Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (47 quarters reported)
$137M in Q4 2014 → $773M 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 |
|---|---|---|---|---|
| Expand Energy Corporation | 23.8% | Unchanged | 2,019,894 | $184M |
| Nrg Energy Inc | 13.5% | Added 24% | 712,345 | $104M |
| AF Ally Finl Inc | 12.4% | Unchanged | 2,083,219 | $95.7M |
| Vistra Corp | 12.0% | Trimmed 6.8% | 586,724 | $93.1M |
| EH Enact Hldgs Inc | 7.7% | Unchanged | 1,298,718 | $59.4M |
| AH Affirm Hldgs Inc | 5.4% | Unchanged | 514,100 | $41.9M |
| Stealthgas Inc | 4.7% | Trimmed 2.7% | 4,613,384 | $36.4M |
| Wesbanco Inc | 4.6% | Unchanged | 909,091 | $35.5M |
| Talen Energy Corp | 4.0% | Trimmed 69% | 79,793 | $30.7M |
| Chord Energy Corporation | 2.8% | Unchanged | 187,840 | $21.5M |
| Diebold Nixdorf Inc | 2.4% | Unchanged | 215,568 | $18.3M |
| Beacon Financial Corp. | 1.5% | Unchanged | 381,184 | $11.6M |
| OF Oceanfirst Finl Corp | 1.4% | Added 96% | 539,542 | $10.5M |
| National Cinemedia Inc | 0.8% | Unchanged | 1,678,903 | $6.38M |
| Ncr Atleos Corporation | 0.8% | Unchanged | 143,500 | $6.23M |
| Five Point Holdings LLC | 0.8% | Unchanged | 1,158,162 | $6.1M |
| Traeger Inc | 0.4% | Unchanged | 37,960 | $2.99M |
| Kilroy Realty Corp | 0.4% | Unchanged | 79,449 | $2.98M |
| CH Cinemark Hldgs Inc | 0.3% | Trimmed 75% | 64,891 | $2.06M |
| AH Affirm Hldgs Inc | 0.1% | Unchanged | 1,074,000 | $1.05M |
| AS Azul S A | 0.1% | New | 113,909 | $1.02M |
| Skinhealth Systems Inc | 0.1% | Unchanged | 636,954 | $441K |
| Diversified Energy Co | 0.0% | Unchanged | 17,009 | $236K |
| AM Ardagh Metal Packaging S A | 0.0% | New | 47,852 | $227K |
| Valaris Ltd | 0.0% | Unchanged | 658 | $47.8K |
| EP Epr Pptys | 0.0% | Unchanged | 1,000 | $25.6K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 12, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Talen Energy Corp | Trimmed | −177,231 | −$68.1M | 4.0% |
| Nrg Energy Inc | Added | +139,360 | +$20.4M | 13.5% |
| Vistra Corp | Trimmed | −42,635 | −$6.76M | 12.0% |
| CH Cinemark Hldgs Inc | Trimmed | −194,672 | −$6.18M | 0.3% |
| OF Oceanfirst Finl Corp | Added | +264,042 | +$5.16M | 1.4% |
| AS Azul S A | New | +113,909 | +$1.02M | 0.1% |
| Stealthgas Inc | Trimmed | −126,518 | −$999K | 4.7% |
| SP Service Pptys Tr | Exited | −692,346 | −$938K | — |
| AM Ardagh Metal Packaging S A | New | +47,852 | +$227K | — |
quarter ended March 31, 2026 · filed May 11, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| FC Frontier Communications Pare | Exited | −20,916,439 | −$796M | — |
| Diebold Nixdorf Inc | Trimmed | −571,744 | −$43.1M | 2.0% |
| Chord Energy Corporation | Trimmed | −109,710 | −$15.6M | 3.3% |
| Nrg Energy Inc | Trimmed | −57,366 | −$8.38M | 10.4% |
| CH Cinemark Hldgs Inc | Trimmed | −259,562 | −$7.4M | 0.9% |
| Vistra Corp | Added | +38,300 | +$5.76M | 11.8% |
| OF Oceanfirst Finl Corp | New | +275,500 | +$4.97M | 0.6% |
| AH Affirm Hldgs Inc | Added | +97,000 | +$4.44M | 2.9% |
| Talen Energy Corp | Trimmed | −7,918 | −$2.53M | 10.2% |
| Kilroy Realty Corp | New | +79,449 | +$2.24M | 0.3% |
Showing the 10 largest of 14 changes.
