Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (28 quarters reported)
$235M in Q2 2013 → $18M now. Hover for any quarter.
As reported for the quarter ended March 31, 2020. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| GP Graphic Packaging Hldg Co | 13.8% | Trimmed 77% | 203,405 | $2.48M |
| GF Gold Fields Ltd New | 11.8% | Trimmed 88% | 449,614 | $2.14M |
| Berry Global Group Inc | 10.3% | Trimmed 93% | 55,214 | $1.86M |
| Cheniere Energy Inc | 8.0% | Trimmed 93% | 43,206 | $1.45M |
| AC Arch Coal Inc | 7.7% | Trimmed 75% | 47,819 | $1.38M |
| EG Eldorado Gold Corp New | 5.1% | Trimmed 66% | 148,761 | $918K |
| United Rentals Inc | 4.9% | Trimmed 91% | 8,673 | $892K |
| Steel Dynamics Inc | 4.6% | New | 37,056 | $835K |
| M Meritor Inc | 4.5% | New | 60,899 | $807K |
| CI Cf Inds Hldgs Inc | 3.6% | New | 24,122 | $656K |
| CH Crown Hldgs Inc | 3.6% | Trimmed 10% | 11,220 | $651K |
| Newmont Corp | 3.6% | Trimmed 96% | 14,288 | $647K |
| CO Cabot Oil & Gas Corp | 2.9% | New | 30,215 | $519K |
| PH Propetro Hldg Corp | 2.6% | Trimmed 76% | 190,219 | $476K |
| Paccar Inc | 2.3% | New | 6,664 | $407K |
| Whirlpool Corp | 2.1% | New | 4,494 | $386K |
| Masco Corp | 2.1% | New | 11,029 | $381K |
| TH Turquoise Hill Res Ltd | 2.0% | Trimmed 81% | 922,990 | $352K |
| GI Graftech Intl Ltd | 1.7% | Trimmed 81% | 38,775 | $315K |
| Dana Incorporated | 1.6% | Trimmed 94% | 35,878 | $280K |
| NE Nextera Energy Partners LP | 1.2% | New | 5,002 | $215K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended March 31, 2020 · filed May 15, 2020
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Hess Corp | Exited | −537,778 | −$35.9M | — |
| Berry Global Group Inc | Trimmed | −704,443 | −$23.7M | 10.3% |
| UT United Technologies Corp | Exited | −150,263 | −$22.5M | — |
| DA Delta Air Lines Inc Del | Exited | −373,209 | −$21.8M | — |
| GM General Mtrs Co | Exited | −556,929 | −$20.4M | — |
| UA United Airlines Hldgs Inc | Exited | −225,880 | −$19.9M | — |
| Cheniere Energy Inc | Trimmed | −539,168 | −$18.1M | 8.0% |
| Constellium Se | Exited | −1,219,898 | −$16.3M | — |
| GF Gold Fields Ltd New | Trimmed | −3,217,536 | −$15.3M | 11.8% |
| PN Pioneer Nat Res Co | Exited | −95,855 | −$14.5M | — |
Showing the 10 largest of 40 changes.
quarter ended December 31, 2019 · filed February 13, 2020
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| NG Newmont Goldcorp Corporation | Trimmed | −445,900 | −$19.4M | 3.7% |
| GI Graftech Intl Ltd | Trimmed | −1,458,548 | −$16.9M | 0.6% |
| Royal Caribbean Cruises Ltd | Trimmed | −125,643 | −$16.8M | 3.7% |
| Constellium Se | New | +1,219,898 | +$16.3M | 4.2% |
| Cheniere Energy Inc | Trimmed | −245,510 | −$15M | 9.2% |
| PN Pioneer Nat Res Co | New | +95,855 | +$14.5M | 3.8% |
| United Rentals Inc | Trimmed | −83,303 | −$13.9M | 4.1% |
| UT United Technologies Corp | Trimmed | −90,595 | −$13.6M | 5.8% |
| GF Gold Fields Ltd New | Trimmed | −2,055,287 | −$13.6M | 6.3% |
| Constellium Se | Exited | −1,019,246 | −$13M | — |
Showing the 10 largest of 42 changes.
quarter ended September 30, 2019 · filed November 14, 2019
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| United Rentals Inc | Trimmed | −314,604 | −$39.2M | 4.5% |
| MI Mcdermott Intl Inc | Exited | −3,389,900 | −$32.7M | — |
| GP Graphic Packaging Hldg Co | Trimmed | −1,897,956 | −$28M | 2.1% |
| Crown Holdings Inc | Trimmed | −384,434 | −$25.4M | 1.4% |
| GI Graftech Intl Ltd | Trimmed | −1,809,370 | −$23.2M | 4.4% |
| Albemarle Corp | Exited | −296,647 | −$20.9M | — |
| Cleveland Cliffs Inc | Trimmed | −2,548,495 | −$18.4M | 1.6% |
| SA Spirit Airls Inc | Exited | −364,246 | −$17.4M | — |
| CO Cabot Oil & Gas Corp | Exited | −669,636 | −$15.4M | — |
| Berry Global Group Inc | Trimmed | −380,401 | −$14.9M | 6.3% |
Showing the 10 largest of 58 changes.
