CIK 754811
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 |
|---|---|---|
| Airlines | 49.01% | 14 |
| Metals & Mining | 27.28% | 42 |
| Aerospace & Defense | 5.11% | 4 |
| Unclassified | 3.92% | 17 |
| Transportation Infrastructure | 3.05% | 3 |
| Capital Markets | 3.05% | 4 |
| Software & IT Services | 2.98% | 2 |
| Oil, Gas & Consumable Fuels | 1.49% | 13 |
| Marine | 0.76% | 7 |
| Commercial Services & Supplies | 0.72% | 1 |
| Chemicals | 0.40% | 3 |
| Hotels, Restaurants & Leisure | 0.36% | 5 |
| Automobiles & Components | 0.31% | 1 |
| Specialty Retail | 0.26% | 2 |
| Utilities | 0.24% | 2 |
| Machinery | 0.18% | 3 |
| Construction Materials | 0.16% | 1 |
| Entertainment | 0.13% | 1 |
| Construction & Engineering | 0.13% | 2 |
| Road & Rail | 0.13% | 2 |
| Banks | 0.13% | 1 |
| Coal & Consumable Fuels | 0.07% | 2 |
| Textiles, Apparel & Luxury Goods | 0.07% | 1 |
| Food Products | 0.06% | 1 |
| Beverages | 0.02% | 1 |
| # | Ticker | Name | Sector | Weight |
|---|---|---|---|---|
| 1 | DAL | DELTA AIR LINES, INC. | Industrials | 9.08% |
| 2 | UAL | United Airlines Holdings, Inc. | Industrials | 8.42% |
| 3 | AAL | American Airlines Group Inc. | Industrials | 8.06% |
| 4 | LUV | SOUTHWEST AIRLINES CO | Industrials | 7.31% |
| 5 | JBLU | JETBLUE AIRWAYS CORP | Industrials | 2.86% |
| 6 | ALGT | Allegiant Travel CO | Industrials | 2.83% |
| 7 | ULCC | Frontier Group Holdings, Inc. | Industrials | 2.79% |
| 8 | SKYW | SKYWEST INC | Industrials | 2.76% |
| 9 | ALK | ALASKA AIR GROUP, INC. | Industrials | 2.56% |
| 10 | FNV | FRANCO NEVADA CORP | Materials | 2.43% |
119/135 names classified · sector 96.4% of weight · industry 96.1% · mkt cap 77.6%; 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: 96.4% of the book is sector-classified (unclassified names shown, never dropped).
Classified: 62.6% of book weight (54/135 names) · unclassified 37.4%: JBLU, FNV, OR, IAG, GFI, AU, AEM, USAS, AGI, VOXR +71 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 | DALDELTA AIR LINES INC | 1,171,746 | $78M | 9.1% | TRIM −4% |
| 2 | UALUNITED AIRLS HLDGS INC | 784,599 | $72M | 8.4% | HOLD |
| 3 | AALAMERICAN AIRLS GROUP INC | 6,435,049 | $69M | 8.1% | ADD 16% |
| 4 | LUVSOUTHWEST AIRLS CO | 1,668,355 | $63M | 7.3% | TRIM −21% |
| 5 | JBLUJETBLUE AWYS CORP | 5,542,536 | $24M | 2.9% | ADD 17% |
| 6 | ALGTALLEGIANT TRAVEL CO | 299,225 | $24M | 2.8% | ADD 5% |
