Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (15 quarters reported)
$162M in Q4 2022 → $104M 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 |
|---|---|---|---|---|
| Dauch Corp | 21.9% | Trimmed 5.5% | 4,176,653 | $22.6M |
| Green Plains Inc | 14.6% | Trimmed 7.5% | 985,000 | $15.1M |
| Select Water Solutions Inc | 14.6% | Trimmed 14% | 755,689 | $15.1M |
| Sigma Lithium Corporation | 14.0% | New | 1,146,350 | $14.5M |
| PE Peabody Engr Corp | 11.2% | Added 109% | 502,250 | $11.6M |
| Constellium Se | 8.6% | Trimmed 44% | 278,200 | $8.87M |
| Aevex Corp | 6.4% | New | 317,150 | $6.63M |
| WI Wesco Intl Inc | 5.4% | Trimmed 35% | 16,205 | $5.6M |
| A Amrize Ltd | 1.3% | Trimmed 86% | 25,000 | $1.33M |
| Antero Resources Corp | 1.2% | New | 35,000 | $1.23M |
| Builders Firstsource Inc | 0.9% | New | 10,000 | $895K |
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 |
|---|---|---|---|---|
| Sigma Lithium Corporation | New | +1,146,350 | +$14.5M | 14.0% |
| A Amrize Ltd | Trimmed | −159,125 | −$8.48M | 1.3% |
| Constellium Se | Trimmed | −216,200 | −$6.89M | 8.6% |
| LA Lithium Amers Corp New | Exited | −1,710,300 | −$6.76M | — |
| Aevex Corp | New | +317,150 | +$6.63M | 6.4% |
| SA Solstice Advanced Matls Inc | Exited | −80,400 | −$6.27M | — |
| PE Peabody Engr Corp | Added | +262,450 | +$6.07M | 11.2% |
| L3harris Technologies Inc | Exited | −16,270 | −$5.76M | — |
| WI Wesco Intl Inc | Trimmed | −8,745 | −$3.02M | 5.4% |
| Select Water Solutions Inc | Trimmed | −124,541 | −$2.49M | 14.6% |
Showing the 10 largest of 14 changes.
quarter ended March 31, 2026 · filed April 30, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Dauch Corp | Added | +2,840,500 | +$17M | 23.1% |
| Constellium Se | Trimmed | −483,657 | −$13.2M | 11.8% |
| Select Water Solutions Inc | New | +880,230 | +$13.2M | 11.5% |
| Antero Resources Corp | Exited | −374,484 | −$12.9M | — |
| SA Solstice Advanced Matls Inc | Trimmed | −106,350 | −$8.3M | 5.5% |
| PE Peabody Engr Corp | New | +239,800 | +$7.9M | 6.9% |
| WI Wesco Intl Inc | New | +24,950 | +$7.01M | 6.1% |
| L3harris Technologies Inc | New | +16,270 | +$5.76M | 5.0% |
| CA Century Alum Co | Exited | −146,550 | −$5.74M | — |
| Albemarle Corp | Exited | −36,500 | −$5.16M | — |
Showing the 10 largest of 13 changes.
