Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (52 quarters reported)
$116M in Q3 2013 → $502M 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 |
|---|---|---|---|---|
| FI Financial Invs Tr | 63.6% | Added 2.0% | 8,559,725 | $319M |
| CI Cnh Indl N V | 1.0% | Added 99% | 244,880 | $5.08M |
| Corteva Inc | 0.8% | Trimmed 2.8% | 50,229 | $4.25M |
| Nutrien Ltd | 0.8% | Trimmed 33% | 66,492 | $4.19M |
| First Solar Inc | 0.8% | Added 64% | 17,230 | $4.07M |
| ER Eog Res Inc | 0.8% | Added 2.5% | 31,012 | $4.02M |
| Sm Energy Company | 0.8% | Trimmed 28% | 152,802 | $3.99M |
| Teck Resources Ltd | 0.7% | Added 131% | 62,552 | $3.72M |
| Baytex Energy Corp | 0.7% | Added 7096% | 921,077 | $3.68M |
| Enphase Energy Inc | 0.7% | Added 28% | 70,890 | $3.49M |
| OP Occidental Pete Corp | 0.7% | Added 32% | 69,448 | $3.37M |
| EU Essential Utils Inc | 0.7% | Added 106% | 86,836 | $3.33M |
| Patterson-uti Energy Inc | 0.7% | Added 0.6% | 355,463 | $3.26M |
| Archer Daniels Midland Co | 0.6% | Added 39% | 41,843 | $3.2M |
| Permian Resources Corp | 0.6% | Added 24% | 172,482 | $3.18M |
| CN Canadian Nat Res Ltd Med Ter | 0.6% | Added 11% | 77,739 | $3.07M |
| Liberty Energy Inc | 0.6% | Trimmed 27% | 116,093 | $3.04M |
| Array Technologies Inc | 0.6% | Added 108% | 397,473 | $2.95M |
| Talos Energy Inc | 0.6% | Added 137% | 220,151 | $2.84M |
| Tyson Foods Inc | 0.5% | Added 530% | 48,121 | $2.75M |
| Ingredion Inc | 0.5% | Added 64% | 28,249 | $2.68M |
| Veralto Corp | 0.5% | Added 363% | 29,647 | $2.63M |
| Agnico Eagle Mines Ltd | 0.5% | Added 203% | 16,881 | $2.62M |
| Halliburton Co | 0.5% | Added 1.6% | 74,852 | $2.54M |
| Mp Materials Corp | 0.5% | Added 49% | 45,207 | $2.53M |
| SL Slb Limited | 0.5% | Added 26% | 53,743 | $2.5M |
| Helmerich & Payne Inc | 0.5% | Added 115% | 74,405 | $2.44M |
| CI Cf Industries Hold | 0.5% | Trimmed 33% | 21,741 | $2.35M |
| AS Amer States Wtr Co | 0.5% | New | 28,177 | $2.33M |
| Pilgrims Pride Corp | 0.5% | Added 1314% | 82,335 | $2.31M |
| Chord Energy Corporation | 0.5% | Trimmed 45% | 20,137 | $2.3M |
| SE Suncor Energy Inc New | 0.4% | Added 86% | 40,602 | $2.18M |
| Nov Inc | 0.4% | Added 32% | 116,199 | $2.16M |
| Archrock Inc | 0.4% | Added 1.4% | 51,939 | $2.11M |
| TN Tidewater Inc New | 0.4% | Trimmed 26% | 31,673 | $2.11M |
| HE Helix Energy Solutions Grp I | 0.4% | Added 30% | 239,423 | $2.09M |
| CW California Wtr Svc Group | 0.4% | Added 48% | 42,138 | $2.05M |
| Darling Ingredients Inc | 0.4% | Trimmed 48% | 37,183 | $2.03M |
| Daqo New Energy Corp | 0.4% | Trimmed 0.2% | 147,621 | $1.98M |
| Exxon Mobil Corp | 0.4% | Added 74% | 14,276 | $1.95M |
| OI Oceaneering Intl Inc | 0.4% | Added 3.3% | 47,617 | $1.93M |
| MR Matador Res Co | 0.4% | Trimmed 43% | 38,137 | $1.9M |
| Agco Corp | 0.4% | Trimmed 0.5% | 15,559 | $1.86M |
| Magnolia Oil & Gas Corp | 0.4% | Added 1.8% | 71,816 | $1.84M |
| Select Water Solutions Inc | 0.4% | Trimmed 1.9% | 90,898 | $1.82M |
| Enerflex Ltd | 0.4% | Added 0.1% | 73,731 | $1.81M |
| PH Propetro Hldg Corp | 0.3% | Added 1.7% | 113,790 | $1.63M |
| EG Expro Group Holdings Nv | 0.3% | Added 1.8% | 107,585 | $1.59M |
| ST Shoals Technologies Group In | 0.3% | Trimmed 56% | 159,991 | $1.58M |
| KG Kodiak Gas Svcs Inc | 0.3% | Trimmed 58% | 21,022 | $1.58M |
| Ero Copper Corp | 0.3% | Added 38% | 58,580 | $1.56M |
| H2o America | 0.3% | Added 6.6% | 24,261 | $1.47M |
| Oceanagold Corp | 0.3% | New | 56,860 | $1.42M |
| Bloom Energy Corp | 0.3% | Trimmed 59% | 4,376 | $1.32M |
| Conocophillips | 0.3% | Trimmed 57% | 12,641 | $1.31M |
| Aya Gold & Silver Inc | 0.3% | New | 68,316 | $1.29M |
| Green Plains Inc | 0.3% | Trimmed 2.4% | 82,869 | $1.27M |
| Deere & Co | 0.2% | Trimmed 61% | 1,961 | $1.24M |
| Southern Copper Corp | 0.2% | New | 6,986 | $1.22M |
| AW American Wtr Wks Co Inc New | 0.2% | New | 9,217 | $1.21M |
Showing top 60 of 124 positions.
