CIK 2122489
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 |
|---|---|---|
| Capital Markets | 70.07% | 4 |
| Unclassified | 26.95% | 6 |
| Utilities | 2.20% | 2 |
| Equity Real Estate Investment Trusts (REITs) | 0.34% | 2 |
| Oil, Gas & Consumable Fuels | 0.30% | 2 |
| Pharmaceuticals & Biotechnology | 0.06% | 2 |
| Hotels, Restaurants & Leisure | 0.03% | 1 |
| Entertainment | 0.02% | 1 |
| Marine | 0.01% | 1 |
| Metals & Mining | 0.01% | 3 |
| Banks | 0.01% | 3 |
| Coal & Consumable Fuels | 0.01% | 1 |
| Real Estate Management & Development | 0.00% | 1 |
| # | Ticker | Name | Sector | Weight |
|---|---|---|---|---|
| 1 | TPL | Texas Pacific Land Corp | Financials | 62.83% |
| 2 | GBTC | GRAYSCALE BITCOIN TRUST ETF | Unclassified | 19.61% |
| 3 | LB | LandBridge Co LLC | Financials | 5.73% |
| 4 | PBT | PERMIAN BASIN RTY TR | Unclassified | 4.58% |
| 5 | BTC | GRAYSCALE BITCOIN MINI TR ET | Unclassified | 2.74% |
| 6 | HE | HAWAIIAN ELECTRIC INDUSTRIES INC | Utilities | 2.20% |
| 7 | MSB | MESABI TRUST | Financials | 1.26% |
| 8 | HHH | Howard Hughes Holdings Inc. | Real Estate | 0.34% |
| 9 | WBI | WaterBridge Infrastructure LLC | Energy | 0.30% |
| 10 | MIAX | MIAMI INTERNATIONAL HOLDINGS, INC. | Financials | 0.25% |
23/29 names classified · sector 73.1% of weight · industry 73.1% · mkt cap 72.7%; 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: 73.1% of the book is sector-classified (unclassified names shown, never dropped).
Classified: 66.7% of book weight (7/29 names) · unclassified 33.3%: GBTC, LB, PBT, BTC, WBI, MIAX, NVO, SEG, , BKKT +12 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 | TPLTEXAS PACIFIC LAND CORPORATI | 149,458 | $71M | 62.8% | HOLD |
| 2 | GBTCGRAYSCALE BITCOIN TRUST ETF | 419,620 | $22M | 19.6% | HOLD |
| 3 | LBLANDBRIDGE COMPANY LLC | 93,756 | $6M | 5.7% | HOLD |
| 4 | PBTPERMIAN BASIN RTY TR | 240,342 | $5M | 4.6% | HOLD |
| 5 | BTCGRAYSCALE BITCOIN MINI TR ET | 103,200 | $3M | 2.7% | HOLD |
| 6 | HEHAWAIIAN ELEC INDS INC MTN B | 167,460 | $2M | 2.2% | ADD 13% |
| 7 | MSBMESABI TR | 45,114 | $1M | 1.3% | HOLD |
| 8 | HHHHOWARD HUGHES HOLDINGS INC | 6,000 | $379,560 | 0.3% | TRIM −17% |
| 9 | WBIWATERBRIDGE INFRASTRUCTURE L | 12,500 | $334,875 | 0.3% | HOLD |
| 10 | MIAXMIAMI INTL HLDGS INC | 7,200 | $280,224 | 0.2% | NEW |
| 11 | NVONOVO-NORDISK A S | 1,868 | $68,649 | 0.1% | HOLD |
| 12 | CVEOCIVEO CORP CDA | 1,188 | $31,434 | 0.0% | HOLD |
| 13 | SEGSEAPORT ENTMT GROUP INC | 1,254 | $26,936 | 0.0% | HOLD |
| 14 | CCLCARNIVAL CORP | 455 | $11,775 | 0.0% | NEW |
| 15 | ROYAL CARIBBEAN GROUP | 32 | $8,806 | 0.0% | NEW |
| 16 | BKKTBAKKT HOLDINGS INC | 1,147 | $8,442 | 0.0% | HOLD |
| 17 | ARLPALLIANCE RESOURCE PARTNERS L | 296 | $8,184 | 0.0% | HOLD |
| 18 | WPMWHEATON PRECIOUS METALS CORP | 44 | $5,764 | 0.0% | TRIM −97% |
| 19 | IBITISHARES BITCOIN TRUST ETF | 102 | $3,919 | 0.0% | HOLD |
| 20 | NGNOVAGOLD RES INC | 400 | $3,592 | 0.0% | HOLD |
| 21 | TRCTEJON RANCH CO | 81 | $1,526 | 0.0% | HOLD |
| 22 | CRCLCIRCLE INTERNET GROUP INC | 6 | $572 | 0.0% | ADD 500% |
| 23 | SLVISHARES SILVER TR | 8 | $545 | 0.0% | HOLD |
| 24 | BURBURFORD CAP LTD | 76 | $325 | 0.0% | NEW |
| 25 | TMQTRILOGY METALS INC NEW | 66 | $237 | 0.0% | HOLD |
| 26 | FRMIFERMI INC | 32 | $187 | 0.0% | ADD 129% |
| 27 | PAAPLAINS ALL AMERN PIPELINE L | 2 | $45 | 0.0% | HOLD |
| 28 | ETENERGY TRANSFER L P | 2 | $39 | 0.0% | HOLD |
| 29 | CNTNTHARIMMUNE INC | 2 | $7 | 0.0% | NEW |
| Security | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| TPLTEXAS PACIFIC LAND CORPORATI | — | — | — | — | 150K | 149K | $71M |
| GBTCGRAYSCALE BITCOIN TRUST ETF | — | — | — | — | 422K | 420K | $22M |
| LBLANDBRIDGE COMPANY LLC | — | — | — | — | 94K | 94K | $6M |
| PBTPERMIAN BASIN RTY TR | — | — | — | — | 239K | 240K | $5M |
| BTCGRAYSCALE BITCOIN MINI TR ET | — | — | — | — | 103K | 103K | $3M |
| HEHAWAIIAN ELEC INDS INC MTN B | — | — | — | — | 148K | 167K | $2M |
| MSBMESABI TR | — | — | — | — | 45K | 45K | $1M |
| HHHHOWARD HUGHES HOLDINGS INC | — | — | — | — | 7K | 6K | $379,560 |
| WBIWATERBRIDGE INFRASTRUCTURE L | — | — | — | — | 13K | 13K | $334,875 |
| MIAXMIAMI INTL HLDGS INC | — | — | — | — | — | 7K | $280,224 |
| NVONOVO-NORDISK A S | — | — | — | — | 2K | 2K | $68,649 |
| CVEOCIVEO CORP CDA | — | — | — | — | 1K | 1K | $31,434 |
| SEGSEAPORT ENTMT GROUP INC | — | — | — | — | 1K | 1K | $26,936 |
| CCLCARNIVAL CORP | — | — | — | — | — | 455 | $11,775 |
| ROYAL CARIBBEAN GROUP | — | — | — | — | — | 32 | $8,806 |
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.
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