Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (33 quarters reported)
$126M in Q4 2017 → $40.9M now. Hover for any quarter.
As reported for the quarter ended December 31, 2025. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| AS Algoma Steel | 44.6% | Unchanged | 3,233,117 | $18.3M |
| Iheartmedia, Inc. | 20.7% | Trimmed 0.1% | 2,031,039 | $8.45M |
| SL Seadrill Limited (fka Aquadrill) | 18.8% | Unchanged | 221,942 | $7.68M |
| Ww International, Inc. | 12.2% | New | 170,751 | $4.99M |
| Caesars Entertainment, Inc. | 3.7% | Trimmed 3.8% | 65,360 | $1.53M |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended December 31, 2025 · filed February 13, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Ww International, Inc. | Exited | −254,511 | −$6.96M | — |
| Ww International, Inc. | New | +170,751 | +$4.99M | 12.2% |
| Caesars Entertainment, Inc. | Trimmed | −2,595 | −$60.7K | 3.7% |
| Iheartmedia, Inc. | Trimmed | −1,623 | −$6.75K | 20.7% |
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Talos Energy Inc. | Exited | −2,288,483 | −$19.4M | — |
| SL Seadrill Limited (fka Aquadrill) | Trimmed | −527,700 | −$15.9M | 20.4% |
| Ww International, Inc. | New | +254,511 | +$6.96M | 21.2% |
| SC Saba Capital Income & Opportunity | Exited | −395,337 | −$3.19M | — |
| Patterson-uti Energy, Inc. | Exited | −173,346 | −$1.03M | — |
quarter ended June 30, 2025 · filed August 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Diebold Nixdorf, Inc. | Exited | −195,973 | −$8.57M | — |
| Iheartmedia, Inc. | Trimmed | −133,268 | −$235K | 5.0% |
| SL Seadrill Limited (fka Aquadrill) | Trimmed | −2,379 | −$62.4K | 27.7% |
| Caesars Entertainment, Inc. | Trimmed | −2,186 | −$62.1K | 2.7% |
quarter ended March 31, 2025 · filed May 12, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SL Seadrill Limited (fka Aquadrill) | Trimmed | −31,031 | −$776K | 22.2% |
| Talos Energy Inc. | Trimmed | −20,102 | −$195K | 26.3% |
| Iheartmedia, Inc. | Trimmed | −30,673 | −$50.6K | 4.2% |
| Patterson-uti Energy, Inc. | Trimmed | −4,846 | −$39.8K | 1.7% |
quarter ended December 31, 2024 · filed February 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Talos Energy Inc. | Trimmed | −400,595 | −$3.89M | 21.5% |
| Diebold Nixdorf, Inc. | Trimmed | −5,306 | −$228K | 8.1% |
quarter ended September 30, 2024 · filed November 12, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Talos Energy Inc. | Trimmed | −2,877,309 | −$29.8M | 26.2% |
| AS Algoma Steel | Added | +426,903 | +$3.62M | 25.7% |
| Patterson-uti Energy, Inc. | Trimmed | −1 | −$8 | 1.3% |
quarter ended June 30, 2024 · filed August 13, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SL Seadrill Limited (fka Aquadrill) | Trimmed | −180,651 | −$9.3M | 27.8% |
| Caesars Entertainment, Inc. | New | +70,141 | +$2.79M | 1.9% |
| Talos Energy Inc. | Trimmed | −11,307 | −$137K | 46.7% |
| Patterson-uti Energy, Inc. | Trimmed | −1 | −$10 | 1.3% |
quarter ended March 31, 2024 · filed May 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Talos Energy Inc | New | +5,597,796 | +$78M | 46.7% |
| SL Seadrill Limited Fka Aquadrill | Trimmed | −154,323 | −$7.76M | 29.1% |
| Caesars Entertainment Inc | Exited | −70,141 | −$3.29M | — |
| Diebold Nixdorf Inc | Trimmed | −58,936 | −$2.03M | 4.2% |
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