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 14, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| FI Financial Invs Tr | Added | +164,600 | +$6.14M | 63.6% |
| Murphy Oil Corp | Trimmed | −125,489 | −$4.09M | — |
| Mosaic Co | Trimmed | −173,728 | −$3.68M | 0.1% |
| Baytex Energy Corp | Added | +908,277 | +$3.63M | 0.7% |
| Coterra Energy Inc | Exited | −98,331 | −$3.46M | — |
| CI Cnh Indl N V | Added | +122,095 | +$2.53M | 1.0% |
| AS Amer States Wtr Co | New | +28,177 | +$2.33M | 0.5% |
| Tyson Foods Inc | Added | +40,478 | +$2.32M | 0.5% |
| Hormel Foods Corp | Trimmed | −88,667 | −$2.2M | 0.1% |
| KG Kodiak Gas Svcs Inc | Trimmed | −29,134 | −$2.19M | 0.3% |
Showing the 10 largest of 139 changes.
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| AC Alps Corecommodity Ntrl Res | Trimmed | −1,020,000 | −$40.9M | 62.6% |
| Nutrien Ltd | Added | +93,687 | +$7.07M | 1.4% |
| Hudbay Minerals Inc | Trimmed | −337,662 | −$7.05M | 0.2% |
| Alcoa Corp | Exited | −94,403 | −$5.02M | — |
| MC Mosaic Co/the | New | +188,490 | +$4.81M | 0.9% |
| Baytex Energy Corp | Trimmed | −993,766 | −$4.43M | — |
| Cf Industries Holdings Inc | New | +32,647 | +$4.24M | 0.8% |
| TF Tyson Foods Inc-cl A | Trimmed | −59,083 | −$3.79M | 0.1% |
| SE Suncor Energy Inc | Trimmed | −54,857 | −$3.62M | 0.3% |
| Freeport-mcmoran Inc | Trimmed | −53,721 | −$3.16M | 0.1% |
Showing the 10 largest of 138 changes.
quarter ended December 31, 2025 · filed February 12, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| FI Financial Invs Tr | Trimmed | −2,250,000 | −$73.7M | 64.8% |
| CI Cnh Indl N V | Trimmed | −89,826 | −$6.1M | 0.6% |
| Southern Copper Corp | Trimmed | −19,885 | −$2.85M | 0.6% |
| Talos Energy Inc | Trimmed | −209,545 | −$2.31M | — |
| Teck Resources Ltd | Trimmed | −47,990 | −$2.3M | 0.5% |
| HM Hecla Mng Co | Trimmed | −110,479 | −$2.12M | 0.3% |
| Archer Daniels Midland Co | Trimmed | −35,406 | −$2.04M | 0.4% |
| Helmerich & Payne Inc | Trimmed | −65,328 | −$1.87M | 0.3% |
| Ingredion Inc | Trimmed | −16,631 | −$1.83M | 0.3% |
| First Solar Inc | Exited | −7,939 | −$1.75M | — |
Showing the 10 largest of 128 changes.
