Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (29 quarters reported)
$110M in Q4 2018 → $31.8M now. Hover for any quarter.
As reported for the quarter ended December 31, 2025. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| SG SPDR Gold Shares Usd Class | 20.5% | Trimmed 20% | 16,495 | $6.54M |
| IM Ishares Msci Acwi ETF | 16.4% | Unchanged | 36,984 | $5.23M |
| SS SPDR S&P 500 ETF | 8.0% | Added 122% | 3,713 | $2.53M |
| IS Invesco S&P Equal Weight | 7.8% | New | 13,027 | $2.5M |
| Franco-nevada Corporation | 4.3% | Unchanged | 6,611 | $1.37M |
| Tesla Inc. | 4.2% | Unchanged | 3,000 | $1.35M |
| Dollar General Corporation | 3.8% | Unchanged | 9,077 | $1.21M |
| Emerson Electric Company | 3.5% | Unchanged | 8,426 | $1.12M |
| Southern Copper Corporation | 3.2% | Added 0.9% | 6,998 | $1M |
| Chevron Corporation | 2.9% | Unchanged | 6,144 | $936K |
| Ross Stores Inc. | 2.9% | Unchanged | 5,154 | $928K |
| WD Walt Disney Company (the) | 2.8% | Unchanged | 7,872 | $896K |
| Carlisle Companies Inc. | 2.6% | Unchanged | 2,632 | $842K |
| O'reilly Automotive Inc. | 2.4% | Unchanged | 8,355 | $762K |
| Henry Schein Inc. | 2.4% | Unchanged | 9,914 | $749K |
| Ww Grainger Inc. | 2.1% | Unchanged | 669 | $675K |
| Envista Holdings Corporation | 2.1% | Unchanged | 30,397 | $660K |
| Mcdonald's Corporation | 2.1% | Unchanged | 2,142 | $655K |
| Corpay Inc. | 2.0% | Unchanged | 2,147 | $646K |
| Baidu Inc. | 1.4% | Unchanged | 3,421 | $447K |
| SM Scotts Miracle-gro Company (the) | 1.3% | Unchanged | 7,357 | $429K |
| Carmax Inc. | 1.1% | Unchanged | 8,920 | $345K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended December 31, 2025 · filed January 30, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IS Invesco S&P Equal Weight | New | +13,027 | +$2.5M | 7.8% |
| SG SPDR Gold Shares Usd Class | Trimmed | −4,000 | −$1.59M | 20.5% |
| SS SPDR S&P 500 ETF | Added | +2,043 | +$1.39M | 8.0% |
| Southern Copper Corporation | Added | +59 | +$8.47K | 3.2% |
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IT Ishares Tr | Added | +21,000 | +$2.9M | 18.2% |
| SG SPDR Gold Tr | Added | +5,000 | +$1.78M | 26.0% |
| IC Invesco Currencyshares Japan | Exited | −15,725 | −$1.01M | — |
| FN Franco Nev Corp | Trimmed | −4,201 | −$936K | 5.3% |
| EE Emerson Elec Co | Trimmed | −2,107 | −$276K | 3.9% |
| CN Chevron Corp New | Trimmed | −1,536 | −$239K | 3.4% |
| DG Dollar Gen Corp New | Trimmed | −2,269 | −$235K | 3.3% |
| DW Disney Walt Co | Trimmed | −1,968 | −$225K | 3.2% |
| Southern Copper Corp | Added | +69 | +$8.37K | 3.0% |
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SG SPDR Gold Tr | Trimmed | −21,613 | −$6.59M | 19.4% |
| IT Ishares Tr | Trimmed | −43,316 | −$5.57M | 8.4% |
| I Ishares Inc | Exited | −32,969 | −$5.05M | — |
| IT Ishares Tr | Exited | −51,000 | −$4.94M | — |
| SS SPDR S&P 500 ETF Tr | New | +1,670 | +$1.03M | 4.2% |
| IC Invesco Currencyshares Japan | New | +15,725 | +$1.01M | 4.1% |
| OA Oreilly Automotive Inc | Added | +7,798 | +$703K | 3.1% |
| Southern Copper Corp | Added | +67 | +$6.78K | 2.9% |
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Tc Energy Corp | Exited | −295,632 | −$13.8M | — |
| Ryanair Holdings PLC | Exited | −319,516 | −$10.8M | — |
| IT Ishares Tr | New | +59,300 | +$6.9M | 16.4% |
| FN Franco Nev Corp | Trimmed | −39,714 | −$6.26M | 4.0% |
| Icl Group Ltd | Exited | −1,163,054 | −$5.75M | — |
| OA Oreilly Automotive Inc | Trimmed | −3,923 | −$5.62M | 1.9% |
| Henry Schein Inc | Trimmed | −60,932 | −$4.17M | 1.6% |
| CN Chevron Corp New | Trimmed | −17,881 | −$2.99M | 3.0% |
| Corpay Inc | Trimmed | −8,466 | −$2.95M | 1.8% |
| SG SPDR Gold Tr | Trimmed | −10,161 | −$2.93M | 25.4% |
Showing the 10 largest of 28 changes.
