Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (37 quarters reported)
$290M in Q2 2013 → $633M now. Hover for any quarter.
As reported for the quarter ended June 30, 2026. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| Cenovus Energy Inc | 13.5% | Unchanged | 3,451,821 | $85.6M |
| PD Precision Drilling Corp | 6.1% | Unchanged | 504,059 | $38.7M |
| Equinox Gold Corp | 6.0% | Trimmed 0.3% | 3,870,237 | $37.7M |
| Harley Davidson Inc | 5.3% | Unchanged | 1,369,000 | $33.5M |
| Hallador Energy Company | 5.0% | Trimmed 0.1% | 1,812,026 | $31.5M |
| Radian Group Inc | 4.9% | Added 177% | 817,512 | $30.8M |
| Vermilion Energy Inc | 4.8% | Added 27% | 3,260,428 | $30.5M |
| Pbf Energy Inc | 4.5% | Unchanged | 620,289 | $28.2M |
| RH Ryerson Hldg Corp | 4.3% | Unchanged | 1,116,978 | $27.5M |
| Galiano Gold Inc | 4.2% | Added 120% | 14,125,317 | $26.4M |
| NG Natural Gas Svcs Group Inc | 4.0% | Trimmed 0.4% | 584,872 | $25.2M |
| RL Rlj Lodging Tr | 3.8% | Added 2.5% | 2,049,425 | $24.3M |
| Advansix Inc | 3.8% | Unchanged | 1,209,629 | $24M |
| Park Hotels & Resorts Inc | 3.4% | New | 1,525,283 | $21.7M |
| Sm Energy Company | 3.2% | Added 41% | 778,851 | $20.3M |
| TN Tidewater Inc New | 2.9% | Unchanged | 276,529 | $18.4M |
| Mosaic Co | 2.9% | Unchanged | 853,638 | $18.1M |
| MI Mohawk Inds Inc | 2.8% | New | 146,295 | $17.7M |
| NA North Amern Constr Group Ltd | 2.2% | Unchanged | 1,038,177 | $13.8M |
| Enerflex Ltd | 2.1% | Unchanged | 551,151 | $13.5M |
| EG Eldorado Gold Corp New | 1.9% | Unchanged | 387,779 | $12.1M |
| First Internet Bancorp | 1.6% | Unchanged | 354,261 | $9.85M |
| BF Bassett Furniture Inds Inc | 1.5% | Added 4.4% | 550,413 | $9.75M |
| CL Chatham Lodging Tr | 1.4% | Unchanged | 678,530 | $8.98M |
| AS Algoma Stl Group Inc | 1.1% | Unchanged | 1,786,122 | $7.23M |
| GR Greenfire Res Ltd New | 0.7% | Added 86% | 777,716 | $4.39M |
| VS Village Super Mkt Inc | 0.4% | Unchanged | 55,733 | $2.35M |
| AR Acacia Resh Corp | 0.4% | Unchanged | 491,086 | $2.29M |
| WH Westwood Hldgs Group Inc | 0.3% | Unchanged | 99,926 | $1.91M |
| Hennessy Advisors Inc | 0.3% | Added 21% | 170,768 | $1.73M |
| I-80 Gold Corp | 0.3% | Unchanged | 1,126,349 | $1.64M |
| Ardmore Shipping Corp | 0.2% | Unchanged | 89,612 | $1.26M |
| Solitario Resources Corp | 0.1% | Unchanged | 632,458 | $476K |
| IS Ishares Silver Tr | 0.1% | Unchanged | 8,842 | $473K |
| SG SPDR Gold Tr | 0.0% | Unchanged | 828 | $305K |
| SA Sprott Asset Management LP | 0.0% | Unchanged | 7,474 | $301K |
| West Fraser Timber Co Ltd | 0.0% | Unchanged | 3,142 | $213K |
| MI Mercer Intl Inc | 0.0% | Unchanged | 308,927 | $204K |
| Dakota Gold Corp | 0.0% | Unchanged | 30,000 | $128K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 12, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Park Hotels & Resorts Inc | New | +1,525,283 | +$21.7M | 3.4% |
| Radian Group Inc | Added | +522,238 | +$19.7M | 4.9% |
| MI Mohawk Inds Inc | New | +146,295 | +$17.7M | 2.8% |
| Galiano Gold Inc | Added | +7,715,996 | +$14.4M | 4.2% |
| Vermilion Energy Inc | Added | +700,000 | +$6.55M | 4.8% |
| Sm Energy Company | Added | +227,082 | +$5.93M | 3.2% |
| GR Greenfire Res Ltd New | Added | +360,168 | +$2.03M | 0.7% |
| RL Rlj Lodging Tr | Added | +50,000 | +$593K | 3.8% |
| BF Bassett Furniture Inds Inc | Added | +23,416 | +$415K | 1.5% |
| Hennessy Advisors Inc | Added | +29,415 | +$299K | 0.3% |
Showing the 10 largest of 13 changes.
quarter ended March 31, 2026 · filed May 13, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Harley Davidson Inc | New | +1,369,000 | +$27.7M | 4.8% |
| Sm Energy Company | New | +551,769 | +$17.2M | 3.0% |
| Vermilion Energy Inc | Added | +1,239,936 | +$17M | 6.1% |
| Radian Group Inc | New | +295,274 | +$9.77M | 1.7% |
| RH Ryerson Hldg Corp | Added | +409,588 | +$9.21M | 4.3% |
| Equinox Gold Corp | Trimmed | −593,125 | −$8.54M | 9.6% |
| RL Rlj Lodging Tr | Added | +727,608 | +$5.4M | 2.6% |
| NG Natural Gas Svcs Group Inc | Trimmed | −84,100 | −$3.17M | 3.8% |
| Olympic Steel Inc | Exited | −73,515 | −$3.15M | — |
| AR Acacia Resh Corp | New | +491,086 | +$2.36M | 0.4% |
Showing the 10 largest of 18 changes.
