CIK 2008506
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 | 28.48% | 19 |
| Unclassified | 27.83% | 14 |
| Marine | 10.28% | 7 |
| Utilities | 6.57% | 4 |
| Banks | 4.25% | 2 |
| Construction Materials | 4.01% | 2 |
| Chemicals | 4.00% | 3 |
| Machinery | 4.00% | 2 |
| Coal & Consumable Fuels | 2.87% | 2 |
| Real Estate Management & Development | 2.81% | 2 |
| Metals & Mining | 2.52% | 1 |
| Technology Hardware & Equipment | 1.14% | 1 |
| Tobacco | 0.57% | 1 |
| Agricultural Products | 0.35% | 1 |
| Software & IT Services | 0.32% | 1 |
| # | Ticker | Name | Sector | Weight |
|---|---|---|---|---|
| 1 | EWZ | ISHARES INC MSCI BRAZIL ETF | Unclassified | 5.52% |
| 2 | GDX | VANECK ETF TRUST GOLD MINERS ETF | Unclassified | 5.33% |
| 3 | FRO | Frontline, LTD. | Unclassified | 3.52% |
| 4 | ECNS | ISHARES TR | Unclassified | 3.49% |
| 5 | ECH | ISHARES INC MSCI CHILE ETF | Unclassified | 3.22% |
| 6 | PAM | Pampa Energy Inc. | Utilities | 3.08% |
| 7 | YPF | YPF SOCIEDAD ANONIMA | Energy | 2.88% |
| 8 | CEPU | CENTRAL PUERTO S.A. | Utilities | 2.69% |
| 9 | RIG | Transocean Ltd. | Energy | 2.69% |
| 10 | LOMA | Loma Negra Compania Industrial Argentina Sociedad Anonima | Materials | 2.59% |
48/62 names classified · sector 72.2% of weight · industry 72.2% · mkt cap 37.0%; 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: 72.2% of the book is sector-classified (unclassified names shown, never dropped).
Only 30% of book weight classified — the grid is NOT representative of the whole book.
Classified: 30.4% of book weight (22/62 names) · unclassified 69.6%: EWZ, GDX, FRO, ECNS, ECH, PAM, YPF, CEPU, RIG, LOMA +30 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 | EWZISHARES INC MSCI BRAZIL ETF | 266,027 | $10M | 5.5% | HOLD |
| 2 | GDXVANECK ETF TRUST GOLD MINERS ETF | 107,410 | $10M | 5.3% | TRIM −2% |
| 3 | FROFrontline, LTD. | 186,865 | $7M | 3.5% | ADD 4% |
| 4 | ECNSISHARES TR | 198,622 | $6M | 3.5% | ADD 7% |
| 5 | ECHISHARES INC MSCI CHILE ETF | 149,744 | $6M | 3.2% | NEW |
| 6 | PAMPAMPA ENERGIA S A | 64,297 | $6M | 3.1% | ADD 4% |
| 7 | YPFYPF SOCIEDAD ANONIMA | 115,113 | $5M | 2.9% | HOLD |
| 8 | CEPUCENTRAL PUERTO S A | 295,779 | $5M | 2.7% | HOLD |
| 9 | RIGTRANSOCEAN LTD | 750,502 | $5M | 2.7% | ADD 8% |
| 10 | LOMALOMA NEGRA C I A S A MTN 14 | 432,065 | $5M | 2.6% | ADD 5% |
| 11 | FTITECHNIPFMC PLC | 69,236 | $5M | 2.6% | HOLD |
| 12 | SBSWSIBANYE STILLWATER LTD | 378,082 | $5M | 2.5% | HOLD |
| 13 | SSLSASOL LTD | 348,220 | $5M | 2.4% | NEW |
| 14 | TENTSAKOS ENERGY NAVIGATION LTD | 111,018 | $4M | 2.4% | ADD 5% |
| 15 | DHTDHT HOLDINGS INC | 235,427 | $4M | 2.3% | ADD 4% |
| 16 | CRESYCRESUD S A C I F Y A | 328,160 | $4M | 2.3% | ADD 3% |
| 17 | BBARBANCO BBVA ARGENTINA S A | 257,507 | $4M | 2.2% | ADD 3% |
| 18 | NENOBLE CORP PLC | 81,839 | $4M | 2.2% | ADD 7% |
| 19 | INSWINTERNATIONAL SEAWAYS INC | 53,180 | $4M | 2.1% | ADD 6% |
| 20 | LXULSB INDS INC | 254,766 | $4M | 2.1% | NEW |
| 21 | BMABANCO MACRO SA | 48,112 | $4M | 2.0% | ADD 4% |
| 22 | SDRLSEADRILL LTD | 81,477 | $4M | 2.0% | NEW |
| 23 | BORRBORR DRILLING LTD | 614,531 | $4M | 1.9% | HOLD |
| 24 | BTUPEABODY ENERGY CORP | 103,652 | $3M | 1.8% | ADD 5% |
| 25 | VALVALARIS LTD | 30,813 | $3M | 1.6% | HOLD |
| 26 | TNKTEEKAY TANKERS LTD | 37,501 | $3M | 1.5% | HOLD |
| 27 | EQTEQT CORP | 42,025 | $3M | 1.4% | ADD 2% |
| 28 | OIIOCEANEERING INTL INC | 74,265 | $3M | 1.4% | HOLD |