quarter ended December 31, 2024 · filed February 19, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IT Ishares Tr | New | +51,000 | +$4.94M | 4.6% |
| GW Grainger W W Inc | Trimmed | −1,643 | −$1.73M | 2.9% |
| Tc Energy Corp | Trimmed | −32,808 | −$1.53M | 12.9% |
| South Bow Corp | New | +60,429 | +$1.43M | 1.3% |
| MI Mohawk Inds Inc | Trimmed | −691 | −$82.3K | 0.5% |
| OA Oreilly Automotive Inc | Trimmed | −41 | −$48.6K | 5.0% |
| Henry Schein Inc | Trimmed | −528 | −$36.5K | 4.6% |
| Walmart Inc | Trimmed | −369 | −$33.3K | 1.3% |
| Corpay Inc | Trimmed | −95 | −$32.2K | 3.4% |
| CN Chevron Corp New | Trimmed | −216 | −$31.3K | 3.5% |
Showing the 10 largest of 15 changes.
quarter ended September 30, 2024 · filed November 25, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IT Ishares Tr | Exited | −176,500 | −$7.44M | — |
| Ryanair Holdings PLC | Added | +112,999 | +$3.86M | 10.6% |
| Walmart Inc | Trimmed | −43,992 | −$3.55M | 1.2% |
| Perrigo Co PLC | Exited | −118,168 | −$3.03M | — |
| SP Sonoco Prods Co | Exited | −37,695 | −$1.91M | — |
| SG SPDR Gold Tr | Trimmed | −7,000 | −$1.7M | 11.2% |
| Henry Schein Inc | Trimmed | −12,336 | −$899K | 5.0% |
| OA Oreilly Automotive Inc | Trimmed | −715 | −$823K | 5.1% |
| GW Grainger W W Inc | Added | +1,162 | +$778K | 2.9% |
| CN Chevron Corp New | Trimmed | −4,800 | −$707K | 3.7% |
Showing the 10 largest of 26 changes.
quarter ended June 30, 2024 · filed August 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Tc Energy Corp | New | +317,550 | +$12M | 10.0% |
| I Ishares Inc | Exited | −722,426 | −$11.2M | — |
| IT Ishares Tr | New | +176,500 | +$7.44M | 6.2% |
| Icl Group Ltd | New | +1,163,054 | +$5.02M | 4.2% |
| I Ishares Inc | Trimmed | −17,874 | −$2.64M | 4.1% |
| SG SPDR Gold Tr | Trimmed | −11,480 | −$2.47M | 9.7% |
| OA Oreilly Automotive Inc | Trimmed | −1,720 | −$1.82M | 4.6% |
| Meta Platforms Inc | Trimmed | −2,862 | −$1.44M | 1.2% |
| Perrigo Co PLC | Trimmed | −49,447 | −$1.27M | 2.5% |
| DW Disney Walt Co | Added | +9,848 | +$978K | 2.2% |
Showing the 10 largest of 33 changes.
quarter ended March 31, 2024 · filed May 15, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| I Ishares Inc | New | +722,426 | +$11.2M | 8.7% |
| Ryanair Holdings PLC | Added | +120,595 | +$8.6M | 10.8% |
| FT Fleetcor Technologies Inc | Exited | −20,685 | −$5.85M | — |
| FN Franco Nev Corp | Added | +28,999 | +$4.06M | 5.4% |
| Corpay Inc | New | +12,685 | +$3.91M | 3.0% |
| Southern Copper Corp | New | +33,580 | +$3.58M | 2.8% |
| SG SPDR Gold Tr | Added | +14,722 | +$3.03M | 10.4% |
| Walmart Inc | Added | +40,472 | +$2.44M | 2.8% |
| Perrigo Co PLC | Trimmed | −64,368 | −$2.44M | 4.9% |
| Baidu Inc | New | +14,680 | +$1.69M | 1.3% |
Showing the 10 largest of 15 changes.
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