| 7 | ULCCFRONTIER GROUP HLDGS INC | 6,781,412 | $24M | 2.8% | ADD 64% |
| 8 | SKYWSKYWEST INC | 257,593 | $24M | 2.8% | ADD 16% |
| 9 | ALKAlaska Air Group, Inc. | 596,572 | $22M | 2.6% | ADD 31% |
| 10 | FNVFRANCO NEV CORP | 84,410 | $21M | 2.4% | TRIM −5% |
| 11 | RGLDROYAL GOLD INC | 81,240 | $21M | 2.4% | TRIM −7% |
| 12 | OROR ROYALTIES INC. | 534,625 | $20M | 2.4% | ADD 56% |
| 13 | IAGIAMGOLD CORP | 971,581 | $18M | 2.1% | ADD 69% |
| 14 | CDECOEUR MNG INC | 829,850 | $16M | 1.8% | ADD 134% |
| 15 | TRIPTRIPADVISOR INC | 1,372,941 | $15M | 1.7% | ADD 32% |
| 16 | GFIGOLD FIELDS LTD | 316,358 | $14M | 1.7% | ADD 111% |
| 17 | EXPEEXPEDIA GROUP INC | 56,029 | $13M | 1.5% | HOLD |
| 18 | AUANGLOGOLD ASHANTI PLC | 130,445 | $13M | 1.5% | ADD 45% |
| 19 | BKNGBOOKING HOLDINGS INC | 3,008 | $13M | 1.5% | HOLD |
| 20 | BABOEING CO | 62,592 | $12M | 1.5% | TRIM −19% |
| 21 | GDGENERAL DYNAMICS CORP | 36,097 | $12M | 1.4% | TRIM −23% |
| 22 | TXTTEXTRON INC | 139,954 | $12M | 1.4% | TRIM −24% |
| 23 | AEMAGNICO EAGLE MINES LTD | 59,133 | $12M | 1.4% | ADD 97% |
| 24 | SABRSABRE CORP | 7,534,906 | $11M | 1.3% | TRIM −26% |
| 25 | USASAMERICAS GOLD AND SILVER COR | 1,800,000 | $9M | 1.1% | HOLD |
| 26 | AGIALAMOS GOLD INC NEW | 201,021 | $9M | 1.0% | ADD 474% |
| 27 | VOXRVOX ROYALTY CORP | 1,662,000 | $9M | 1.0% | ADD 6% |
| 28 | AUGOAURA MINERALS INC | 100,000 | $8M | 1.0% | HOLD |
| 29 | CGAUCENTERRA GOLD INC | 438,452 | $8M | 0.9% | TRIM −39% |
| 30 | DRDDRDGOLD LIMITED | 245,545 | $7M | 0.8% | ADD 11% |
| 31 | SCZMSANTACRUZ SILVER MNG LTD | 781,754 | $7M | 0.8% | NEW |
| 32 | LTMLATAM AIRLINES GROUP SA | 136,140 | $7M | 0.8% | TRIM −10% |
| 33 | EMBJEMBRAER S.A. | 113,029 | $7M | 0.8% | TRIM −9% |
| 34 | SVMSILVERCORP METALS INC | 617,663 | $7M | 0.8% | ADD 147% |
| 35 | ARISARIS MNG CORP | 340,000 | $6M | 0.7% | HOLD |
| 36 | TCOMTRIP COM GROUP LTD | 123,343 | $6M | 0.7% | ADD 8% |
| 37 | HMYHARMONY GOLD MINING CO LTD | 397,947 | $6M | 0.7% | ADD 49% |
| 38 | RYAAYRYANAIR HOLDINGS PLC | 104,201 | $6M | 0.7% | TRIM −8% |
| 39 | KGCKINROSS GOLD CORP | 195,363 | $6M | 0.7% | ADD 95% |
| 40 | BBARRICK MNG CORP | 142,865 | $6M | 0.7% | TRIM −55% |
| 41 | MMYTMAKEMYTRIP LIMITED MAURITIUS | 140,706 | $5M | 0.6% | ADD 177% |
| 42 | PAASPAN AMERN SILVER CORP | 73,555 | $4M | 0.5% | HOLD |
| 43 | NEMNEWMONT CORP | 36,830 | $4M | 0.5% | NEW |
| 44 | ORLAORLA MNG LTD NEW | 246,374 | $4M | 0.5% | NEW |