quarter ended December 31, 2025 · filed February 04, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Albemarle Corp | Trimmed | −108,000 | −$15.3M | 5.8% |
| WI Wesco Intl Inc | Exited | −46,974 | −$9.94M | — |
| SA Solstice Advanced Matls Inc | New | +186,750 | +$9.07M | 10.1% |
| CA Century Alum Co | New | +146,550 | +$5.74M | 6.4% |
| AA American Axle & Mfg Hldgs In | Added | +847,500 | +$5.43M | 11.3% |
| LA Lithium Amers Corp New | New | +1,175,000 | +$5.12M | 5.7% |
| Constellium Se | Trimmed | −125,112 | −$2.36M | 20.6% |
| Green Plains Inc | Added | +213,888 | +$2.1M | 15.0% |
| Antero Resources Corp | Added | +50,150 | +$1.73M | 14.4% |
| A Amrize Ltd | Trimmed | −25,800 | −$1.4M | 10.8% |
quarter ended September 30, 2025 · filed November 06, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Albemarle Corp | New | +144,500 | +$11.7M | 15.9% |
| Alcoa Corp | Exited | −260,405 | −$7.68M | — |
| Builders Firstsource Inc | Exited | −63,495 | −$7.41M | — |
| Antero Resources Corp | Added | +218,350 | +$7.33M | 14.8% |
| Transocean Ltd | Exited | −2,721,032 | −$7.05M | — |
| AA American Axle & Mfg Hldgs In | New | +732,000 | +$4.4M | 6.0% |
| A Amrize Ltd | Added | +68,870 | +$3.34M | 13.6% |
| Green Plains Inc | Added | +338,000 | +$2.97M | 13.8% |
| Constellium Se | Trimmed | −129,150 | −$1.92M | 22.3% |
| WI Wesco Intl Inc | Trimmed | −7,500 | −$1.59M | 13.5% |
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| New Fortress Energy Inc | Exited | −1,908,791 | −$15.9M | — |
| Antero Resources Corp | Trimmed | −180,020 | −$7.25M | 6.6% |
| A Amrize Ltd | New | +136,580 | +$6.77M | 10.5% |
| Constellium Se | Trimmed | −501,000 | −$6.66M | 25.4% |
| WI Wesco Intl Inc | Trimmed | −14,921 | −$2.76M | 15.6% |
| Green Plains Inc | Trimmed | −457,000 | −$2.76M | 7.6% |
| Transocean Ltd | Trimmed | −563,169 | −$1.46M | 10.9% |
| Alcoa Corp | Trimmed | −29,095 | −$859K | 11.9% |
| Builders Firstsource Inc | Added | +340 | +$39.7K | 11.5% |
quarter ended March 31, 2025 · filed May 05, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Antero Resources Corp | Trimmed | −204,401 | −$8.27M | 13.0% |
| New Fortress Energy Inc | Added | +428,470 | +$3.56M | 17.8% |
| Constellium Se | Trimmed | −351,868 | −$3.55M | 19.6% |
| WI Wesco Intl Inc | Trimmed | −12,024 | −$1.87M | 12.1% |
| Builders Firstsource Inc | Added | +5,690 | +$711K | 8.9% |
| Transocean Ltd | Trimmed | −73,000 | −$231K | 11.7% |
| Green Plains Inc | Trimmed | −42,571 | −$206K | 6.9% |
| Alcoa Corp | Added | +2,930 | +$89.4K | 9.9% |
quarter ended December 31, 2024 · filed February 10, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Transocean Ltd | Trimmed | −3,263,250 | −$12.2M | 10.6% |
| Alcoa Corp | New | +286,570 | +$10.3M | 8.6% |
| WI Wesco Intl Inc | Trimmed | −55,164 | −$9.98M | 12.3% |
| New Fortress Energy Inc | Added | +628,882 | +$9.51M | 18.8% |
| Builders Firstsource Inc | New | +57,465 | +$8.21M | 6.9% |
| Constellium Se | Added | +424,779 | +$4.36M | 17.9% |
| Antero Resources Corp | Trimmed | −114,380 | −$4.01M | 14.4% |
| Green Plains Inc | Added | +174,519 | +$1.65M | 10.5% |
quarter ended September 30, 2024 · filed November 04, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Antero Resources Corp | New | +604,785 | +$17.3M | 14.6% |
| New Fortress Energy Inc | Trimmed | −1,352,385 | −$12.3M | 6.5% |
| Transocean Ltd | Added | +2,481,059 | +$10.5M | 23.7% |
| Xpo Inc | Exited | −98,147 | −$10.5M | — |
| Constellium Se | Added | +213,763 | +$3.48M | 22.8% |
| Green Plains Inc | Trimmed | −200,894 | −$2.72M | 13.0% |
| WI Wesco Intl Inc | Added | +9,249 | +$1.55M | 19.3% |
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