quarter ended June 30, 2019 · filed August 14, 2019
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| MI Mcdermott Intl Inc | New | +3,389,900 | +$32.7M | 3.2% |
| CO Cabot Oil & Gas Corp | Trimmed | −1,318,325 | −$30.3M | 1.5% |
| GI Graftech Intl Ltd | Added | +2,318,276 | +$26.7M | 3.8% |
| Crown Holdings Inc | Trimmed | −427,239 | −$26.1M | 2.9% |
| Dana Incorporated | Trimmed | −1,209,270 | −$24.1M | 3.6% |
| Berry Global Group Inc | Trimmed | −416,710 | −$21.9M | 5.9% |
| Hess Corp | Trimmed | −340,075 | −$21.6M | 3.4% |
| DA Delta Air Lines Inc Del | Added | +376,261 | +$21.4M | 3.0% |
| AA American Axle & Mfg Hldgs In | Trimmed | −1,484,578 | −$18.9M | 0.9% |
| Cheniere Energy Inc | Trimmed | −238,137 | −$16.3M | 5.8% |
Showing the 10 largest of 65 changes.
quarter ended March 31, 2019 · filed May 15, 2019
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Cheniere Energy Inc | Trimmed | −1,021,431 | −$69.8M | 7.4% |
| CD Caterpillar Inc Del | Exited | −466,798 | −$59.3M | — |
| AA American Airls Group Inc | Trimmed | −1,685,815 | −$53.5M | 0.4% |
| Dana Incorporated | Exited | −3,840,700 | −$52.3M | — |
| DA Delta Air Lines Inc Del | Trimmed | −808,663 | −$41.8M | 0.9% |
| Berry Global Group Inc | Trimmed | −654,772 | −$35.3M | 8.3% |
| Paccar Inc | Trimmed | −476,038 | −$32.4M | 0.1% |
| Oshkosh Corp | Exited | −525,405 | −$32.2M | — |
| Hess Corp | Added | +533,080 | +$32.1M | 5.2% |
| GM General Mtrs Co | Exited | −927,700 | −$31M | — |
Showing the 10 largest of 71 changes.
quarter ended December 31, 2018 · filed February 14, 2019
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| United Rentals Inc | New | +593,512 | +$60.9M | 4.3% |
| Berry Global Group Inc | Added | +1,244,171 | +$59.1M | 7.5% |
| AA American Airls Group Inc | New | +1,803,914 | +$57.9M | 4.1% |
| SA Southwest Airls Co | Exited | −870,479 | −$54.4M | — |
| CO Cabot Oil & Gas Corp | New | +2,125,968 | +$47.5M | 3.3% |
| Lear Corp | Exited | −270,210 | −$39.2M | — |
| Dana Incorporated | Added | +2,852,800 | +$38.9M | 3.7% |
| Eaton Corp PLC | Trimmed | −464,495 | −$31.9M | 0.7% |
| C H Robinson Worldwide Inc | Trimmed | −356,173 | −$29.9M | 1.2% |
| UT United Technologies Corp | Trimmed | −275,463 | −$29.3M | 2.2% |
Showing the 10 largest of 78 changes.
quarter ended September 30, 2018 · filed November 14, 2018
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| NE Noble Energy Inc | Trimmed | −2,232,481 | −$69.6M | 0.4% |
| GM General Mtrs Co | Trimmed | −1,925,692 | −$64.8M | 0.9% |
| D Dowdupont Inc | Trimmed | −682,221 | −$43.9M | 0.6% |
| Crown Holdings Inc | Added | +868,174 | +$41.7M | 3.9% |
| AA American Axle & Mfg Hldgs In | Trimmed | −2,366,442 | −$41.3M | 3.1% |
| UC United Contl Hldgs Inc | Trimmed | −441,420 | −$39.3M | 2.6% |
| CD Caterpillar Inc Del | Added | +249,509 | +$38M | 4.4% |
| Lear Corp | Trimmed | −247,137 | −$35.8M | 2.0% |
| Hess Corp | Trimmed | −484,638 | −$34.7M | 3.4% |
| US United States Stl Corp New | Trimmed | −1,133,416 | −$34.5M | 1.4% |
Showing the 10 largest of 80 changes.
quarter ended June 30, 2018 · filed August 14, 2018
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| A Andeavor | Trimmed | −1,056,306 | −$139M | — |
| Hess Corp | New | +1,442,598 | +$96.5M | 4.2% |
| UC United Contl Hldgs Inc | New | +1,025,872 | +$71.5M | 3.1% |
| DA Delta Air Lines Inc Del | Trimmed | −1,103,557 | −$54.7M | 3.9% |
| Archer Daniels Midland Co | New | +822,813 | +$37.7M | 1.7% |
| UT United Technologies Corp | Added | +289,445 | +$36.2M | 2.7% |
| CO Cabot Oil & Gas Corp | Trimmed | −1,480,104 | −$35.2M | 0.2% |
| AS Arcelormittal Sa Luxembourg | Trimmed | −1,159,574 | −$33.4M | 0.7% |
| GF Gold Fields Ltd New | Trimmed | −9,229,852 | −$33M | 0.3% |
| Halliburton Co | Exited | −694,419 | −$32.6M | — |
Showing the 10 largest of 92 changes.
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