Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (47 quarters reported)
$796M in Q2 2013 → $1.92B now. Hover for any quarter.
As reported for the quarter ended December 31, 2024. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| Tesla Inc Put | 18.9% | Trimmed 10% | 900,000 | $363M |
| RR Range Res Corp | 11.6% | Unchanged | 6,210,000 | $223M |
| CR Comstock Res Inc | 11.5% | Unchanged | 12,125,000 | $221M |
| Expand Energy Corporation Call | 10.5% | New | 2,025,000 | $202M |
| US United States Stl Corp New | 8.1% | Added 5.2% | 4,600,000 | $156M |
| Warrior Met Coal Inc | 7.3% | Unchanged | 2,591,350 | $141M |
| N Nextracker Inc | 5.0% | Added 25% | 2,642,785 | $96.5M |
| Noble Corp PLC | 5.0% | Unchanged | 3,055,090 | $95.9M |
| AS Arcelormittal Sa Luxembourg | 4.6% | Unchanged | 3,822,400 | $88.4M |
| Sunrun Inc Put | 3.1% | Unchanged | 6,500,000 | $60.1M |
| Chord Energy Corporation | 3.0% | Unchanged | 485,998 | $56.8M |
| Valaris Ltd | 2.4% | Added 16% | 1,042,000 | $46.1M |
| GP Graphic Packaging Hldg Co | 1.9% | Added 23% | 1,316,000 | $35.7M |
| OP Occidental Pete Corp | 1.5% | Added 190% | 566,000 | $28M |
| Alcoa Corp | 1.4% | New | 717,000 | $27.1M |
| PG Plains Gp Hldgs L P | 0.8% | Added 43% | 845,000 | $15.5M |
| Antero Resources Corp | 0.7% | Trimmed 86% | 407,000 | $14.3M |
| West Fraser Timber Co Ltd | 0.7% | Trimmed 50% | 154,000 | $13.3M |
| AP Abrdn Palladium ETF Trust | 0.7% | Unchanged | 150,000 | $12.5M |
| Eqt Corp | 0.5% | Trimmed 86% | 198,000 | $9.13M |
| Steel Dynamics Inc | 0.3% | New | 52,000 | $5.93M |
| YS Ypf Sociedad Anonima | 0.2% | New | 100,000 | $4.25M |
| Expand Energy Corporation | 0.2% | New | 40,706 | $3.48M |
| Nexgen Energy Ltd | 0.2% | Unchanged | 467,000 | $3.08M |
| SP Sprott Physical Plat Pallad | 0.0% | Unchanged | 70,030 | $623K |
| S Schlumberger Ltd | 0.0% | New | 12,500 | $479K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Expand Energy Corporation | New | +2,025,000 | +$202M | 10.5% |
| Antero Resources Corp | Trimmed | −2,547,000 | −$89.3M | 0.7% |
| Eqt Corp | Trimmed | −1,243,000 | −$57.3M | 0.5% |
| Tesla Inc | Trimmed | −100,000 | −$40.4M | 18.9% |
| Peabody Energy Corp | Exited | −1,197,000 | −$31.8M | — |
| Coterra Energy Inc | Exited | −1,306,257 | −$31.3M | — |
| Alcoa Corp | New | +717,000 | +$27.1M | 1.4% |
| Murphy Oil Corp | Exited | −790,432 | −$26.7M | — |
| Permian Resources Corp | Exited | −1,714,048 | −$23.3M | — |
| N Nextracker Inc | Added | +531,785 | +$19.4M | 5.0% |
Showing the 10 largest of 21 changes.
