Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (8 quarters reported)
$138M in Q4 2024 → $541M now. Hover for any quarter.
As reported for the quarter ended September 30, 2026. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| Freeport Mcmoran Inc | 11.8% | Trimmed 21% | 913,282 | $63.9M |
| Teck Resources Ltd | 11.1% | Added 22% | 916,182 | $60.3M |
| Ecolab Inc | 10.8% | Added 4.9% | 213,774 | $58.7M |
| Corteva Inc | 10.1% | New | 702,140 | $54.5M |
| Chevron Corporation | 9.5% | Added 53% | 252,698 | $51.6M |
| DE Devon Energy Corp New | 8.7% | Trimmed 9.0% | 1,026,825 | $47.3M |
| SL Slb Limited | 7.9% | Trimmed 16% | 877,705 | $42.8M |
| Agnico Eagle Mines Ltd | 7.8% | Trimmed 10% | 229,365 | $42M |
| Dupont De Nemours Inc | 7.4% | Added 342% | 307,164 | $39.9M |
| Linde PLC | 6.6% | Trimmed 17% | 74,743 | $35.5M |
| Eqt Corp | 3.6% | New | 400,000 | $19.4M |
| Cameco Corp | 2.9% | Added 143% | 180,418 | $15.6M |
| A Amrize Ltd | 1.8% | New | 265,000 | $9.91M |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 7 quarters.
quarter ended September 30, 2026 · filed October 26, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Corteva Inc | New | +702,140 | +$54.5M | 10.1% |
| Nutrien Ltd | Exited | −848,248 | −$53.4M | — |
| Ppg Industries Inc | Exited | −343,338 | −$41.6M | — |
| Dupont De Nemours Inc | Added | +237,639 | +$30.9M | 7.4% |
| Alcoa Corp | Exited | −385,711 | −$20.1M | — |
| Eqt Corp | New | +400,000 | +$19.4M | 3.6% |
| Diamondback Energy Inc | Exited | −109,544 | −$19.3M | — |
| Chevron Corporation | Added | +88,026 | +$18M | 9.5% |
| Freeport Mcmoran Inc | Trimmed | −243,026 | −$17M | 11.8% |
| Teck Resources Ltd | Added | +162,202 | +$10.7M | 11.1% |
Showing the 10 largest of 19 changes.
quarter ended June 30, 2026 · filed July 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Ecolab Inc | New | +203,750 | +$56.8M | 10.4% |
| Linde PLC | New | +90,227 | +$46.8M | 8.6% |
| Freeport-mcmoran Inc | Added | +697,776 | +$43.9M | 13.3% |
| Ppg Industries Inc | New | +343,338 | +$41.6M | 7.6% |
| Nutrien Ltd | Added | +573,705 | +$36.1M | 9.8% |
| Devon Energy Corp | Added | +640,673 | +$26.5M | 8.6% |
| SN Slb Nv | Added | +568,077 | +$26.4M | 8.9% |
| Teck Resources Ltd | Added | +332,378 | +$19.8M | 8.2% |
| Agnico Eagle Mines Ltd | Added | +113,949 | +$17.7M | 7.3% |
| Martin Marietta Materials Inc | Exited | −26,170 | −$15.4M | — |
Showing the 10 largest of 18 changes.
quarter ended March 31, 2026 · filed May 06, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Barrick Mining Corp | Exited | −1,384,920 | −$60.3M | — |
| Freeport-mcmoran Inc | Trimmed | −855,420 | −$50.3M | 9.5% |
| Dupont De Nemours Inc | Trimmed | −980,481 | −$44.9M | 3.7% |
| Alcoa Corp | Trimmed | −581,997 | −$38.6M | 11.2% |
| Chevron Corp | New | +150,166 | +$31.1M | 11.0% |
| Agnico Eagle Mines Ltd | New | +141,052 | +$28.6M | 10.1% |
| Exxon Mobil Corp | Exited | −215,230 | −$25.9M | — |
| Corteva Inc | Exited | −383,610 | −$25.7M | — |
| Devon Energy Corp | New | +487,349 | +$24.5M | 8.7% |
| SN Slb Nv | New | +475,000 | +$24.4M | 8.6% |
Showing the 10 largest of 18 changes.
