Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (27 quarters reported)
$177M in Q4 2019 → $140M 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 |
|---|---|---|---|---|
| Crh PLC | 19.1% | Trimmed 2.8% | 250,577 | $26.8M |
| SG SPDR Gold Tr Call | 12.6% | Unchanged | 48,000 | $17.7M |
| Navios Maritime Partners L P | 9.8% | Trimmed 2.8% | 196,191 | $13.7M |
| Zimmer Biomet Holdings Inc | 9.3% | Added 221% | 151,264 | $13M |
| Zoetis Inc | 8.6% | Added 417% | 167,197 | $12M |
| KK Kaspi Kz Jsc | 8.5% | Trimmed 2.8% | 137,171 | $11.9M |
| DE Devon Energy Corp New | 6.4% | Added 646% | 216,361 | $8.94M |
| AG Alamos Gold Inc New | 5.6% | Trimmed 2.8% | 258,383 | $7.84M |
| BD Becton Dickinson & Co | 5.0% | New | 46,481 | $7.03M |
| FC First Ctzns Bancshares Inc N | 3.7% | Trimmed 2.8% | 2,510 | $5.22M |
| ER Eog Res Inc | 3.6% | Added 1200% | 38,993 | $5.06M |
| SR Skeena Res Ltd New | 2.7% | Trimmed 2.8% | 143,756 | $3.83M |
| Ferguson Enterprises Inc | 2.5% | Trimmed 11% | 14,882 | $3.53M |
| Osisko Development Corp | 0.9% | Added 48% | 522,172 | $1.28M |
| Seabridge Gold Inc | 0.9% | Trimmed 2.8% | 49,716 | $1.28M |
| Endeavour Silver Corp | 0.6% | Trimmed 2.8% | 108,911 | $902K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 10, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR S&P 500 ETF Tr | Exited | −150,000 | −$97.6M | — |
| IT Ishares Tr | Exited | −1,100,000 | −$87.5M | — |
| Zoetis Inc | Added | +134,847 | +$9.69M | 8.6% |
| Zimmer Biomet Holdings Inc | Added | +104,204 | +$8.97M | 9.3% |
| DE Devon Energy Corp New | Added | +187,361 | +$7.74M | 6.4% |
| BD Becton Dickinson & Co | New | +46,481 | +$7.03M | 5.0% |
| ER Eog Res Inc | Added | +35,993 | +$4.67M | 3.6% |
| Blackstone Inc | Exited | −20,000 | −$2.3M | — |
| Crh PLC | Trimmed | −7,112 | −$761K | 19.1% |
| Ferguson Enterprises Inc | Trimmed | −1,922 | −$456K | 2.5% |
Showing the 10 largest of 18 changes.
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR S&P 500 ETF Tr | New | +150,000 | +$97.6M | 32.8% |
| IT Ishares Tr | New | +1,100,000 | +$87.5M | 29.4% |
| SG SPDR Gold Tr | New | +48,000 | +$20.7M | 6.9% |
| Navios Maritime Partners L P | Exited | −310,000 | −$16.3M | — |
| IS Ishares Silver Tr | Exited | −147,595 | −$9.51M | — |
| Icon PLC | Exited | −39,868 | −$7.26M | — |
| Star Bulk Carriers Corp | Exited | −328,390 | −$6.31M | — |
| Zimmer Biomet Holdings Inc | New | +47,060 | +$4.26M | 1.4% |
| Zoetis Inc | New | +32,350 | +$3.82M | 1.3% |
| Crh PLC | Added | +29,700 | +$3.12M | 9.1% |
Showing the 10 largest of 21 changes.
quarter ended December 31, 2025 · filed February 10, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SG SPDR Gold Tr | Exited | −150,000 | −$53.3M | — |
| FN Franco Nev Corp | Exited | −63,812 | −$14.2M | — |
| Royal Gold Inc | Exited | −58,805 | −$11.8M | — |
| AG Alamos Gold Inc New | New | +248,245 | +$9.58M | 8.6% |
| SS SPDR S&P 500 ETF Tr | Exited | −10,000 | −$6.66M | — |
| Hafnia Ltd | Exited | −825,376 | −$4.94M | — |
| Frontline PLC | Exited | −210,332 | −$4.79M | — |
| AP Abrdn Platinum ETF Trust | New | +12,903 | +$2.41M | 2.2% |
| SR Skeena Res Ltd New | New | +90,400 | +$2.15M | 1.9% |
| Crh PLC | Added | +14,640 | +$1.83M | 25.5% |
Showing the 10 largest of 17 changes.
