Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (15 quarters reported)
$127M in Q4 2022 → $130M 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 |
|---|---|---|---|---|
| BA British Amern Tob PLC | 13.8% | Unchanged | 290,381 | $17.9M |
| VT Vanguard Tax-managed Fds | 12.9% | Unchanged | 234,089 | $16.7M |
| PM Philip Morris Intl Inc | 10.9% | Trimmed 27% | 77,767 | $14.1M |
| BH Berkshire Hathaway Inc Del | 8.2% | Unchanged | 21,160 | $10.6M |
| CN Canadian Nat Res Ltd Med Ter | 7.1% | Unchanged | 233,208 | $9.21M |
| Black Stone Minerals L P | 6.3% | Unchanged | 580,716 | $8.11M |
| ES Ea Series Trust | 5.8% | Added 8.2% | 63,886 | $7.48M |
| IB Interactive Brokers Group In | 4.8% | Unchanged | 72,000 | $6.27M |
| EP Enterprise Prods Partners L | 4.0% | Unchanged | 139,372 | $5.12M |
| VF Virtu Finl Inc | 3.8% | Unchanged | 82,582 | $4.92M |
| BH Berkshire Hathaway Inc Del | 3.5% | Unchanged | 6 | $4.49M |
| SS State Str SPDR S&P 500 ETF T | 3.1% | Unchanged | 5,432 | $4.06M |
| Marex Group PLC | 3.1% | Unchanged | 65,400 | $3.99M |
| IT Ishares Tr | 2.8% | Added 2.5% | 36,230 | $3.65M |
| Warrior Met Coal Inc | 2.2% | Trimmed 11% | 34,886 | $2.83M |
| BO Bank Of N T Butterfield & So | 1.9% | Unchanged | 42,292 | $2.52M |
| Alphabet Inc | 1.6% | Unchanged | 5,727 | $2.02M |
| CP Check Point Software Tech Lt | 1.5% | Added 4.5% | 14,434 | $1.9M |
| FH Frp Hldgs Inc | 1.1% | Unchanged | 58,217 | $1.45M |
| Aflac Inc | 0.7% | Unchanged | 7,500 | $879K |
| NE New England Rlty Assoc Ltd P | 0.5% | Added 15% | 9,942 | $583K |
| EI Expeditors Intl Wash Inc | 0.3% | Unchanged | 2,200 | $359K |
| MA Mid-amer Apt Cmntys Inc | 0.2% | Unchanged | 2,008 | $279K |
| Wise Group PLC | 0.1% | New | 13,638 | $162K |
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 |
|---|---|---|---|---|
| PM Philip Morris Intl Inc | Trimmed | −28,900 | −$5.23M | 10.9% |
| ES Ea Series Trust | Added | +4,840 | +$567K | 5.8% |
| International Seaways Inc | Exited | −4,745 | −$346K | — |
| Warrior Met Coal Inc | Trimmed | −4,166 | −$338K | 2.2% |
| Frontline PLC | Exited | −8,621 | −$301K | — |
| OE Okeanis Eco Tankers Cor | Exited | −5,857 | −$296K | — |
| Dht Holdings Inc | Exited | −15,826 | −$289K | — |
| ML Maravai Lifesciences Hldgs I | Exited | −100,078 | −$283K | — |
| Wise Group PLC | New | +13,638 | +$162K | 0.1% |
| Clearpoint Neuro Inc | Exited | −11,729 | −$107K | — |
Showing the 10 largest of 13 changes.
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Marex Group PLC | Added | +48,793 | +$2.18M | 2.3% |
| BA British Amern Tob PLC | Trimmed | −25,150 | −$1.47M | 13.2% |
| Valaris Ltd | Exited | −27,493 | −$1.39M | — |
| Dht Holdings Inc | Trimmed | −74,478 | −$1.36M | 0.2% |
| International Seaways Inc | Trimmed | −16,636 | −$1.21M | 0.3% |
| Builders Firstsource Inc | Exited | −9,701 | −$998K | — |
| SM Seacor Marine Hldgs Inc | Exited | −155,230 | −$934K | — |
| Alphabet Inc | Trimmed | −2,000 | −$574K | 1.3% |
| CS Cresud S A C I F Y A | Exited | −310,967 | −$389K | — |
| Frontline PLC | New | +8,621 | +$301K | 0.2% |
Showing the 10 largest of 17 changes.
quarter ended December 31, 2025 · filed February 17, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IT Ishares Tr | New | +35,497 | +$3.56M | 2.8% |
| Slm Corp | Exited | −58,003 | −$1.61M | — |
| TN Tidewater Inc New | Exited | −25,275 | −$1.35M | — |
| Marex Group PLC | New | +16,607 | +$637K | 0.5% |
| Diageo PLC | Exited | −3,989 | −$381K | — |
| IB Interactive Brokers Group In | Trimmed | −4,000 | −$257K | 3.7% |
| Alphabet Inc | Trimmed | −760 | −$177K | 1.4% |
| FH Frp Hldgs Inc | Added | +5,648 | +$129K | 1.1% |
| CN Canadian Nat Res Ltd | Added | +2,752 | +$93.2K | 6.1% |
| Dht Holdings Inc | Trimmed | −7,500 | −$91.6K | 0.9% |
Showing the 10 largest of 11 changes.
