Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (15 quarters reported)
$281M in Q4 2022 → $1.74B 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 |
|---|---|---|---|---|
| CN Canadian Nat Res Ltd Med Ter | 6.9% | Added 7.6% | 3,043,255 | $120M |
| SL Slb Limited | 6.6% | Added 6.8% | 2,454,873 | $114M |
| RR Range Res Corp | 6.2% | Added 7.3% | 2,920,613 | $109M |
| SE Suncor Energy Inc New | 6.1% | Added 7.3% | 1,974,700 | $106M |
| Valaris Ltd | 5.9% | Added 7.1% | 1,413,542 | $103M |
| Seadrill Ltd | 5.7% | Added 7.6% | 2,636,666 | $99.7M |
| AM Alpha Metallurgical Resour I | 5.4% | Added 133% | 564,714 | $93.1M |
| Nutrien Ltd | 5.3% | Added 77% | 1,455,019 | $91.6M |
| Cameco Corp | 5.2% | Added 6.8% | 893,328 | $91M |
| Core Natural Resources Inc | 5.1% | Added 55% | 1,100,977 | $88.1M |
| Warrior Met Coal Inc | 4.4% | Added 59% | 951,045 | $77.2M |
| Noble Corp PLC | 4.3% | Added 8.0% | 1,987,601 | $74.1M |
| Eqt Corp | 3.8% | Added 7.0% | 1,240,409 | $66M |
| Antero Resources Corp | 3.5% | Added 7.1% | 1,731,731 | $60.9M |
| Sibanye Stillwater Ltd | 2.2% | Added 7.3% | 4,580,794 | $38.9M |
| Centrus Energy Corp | 2.1% | Added 7.3% | 216,750 | $36.4M |
| Permian Resources Corp | 2.0% | Added 5.5% | 1,914,400 | $35.2M |
| Chord Energy Corporation | 2.0% | Added 8.3% | 306,981 | $35.1M |
| OI Oceaneering Intl Inc | 1.8% | Added 8.7% | 775,476 | $31.4M |
| Uranium Energy Corp | 1.4% | Added 7.1% | 2,357,786 | $25.1M |
| Mosaic Co | 1.4% | Added 28% | 1,178,956 | $25M |
| MR Matador Res Co | 1.4% | Added 5.3% | 482,216 | $24M |
| Energy Fuels Inc | 1.3% | Added 7.1% | 1,590,170 | $23.1M |
| Ivanhoe Electric Inc | 1.3% | Added 7.2% | 2,267,908 | $21.8M |
| Expand Energy Corporation | 1.2% | Added 5.3% | 237,837 | $21.7M |
| Diamondback Energy Inc | 1.2% | Added 5.4% | 119,576 | $21M |
| Nexgen Energy Ltd | 1.1% | Added 8.5% | 1,964,702 | $18.4M |
| Denison Mines Corp | 0.9% | Added 8.4% | 5,117,155 | $15.7M |
| CR Comstock Res Inc | 0.8% | Added 5.3% | 907,267 | $13.5M |
| Sm Energy Company | 0.8% | Added 5.3% | 513,406 | $13.4M |
| Intrepid Potash Inc | 0.6% | Added 12% | 297,866 | $9.76M |
| Borr Drilling Ltd | 0.5% | Added 5.6% | 2,238,675 | $9.25M |
| TM Trilogy Metals Inc New | 0.4% | Added 2.7% | 1,775,530 | $6.2M |
| Ur-energy Inc | 0.3% | Added 3.1% | 4,384,124 | $5.96M |
| Novagold Resources Inc | 0.2% | Added 2.6% | 710,721 | $4.24M |
| CM Caledonia Mng Corp | 0.2% | Added 2.4% | 156,906 | $3M |
| Encore Energy Corp | 0.1% | Added 3.0% | 1,508,483 | $1.98M |
| TF Triple Flag Precious Metal | 0.1% | Added 2.2% | 61,584 | $1.84M |
| OM Orla Mng Ltd New | 0.1% | Added 2.2% | 165,196 | $1.61M |
| Freeport Mcmoran Inc | 0.1% | Trimmed 82% | 21,912 | $1.37M |
| TN Tidewater Inc New | 0.0% | Unchanged | 3,914 | $261K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 05, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| AM Alpha Metallurgical Resour I | Added | +322,675 | +$53.2M | 5.4% |
| Nutrien Ltd | Added | +632,728 | +$39.8M | 5.3% |
| Core Natural Resources Inc | Added | +392,752 | +$31.4M | 5.1% |
| Alamos Gold Inc | Exited | −686,587 | −$30.5M | — |
| Warrior Met Coal Inc | Added | +352,932 | +$28.6M | 4.4% |
| Equinox Gold Corp | Exited | −1,283,253 | −$18.5M | — |
| CN Canadian Nat Res Ltd Med Ter | Added | +215,402 | +$8.52M | 6.9% |
| RR Range Res Corp | Added | +198,864 | +$7.4M | 6.2% |
| SL Slb Limited | Added | +156,323 | +$7.27M | 6.6% |
| SE Suncor Energy Inc New | Added | +134,545 | +$7.23M | 6.1% |
Showing the 10 largest of 42 changes.
