADVANCED DRAIN SYS INC DEL | 12,801 | $2M | 1.0% | NEW |
| 25 | DDDUPONT DE NEMOURS INC | 35,109 | $2M | 0.9% | TRIM −75% |
| 26 | ATIALLEGHENY TECHNOLOGIES INC | 9,842 | $1M | 0.8% | TRIM −34% |
| 27 | BCCBOISE CASCADE CO DEL | 5,000 | $379,250 | 0.2% | NEW |
| 28 | ATCXATLAS CRITICAL MINERALS CORP | 47,000 | $261,320 | 0.2% | NEW |
| 29 | URGUR-ENERGY INC | 20,069 | $29,903 | 0.0% | HOLD |
| Security | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| METCRAMACO RES INC | — | — | — | — | 1.7M | 3.0M | $47M |
| SGMLSIGMA LITHIUM CORPORATION | — | — | — | — | 1.3M | 1.5M | $19M |
| HNRGHALLADOR ENERGY COMPANY | — | — | — | — | 111K | 648K | $11M |
| HUTHUT 8 CORP | — | — | — | — | 193K | 218K | $10M |
| FLRFLUOR CORP NEW | — | — | — | — | — | 180K | $8M |
| ATRAPTARGROUP INC | — | — | — | — | — | 59K | $7M |
| NGVTINGEVITY CORP | — | — | — | — | 119K | 86K | $6M |
| ECVTECOVYST INC | — | — | — | — | — | 470K | $6M |
| QQNITY ELECTRONICS INC | — | — | — | — | 75K | 50K | $6M |
| CCCHEMOURS CO | — | — | — | — | — | 254K | $6M |
| ASHASHLAND INC | — | — | — | — | — | 100K | $6M |
| OIO-I GLASS INC | — | — | — | — | — | 415K | $4M |
| BGBUNGE GLOBAL SA | — | — | — | — | — | 33K | $4M |
| CLFCLEVELAND-CLIFFS INC NEW | — | — | — | — | — | 480K | $4M |
| DARDARLING INGREDIENTS INC | — | — | — | — | 19K | 55K | $3M |
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.