| 45 | MTAMETALLA RTY & STREAMING LTD | 578,500 | $4M | 0.4% | TRIM −60% |
| 46 | FSMFORTUNA MNG CORP | 383,650 | $4M | 0.4% | TRIM −32% |
| 47 | WPMWHEATON PRECIOUS METALS CORP | 29,064 | $4M | 0.4% | TRIM −82% |
| 48 | VZLAVIZSLA SILVER CORP | 1,050,000 | $3M | 0.4% | HOLD |
| 49 | OMABGRUPO AEROPORTUARIO DEL CENT | 30,150 | $3M | 0.4% | TRIM −18% |
| 50 | SBSWSIBANYE STILLWATER LTD | 275,000 | $3M | 0.4% | HOLD |
| 51 | ASRGRUPO AEROPORTUARIO DEL SURE | 9,988 | $3M | 0.4% | TRIM −20% |
| 52 | CPACOPA HOLDINGS SA | 28,507 | $3M | 0.4% | TRIM −15% |
| 53 | SSRMSSR MINING IN | 110,000 | $3M | 0.4% | NEW |
| 54 | XOMEXXON MOBIL CORP | 17,500 | $3M | 0.3% | ADD 30% |
| 55 | ELEELEMENTAL RTY CORP | 150,000 | $3M | 0.3% | HOLD |
| 56 | EXKENDEAVOUR SILVER CORP | 295,200 | $3M | 0.3% | TRIM −14% |
| 57 | RACEFERRARI N V | 7,925 | $3M | 0.3% | ADD 36% |
| 58 | TSLATESLA INC | 7,100 | $3M | 0.3% | ADD 22% |
| 59 | RCLROYAL CARIBBEAN GROUP | 8,530 | $2M | 0.3% | TRIM −10% |
| 60 | NTRNUTRIEN LTD | 30,000 | $2M | 0.3% | ADD 20% |
| 61 | VMETVersamet Royalties Corp | 250,000 | $2M | 0.3% | NEW |
| 62 | TFPMTRIPLE FLAG PRECIOUS METAL | 60,000 | $2M | 0.2% | TRIM −79% |
| 63 | MUXMCEWEN INC. | 100,000 | $2M | 0.2% | HOLD |
| 64 | TTETotalEnergies SE | 22,000 | $2M | 0.2% | ADD 47% |
| 65 | AMZNAMAZON COM INC | 9,500 | $2M | 0.2% | NEW |
| 66 | WDSWOODSIDE ENERGY GROUP LTD | 75,000 | $2M | 0.2% | ADD 88% |
| 67 | LNGCheniere Energy, Inc | 6,200 | $2M | 0.2% | ADD 107% |
| 68 | SHELSHELL PLC | 18,000 | $2M | 0.2% | ADD 64% |
| 69 | HLHECLA MNG CO | 75,000 | $1M | 0.2% | NEW |
| 70 | CCLCARNIVAL CORP | 52,500 | $1M | 0.2% | TRIM −26% |
| 71 | HLTHILTON WORLDWIDE HLDGS INC | 4,250 | $1M | 0.2% | TRIM −43% |
| 72 | SASEABRIDGE GOLD INC | 40,000 | $1M | 0.1% | HOLD |
| 73 | LTHLIFE TIME GROUP HOLDINGS INC | 41,100 | $1M | 0.1% | ADD 22% |
| 74 | UBSUBS GROUP AG | 27,800 | $1M | 0.1% | ADD 13% |
| 75 | AGFIRST MAJESTIC SILVER CORP | 50,000 | $1M | 0.1% | NEW |
| 76 | ITRGINTEGRA RES CORP | 393,000 | $1M | 0.1% | TRIM −72% |
| 77 | MARMARRIOTT INTL INC NEW | 2,900 | $948,503 | 0.1% | TRIM −50% |
| 78 | ELLAUDER ESTEE COS INC | 13,000 | $933,010 | 0.1% | ADD 100% |
| 79 | VIKVIKING HOLDINGS LTD | 12,335 | $906,376 | 0.1% | TRIM −21% |
| 80 | BWLPBW LPG LTD | 49,708 | $879,706 | 0.1% | ADD 192% |
| 81 | PPTAPERPETUA RESOURCES CORP | 30,000 | $843,600 | 0.1% | TRIM −19% |