| 29 | IPIINTREPID POTASH INC | 61,235 | $3M | 1.4% | ADD 4% |
| 30 | WFRDWEATHERFORD INTL PLC | 27,582 | $3M | 1.4% | HOLD |
| 31 | RRCRANGE RES CORP | 56,257 | $3M | 1.4% | ADD 3% |
| 32 | CNXCNX RES CORP | 65,555 | $3M | 1.4% | ADD 2% |
| 33 | ARANTERO RESOURCES CORP | 59,004 | $3M | 1.4% | ADD 3% |
| 34 | TDWTIDEWATER INC NEW | 27,381 | $2M | 1.2% | ADD 4% |
| 35 | STNGSCORPIO TANKERS INC | 30,254 | $2M | 1.2% | ADD 4% |
| 36 | GEOSGEOSPACE TECHNOLOGIES CORP | 173,339 | $2M | 1.1% | HOLD |
| 37 | HLXHELIX ENERGY SOLUTIONS GRP I | 207,774 | $2M | 1.1% | ADD 4% |
| 38 | CRKCOMSTOCK RES INC | 96,378 | $2M | 1.1% | TRIM −47% |
| 39 | ASCARDMORE SHIPPING CORP | 133,016 | $2M | 1.1% | ADD 5% |
| 40 | XPROEXPRO GROUP HOLDINGS NV | 111,910 | $2M | 1.1% | ADD 6% |
| 41 | GPRKGEOPARK LTD | 201,826 | $2M | 1.0% | ADD 8% |
| 42 | CNRCORE NATURAL RESOURCES INC | 18,118 | $2M | 1.0% | ADD 7% |
| 43 | MOSMOSAIC CO NEW | 74,103 | $2M | 1.0% | ADD 20% |
| 44 | ICLICL GROUP LTD | 331,637 | $2M | 0.9% | ADD 7% |
| 45 | SMHISEACOR MARINE HLDGS INC | 210,927 | $2M | 0.8% | ADD 9% |
| 46 | EXEEXPAND ENERGY CORPORATION | 13,719 | $2M | 0.8% | TRIM −43% |
| 47 | ECOOKEANIS ECO TANKERS COR | 27,706 | $1M | 0.8% | ADD 11% |
| 48 | TGSTRANSPORTADORA DE GAS SUR | 41,460 | $1M | 0.8% | ADD 8% |
| 49 | PBRPETROLEO BRASILEIRO S A | 57,678 | $1M | 0.6% | ADD 22% |
| 50 | ECECOPETROL S A | 72,700 | $1M | 0.6% | ADD 16% |
| 51 | BTIBRITISH AMERN TOB PLC | 17,917 | $1M | 0.6% | ADD 16% |
| 52 | BWLPBW LPG LTD | 58,883 | $1M | 0.6% | ADD 18% |
| 53 | IRSIRSA INVERSIONES Y REP S A | 63,547 | $1M | 0.6% | ADD 19% |
| 54 | HAFNHAFNIA LTD | 124,253 | $956,889 | 0.5% | ADD 26% |
| 55 | TRMDTORM PLC | 33,427 | $932,640 | 0.5% | ADD 21% |
| 56 | SBLKSTAR BULK CARRIERS CORP. | 38,746 | $890,015 | 0.5% | ADD 28% |
| 57 | SMSM ENERGY CO | 28,249 | $880,834 | 0.5% | NEW |
| 58 | IVVISHARES TR | 1,118 | $730,289 | 0.4% | HOLD |
| 59 | CALMCal-Maine Foods, Inc. | 8,292 | $656,385 | 0.4% | ADD 90% |
| 60 | WBWEIBO CORP | 68,502 | $599,400 | 0.3% | ADD 76% |
| 61 | MNDOMIND C T I LTD | 169,621 | $195,064 | 0.1% | TRIM −2% |
| 62 | ENICENEL CHILE S.A. | 14,559 | $57,363 | 0.0% | NEW |
| Security | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| EWZISHARES INC MSCI BRAZIL ETF | — | — | — | 270K | 262K | 266K | $10M |
| GDXVANECK ETF TRUST GOLD MINERS ETF | 128K | 257K | 125K | 117K | 110K | 107K | $10M |
| FROFrontline, LTD. | 182K | 385K | 191K | 184K | 179K | 187K | $7M |
| ECNSISHARES TR | — | — | — | 182K | 185K | 199K | $6M |
| ECHISHARES INC MSCI CHILE ETF | — | — | — | — | — | 150K | $6M |
| PAMPAMPA ENERGIA S A | 73K | 143K | 70K | 65K | 62K | 64K | $6M |
| YPFYPF SOCIEDAD ANONIMA | 137K | 261K | 129K | 120K | 114K | 115K | $5M |
| CEPUCENTRAL PUERTO S A | 336K | 665K | 329K | 309K | 291K | 296K | $5M |
| RIGTRANSOCEAN LTD | 623K | 1.3M | 671K | 670K | 692K | 751K | $5M |
| LOMALOMA NEGRA C I A S A MTN 14 | 462K | 909K | 444K | 418K | 410K | 432K | $5M |
| FTITECHNIPFMC PLC | 84K | 167K | 83K | 75K | 70K | 69K | $5M |
| SBSWSIBANYE STILLWATER LTD | 411K | 839K | 414K | 392K | 376K | 378K | $5M |
| SSLSASOL LTD | — | — | — | — | — | 348K | $5M |
| TENTSAKOS ENERGY NAVIGATION LTD | 107K | 222K | 110K | 106K | 105K | 111K | $4M |
| DHTDHT HOLDINGS INC | 245K | 496K | 245K | 231K | 226K | 235K | $4M |
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.
