Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (3 quarters reported)
$110M in Q4 2025 → $103M 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 |
|---|---|---|---|---|
| SL Sea Ltd-adr | 30.2% | Added 4.8% | 325,000 | $31.1M |
| Crocs Inc | 24.5% | Trimmed 40% | 210,000 | $25.3M |
| TR Teck Resources Ltd-cl B | 18.7% | Trimmed 13% | 325,000 | $19.3M |
| Eldorado Gold Corp | 15.1% | New | 500,000 | $15.5M |
| Expand Energy Corporation | 11.5% | Trimmed 13% | 130,000 | $11.9M |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 2 quarters.
quarter ended June 30, 2026 · filed August 14, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Crocs Inc | Trimmed | −140,000 | −$16.9M | 24.5% |
| Eldorado Gold Corp | New | +500,000 | +$15.5M | 15.1% |
| TR Teck Resources Ltd-cl B | Trimmed | −50,000 | −$2.97M | 18.7% |
| Expand Energy Corporation | Trimmed | −20,000 | −$1.82M | 11.5% |
| SL Sea Ltd-adr | Added | +15,000 | +$1.44M | 30.2% |
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Equinox Gold Corp | Exited | −1,650,000 | −$23.2M | — |
| CE Cenovus Energy Inc | Exited | −1,100,000 | −$18.6M | — |
| Expand Energy Corporation | New | +150,000 | +$16.5M | 18.2% |
| SL Sea Ltd-adr | Added | +170,000 | +$14.1M | 28.3% |
| TR Teck Resources Ltd-cl B | Trimmed | −100,000 | −$5.18M | 21.4% |
| Crocs Inc | Added | +25,000 | +$2.08M | 32.1% |
| SG SPDR Gold Trust | Exited | −200,000 | −$58K | — |
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