CIK 2040638
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 |
|---|---|---|
| Commercial Services & Supplies | 31.38% | 3 |
| Utilities | 14.82% | 2 |
| Construction & Engineering | 12.56% | 1 |
| Distributors | 8.75% | 1 |
| Metals & Mining | 8.45% | 2 |
| Unclassified | 7.60% | 3 |
| Construction Materials | 5.59% | 1 |
| Semiconductors & Semiconductor Equipment | 5.47% | 1 |
| Machinery | 5.37% | 1 |
| # | Ticker | Name | Sector | Weight |
|---|---|---|---|---|
| 1 | GVA | GRANITE CONSTRUCTION INC | Industrials | 12.56% |
| 2 | GFL | GFL Environmental Inc. | Industrials | 10.54% |
| 3 | CLH | CLEAN HARBORS INC | Industrials | 10.46% |
| 4 | CWST | CASELLA WASTE SYSTEMS INC | Industrials | 10.38% |
| 5 | TEL | TE Connectivity plc | Consumer Discretionary | 8.75% |
| 6 | VST | Vistra Corp. | Utilities | 8.22% |
| 7 | CTRI | Centuri Holdings, Inc. | Utilities | 6.60% |
| 8 | SECYF | Secure Waste Infrastructure Corp. | Unclassified | 6.23% |
| 9 | EXP | EAGLE MATERIALS INC | Materials | 5.59% |
| 10 | BDC | BELDEN INC. | Materials | 5.59% |
12/15 names classified · sector 92.4% of weight · industry 92.4% · mkt cap 84.2%; 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: 92.4% of the book is sector-classified (unclassified names shown, never dropped).
Classified: 73.6% of book weight (9/15 names) · unclassified 26.4%: GFL, SECYF, SEI, MT, AER, SMERY. 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 | GVAGRANITE CONSTR INC | 132,484 | $16M | 12.6% | TRIM −6% |
| 2 | GFLGFL ENVIRONMENTAL INC | 319,272 | $13M | 10.5% | ADD 65% |
| 3 | CLHCLEAN HARBORS INC | 46,115 | $13M | 10.5% | TRIM −29% |
| 4 | CWSTCASELLA WASTE SYS INC | 165,385 | $13M | 10.4% | ADD 14% |
| 5 | TELTE CONNECTIVITY PLC | 52,924 | $11M | 8.8% | ADD 45% |
| 6 | VSTVISTRA CORP | 69,077 | $10M | 8.2% | NEW |
| 7 | CTRICENTURI HOLDINGS INC | 285,721 | $8M | 6.6% | TRIM −17% |
| 8 | SECYFSecure Waste Infrastructure Corp. | 501,743 | $8M | 6.2% | NEW |
| 9 | EXPEAGLE MATLS INC | 37,323 | $7M | 5.6% | ADD 3% |
| 10 | BDCBELDEN INC | 61,576 | $7M | 5.6% | NEW |
| 11 | MRVLMARVELL TECHNOLOGY INC | 69,828 | $7M | 5.5% | TRIM −28% |
| 12 | SEISOLARIS ENERGY INFRAS INC | 120,209 | $7M | 5.4% | NEW |
| 13 | MTARCELORMITTAL SA LUXEMBOURG | 69,489 | $4M | 2.9% | TRIM −63% |
| 14 | AERAERCAP HOLDINGS NV | 10,040 | $1M | 1.1% | TRIM −89% |
| 15 | SMERYSIEMENS ENERGY AG SPON ADS | 2,125 | $358,530 | 0.3% | NEW |
| Security | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| GVAGRANITE CONSTR INC | — | — | — | — | 141K | 132K | $16M |
| GFLGFL ENVIRONMENTAL INC | — | — | — | — | 194K | 319K | $13M |
| CLHCLEAN HARBORS INC | — | — | — | — | 65K | 46K | $13M |
| CWSTCASELLA WASTE SYS INC | — | — | — | — | 145K | 165K | $13M |
| TELTE CONNECTIVITY PLC | — | — | — | — | 36K | 53K | $11M |
| VSTVISTRA CORP | — | — | — | — | — | 69K | $10M |
| CTRICENTURI HOLDINGS INC | — | — | — | — | 345K | 286K | $8M |
| SECYFSecure Waste Infrastructure Corp. | — | — | — | — | — | 502K | $8M |
| EXPEAGLE MATLS INC | — | — | — | — | 36K | 37K | $7M |
| BDCBELDEN INC | — | — | — | — | — | 62K | $7M |
| MRVLMARVELL TECHNOLOGY INC | — | — | — | — | 97K | 70K | $7M |
| SEISOLARIS ENERGY INFRAS INC | — | — | — | — | — | 120K | $7M |
| MTARCELORMITTAL SA LUXEMBOURG | — | — | — | — | 187K | 69K | $4M |
| AERAERCAP HOLDINGS NV | — | — | — | — | 93K | 10K | $1M |
| SMERYSIEMENS ENERGY AG SPON ADS | — | — | — | — | — | 2K | $358,530 |
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.