quarter ended December 31, 2025 · filed February 12, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| FC Frontier Communications Pare | Trimmed | −3,242,180 | −$123M | 47.4% |
| Diebold Nixdorf Inc | Trimmed | −391,032 | −$26.5M | 3.2% |
| Expand Energy Corporation | Trimmed | −123,840 | −$13.7M | 13.2% |
| CH Cinemark Hldgs Inc | New | +519,125 | +$12.1M | 0.7% |
| AF Ally Finl Inc | Trimmed | −255,114 | −$11.6M | 5.6% |
| Vistra Corp | Trimmed | −65,673 | −$10.6M | 5.7% |
| Beacon Financial Corp | Added | +208,771 | +$5.51M | 0.6% |
| Stealthgas Inc | Trimmed | −143,146 | −$1M | 2.0% |
| OO Orion Office REIT Inc | Exited | −359,563 | −$971K | — |
| Expand Energy Corporation | New | +9,329 | +$930K | 0.1% |
Showing the 10 largest of 13 changes.
quarter ended September 30, 2025 · filed November 12, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Diebold Nixdorf Inc | Trimmed | −370,396 | −$21.1M | 3.7% |
| Talen Energy Corp | Trimmed | −29,438 | −$12.5M | 6.1% |
| Stealthgas Inc | Trimmed | −1,023,008 | −$6.7M | 1.7% |
| AF Ally Finl Inc | Trimmed | −147,139 | −$5.77M | 5.0% |
| Ncr Atleos Corporation | Added | +142,500 | +$5.6M | 0.3% |
| Nrg Energy Inc | Added | +34,000 | +$5.51M | 5.6% |
| FC Frontier Communications Pare | Trimmed | −57,290 | −$2.14M | 49.2% |
| Five Point Holdings LLC | Trimmed | −262,648 | −$1.61M | 0.4% |
| Traeger Inc | Trimmed | −129,586 | −$158K | 0.1% |
quarter ended June 30, 2025 · filed August 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Talen Energy Corp | Trimmed | −432,490 | −$126M | 4.7% |
| Vistra Corp | Trimmed | −92,161 | −$17.9M | 7.0% |
| Nrg Energy Inc | Added | +60,398 | +$9.7M | 5.3% |
| AH Affirm Hldgs Inc | Exited | −197,500 | −$8.93M | — |
| Chord Energy Corporation | Added | +57,000 | +$5.52M | 1.6% |
| Wesbanco Inc | Added | +140,000 | +$4.43M | 1.6% |
| Diebold Nixdorf Inc | Added | +50,458 | +$2.8M | 4.7% |
| Five Point Holdings LLC | Trimmed | −106,352 | −$585K | 0.5% |
| Gohealth Inc | Trimmed | −4,960 | −$27.5K | — |
quarter ended March 31, 2025 · filed May 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Vistra Corp | Added | +170,000 | +$20M | 5.1% |
| AH Affirm Hldgs Inc | New | +197,500 | +$8.93M | 0.5% |
| Diebold Nixdorf Inc | Added | +180,232 | +$7.88M | 3.8% |
| AH Affirm Hldgs Inc | Added | +81,100 | +$3.66M | 1.1% |
| AH Affirm Hldgs Inc | Trimmed | −2,500,000 | −$2.3M | 0.1% |
| Expand Energy Corporation | Trimmed | −11,385 | −$1.27M | 13.7% |
| Gohealth Inc | Trimmed | −24,256 | −$298K | — |
| Five Point Holdings LLC | Trimmed | −50,000 | −$267K | 0.5% |
| Traeger Inc | Trimmed | −15,000 | −$25.2K | 0.1% |
quarter ended December 31, 2024 · filed February 12, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| AH Affirm Hldgs Inc | Trimmed | −14,000,000 | −$12.6M | 0.2% |
| BH Berkshire Hills Bancorp Inc | New | +172,413 | +$4.9M | 0.3% |
| Wesbanco Inc | Trimmed | −140,000 | −$4.56M | 1.5% |
| Container Store Group Inc | Exited | −317,568 | −$2.94M | — |
| Diebold Nixdorf Inc | Added | +60,000 | +$2.58M | 3.4% |
| Expand Energy Corporation | Added | +19,679 | +$1.96M | 12.9% |
| Five Point Holdings LLC | Trimmed | −98,945 | −$374K | 0.4% |
quarter ended September 30, 2024 · filed November 13, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Talen Energy Corp | New | +726,870 | +$130M | 7.9% |
| AH Affirm Hldgs Inc | Trimmed | −124,000,000 | −$110M | 1.0% |
| Wesbanco Inc | New | +909,091 | +$27.1M | 1.7% |
| AH Affirm Hldgs Inc | New | +336,000 | +$13.7M | 0.8% |
| Container Store Group Inc | New | +317,568 | +$2.94M | 0.2% |
| Container Store Group Inc | Exited | −4,763,546 | −$2.57M | — |
| Diebold Nixdorf Inc | Added | +27,747 | +$1.24M | 3.4% |
| International Seaways Inc | Exited | −158 | — | — |
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