quarter ended March 31, 2026 · filed May 05, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SE Suncor Energy Inc New | Added | +1,112,774 | +$73.6M | 6.5% |
| SL Slb Limited | Added | +1,361,588 | +$70M | 6.3% |
| Warrior Met Coal Inc | New | +598,113 | +$55.7M | 3.0% |
| CN Canadian Nat Res Ltd Med Ter | Added | +925,440 | +$45.1M | 7.4% |
| Core Natural Resources Inc | Added | +405,505 | +$42.5M | 4.0% |
| Chord Energy Corporation | New | +283,461 | +$40.3M | 2.2% |
| AM Alpha Metallurgical Resour I | Added | +163,144 | +$33.5M | 2.7% |
| RR Range Res Corp | Added | +718,648 | +$32.5M | 6.6% |
| Permian Resources Corp | Added | +1,365,465 | +$29.1M | 2.1% |
| Valaris Ltd | Added | +257,281 | +$25.2M | 7.0% |
Showing the 10 largest of 47 changes.
quarter ended December 31, 2025 · filed February 13, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| CN Canadian Nat Res Ltd | Added | +897,432 | +$30.4M | 6.4% |
| SL Slb Limited | Added | +755,155 | +$29M | 3.6% |
| RR Range Res Corp | Added | +591,950 | +$20.9M | 7.0% |
| AG Alamos Gold Inc New | Trimmed | −392,766 | −$15.2M | 3.0% |
| Eqt Corp | Added | +251,072 | +$13.5M | 4.5% |
| Antero Resources Corp | Added | +359,674 | +$12.4M | 4.0% |
| Equinox Gold Corp | Trimmed | −787,586 | −$11.1M | 2.0% |
| Noble Corp PLC | Added | +344,419 | +$9.73M | 4.0% |
| Valaris Ltd | Added | +159,630 | +$8.05M | 5.3% |
| Seadrill Ltd | Added | +224,567 | +$7.77M | 6.6% |
Showing the 10 largest of 44 changes.
quarter ended September 30, 2025 · filed November 10, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Valaris Ltd | Added | +470,419 | +$22.9M | 5.3% |
| Noble Corp PLC | Added | +699,395 | +$19.8M | 3.7% |
| CN Canadian Nat Res Ltd | Added | +443,339 | +$14.2M | 3.9% |
| Centrus Energy Corp | Trimmed | −24,435 | −$7.58M | 6.0% |
| Seadrill Ltd | Added | +11,113 | +$336K | 6.2% |
| TN Tidewater Inc New | New | +3,914 | +$209K | — |
| Eqt Corp | Added | +3,483 | +$190K | 3.9% |
| Core Natural Resources Inc | Added | +2,107 | +$176K | 2.9% |
| RR Range Res Corp | Added | +4,356 | +$164K | 6.4% |
| NR Novagold Res Inc | Added | +14,645 | +$129K | 1.2% |
Showing the 10 largest of 42 changes.
