CIK 2057190
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 | 48.07% | 2 |
| Diversified Telecommunication Services | 29.10% | 2 |
| Chemicals | 8.16% | 1 |
| Equity Real Estate Investment Trusts (REITs) | 6.11% | 1 |
| Metals & Mining | 4.40% | 1 |
| Paper & Forest Products | 2.16% | 1 |
| Real Estate Management & Development | 2.01% | 1 |
| # | Ticker | Name | Sector | Weight |
|---|---|---|---|---|
| 1 | VET | VERMILION ENERGY INC. | Energy | 26.19% |
| 2 | GTE | GRAN TIERRA ENERGY INC. | Energy | 21.88% |
| 3 | LUMN | Lumen Technologies, Inc. | Communication Services | 20.78% |
| 4 | TSAT | Telesat Corp | Communication Services | 8.32% |
| 5 | GT | GOODYEAR TIRE & RUBBER CO /OH/ | Materials | 8.16% |
| 6 | BDN | BRANDYWINE REALTY TRUST | Real Estate | 6.11% |
| 7 | ASTL | Algoma Steel Group Inc. | Materials | 4.40% |
| 8 | GPK | GRAPHIC PACKAGING HOLDING CO | Materials | 2.16% |
| 9 | CMTG | Claros Mortgage Trust, Inc. | Real Estate | 2.01% |
9/9 names classified · sector 100.0% of weight · industry 100.0% · mkt cap 91.7%; 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: 100.0% of the book is sector-classified (unclassified names shown, never dropped).
Only 31% of book weight classified — the grid is NOT representative of the whole book.
Classified: 31.1% of book weight (3/9 names) · unclassified 68.9%: VET, GTE, TSAT, BDN, ASTL, CMTG. 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 | VETVERMILION ENERGY INC | 3,157,600 | $43M | 26.2% | TRIM −16% |
| 2 | GTEGRAN TIERRA ENERGY INC | 4,045,420 | $36M | 21.9% | ADD 10% |
| 3 | LUMNLUMEN TECHNOLOGIES INC | 4,957,000 | $34M | 20.8% | ADD 33% |
| 4 | TSATTELESAT CORP | 382,650 | $14M | 8.3% | ADD 16% |
| 5 | GTGOODYEAR TIRE & RUBR CO | 2,040,000 | $14M | 8.2% | ADD 21% |
| 6 | BDNBRANDYWINE RLTY TR | 3,740,000 | $10M | 6.1% | ADD 40% |
| 7 | ASTLALGOMA STL GROUP INC | 1,765,000 | $7M | 4.4% | ADD 20% |
| 8 | GPKGRAPHIC PACKAGING HLDG CO | 360,000 | $4M | 2.2% | NEW |
| 9 | CMTGCLAROS MTG TR INC | 1,400,000 | $3M | 2.0% | ADD 162% |
| Security | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| VETVERMILION ENERGY INC | 2.0M | 2.4M | 2.8M | 2.9M | 3.8M | 3.2M | $43M |
| GTEGRAN TIERRA ENERGY INC | 1.1M | 1.7M | 1.9M | 2.8M | 3.7M | 4.0M | $36M |
| LUMNLUMEN TECHNOLOGIES INC | 8.8M | 9.8M | 10.4M | 10.2M | 3.7M | 5.0M | $34M |
| TSATTELESAT CORP | 809K | 531K | 466K | 452K | 329K | 383K | $14M |
| GTGOODYEAR TIRE & RUBR CO | — | — | — | 510K | 1.7M | 2.0M | $14M |
| BDNBRANDYWINE RLTY TR | — | — | — | — | 2.7M | 3.7M | $10M |
| ASTLALGOMA STL GROUP INC | — | 910K | 890K | 1.1M | 1.5M | 1.8M | $7M |
| GPKGRAPHIC PACKAGING HLDG CO | — | — | — | — | — | 360K | $4M |
| CMTGCLAROS MTG TR INC | — | — | — | — | 534K | 1.4M | $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.