quarter ended December 31, 2025 · filed February 12, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Cenovus Energy Inc | Added | +2,533,621 | +$42.9M | 13.9% |
| Advansix Inc | New | +1,209,629 | +$20.9M | 5.0% |
| MC Mosaic Co New | New | +853,638 | +$20.6M | 4.9% |
| RH Ryerson Hldg Corp | New | +707,390 | +$17.8M | 4.2% |
| RL Rlj Lodging Tr | New | +1,271,817 | +$9.48M | 2.3% |
| First Internet Bancorp | New | +250,320 | +$5.22M | 1.2% |
| Equinox Gold Corp | Trimmed | −343,834 | −$4.84M | 15.0% |
| CL Chatham Lodging Tr | New | +678,530 | +$4.62M | 1.1% |
| Hallador Energy Company | Trimmed | −196,968 | −$3.75M | 8.2% |
| Vermilion Energy Inc | Added | +450,000 | +$3.75M | 2.6% |
Showing the 10 largest of 23 changes.
quarter ended September 30, 2025 · filed November 12, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Cenovus Energy Inc | New | +920,500 | +$15.6M | 6.0% |
| PD Precision Drilling Corp | Added | +236,963 | +$13.4M | 9.8% |
| NA North Amern Constr Group Ltd | New | +841,934 | +$12M | 4.6% |
| Peabody Energy Corp | Exited | −236,925 | −$3.18M | — |
| Vermilion Energy Inc | Added | +350,000 | +$2.73M | 2.6% |
| Galiano Gold Inc | Added | +153,400 | +$334K | 5.6% |
| Equinox Gold Corp | Trimmed | −10,440 | −$117K | 20.7% |
quarter ended June 30, 2025 · filed August 11, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Pbf Energy Inc | New | +620,460 | +$13.4M | 7.9% |
| Equinox Gold Corp | Added | +2,259,718 | +$13M | 16.4% |
| Galiano Gold Inc | Added | +4,027,090 | +$5.11M | 4.9% |
| Vermilion Energy Inc | Added | +477,184 | +$3.48M | 2.2% |
| TN Tidewater Inc New | Added | +74,798 | +$3.45M | 7.5% |
| AS Algoma Stl Group Inc | Added | +326,219 | +$2.25M | 7.2% |
| PD Precision Drilling Corp | Added | +19,891 | +$940K | 6.0% |
| Hallador Energy Company | Trimmed | −10,108 | −$160K | 18.7% |
| IS Ishares Silver Tr | Trimmed | −3,642 | −$119K | 0.7% |
| Dakota Gold Corp | New | +30,000 | +$111K | 0.1% |
Showing the 10 largest of 23 changes.
quarter ended March 31, 2025 · filed May 09, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| TN Tidewater Inc New | New | +201,731 | +$8.53M | 7.3% |
| PD Precision Drilling Corp | Added | +71,867 | +$3.34M | 7.8% |
| Vermilion Energy Inc | Trimmed | −252,881 | −$2.05M | 0.3% |
| AR Adams Res & Energy Inc | Exited | −45,022 | −$1.7M | — |
| SP Sprott Physical Gold & Silve | New | +7,892 | +$224K | 0.2% |
| Galiano Gold Inc | Added | +86,532 | +$106K | 2.6% |
| West Fraser Timber Co Ltd | Trimmed | −198 | −$15.2K | 0.2% |
| Mind Technology Inc | Trimmed | −2,398 | −$14.4K | 0.4% |
quarter ended December 31, 2024 · filed February 12, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Peabody Energy Corp | Trimmed | −248,336 | −$5.2M | 4.3% |
| Galiano Gold Inc | Added | +2,286,199 | +$2.85M | 2.6% |
| AR Adams Res & Energy Inc | Trimmed | −70,089 | −$2.65M | 1.5% |
| NG Natural Gas Svcs Group Inc | Trimmed | −10,484 | −$281K | 15.5% |
| Emcore Corp | Exited | −99,702 | −$220K | — |
| Vermilion Energy Inc | Added | +6,189 | +$58.2K | 2.4% |
| Mind Technology Inc | Trimmed | −5,791 | −$46K | 0.6% |
quarter ended September 30, 2024 · filed November 12, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| PD Precision Drilling Corp | Added | +32,706 | +$2.02M | 6.5% |
| Delta Apparel Inc | Exited | −695,018 | −$403K | — |
| Mind Technology Inc | New | +95,248 | +$368K | 0.3% |
| ME Mayville Engr Co Inc | Exited | −21,949 | −$366K | — |
| CH Conifer Hldgs Inc | Exited | −474,519 | −$356K | — |
| Kinross Gold Corp | Exited | −22,282 | −$185K | — |
| Galiano Gold Inc | New | +106,100 | +$152K | 0.1% |
| Vermilion Energy Inc | Added | +10,000 | +$97.7K | 2.4% |
| Ardmore Shipping Corp | Trimmed | −1,100 | −$19.9K | 1.4% |
| NG Natural Gas Svcs Group Inc | Trimmed | −365 | −$6.98K | 11.1% |
Showing the 10 largest of 11 changes.
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