Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (53 quarters reported)
$476M in Q2 2013 → $156M 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 |
|---|---|---|---|---|
| Echostar Corp | 65.3% | Added 74% | 1,004,709 | $102M |
| CE Caesars Entertainment Inc Ne | 27.7% | Unchanged | 1,430,000 | $43.2M |
| Echostar Corp | 6.3% | Trimmed 76% | 3,157,027 | $9.86M |
| IS Ishares Silver Tr | 0.7% | New | 20,000 | $1.07M |
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 |
|---|---|---|---|---|
| Echostar Corp | Added | +428,138 | +$43.5M | 65.3% |
| Garrett Motion Inc | Exited | −2,159,866 | −$39.2M | — |
| Echostar Corp | Trimmed | −9,775,000 | −$30.5M | 6.3% |
| Methanex Corp | Exited | −82,484 | −$4.91M | — |
| IS Ishares Silver Tr | New | +20,000 | +$1.07M | 0.7% |
| NG Nebius Group N.v. | Exited | −5,000 | −$519K | — |
quarter ended March 31, 2026 · filed May 28, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Garrett Motion Inc | Trimmed | −4,692,131 | −$85.3M | 20.0% |
| Echostar Corp | Trimmed | −11,600,000 | −$41.4M | 23.5% |
| CE Caesars Entertainment Inc Ne | New | +1,430,000 | +$37.8M | 19.3% |
| Methanex Corp | Trimmed | −81,516 | −$4.85M | 2.5% |
| NG Nebius Group N.v. | Trimmed | −15,000 | −$1.56M | 0.3% |
quarter ended December 31, 2025 · filed February 17, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Garrett Motion Inc | Trimmed | −12,757,675 | −$222M | 43.9% |
| Echostar Corp | Trimmed | −255,616 | −$27.8M | 23.0% |
| Echostar Corp | Trimmed | −7,896,209 | −$26.4M | 30.1% |
| NG Nebius Group N.v. | New | +20,000 | +$1.67M | 0.6% |
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Echostar Corp | Trimmed | −757,309 | −$57.8M | 15.2% |
| Garrett Motion Inc | Trimmed | −4,095,526 | −$55.8M | 64.1% |
| Echostar Corp | Trimmed | −20,049,471 | −$49.3M | 19.1% |
| Echostar Corp | Exited | −450,000 | −$12.5M | — |
| SA Spirit Aviation Hldgs Inc | Exited | −1,763,624 | −$8.8M | — |
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Garrett Motion Inc | Trimmed | −3,632,200 | −$38.2M | 65.3% |
| Echostar Corp | New | +450,000 | +$12.5M | 3.3% |
| SA Spirit Aviation Hldgs Inc | New | +1,763,624 | +$8.8M | 2.3% |
| Echostar Corp | Added | +3,598,787 | +$4.24M | 16.2% |
| Echostar Corp | Added | +56,287 | +$1.56M | 11.5% |
| NG Nebius Group N.v. | Exited | −30,000 | −$633K | — |
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Veon Ltd | Exited | −74,670 | −$2.99M | — |
| Methanex Corp | Added | +39,000 | +$1.37M | 1.7% |
| NG Nebius Group N.v. | New | +30,000 | +$633K | 0.2% |
| Borr Drilling Ltd | Exited | −150,000 | −$585K | — |
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Dish Network Corporation | Exited | −107,125,000 | −$92.7M | — |
| Dish Network Corporation | Exited | −103,831,000 | −$83.3M | — |
| Echostar Corp | New | +48,878,920 | +$51.3M | 14.9% |
| SA Spirit Airls Inc | Exited | −108,462,000 | −$32.7M | — |
| Echostar Corp | Added | +380,407 | +$8.71M | 10.2% |
| Methanex Corp | New | +125,000 | +$6.24M | 1.8% |
| Veon Ltd | New | +74,670 | +$2.99M | 0.9% |
| NG Nebius Group N.v. | Exited | −125,367 | −$2.12M | — |
| Borr Drilling Ltd | New | +150,000 | +$585K | 0.2% |
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Dish Network Corporation | Added | +68,208,000 | +$54.7M | 18.0% |
| Echostar Corp | New | +1,152,802 | +$28.6M | 6.2% |
| Dish Network Corporation | Added | +31,700,000 | +$27.4M | 20.0% |
| NG Nebius Group N.v. | New | +125,367 | +$2.12M | 0.5% |
| SA Spirit Airls Inc | Trimmed | −3,000,000 | −$905K | 7.1% |
| Garrett Motion Inc | Trimmed | −3,779 | −$30.9K | 48.3% |
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