quarter ended June 30, 2025 · filed August 12, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Seadrill Ltd | Added | +483,800 | +$12.7M | 6.8% |
| Valaris Ltd | Added | +261,081 | +$11M | 2.8% |
| Nutrien Ltd | Added | +109,245 | +$6.36M | 7.0% |
| Centrus Energy Corp | Trimmed | −26,940 | −$4.93M | 5.2% |
| SR Skeena Res Ltd New | Trimmed | −295,214 | −$4.7M | 2.1% |
| Sibanye Stillwater Ltd | Added | +599,131 | +$4.33M | 3.7% |
| Equinox Gold Corp | Added | +681,948 | +$3.94M | 2.0% |
| NR Novagold Res Inc | Added | +748,216 | +$3.06M | 0.7% |
| Transocean Ltd | Exited | −876,712 | −$2.84M | — |
| OM Orla Mng Ltd New | Trimmed | −221,404 | −$2.23M | 1.8% |
Showing the 10 largest of 42 changes.
quarter ended March 31, 2025 · filed April 29, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Nutrien Ltd | Added | +471,390 | +$24.7M | 6.4% |
| CE Consol Energy Inc New | Exited | −201,172 | −$22.1M | — |
| Core Natural Resources Inc | New | +283,062 | +$20.7M | 3.8% |
| Seadrill Ltd | Added | +723,827 | +$18.2M | 5.5% |
| CR Comstock Res Inc | Trimmed | −304,284 | −$6.04M | 1.4% |
| Ero Copper Corp | Exited | −349,834 | −$4.48M | — |
| SR Skeena Res Ltd New | Trimmed | −339,800 | −$3.66M | 2.3% |
| Nov Inc | Exited | −189,652 | −$2.69M | — |
| RR Range Res Corp | Added | +25,403 | +$1.02M | 10.5% |
| Noble Corp PLC | Added | +34,018 | +$849K | 1.8% |
Showing the 10 largest of 45 changes.
quarter ended December 31, 2024 · filed January 28, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| CN Canadian Nat Res Ltd | New | +512,344 | +$15.2M | 3.1% |
| Sibanye Stillwater Ltd | New | +2,653,480 | +$9.45M | 1.9% |
| Corteva Inc | Exited | −95,257 | −$5.6M | — |
| Cameco Corp | Trimmed | −80,874 | −$4.2M | 7.0% |
| RR Range Res Corp | Trimmed | −25,603 | −$843K | 9.5% |
| CE Consol Energy Inc New | Trimmed | −7,357 | −$808K | 4.5% |
| AG Alamos Gold Inc New | Trimmed | −41,158 | −$743K | 4.4% |
| Noble Corp PLC | Trimmed | −24,799 | −$719K | 2.2% |
| Eqt Corp | Trimmed | −14,323 | −$609K | 5.2% |
| Antero Resources Corp | Trimmed | −19,939 | −$609K | 5.2% |
Showing the 10 largest of 46 changes.
quarter ended September 30, 2024 · filed November 13, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| DO Diamond Offshore Drilling In | Exited | −862,274 | −$13.4M | — |
| CI Cf Inds Hldgs Inc | Exited | −128,652 | −$9.54M | — |
| Arch Resources Inc | Exited | −55,181 | −$8.4M | — |
| Noble Corp PLC | Added | +227,538 | +$8.22M | 2.9% |
| Valaris Ltd | Added | +121,246 | +$6.76M | 2.0% |
| Vital Energy Inc | Exited | −54,443 | −$2.44M | — |
| RR Range Res Corp | Added | +61,375 | +$1.89M | 9.0% |
| Antero Resources Corp | Added | +42,187 | +$1.21M | 5.0% |
| CE Consol Energy Inc New | Added | +10,707 | +$1.12M | 4.4% |
| Eqt Corp | Added | +30,447 | +$1.11M | 4.5% |
Showing the 10 largest of 47 changes.
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