Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (19 quarters reported)
$225M in Q4 2021 → $2.33B 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 |
|---|---|---|---|---|
| IP International Paper Co | 16.1% | Added 30% | 9,840,000 | $375M |
| Packaging Corp Of America | 15.6% | Unchanged | 1,532,500 | $365M |
| Waste Connections Inc | 10.8% | New | 1,510,000 | $252M |
| Sylvamo Corp | 10.2% | Unchanged | 6,312,454 | $239M |
| SS Suzano Sa - ADR | 8.1% | Added 27% | 24,320,000 | $189M |
| Fortune Brands Innovations Inc | 4.3% | Trimmed 16% | 1,825,000 | $100M |
| Aptargroup Inc | 3.6% | Added 91% | 670,000 | $83.9M |
| Rayonier Inc | 3.6% | Added 721% | 3,940,000 | $83.8M |
| Weyerhaeuser Co | 3.1% | Added 1500% | 3,040,000 | $72.8M |
| Builders Firstsource Inc | 2.8% | Added 832% | 718,000 | $64.2M |
| Lgi Homes Inc | 2.6% | Added 51% | 967,000 | $61.6M |
| Firstcash Holdings Inc | 2.5% | Unchanged | 270,000 | $58.4M |
| F& Floor & Decor Holdings Inc-a | 2.4% | Added 4.0% | 930,000 | $55.2M |
| EI Ezcorp Inc-cl A(nsm) | 2.1% | Unchanged | 1,450,000 | $50.1M |
| West Fraser Timber Co Ltd | 2.1% | Added 1221% | 740,000 | $50.1M |
| Silgan Holdings Inc | 2.1% | Added 20% | 1,040,000 | $48.2M |
| Masterbrand Inc | 2.0% | Added 256% | 4,624,400 | $47.6M |
| Greenbrier Companies Inc | 1.7% | Added 216% | 787,588 | $38.6M |
| Boise Cascade Co | 1.5% | Added 985% | 445,000 | $34.5M |
| CS Cemex Sab-spons ADR Part Cer | 1.1% | New | 2,120,000 | $25.4M |
| Meritage Homes Corp | 0.8% | New | 220,000 | $18.4M |
| JI Janus International Group In | 0.8% | New | 3,240,000 | $18M |
| Sonoco Products Co | 0.1% | New | 50,000 | $2.82M |
| Vulcan Materials Co | 0.1% | New | 5,000 | $1.48M |
| Mercer International Inc | 0.0% | Trimmed 81% | 596,791 | $394K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 13, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Waste Connections Inc | New | +1,510,000 | +$252M | 10.8% |
| IP International Paper Co | Added | +2,250,000 | +$85.7M | 16.1% |
| Rayonier Inc | Added | +3,460,000 | +$73.6M | 3.6% |
| Weyerhaeuser Co | Added | +2,850,000 | +$68.2M | 3.1% |
| HF Hormel Foods Corp | Exited | −2,825,000 | −$64M | — |
| Builders Firstsource Inc | Added | +641,000 | +$57.4M | 2.8% |
| West Fraser Timber Co Ltd | Added | +684,000 | +$46.3M | 2.1% |
| SS Suzano Sa - ADR | Added | +5,200,000 | +$40.4M | 8.1% |
| Aptargroup Inc | Added | +320,000 | +$40.1M | 3.6% |
| Masterbrand Inc | Added | +3,324,400 | +$34.2M | 2.0% |
Showing the 10 largest of 25 changes.
quarter ended March 31, 2026 · filed May 14, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| PA Packaging Corp Amer | Added | +542,500 | +$115M | 21.3% |
| IP International Paper Co | Added | +2,590,000 | +$92.5M | 17.7% |
| FB Fortune Brands Innovations I | New | +2,175,000 | +$84.8M | 5.5% |
| SA Sealed Air Corp New | Exited | −1,880,500 | −$77.9M | — |
| HF Hormel Foods Corp | New | +2,825,000 | +$64M | 4.2% |
| Aptargroup Inc | New | +350,000 | +$44.1M | 2.9% |
| Firstcash Holdings Inc | Added | +220,000 | +$41.4M | 3.3% |
| F& Floor & Decor Hldgs Inc | Added | +603,000 | +$30.6M | 3.0% |
| Ezcorp Inc | Added | +1,125,000 | +$28.6M | 2.4% |
| SH Silgan Hldgs Inc | Added | +700,000 | +$27.2M | 2.2% |
Showing the 10 largest of 20 changes.