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| ES Ea Series Trust | Added | +744 | +$84.7K | 5.3% |
| CN Canadian Nat Res Ltd | Added | +2,650 | +$84.7K | 5.8% |
| FH Frp Hldgs Inc | Added | +2,470 | +$60.2K | 1.0% |
| Black Stone Minerals L P | Added | +2,294 | +$30.1K | 6.2% |
| ML Maravai Lifesciences Hldgs I | Added | +6,384 | +$18.3K | 0.2% |
| CS Cresud S A C I F Y A | Added | +15,000 | +$10K | 0.2% |
quarter ended June 30, 2025 · filed August 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR S&P 500 ETF Tr | Trimmed | −9,568 | −$5.91M | 2.8% |
| IB Interactive Brokers Group In | Added | +57,000 | +$3.16M | 3.5% |
| JF Jefferies Finl Group Inc | Exited | −27,381 | −$1.47M | — |
| Park Aerospace Corp | Exited | −70,282 | −$945K | — |
| Liberty Latin America Ltd | Exited | −137,754 | −$847K | — |
| Davita Inc | Exited | −4,107 | −$628K | — |
| Royalty Pharma PLC | Exited | −18,440 | −$574K | — |
| ES Ea Series Trust | Added | +4,757 | +$536K | 5.3% |
| Warrior Met Coal Inc | Added | +11,403 | +$523K | 1.5% |
| CN Canadian Nat Res Ltd | Added | +14,879 | +$467K | 5.8% |
Showing the 10 largest of 20 changes.
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Lockheed Martin Corp | Exited | −3,900 | −$1.9M | — |
| ES Ea Series Trust | Added | +9,620 | +$1.07M | 4.7% |
| BN Bank New York Mellon Corp | Exited | −13,525 | −$1.04M | — |
| Jpmorgan Chase & Co. | Exited | −4,000 | −$959K | — |
| CN Canadian Nat Res Ltd | Added | +26,995 | +$831K | 5.2% |
| BA Bank America Corp | Exited | −17,340 | −$762K | — |
| JF Jefferies Finl Group Inc | Trimmed | −13,500 | −$723K | 1.2% |
| IB Interactive Brokers Group In | Trimmed | −3,500 | −$580K | 2.6% |
| Warrior Met Coal Inc | Added | +8,217 | +$393K | 1.1% |
| Valaris Ltd | Added | +9,705 | +$378K | 0.6% |
Showing the 10 largest of 22 changes.
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| BH Berkshire Hathaway Inc Del | Trimmed | −17,600 | −$7.98M | 8.1% |
| SF Sprouts Fmrs Mkt Inc | Exited | −36,500 | −$4.03M | — |
| BN Bank New York Mellon Corp | Trimmed | −34,625 | −$2.66M | 0.9% |
| CP Check Point Software Tech Lt | Trimmed | −13,925 | −$2.6M | 2.1% |
| Builders Firstsource Inc | Trimmed | −12,450 | −$1.78M | 1.2% |
| Jpmorgan Chase & Co. | Trimmed | −6,400 | −$1.53M | 0.8% |
| Markel Group Inc | Exited | −961 | −$1.51M | — |
| Davita Inc | Trimmed | −8,948 | −$1.34M | 0.5% |
| TP Turning Pt Brands Inc | Exited | −25,964 | −$1.12M | — |
| JF Jefferies Finl Group Inc | Trimmed | −13,300 | −$1.04M | 2.7% |
Showing the 10 largest of 29 changes.
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| JF Jefferies Finl Group Inc | Trimmed | −53,300 | −$3.28M | 2.3% |
| CN Canadian Nat Res Ltd | Added | +73,536 | +$2.44M | 3.5% |
| SE Suncor Energy Inc New | Exited | −56,400 | −$2.15M | — |
| CS Calumet Specialty Prods Part | Exited | −76,037 | −$1.22M | — |
| Warrior Met Coal Inc | Added | +13,233 | +$846K | 0.8% |
| WC Williams Cos Inc | Exited | −9,000 | −$383K | — |
| Slm Corp | Added | +8,559 | +$196K | 0.8% |
| AP A-mark Precious Metals Inc | Added | +3,955 | +$175K | 0.5% |
| Bragg Gaming Group Inc | Exited | −20,000 | −$115K | — |
| Royalty Pharma PLC | Added | +4,026 | +$114K | 0.4% |
Showing the 10 largest of 16 changes.
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