quarter ended December 31, 2025 · filed January 21, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Crh PLC | Exited | −265,000 | −$31.8M | — |
| Eqt Corp | Exited | −481,162 | −$26.2M | — |
| Corteva Inc | New | +383,610 | +$25.7M | 7.2% |
| Dupont De Nemours Inc | Added | +556,827 | +$22.4M | 13.6% |
| Cameco Corp | Exited | −266,669 | −$22.4M | — |
| Teck Resources Ltd | Trimmed | −434,077 | −$20.8M | 6.0% |
| Martin Marietta Materials Inc | New | +32,000 | +$19.9M | 5.6% |
| Freeport-mcmoran Inc | Added | +363,952 | +$18.5M | 18.7% |
| Century Aluminum Co | New | +313,376 | +$12.3M | 3.4% |
| Barrick Mining Corp | Added | +179,920 | +$7.84M | 16.9% |
Showing the 10 largest of 15 changes.
quarter ended September 30, 2025 · filed October 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Barrick Mining Corp | New | +1,205,000 | +$39.5M | 12.1% |
| Teck Resources Ltd | Added | +557,470 | +$24.5M | 11.8% |
| Agnico Eagle Mines Ltd | Exited | −166,471 | −$19.8M | — |
| Alcoa Corp | Trimmed | −591,661 | −$19.5M | 9.4% |
| Commercial Metals Co | New | +271,985 | +$15.6M | 4.8% |
| Baker Hughes Co | Exited | −400,000 | −$15.3M | — |
| Steel Dynamics Inc | Exited | −115,000 | −$14.7M | — |
| Crh PLC | Trimmed | −117,447 | −$14.1M | 9.7% |
| Exxon Mobil Corp | Added | +77,740 | +$8.77M | 7.5% |
| Freeport-mcmoran Inc | Trimmed | −197,407 | −$7.74M | 11.4% |
Showing the 10 largest of 15 changes.
quarter ended June 30, 2025 · filed August 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Alcoa Corp | New | +1,521,269 | +$44.9M | 14.3% |
| Cameco Corp | New | +349,288 | +$25.9M | 8.3% |
| Dupont De Nemours Inc | Added | +365,619 | +$25.1M | 15.4% |
| Agnico Eagle Mines Ltd | New | +166,471 | +$19.8M | 6.3% |
| United States Steel Corp | Exited | −411,259 | −$17.4M | — |
| Chevron Corp | Exited | −95,994 | −$16.1M | — |
| Baker Hughes Co | New | +400,000 | +$15.3M | 4.9% |
| Exxon Mobil Corp | New | +139,393 | +$15M | 4.8% |
| Westlake Corp | Exited | −117,231 | −$11.7M | — |
| Sherwin-williams Co | Exited | −30,402 | −$10.6M | — |
Showing the 10 largest of 17 changes.
quarter ended March 31, 2025 · filed June 04, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Freeport-mcmoran Inc | New | +1,094,480 | +$41.4M | 20.8% |
| Dupont De Nemours Inc | New | +338,870 | +$25.3M | 12.7% |
| Alcoa Corp | Exited | −520,000 | −$19.6M | — |
| Crh PLC | Added | +168,995 | +$14.9M | 14.2% |
| Sherwin-williams Co | New | +30,402 | +$10.6M | 5.3% |
| United States Steel Corp | Added | +246,259 | +$10.4M | 8.7% |
| Eog Resources Inc | Exited | −76,068 | −$9.32M | — |
| Peabody Energy Corp | New | +678,704 | +$9.2M | 4.6% |
| Agnico Eagle Mines Ltd | Exited | −115,000 | −$8.99M | — |
| Teck Resources Ltd | Trimmed | −231,772 | −$8.44M | 4.4% |
Showing the 10 largest of 16 changes.
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