quarter ended December 31, 2025 · filed February 12, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IP International Paper Co | Added | +1,800,000 | +$70.9M | 19.2% |
| PA Packaging Corp Amer | Added | +305,000 | +$62.9M | 19.9% |
| The Odp Corp | Exited | −785,213 | −$21.9M | — |
| SA Sealed Air Corp New | Added | +501,500 | +$20.8M | 7.6% |
| F& Floor & Decor Hldgs Inc | New | +291,000 | +$17.7M | 1.7% |
| Firstcash Holdings Inc | New | +50,000 | +$7.97M | 0.8% |
| Silgan Holdings Inc | New | +170,000 | +$6.86M | 0.7% |
| Ezcorp Inc | New | +325,000 | +$6.31M | 0.6% |
| AW American Woodmark Corporatio | Added | +101,000 | +$5.44M | 1.6% |
| MI Mohawk Inds Inc | Trimmed | −40,000 | −$4.37M | 1.8% |
quarter ended September 30, 2025 · filed November 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| MI Mohawk Inds Inc | Trimmed | −403,000 | −$52M | 3.1% |
| PA Packaging Corp Amer | Added | +150,000 | +$32.7M | 17.4% |
| SA Sealed Air Corp New | Added | +399,000 | +$14.1M | 5.7% |
| AW American Woodmark Corporatio | Added | +18,000 | +$1.2M | 1.5% |
quarter ended June 30, 2025 · filed August 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| PA Packaging Corp Amer | Added | +200,000 | +$37.7M | 11.7% |
| MI Mohawk Inds Inc | Added | +133,000 | +$13.9M | 7.4% |
| SA Sealed Air Corp New | Added | +410,000 | +$12.7M | 3.5% |
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| LW Lamb Weston Hldgs Inc | Exited | −305,000 | −$20.4M | — |
| PA Packaging Corp Amer | Added | +55,000 | +$10.9M | 7.1% |
| IP International Paper Co | Trimmed | −150,000 | −$8M | 18.3% |
| MI Mohawk Inds Inc | Added | +70,000 | +$7.99M | 5.8% |
| SA Sealed Air Corp New | Trimmed | −190,000 | −$5.49M | 1.8% |
| AW American Woodmark Corporatio | Added | +63,000 | +$3.71M | 1.1% |
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| LW Lamb Weston Hldgs Inc | New | +305,000 | +$20.4M | 1.9% |
| Suzano S A | Added | +2,000,000 | +$20.2M | 16.5% |
| The Odp Corp | New | +785,213 | +$17.9M | 1.7% |
| AW American Woodmark Corporatio | New | +114,000 | +$9.07M | 0.9% |
| Aptargroup Inc | Exited | −55,000 | −$8.81M | — |
| MI Mohawk Inds Inc | Added | +40,000 | +$4.77M | 4.6% |
| SA Sealed Air Corp New | Trimmed | −140,000 | −$4.74M | 2.4% |
| PA Packaging Corp Amer | Added | +20,000 | +$4.5M | 6.0% |
| IP International Paper Co | Trimmed | −50,000 | −$2.69M | 17.0% |
quarter ended September 30, 2024 · filed November 13, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| MI Mohawk Inds Inc | New | +365,000 | +$58.6M | 5.6% |
| PA Packaging Corp Amer | Added | +220,000 | +$47.4M | 5.4% |
| SA Sealed Air Corp New | New | +900,000 | +$32.7M | 3.1% |
| Suzano S A | Added | +3,000,000 | +$30M | 14.7% |
| IP International Paper Co | Trimmed | −250,000 | −$12.2M | 16.0% |
| Aptargroup Inc | Added | +35,000 | +$5.61M | 0.8% |
| Ll Flooring Holdings Inc | Exited | −380,000 | −$543K | — |
Loading...
