Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (26 quarters reported)
$5.39B in Q1 2020 → $22.7B 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 |
|---|---|---|---|---|
| TF Triple Flag Precious Metal | 17.6% | Trimmed 0.0% | 133,241,535 | $3.99B |
| Phillips 66 | 14.4% | Unchanged | 19,251,000 | $3.25B |
| IQ Invesco Qqq Tr Put | 11.3% | Added 770% | 3,480,000 | $2.56B |
| SE Suncor Energy Inc New | 7.0% | Trimmed 44% | 29,454,000 | $1.58B |
| HP Hewlett Packard Enterprise C | 6.4% | Added 18% | 32,271,985 | $1.46B |
| IT Ishares Tr Put | 6.3% | New | 15,750,000 | $1.43B |
| SA Southwest Airls Co | 5.5% | Trimmed 20% | 24,308,000 | $1.25B |
| SS Select Sector SPDR Tr Put | 4.2% | Trimmed 31% | 5,175,000 | $959M |
| SS Select Sector SPDR Tr Put | 3.7% | Added 65% | 7,100,000 | $833M |
| SS Select Sector SPDR Tr Put | 3.5% | Added 5.3% | 9,625,000 | $800M |
| VE Vaneck ETF Trust Put | 3.0% | Added 455% | 9,150,000 | $690M |
| Uniti Group LLC | 3.0% | Unchanged | 59,012,219 | $677M |
| IT Ishares Tr Put | 2.7% | New | 12,500,000 | $618M |
| Pinterest Inc | 2.6% | Unchanged | 28,000,000 | $589M |
| Etsy Inc | 1.7% | Unchanged | 5,000,000 | $377M |
| NC Norwegian Cruise Line Hldgs | 1.4% | Added 11% | 14,686,000 | $310M |
| Pepsico Inc | 0.8% | Unchanged | 1,275,000 | $173M |
| Seadrill Ltd | 0.7% | Trimmed 5.9% | 4,439,681 | $168M |
| VE Vaneck ETF Trust Put | 0.7% | New | 250,000 | $164M |
| Equinix Inc | 0.7% | Unchanged | 150,000 | $156M |
| Synopsys Inc | 0.4% | New | 227,500 | $101M |
| Or Royalties Inc. | 0.4% | Unchanged | 3,111,000 | $98.4M |
| SS SPDR Series Trust Put | 0.4% | Unchanged | 900,000 | $96.2M |
| IE Invesco Exchange Traded Fd T Put | 0.4% | New | 395,000 | $84M |
| Transocean Ltd | 0.3% | Unchanged | 15,626,834 | $76.4M |
| IT Ishares Tr Put | 0.3% | Trimmed 50% | 250,000 | $75.1M |
| IT Ishares Tr Call | 0.3% | New | 1,400,000 | $69.2M |
| Hdfc Bank Ltd | 0.1% | Unchanged | 797,085 | $20.6M |
| Quantinuum Inc | 0.1% | New | 150,000 | $12.3M |
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 |
|---|---|---|---|---|
| IQ Invesco Qqq Tr | Added | +3,080,000 | +$2.27B | 11.3% |
| IT Ishares Tr | New | +15,750,000 | +$1.43B | 6.3% |
| SE Suncor Energy Inc New | Trimmed | −23,216,800 | −$1.25B | 7.0% |
| IT Ishares Tr | New | +12,500,000 | +$618M | 2.7% |
| VE Vaneck ETF Trust | Added | +7,500,000 | +$566M | 3.0% |
| SS Select Sector SPDR Tr | Trimmed | −2,325,000 | −$431M | 4.2% |
| IT Ishares Tr | Exited | −5,000,000 | −$398M | — |
| SS Select Sector SPDR Tr | Added | +2,800,000 | +$328M | 3.7% |
| SA Southwest Airls Co | Trimmed | −6,038,000 | −$310M | 5.5% |
| DR Digital Rlty Tr Inc | Exited | −1,500,000 | −$270M | — |
Showing the 10 largest of 30 changes.
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| VE Vaneck ETF Trust | Trimmed | −12,350,000 | −$1.13B | 0.8% |
| SS Select Sector SPDR Tr | Trimmed | −10,860,000 | −$890M | 3.7% |
| SA Southwest Airls Co | Trimmed | −20,782,500 | −$781M | 5.7% |
| SS Select Sector SPDR Tr | Exited | −16,000,000 | −$715M | — |
| IQ Invesco Qqq Tr | Trimmed | −1,100,000 | −$635M | 1.1% |
| IQ Invesco Qqq Tr | Exited | −1,000,000 | −$614M | — |
| Nvidia Corporation | Exited | −3,000,000 | −$560M | — |
| SS Select Sector SPDR Tr | New | +4,300,000 | +$469M | 2.3% |
| IT Ishares Tr | New | +5,000,000 | +$398M | 2.0% |
| IT Ishares Tr | Trimmed | −1,800,000 | −$385M | 1.1% |
Showing the 10 largest of 30 changes.
quarter ended December 31, 2025 · filed February 18, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IT Ishares Tr | Trimmed | −2,200,000 | −$463M | 2.6% |
| SS Select Sector SPDR Tr | Added | +5,000,000 | +$388M | 6.9% |
| SS Select Sector SPDR Tr | Added | +8,000,000 | +$358M | 3.2% |
| IQ Invesco Qqq Tr | Trimmed | −500,000 | −$307M | 4.1% |
| SS Select Sector SPDR Tr | Exited | −2,000,000 | −$278M | — |
| Nvidia Corporation | Trimmed | −1,330,000 | −$248M | 2.5% |
| VE Vaneck ETF Trust | Added | +2,500,000 | +$214M | 5.3% |
| IT Ishares Tr | Trimmed | −1,700,000 | −$180M | 0.1% |
| IQ Invesco Qqq Tr | Trimmed | −250,000 | −$154M | 2.7% |
| Wheaton Precious Metals Corp | Exited | −650,000 | −$72.7M | — |
Showing the 10 largest of 18 changes.
