Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (30 quarters reported)
$3.6B in Q1 2019 → $8.82B 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 |
|---|---|---|---|---|
| TP Texas Pacific Land Corporati | 48.6% | Trimmed 2.1% | 9,802,899 | $4.29B |
| GB Grayscale Bitcoin Trust ETF | 6.3% | Trimmed 13% | 12,139,990 | $553M |
| LC Landbridge Company LLC | 5.2% | Added 2.9% | 5,821,263 | $461M |
| HE Hawaiian Elec Inds Inc Mtn B | 3.4% | Added 3.5% | 22,395,397 | $303M |
| MI Miami Intl Hldgs Inc | 3.3% | Added 127% | 7,842,173 | $291M |
| WI Waterbridge Infrastructure L | 3.0% | Added 4.2% | 7,650,237 | $262M |
| Wheaton Precious Metals Corp | 2.1% | Trimmed 4.2% | 1,686,903 | $189M |
| PB Permian Basin Rty Tr | 1.9% | Added 5.5% | 6,729,289 | $169M |
| FN Franco Nev Corp | 1.8% | Added 2.1% | 773,418 | $161M |
| GB Grayscale Bitcoin Mini Tr Et | 1.8% | Added 102% | 6,067,993 | $157M |
| IE Intercontinental Exchange In | 1.4% | Added 17% | 984,701 | $121M |
| CG Cboe Global Mkts Inc | 1.1% | Added 1.1% | 414,634 | $101M |
| Cheniere Energy Inc | 1.1% | Trimmed 4.4% | 402,040 | $96.1M |
| MT Mesabi Tr | 0.9% | Added 2.5% | 3,219,382 | $81.5M |
| CC Civeo Corp Cda | 0.9% | Trimmed 2.6% | 2,290,991 | $80.2M |
| CI Caci Intl Inc | 0.8% | Trimmed 0.6% | 153,743 | $71.2M |
| Cameco Corp | 0.8% | Added 7.0% | 697,741 | $71.1M |
| Viper Energy Inc | 0.8% | Trimmed 0.6% | 1,652,125 | $70.1M |
| Brookfield Corp | 0.8% | Added 1.0% | 1,587,339 | $67.6M |
| Cme Group Inc | 0.7% | Added 5.0% | 283,774 | $62.7M |
| Or Royalties Inc. | 0.7% | Added 9.2% | 1,915,799 | $60.6M |
| Whitehawk Minerals Corp | 0.5% | New | 1,552,705 | $43.2M |
| Autonation Inc | 0.4% | Trimmed 5.4% | 212,917 | $39.6M |
| Tejon Ranch Co | 0.4% | Added 5.7% | 2,011,689 | $37.6M |
| St Joe Co | 0.4% | Added 9.2% | 592,608 | $37.1M |
| EL Eaglerock Ld LLC | 0.4% | New | 1,684,213 | $35.8M |
| HK Horizon Kinetics Hldg Corp Com | 0.4% | Unchanged | 1,075,416 | $35.5M |
| Galaxy Digital Inc. | 0.4% | Trimmed 1.2% | 1,236,051 | $33.8M |
| Bunge Global Sa | 0.3% | Trimmed 16% | 284,079 | $30.3M |
| IB Ishares Bitcoin Trust ETF | 0.3% | Added 5.5% | 837,308 | $27.9M |
| Sprott Inc | 0.3% | Added 12% | 232,217 | $26.1M |
| WM White Mtns Ins Group Ltd | 0.3% | Trimmed 6.9% | 12,206 | $25.3M |
| PA Penske Automotive Grp Inc | 0.3% | Trimmed 2.4% | 139,067 | $24.9M |
| Rb Global Inc | 0.3% | Added 13% | 211,349 | $24.6M |
| SJ San Juan Basin Rty Tr | 0.3% | Added 7.4% | 7,494,020 | $24.1M |
| M& Marsh & Mclennan Cos Inc | 0.3% | Trimmed 7.5% | 139,983 | $23.3M |
| VB Vanguard Bd Index Fds | 0.3% | Added 36% | 461,108 | $23M |
| Dorchester Minerals L P | 0.2% | Trimmed 0.9% | 852,651 | $21.5M |
| Royalty Pharma PLC | 0.2% | Added 1.2% | 344,861 | $19.3M |
| BH Berkshire Hathaway Inc Del | 0.2% | Trimmed 2.1% | 37,231 | $18.6M |
| LN Live Nation Entertainment In | 0.2% | Trimmed 36% | 100,989 | $18.5M |
| TF Triple Flag Precious Metal | 0.2% | Added 23% | 506,677 | $15.2M |
| Interparfums Inc | 0.2% | Trimmed 5.8% | 130,333 | $14.6M |
| Oshkosh Corp | 0.2% | Trimmed 23% | 88,816 | $13.6M |
| RC Royal Caribbean Group | 0.1% | Trimmed 24% | 39,414 | $12.5M |
| Carnival Corp Ltd | 0.1% | New | 428,340 | $12.2M |
| Strategy Inc | 0.1% | Trimmed 6.8% | 129,774 | $11.3M |