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| FI Financial Invs Tr | Trimmed | −1,665,000 | −$51M | 64.9% |
| HM Hecla Mng Co | Trimmed | −714,749 | −$8.65M | 0.4% |
| Array Technologies Inc | Trimmed | −963,051 | −$7.85M | 0.1% |
| Daqo New Energy Corp | Trimmed | −242,800 | −$6.83M | 0.1% |
| Hudbay Minerals Inc | Trimmed | −413,758 | −$6.26M | 1.2% |
| Agnico Eagle Mines Ltd | Trimmed | −32,422 | −$5.46M | 0.3% |
| JH Jinkosolar Hldg Co Ltd | Exited | −240,775 | −$5.11M | — |
| Newmont Corp | Trimmed | −55,278 | −$4.66M | 0.1% |
| Teck Resources Ltd | Trimmed | −80,852 | −$3.55M | 0.8% |
| CA Century Alum Co | Trimmed | −117,076 | −$3.44M | 0.5% |
Showing the 10 largest of 148 changes.
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| FI Financial Invs Tr | Trimmed | −1,170,000 | −$30.5M | 57.2% |
| Royal Gold Inc | Trimmed | −30,659 | −$5.45M | 0.1% |
| MR Matador Res Co | New | +99,271 | +$4.74M | 0.8% |
| Newmont Corp | Trimmed | −78,509 | −$4.57M | 0.6% |
| Hudbay Minerals Inc | Added | +343,010 | +$3.64M | 1.5% |
| Bunge Global Sa | Exited | −45,126 | −$3.45M | — |
| Agnico Eagle Mines Ltd | Trimmed | −28,648 | −$3.41M | 0.8% |
| ST Shoals Technologies Group In | Added | +722,570 | +$3.07M | 0.5% |
| Array Technologies Inc | Added | +515,375 | +$3.04M | 1.0% |
| Ati Inc | Trimmed | −34,483 | −$2.98M | 0.1% |
Showing the 10 largest of 153 changes.
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| FI Financial Invs Tr | Added | +2,405,945 | +$58.3M | 57.1% |
| Newmont Corp | New | +141,440 | +$6.83M | 1.1% |
| Royal Gold Inc | Added | +33,189 | +$5.43M | 0.9% |
| Cal Maine Foods Inc | Trimmed | −49,707 | −$4.52M | 0.3% |
| Hormel Foods Corp | Trimmed | −142,565 | −$4.41M | 0.4% |
| Agnico Eagle Mines Ltd | Added | +35,348 | +$3.83M | 1.2% |
| Nutrien Ltd | Trimmed | −71,124 | −$3.53M | 0.3% |
| Bunge Global Sa | New | +45,126 | +$3.45M | 0.6% |
| HM Hecla Mng Co | Added | +541,742 | +$3.01M | 0.5% |
| EU Essential Utils Inc | New | +68,883 | +$2.72M | 0.4% |
Showing the 10 largest of 151 changes.
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| FI Financial Invs Tr | Added | +539,791 | +$12.5M | 54.7% |
| Teck Resources Ltd | Added | +108,371 | +$4.39M | 1.0% |
| ST Shoals Technologies Group In | Trimmed | −631,662 | −$3.49M | 0.1% |
| MR Matador Res Co | Trimmed | −54,456 | −$3.06M | 0.1% |
| Warrior Met Coal Inc | New | +50,079 | +$2.72M | 0.5% |
| Hormel Foods Corp | Added | +86,258 | +$2.71M | 1.4% |
| Fmc Corp | Added | +46,546 | +$2.26M | 1.1% |
| Agco Corp | Trimmed | −24,031 | −$2.25M | 0.3% |
| CI Cnh Indl N V | Trimmed | −191,215 | −$2.17M | 1.0% |
| Hudbay Minerals Inc | Trimmed | −264,875 | −$2.14M | 0.4% |
Showing the 10 largest of 136 changes.
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| FI Financial Invs Tr | New | +11,554,389 | +$296M | 54.5% |
| Bunge Global Sa | Exited | −55,822 | −$5.96M | — |
| Agnico Eagle Mines Ltd | Trimmed | −61,460 | −$4.95M | 0.4% |
| Sm Energy Co | Added | +118,198 | +$4.72M | 0.9% |
| AW American Wtr Wks Co Inc New | Trimmed | −30,265 | −$4.43M | — |
| Nutrien Ltd | Added | +86,216 | +$4.14M | 1.0% |
| ST Shoals Technologies Group In | New | +713,028 | +$4M | 0.7% |
| CR Cnx Res Corp | Trimmed | −118,685 | −$3.87M | 0.1% |
| OP Occidental Pete Corp | Added | +66,171 | +$3.41M | 0.7% |
| MC Mosaic Co New | Added | +126,907 | +$3.4M | 0.7% |
Showing the 10 largest of 149 changes.
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