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR S&P 500 ETF Tr | Exited | −2,160,000 | −$1.33B | — |
| SS Select Sector SPDR Tr | New | +15,000,000 | +$1.18B | 5.2% |
| IQ Invesco Qqq Tr | New | +1,250,000 | +$750M | 3.3% |
| SS Select Sector SPDR Tr | New | +8,000,000 | +$715M | 3.1% |
| SS Select Sector SPDR Tr | Added | +4,000,000 | +$617M | 5.1% |
| VE Vaneck ETF Trust | Added | +7,500,000 | +$573M | 3.9% |
| Pepsico Inc | Exited | −4,000,000 | −$528M | — |
| Uniti Group LLC | New | +59,012,219 | +$361M | 1.6% |
| Nvidia Corporation | Added | +1,750,000 | +$327M | 3.6% |
| SS SPDR Series Trust | New | +2,400,000 | +$317M | 1.4% |
Showing the 10 largest of 28 changes.
quarter ended June 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR S&P 500 ETF Tr | New | +2,160,000 | +$1.33B | 7.4% |
| SS Select Sector SPDR Tr | Trimmed | −9,000,000 | −$1.33B | 2.8% |
| Pepsico Inc | New | +4,000,000 | +$528M | 2.9% |
| Phillips 66 | Added | +3,526,000 | +$421M | 12.7% |
| Nvidia Corporation | New | +2,580,000 | +$408M | 2.2% |
| HP Hewlett Packard Enterprise C | New | +18,630,978 | +$381M | 2.1% |
| IT Ishares Tr | New | +3,800,000 | +$306M | 1.7% |
| VE Vaneck ETF Trust | New | +1,000,000 | +$279M | 1.5% |
| Biomarin Pharmaceutical Inc | Exited | −3,500,338 | −$247M | — |
| IQ Invesco Qqq Tr | Added | +387,500 | +$214M | 6.1% |
Showing the 10 largest of 34 changes.
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR S&P 500 ETF Tr | Exited | −7,200,000 | −$4.22B | — |
| Phillips 66 | Added | +14,950,000 | +$1.85B | 12.8% |
| SS Select Sector SPDR Tr | Added | +9,500,000 | +$1.25B | 10.8% |
| IT Ishares Tr | New | +5,500,000 | +$1.03B | 6.8% |
| SS Select Sector SPDR Tr | Exited | −6,006,000 | −$514M | — |
| Nrg Energy Inc | Exited | −4,800,000 | −$433M | — |
| SS Select Sector SPDR Tr | Exited | −7,000,000 | −$338M | — |
| VE Vaneck ETF Trust | Exited | −975,000 | −$264M | — |
| IQ Invesco Qqq Tr | Trimmed | −500,000 | −$234M | 5.0% |
| Nvidia Corporation | Exited | −1,450,000 | −$195M | — |
Showing the 10 largest of 30 changes.
quarter ended December 31, 2024 · filed April 28, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS Select Sector SPDR Tr | Trimmed | −16,594,000 | −$1.42B | 3.1% |
| IQ Invesco Qqq Tr | Added | +1,662,500 | +$850M | 6.5% |
| Nrg Energy Inc | Trimmed | −4,868,000 | −$439M | 2.6% |
| SS Select Sector SPDR Tr | New | +3,000,000 | +$395M | 2.4% |
| IT Ishares Tr | Exited | −1,250,000 | −$276M | — |
| ES ETF Ser Solutions | Exited | −12,800,000 | −$265M | — |
| Catalent Inc | Exited | −4,000,000 | −$242M | — |
| Cardinal Health Inc | Exited | −2,000,000 | −$221M | — |
| Nvidia Corporation | New | +1,450,000 | +$195M | 1.2% |
| AA American Airls Group Inc | Exited | −11,500,000 | −$129M | — |
Showing the 10 largest of 36 changes.
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR S&P 500 ETF Tr | New | +7,200,000 | +$4.13B | 21.4% |
| IQ Invesco Qqq Tr | Trimmed | −5,460,000 | −$2.66B | 1.1% |
| SA Southwest Airls Co | Added | +55,116,500 | +$1.63B | 9.4% |
| MP Marathon Pete Corp | Exited | −7,365,000 | −$1.28B | — |
| SS Select Sector SPDR Tr | Added | +8,100,000 | +$711M | 10.3% |
| IT Ishares Tr | Exited | −2,800,000 | −$384M | — |
| IE Invesco Exchange Traded Fd T | Exited | −1,925,000 | −$316M | — |
| VE Vaneck ETF Trust | Exited | −5,000,000 | −$170M | — |
| Bhp Group Ltd | Exited | −2,500,000 | −$143M | — |
| SS Select Sector SPDR Tr | New | +1,460,000 | +$118M | 0.6% |
Showing the 10 largest of 41 changes.
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