Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (3 quarters reported)
$385M in Q4 2025 → $297M 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 |
|---|---|---|---|---|
| Sigma Lithium Corporation Call | 19.4% | Added 725% | 4,540,000 | $57.4M |
| RR Ramaco Res Inc Call | 11.9% | Added 33% | 2,660,000 | $35.2M |
| RR Ramaco Res Inc | 11.3% | Trimmed 17% | 2,542,408 | $33.6M |
| Sunrun Inc Call | 6.3% | New | 1,400,000 | $18.7M |
| Hallador Energy Company | 5.2% | Added 37% | 887,236 | $15.4M |
| AR Alliance Resource Partners L Call | 4.4% | New | 545,000 | $13.1M |
| Albemarle Corp Put | 3.6% | New | 80,000 | $10.8M |
| Fluor Corp Call | 3.5% | New | 200,000 | $10.5M |
| Chemours Co Call | 3.5% | Added 100% | 510,000 | $10.5M |
| Sigma Lithium Corporation | 3.5% | Trimmed 46% | 823,787 | $10.4M |
| Hallador Energy Company Call | 2.8% | Trimmed 53% | 475,000 | $8.26M |
| Hut 8 Corp | 2.6% | Trimmed 70% | 66,128 | $7.63M |
| Fluor Corp | 2.6% | Trimmed 19% | 145,168 | $7.61M |
| Chemours Co | 2.3% | Added 31% | 333,593 | $6.85M |
| VS Vale S A Put | 2.0% | New | 400,000 | $6.03M |
| International Paper Co | 1.7% | New | 128,780 | $4.91M |
| PA Packaging Corp Amer | 1.6% | Added 37% | 20,519 | $4.89M |
| CN Cleveland-cliffs Inc New Put | 1.6% | New | 500,000 | $4.7M |
| Core Natural Resources Inc | 1.5% | New | 55,000 | $4.4M |
| Ecolab Inc | 1.4% | New | 15,000 | $4.18M |
| Ingevity Corp | 1.2% | Trimmed 44% | 48,073 | $3.59M |
| Amcor PLC | 1.2% | New | 81,988 | $3.55M |
| Sunrun Inc | 1.0% | New | 211,146 | $2.83M |
| SS SPDR Series Trust Put | 0.9% | New | 25,600 | $2.74M |
| Cameco Corp | 0.8% | New | 24,523 | $2.5M |
| Albemarle Corp | 0.5% | New | 11,202 | $1.51M |
| Fedex Corp | 0.5% | Trimmed 33% | 4,739 | $1.48M |
| Realloys Inc | 0.4% | New | 89,134 | $1.29M |
| Kronos Worldwide Inc | 0.3% | New | 138,746 | $878K |
| CN Cleveland-cliffs Inc New | 0.2% | Trimmed 84% | 77,500 | $728K |
| Evgo Inc | 0.2% | New | 305,771 | $584K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 2 quarters.
quarter ended June 30, 2026 · filed August 14, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Sigma Lithium Corporation | Added | +3,990,000 | +$50.5M | 19.4% |
| Sunrun Inc | New | +1,400,000 | +$18.7M | 6.3% |
| Hut 8 Corp | Trimmed | −151,792 | −$17.5M | 2.6% |
| AR Alliance Resource Partners L | New | +545,000 | +$13.1M | 4.4% |
| CN Cleveland-cliffs Inc New | Exited | −1,300,000 | −$11M | — |
| Albemarle Corp | New | +80,000 | +$10.8M | 3.6% |
| Fluor Corp | New | +200,000 | +$10.5M | 3.5% |
| Hallador Energy Company | Trimmed | −525,000 | −$9.13M | 2.8% |
| RR Ramaco Res Inc | Added | +660,000 | +$8.73M | 11.9% |
| Sigma Lithium Corporation | Trimmed | −689,791 | −$8.73M | 3.5% |
Showing the 10 largest of 54 changes.
quarter ended March 31, 2026 · filed May 19, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR S&P 500 ETF Tr | Exited | −300,000 | −$205M | — |
| RR Ramaco Res Inc | Added | +1,375,453 | +$21.3M | 18.1% |
| Hallador Energy Company | New | +1,000,000 | +$16.3M | 6.2% |
| RR Ramaco Res Inc | Added | +969,000 | +$15M | 11.8% |
| CN Cleveland-cliffs Inc New | New | +1,300,000 | +$11M | 4.2% |
| Hallador Energy Company | Added | +537,205 | +$8.75M | 4.0% |
| Fluor Corp | New | +180,215 | +$8.41M | 3.2% |
| DH Dow Hldgs Inc | New | +200,000 | +$8.33M | 3.2% |
| LI Lyondellbasell Industries Nv | New | +100,000 | +$8.06M | 3.1% |
| Core Natural Resources Inc | Exited | −89,187 | −$7.89M | — |
Showing the 10 largest of 57 changes.
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