| 82 | EXEEXPAND ENERGY CORPORATION | 7,500 | $823,350 | 0.1% | NEW |
| 83 | ODVOSISKO DEVELOPMENT CORP | 250,000 | $811,268 | 0.1% | HOLD |
| 84 | HAFNHAFNIA LTD | 105,179 | $799,360 | 0.1% | NEW |
| 85 | TKTEEKAY CORPORATION LTD | 62,843 | $767,313 | 0.1% | NEW |
| 86 | EQTEQT CORP | 12,000 | $763,680 | 0.1% | NEW |
| 87 | VLOVALERO ENERGY CORP | 3,000 | $741,240 | 0.1% | ADD 200% |
| 88 | TOLTOLL BROTHERS INC | 5,400 | $736,938 | 0.1% | NEW |
| 89 | DACDANAOS CORPORATION | 6,418 | $722,924 | 0.1% | ADD 196% |
| 90 | CATCATERPILLAR INC | 1,000 | $708,460 | 0.1% | HOLD |
| 91 | CTRACOTERRA ENERGY INC | 20,000 | $702,800 | 0.1% | NEW |
| 92 | GSLGLOBAL SHIP LEASE INC NEW | 18,690 | $695,829 | 0.1% | ADD 220% |
| 93 | LVSLAS VEGAS SANDS CORP | 12,200 | $657,336 | 0.1% | HOLD |
| 94 | BMMBLUE MOON METALS INC | 100,000 | $648,294 | 0.1% | NEW |
| 95 | MAKOMAKO MNG CORP | 100,000 | $644,697 | 0.1% | NEW |
| 96 | ASMAVINO SILVER & GOLD MINES LT | 100,000 | $632,000 | 0.1% | NEW |
| 97 | CNLCOLLECTIVE MINING LTD | 35,000 | $615,232 | 0.1% | HOLD |
| 98 | TPRTAPESTRY INC | 4,045 | $570,790 | 0.1% | TRIM −38% |
| 99 | ZTOZTO EXPRESS CAYMAN INC | 22,332 | $562,096 | 0.1% | ADD 49% |
| 100 | CCJCAMECO CORP | 5,000 | $543,050 | 0.1% | HOLD |
| 101 | FDXFEDEX CORP | 1,485 | $528,927 | 0.1% | ADD 25% |
| 102 | EXPDEXPEDITORS INTL WASH INC | 3,686 | $527,946 | 0.1% | ADD 67% |
| 103 | UPSUNITED PARCEL SERVICE INC | 5,357 | $527,022 | 0.1% | ADD 59% |
| 104 | BKRBAKER HUGHES COMPANY | 8,500 | $518,925 | 0.1% | HOLD |
| 105 | BGBUNGE GLOBAL SA | 4,000 | $508,800 | 0.1% | HOLD |
| 106 | RRCRANGE RES CORP | 10,500 | $474,390 | 0.1% | HOLD |
| 107 | HSLVHIGHLANDER SILVER CORP | 280,000 | $443,229 | 0.1% | NEW |
| 108 | ARANTERO RESOURCES CORP | 10,000 | $424,400 | 0.0% | ADD 100% |
| 109 | TRMDTORM PLC | 14,192 | $395,957 | 0.0% | NEW |
| 110 | TNKTEEKAY TANKERS LTD | 5,383 | $394,682 | 0.0% | ADD 43% |
| 111 | HALHALLIBURTON CO | 10,000 | $389,900 | 0.0% | HOLD |
| 112 | MATXMATSON INC | 2,343 | $384,111 | 0.0% | TRIM −35% |
| 113 | DHTDHT HOLDINGS INC | 20,765 | $379,377 | 0.0% | NEW |
| 114 | MWHSOLV ENERGY INC | 12,000 | $360,360 | 0.0% | NEW |
| 115 | EFXTENERFLEX LTD | 17,000 | $355,640 | 0.0% | HOLD |
| 116 | BPBP PLC | 7,000 | $329,000 | 0.0% | HOLD |
| 117 | CNRCORE NATURAL RESOURCES INC | 3,100 | $324,663 | 0.0% | NEW |
| 118 | HYMCHYCROFT MINING HOLDING CORP | 9,000 | $316,800 | 0.0% | TRIM −10% |
