CIK 2049307
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 | 47.78% | 9 |
| Oil, Gas & Consumable Fuels | 28.76% | 4 |
| Unclassified | 7.52% | 2 |
| Capital Markets | 7.09% | 1 |
| Construction Materials | 3.76% | 1 |
| Chemicals | 3.09% | 1 |
| Equity Real Estate Investment Trusts (REITs) | 1.99% | 1 |
| # | Ticker | Name | Sector | Weight |
|---|---|---|---|---|
| 1 | CGAU | Centerra Gold Inc. | Materials | 8.49% |
| 2 | PBR | PETROBRAS - PETROLEO BRASILEIRO SA | Energy | 7.72% |
| 3 | XOM | EXXON MOBIL CORP | Energy | 7.63% |
| 4 | VNOM | Viper Energy, Inc. | Energy | 7.24% |
| 5 | RGLD | ROYAL GOLD INC | Financials | 7.09% |
| 6 | TASEKO MINES LTD | Unclassified | 7.04% | |
| 7 | AGI | ALAMOS GOLD INC CLASS A | Materials | 6.40% |
| 8 | AEM | AGNICO EAGLE MINES LTD | Materials | 6.30% |
| 9 | COP | CONOCOPHILLIPS | Energy | 6.17% |
| 10 | WPM | WHEATON PRECIOUS METALS CORP | Materials | 5.99% |
17/19 names classified · sector 92.5% of weight · industry 92.5% · mkt cap 50.7%; 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: 92.5% of the book is sector-classified (unclassified names shown, never dropped).
Only 35% of book weight classified — the grid is NOT representative of the whole book.
Classified: 34.9% of book weight (7/19 names) · unclassified 65.1%: CGAU, PBR, VNOM, , AGI, AEM, WPM, PAAS, FNV, EQX +2 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 | CGAUCENTERRA GOLD INC | 1,250,400 | $22M | 8.5% | HOLD |
| 2 | PBRPETROLEO BRASILEIRO S A | 974,600 | $20M | 7.7% | NEW |
| 3 | XOMEXXON MOBIL CORP | 117,900 | $20M | 7.6% | ADD 154% |
| 4 | VNOMVIPER ENERGY INC | 404,000 | $19M | 7.2% | NEW |
| 5 | RGLDROYAL GOLD INC | 73,000 | $19M | 7.1% | ADD 3% |
| 6 | TASEKO MINES LTD | 2,862,200 | $18M | 7.0% | ADD 10% |
| 7 | AGIALAMOS GOLD INC NEW | 377,600 | $17M | 6.4% | TRIM −4% |
| 8 | AEMAGNICO EAGLE MINES LTD | 81,300 | $17M | 6.3% | TRIM −8% |
| 9 | COPCONOCOPHILLIPS | 122,500 | $16M | 6.2% | NEW |
| 10 | WPMWHEATON PRECIOUS METALS CORP | 119,800 | $16M | 6.0% | NEW |
| 11 | CDECOEUR MNG INC | 726,900 | $14M | 5.2% | TRIM −17% |
| 12 | PAASPAN AMERN SILVER CORP | 245,400 | $13M | 5.1% | TRIM −31% |
| 13 | FNVFRANCO NEV CORP | 52,100 | $13M | 4.9% | NEW |
| 14 | HLHECLA MNG CO | 529,600 | $10M | 3.8% | TRIM −47% |
| 15 | HUNHUNTSMAN CORP | 609,100 | $8M | 3.1% | NEW |
| 16 | EQXEQUINOX GOLD CORP | 506,000 | $7M | 2.8% | NEW |
| 17 | BVNCOMPANIA DE MINAS BUENAVENTU | 187,600 | $7M | 2.6% | NEW |
| 18 | CXWCORECIVIC INC | 275,800 | $5M | 2.0% | TRIM −59% |
| 19 | NKLRTERRA INNOVATUM GLOBAL NV | 270,300 | $1M | 0.5% | ADD 56% |
| Security | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| CGAUCENTERRA GOLD INC | — | — | — | — | 1.3M | 1.3M | $22M |
| PBRPETROLEO BRASILEIRO S A | — | — | — | — | — | 975K | $20M |
| XOMEXXON MOBIL CORP | — | — | — | — | 47K | 118K | $20M |
| VNOMVIPER ENERGY INC | — | — | — | — | — | 404K | $19M |
| RGLDROYAL GOLD INC | — | — | — | — | 71K | 73K | $19M |
| TASEKO MINES LTD | — | — | — | — | 2.6M | 2.9M | $18M |
| AGIALAMOS GOLD INC NEW | — | — | — | — | 393K | 378K | $17M |
| AEMAGNICO EAGLE MINES LTD | — | — | — | — | 88K | 81K | $17M |
| COPCONOCOPHILLIPS | — | — | — | — | — | 123K | $16M |
| WPMWHEATON PRECIOUS METALS CORP | — | — | — | — | — | 120K | $16M |
| CDECOEUR MNG INC | — | — | — | — | 872K | 727K | $14M |
| PAASPAN AMERN SILVER CORP | — | — | — | — | 358K | 245K | $13M |
| FNVFRANCO NEV CORP | — | — | — | — | — | 52K | $13M |
| HLHECLA MNG CO | — | — | — | — | 993K | 530K | $10M |
| HUNHUNTSMAN CORP | — | — | — | — | — | 609K | $8M |
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.