quarter ended September 30, 2025 · filed November 10, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SG SPDR Gold Tr | New | +150,000 | +$53.3M | 29.7% |
| SG SPDR Gold Tr | Exited | −140,000 | −$42.7M | — |
| SS SPDR S&P 500 ETF Tr | Trimmed | −35,000 | −$23.3M | 3.7% |
| IT Ishares Tr | Exited | −100,000 | −$8.07M | — |
| Ferguson Enterprises Inc | Trimmed | −22,750 | −$5.11M | 1.9% |
| FN Franco Nev Corp | Trimmed | −20,500 | −$4.57M | 7.9% |
| Baidu Inc | Exited | −42,000 | −$3.6M | — |
| IS Ishares Silver Tr | Added | +50,500 | +$2.14M | 2.9% |
| Crh PLC | Trimmed | −17,500 | −$2.1M | 14.3% |
| FC First Ctzns Bancshares Inc N | Trimmed | −966 | −$1.73M | 1.5% |
Showing the 10 largest of 15 changes.
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SG SPDR Gold Tr | New | +140,000 | +$42.7M | 22.4% |
| SS SPDR S&P 500 ETF Tr | Added | +41,500 | +$25.6M | 14.6% |
| IT Ishares Tr | New | +100,000 | +$8.07M | 4.2% |
| Ferguson Enterprises Inc | Trimmed | −30,000 | −$6.53M | 4.4% |
| Nvidia Corporation | Exited | −45,000 | −$4.88M | — |
| Crh PLC | Trimmed | −45,792 | −$4.2M | 11.1% |
| KK Kaspi Kz Jsc | Added | +37,959 | +$3.22M | 4.8% |
| SS Select Sector SPDR Tr | Exited | −60,000 | −$2.99M | — |
| Baidu Inc | Exited | −20,000 | −$1.84M | — |
| FC First Ctzns Bancshares Inc N | Trimmed | −679 | −$1.33M | 2.6% |
Showing the 10 largest of 17 changes.
quarter ended March 31, 2025 · filed May 09, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| KK Kaspi Kz Jsc | New | +69,050 | +$6.41M | 5.1% |
| Nvidia Corporation | New | +45,000 | +$4.88M | 3.9% |
| Royal Gold Inc | Added | +28,347 | +$4.64M | 8.0% |
| Baidu Inc | New | +40,000 | +$3.68M | 2.9% |
| Hafnia Ltd | New | +849,659 | +$3.53M | 2.8% |
| SS Select Sector SPDR Tr | New | +60,000 | +$2.99M | 2.4% |
| FN Franco Nev Corp | Trimmed | −18,472 | −$2.91M | 9.9% |
| Crh PLC | Trimmed | −26,245 | −$2.31M | 19.4% |
| SS SPDR S&P 500 ETF Tr | New | +3,500 | +$1.96M | 1.6% |
| Baidu Inc | New | +20,000 | +$1.84M | 1.5% |
Showing the 10 largest of 18 changes.
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR S&P 500 ETF Tr | Exited | −120,000 | −$15.8M | — |
| Xp Inc | Exited | −815,760 | −$14.6M | — |
| Ferguson Enterprises Inc | New | +59,600 | +$10.3M | 10.8% |
| Royal Gold Inc | Trimmed | −66,000 | −$8.7M | 4.6% |
| FC First Ctzns Bancshares Inc N | Trimmed | −3,515 | −$7.43M | 5.0% |
| Frontline Ltd | Exited | −291,544 | −$6.66M | — |
| Crh PLC | Added | +65,000 | +$6.01M | 29.2% |
| Icon PLC | New | +24,100 | +$5.05M | 5.3% |
| Wheaton Precious Metals Corp | Exited | −69,838 | −$4.27M | — |
| Seabridge Gold Inc | Trimmed | −251,356 | −$2.87M | 0.7% |
Showing the 10 largest of 16 changes.
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| JK Jsc Kaspi.kz ADR | Exited | −185,379 | −$23.9M | — |
| Navios Maritime Partners L P | New | +310,000 | +$19.4M | 12.5% |
| SS SPDR S&P 500 ETF Tr | New | +120,000 | +$15.8M | 10.1% |
| Navios Maritime Partners L P | New | +242,933 | +$15.2M | 9.8% |
| IQ Invesco Qqq Tr | Exited | −20,000 | −$9.58M | — |
| Star Bulk Carriers Corp | Added | +222,200 | +$5.26M | 7.2% |
| Royal Gold Inc | Trimmed | −19,469 | −$2.73M | 9.0% |
| Crh PLC | Trimmed | −28,961 | −$2.69M | 14.2% |
| FC First Ctzns Bancshares Inc N | Trimmed | −1,336 | −$2.46M | 6.9% |
| Seabridge Gold Inc | Trimmed | −135,492 | −$2.27M | 3.3% |
Showing the 10 largest of 14 changes.
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