| 119 | IEIVANHOE ELECTRIC INC | 26,499 | $313,218 | 0.0% | TRIM −49% |
| 120 | REALTHE REALREAL INC | 32,000 | $290,560 | 0.0% | NEW |
| 121 | BTUPEABODY ENERGY CORP | 8,600 | $283,370 | 0.0% | NEW |
| 122 | PZGPARAMOUNT GOLD NEV CORP | 170,000 | $282,200 | 0.0% | HOLD |
| 123 | AEPAMERICAN ELEC PWR CO INC | 2,000 | $262,160 | 0.0% | HOLD |
| 124 | SLISTANDARD LITHIUM LTD | 75,000 | $255,750 | 0.0% | HOLD |
| 125 | XPLSOLITARIO RESOURCES CORP | 310,000 | $254,200 | 0.0% | HOLD |
| 126 | SLBSCHLUMBERGER LTD | 4,500 | $231,255 | 0.0% | HOLD |
| 127 | FURYFURY GOLD MINES LIMITED | 350,000 | $214,060 | 0.0% | NEW |
| 128 | WTTRSELECT WATER SOLUTIONS INC | 10,000 | $153,000 | 0.0% | HOLD |
| 129 | STZCONSTELLATION BRANDS INC | 1,000 | $150,000 | 0.0% | NEW |
| 130 | CMECME GROUP INC | 461 | $136,156 | 0.0% | HOLD |
| 131 | MGMMGM RESORTS INTERNATIONAL | 2,500 | $92,525 | 0.0% | NEW |
| 132 | EUENCORE ENERGY CORP | 50,000 | $90,661 | 0.0% | HOLD |
| 133 | CHIQGLOBAL X FDS | 4,500 | $89,460 | 0.0% | HOLD |
| 134 | MLCOMELCO RESORTS AND ENTMNT LTD | 12,000 | $68,160 | 0.0% | NEW |
| 135 | AAAlcoa Upstream Corp. | 1,000 | $66,330 | 0.0% | NEW |
| Security | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| DALDELTA AIR LINES INC | 1.8M | 1.8M | 1.8M | 1.4M | 1.2M | 1.2M | $78M |
| UALUNITED AIRLS HLDGS INC | 1.2M | 1.1M | 1.1M | 780K | 792K | 785K | $72M |
| AALAMERICAN AIRLS GROUP INC | 6.6M | 7.2M | 7.7M | 6.5M | 5.6M | 6.4M | $69M |
| LUVSOUTHWEST AIRLS CO | 3.5M | 2.7M | 2.7M | 2.7M | 2.1M | 1.7M | $63M |
| JBLUJETBLUE AWYS CORP | 4.8M | 4.0M | 5.0M | 4.5M | 4.7M | 5.5M | $24M |
| ALGTALLEGIANT TRAVEL CO | 391K | 412K | 430K | 381K | 285K | 299K | $24M |
| ULCCFRONTIER GROUP HLDGS INC | 5.4M | 3.9M | 6.2M | 4.6M | 4.1M | 6.8M | $24M |
| SKYWSKYWEST INC | 302K | 270K | 240K | 214K | 223K | 258K | $24M |
| ALKAlaska Air Group, Inc. | 525K | 428K | 479K | 371K | 456K | 597K | $22M |
| FNVFRANCO NEV CORP | 89K | 86K | 93K | 83K | 89K | 84K | $21M |
| RGLDROYAL GOLD INC | 75K | 74K | 81K | 2K | 87K | 81K | $21M |
| OROR ROYALTIES INC. | — | — | 575K | 931K | 343K | 535K | $20M |
| IAGIAMGOLD CORP | 753K | 200K | 500K | 500K | 575K | 972K | $18M |
| CDECOEUR MNG INC | 481K | 481K | 464K | 479K | 355K | 830K | $16M |
| TRIPTRIPADVISOR INC | 1.5M | 1.1M | 1.2M | 873K | 1.0M | 1.4M | $15M |
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.