| TM Tradeweb Mkts Inc | 0.1% | Added 1750% | 97,740 | $9.74M |
| WC Williams Cos Inc | 0.1% | Trimmed 7.0% | 128,678 | $9.57M |
| MS Madison Square Grdn Sprt Cor | 0.1% | Trimmed 0.5% | 23,221 | $9.33M |
| Royal Gold Inc | 0.1% | Trimmed 2.3% | 46,068 | $9.2M |
| Mastercard Incorporated | 0.1% | Trimmed 9.4% | 17,681 | $9.08M |
| AH Alliancebernstein Hldg L P | 0.1% | Added 14% | 248,496 | $8.75M |
| BA Brookfield Asset Managmt Ltd | 0.1% | Trimmed 0.1% | 189,299 | $8.49M |
| SR Sabine Rty Tr | 0.1% | Added 0.6% | 111,796 | $8.18M |
| ET Energy Transfer L P | 0.1% | Added 1.4% | 404,287 | $7.73M |
| Sphere Entertainment Co | 0.1% | Trimmed 3.4% | 44,657 | $7.73M |
| Fermi Inc | 0.1% | Added 55% | 824,227 | $7.55M |
| WM Western Midstream Partners L | 0.1% | Added 1.5% | 172,227 | $7.54M |
| LM Liberty Media Corp Del | 0.1% | Trimmed 6.0% | 76,118 | $7.24M |
Showing top 60 of 351 positions.
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 11, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| MI Miami Intl Hldgs Inc | Added | +4,390,624 | +$163M | 3.3% |
| TP Texas Pacific Land Corporati | Trimmed | −212,480 | −$93M | 48.6% |
| GB Grayscale Bitcoin Trust ETF | Trimmed | −1,864,892 | −$84.9M | 6.3% |
| GB Grayscale Bitcoin Mini Tr Et | Added | +3,063,577 | +$79.5M | 1.8% |
| Whitehawk Minerals Corp | New | +1,552,705 | +$43.2M | 0.5% |
| EL Eaglerock Ld LLC | New | +1,684,213 | +$35.8M | 0.4% |
| Carnival Corp | Exited | −957,653 | −$24.8M | — |
| IE Intercontinental Exchange In | Added | +145,802 | +$17.9M | 1.4% |
| Digitalbridge Group Inc | Trimmed | −927,029 | −$14.6M | — |
| LC Landbridge Company LLC | Added | +164,129 | +$13M | 5.2% |
Showing the 10 largest of 274 changes.
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| TP Texas Pacific Land Corporati | Trimmed | −318,383 | −$151M | 51.5% |
| Wheaton Precious Metals Corp | Trimmed | −731,999 | −$95.9M | 2.5% |
| MI Miami Intl Hldgs Inc | Added | +1,631,751 | +$63.5M | 1.5% |
| FN Franco Nev Corp | Trimmed | −210,804 | −$52.1M | 2.0% |
| HE Hawaiian Elec Inds Inc Mtn B | Added | +2,242,931 | +$33.3M | 3.5% |
| Digitalbridge Group Inc | Trimmed | −2,107,153 | −$32.5M | 0.2% |
| WI Waterbridge Infrastructure L | Added | +504,627 | +$13.5M | 2.1% |
| Cheniere Energy Inc | Trimmed | −43,001 | −$12.2M | 1.3% |
| Royal Gold Inc | Trimmed | −47,734 | −$12.1M | 0.1% |
| Rb Global Inc | Added | +79,104 | +$7.58M | 0.2% |
Showing the 10 largest of 298 changes.
quarter ended December 31, 2025 · filed February 11, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| TP Texas Pacific Land Corporati | Added | +6,829,070 | +$1.96B | 40.1% |
| Wheaton Precious Metals Corp | Trimmed | −298,594 | −$35.1M | 4.0% |
| AC Associated Cap Group Inc | Exited | −805,348 | −$27M | — |
| West Fraser Timber Co Ltd | Exited | −296,006 | −$20.1M | — |
| MI Miami Intl Hldgs Inc | Added | +437,395 | +$19.4M | 1.1% |
| Sandstorm Gold Ltd | Exited | −1,274,954 | −$16M | — |
| HE Hawaiian Elec Industries | Added | +1,134,646 | +$14M | 3.2% |
| TF Triple Flag Precious Metal | Added | +398,890 | +$13.3M | 0.2% |
| WI Waterbridge Infrastructure L | Added | +483,214 | +$9.67M | 1.9% |
| FN Franco Nev Corp | Trimmed | −44,261 | −$9.17M | 2.7% |
Showing the 10 largest of 261 changes.
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| WI Waterbridge Infrastructure L | New | +6,354,306 | +$160M | 2.0% |
| TP Texas Pacific Land Corporati | Trimmed | −72,839 | −$68M | 39.9% |
| Viper Energy Inc | New | +1,721,927 | +$65.8M | 0.8% |
| Viper Energy Inc | Exited | −1,711,181 | −$65.2M | — |
| MI Miami Intl Hldgs Inc | New | +1,382,403 | +$55.7M | 0.7% |
| Aris Water Solutions Inc | Trimmed | −1,873,175 | −$46.2M | 0.1% |
| Cme Group Inc | Added | +149,375 | +$40.4M | 0.9% |
| HK Horizon Kinetics Hldg Corp | Added | +1,058,798 | +$39.9M | 0.5% |
| GB Grayscale Bitcoin Trust ETF | Trimmed | −369,991 | −$33.2M | 15.5% |
| Sandstorm Gold Ltd | Trimmed | −2,369,697 | −$29.7M | 0.2% |
Showing the 10 largest of 325 changes.
quarter ended June 30, 2025 · filed August 12, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Or Royalties Inc. | New | +1,817,501 | +$46.7M | 0.6% |
| HE Hawaiian Elec Industries | Added | +3,624,709 | +$38.5M | 2.1% |
| OG Osisko Gold Royalties Ltd | Exited | −1,703,037 | −$36M | — |
| Galaxy Digital Inc. | New | +1,364,267 | +$29.9M | 0.4% |
| PB Permian Basin Rty Tr | Added | +1,705,498 | +$21.3M | 0.9% |
| TP Texas Pacific Land Corporati | Trimmed | −17,559 | −$18.5M | 44.8% |
| Aris Water Solutions Inc | Added | +631,318 | +$14.9M | 0.6% |
| Tejon Ranch Co | Added | +823,435 | +$14M | 0.3% |
| CI Caci Intl Inc | Trimmed | −27,980 | −$13.3M | 0.9% |
| SJ San Juan Basin Rty Tr | Added | +2,124,370 | +$12.7M | 0.3% |
Showing the 10 largest of 277 changes.
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| HE Hawaiian Elec Industries | Added | +10,277,502 | +$113M | 1.6% |
| CI Caci Intl Inc | Trimmed | −169,843 | −$62.3M | 0.8% |
| SA Science Applicatns Intl Co | Trimmed | −354,773 | −$39.8M | 0.1% |
| Aris Water Solutions Inc | Added | +1,234,978 | +$39.6M | 0.5% |
| GB Grayscale Bitcoin | Trimmed | −471,650 | −$30.7M | 10.9% |
| Texas Pacific Land Corp | Trimmed | −11,489 | −$15.2M | 54.0% |
| VB Vanguard Bd Index Fds | Added | +225,141 | +$11.2M | 0.2% |
| Digitalbridge Group Inc | Trimmed | −1,037,363 | −$9.15M | 0.3% |
| LC Landbridge Company LLC | Added | +87,682 | +$6.31M | 4.5% |
| Franco Nevada Corp | Added | +28,741 | +$4.53M | 1.8% |
Showing the 10 largest of 234 changes.
quarter ended December 31, 2024 · filed February 10, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| GB Grayscale Bitcoin Mini Tr Et | New | +3,064,302 | +$128M | 1.6% |
| Texas Pacific Land Corp | Trimmed | −87,786 | −$97.1M | 49.7% |
| GB Grayscale Bitcoin Mini Tr Bt | Exited | −15,282,793 | −$86M | — |
| Digitalbridge Group Inc | Added | +4,020,627 | +$45.4M | 0.6% |
| HE Hawaiian Elec Industries | New | +2,379,498 | +$23.2M | 0.3% |
| LC Landbridge Company LLC | Added | +208,408 | +$13.5M | 4.3% |
| Viper Energy Inc | Added | +268,959 | +$13.2M | 1.0% |
| Nutrien Ltd | Trimmed | −250,607 | −$11.2M | — |
| CR Charles Riv Labs Intl Inc | Trimmed | −54,922 | −$10.1M | 0.1% |
| Wheaton Precious Metals Corp | Added | +177,071 | +$9.96M | 2.1% |
Showing the 10 largest of 271 changes.
quarter ended September 30, 2024 · filed November 13, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| GB Grayscale Bitcoin Mini Tr Bt | New | +15,282,793 | +$86M | 1.3% |
| M Microstrategy Inc | Added | +174,069 | +$29.3M | 0.5% |
| LC Landbridge Company LLC | Added | +484,968 | +$19M | 3.0% |
| GB Grayscale Bitcoin | Added | +290,612 | +$14.7M | 11.5% |
| WM White Mtns Ins Group Ltd | Added | +5,773 | +$9.79M | 0.2% |
| CR Charles Riv Labs Intl Inc | Trimmed | −45,619 | −$8.99M | 0.3% |
| Digitalbridge Group Inc | New | +462,713 | +$6.54M | 0.1% |
| VB Vanguard Bd Index Fds | Trimmed | −126,571 | −$6.32M | 0.1% |
| Brookfield Corp | Trimmed | −94,159 | −$5M | 0.8% |
| LM Liberty Media Corp Del | Trimmed | −53,463 | −$3.82M | — |
Showing the 10 largest of 317 changes.
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