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Tesla Inc | New | +1,000,000 | +$262M | 14.6% |
| DO Diamond Offshore Drilling In | Exited | −8,381,000 | −$130M | — |
| Southwestern Energy Co | Exited | −17,548,000 | −$118M | — |
| EM Equitrans Midstream Corp | Exited | −7,603,115 | −$98.7M | — |
| N Nextracker Inc | New | +2,111,000 | +$79.1M | 4.4% |
| Noble Corp PLC | Added | +2,061,549 | +$74.5M | 6.2% |
| Eqt Corp | New | +1,441,000 | +$52.8M | 2.9% |
| AS Arcelormittal Sa Luxembourg | Added | +1,282,400 | +$33.7M | 5.6% |
| SE Suncor Energy Inc New | Trimmed | −727,716 | −$26.9M | 0.7% |
| CR Cnx Res Corp | Exited | −796,358 | −$19.4M | — |
Showing the 10 largest of 26 changes.
quarter ended June 30, 2024 · filed August 22, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Enerplus Corp | Exited | −5,550,000 | −$109M | — |
| Chord Energy Corporation | Added | +435,998 | +$73.1M | 4.7% |
| US United States Stl Corp New | Added | +1,724,670 | +$65.2M | 9.4% |
| Westrock Co | Exited | −625,000 | −$30.9M | — |
| MP Marathon Pete Corp | Exited | −110,000 | −$22.2M | — |
| Plug Power Inc | Exited | −6,415,000 | −$22.1M | — |
| Valero Energy Corp | Exited | −115,220 | −$19.7M | — |
| Antero Resources Corp | Trimmed | −460,154 | −$15M | 6.7% |
| Peabody Energy Corp | Trimmed | −623,000 | −$13.8M | 1.5% |
| CR Comstock Res Inc | Added | +975,000 | +$10.1M | 7.3% |
Showing the 10 largest of 15 changes.
quarter ended March 31, 2024 · filed May 15, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Eqt Corp | Exited | −2,206,571 | −$85.3M | — |
| PB Petroleo Brasileiro Sa Petro | Trimmed | −4,025,000 | −$60M | 1.1% |
| Valaris Ltd | New | +635,000 | +$47.8M | 2.6% |
| CE Consol Energy Inc New | Exited | −300,000 | −$30.2M | — |
| Enerplus Corp | Trimmed | −1,341,700 | −$26.4M | 6.0% |
| West Fraser Timber Co Ltd | Trimmed | −260,000 | −$22.5M | 0.6% |
| DO Diamond Offshore Drilling In | Added | +1,493,152 | +$20.4M | 6.3% |
| Chord Energy Corporation | Trimmed | −112,000 | −$20M | 0.5% |
| Kosmos Energy Ltd | Exited | −2,810,000 | −$18.9M | — |
| US United States Stl Corp New | Added | +438,319 | +$17.9M | 5.7% |
Showing the 10 largest of 21 changes.
quarter ended December 31, 2023 · filed February 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Sunrun Inc | New | +6,500,000 | +$128M | 6.6% |
| US United States Stl Corp New | Trimmed | −2,396,758 | −$117M | 5.3% |
| Southwestern Energy Co | New | +17,548,000 | +$115M | 6.0% |
| CE Consol Energy Inc New | Trimmed | −563,799 | −$56.7M | 1.6% |
| AS Arcelormittal Sa Luxembourg | Added | +1,918,039 | +$54.5M | 3.5% |
| CE Chesapeake Energy Corp | Exited | −541,800 | −$46.7M | — |
| RR Range Res Corp | Added | +1,187,219 | +$36.1M | 9.3% |
| Kosmos Energy Ltd | Trimmed | −4,174,661 | −$28M | 1.0% |
| Chord Energy Corporation | New | +162,000 | +$26.9M | 1.4% |
| Murphy Oil Corp | Trimmed | −604,617 | −$25.8M | 2.1% |
Showing the 10 largest of 30 changes.
quarter ended September 30, 2023 · filed November 14, 2023
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| EM Equitrans Midstream Corp | Added | +8,023,200 | +$75.2M | 4.3% |
| CR Comstock Res Inc | Added | +4,670,959 | +$51.5M | 5.0% |
| Plug Power Inc | New | +6,415,000 | +$48.8M | 2.6% |
| CE Chesapeake Energy Corp | New | +541,800 | +$46.7M | 2.5% |
| PB Petroleo Brasileiro Sa Petro | Added | +2,209,369 | +$30.3M | 4.5% |
| Permian Resources Corp | New | +1,550,000 | +$21.6M | 1.1% |
| Westlake Corporation | Exited | −180,000 | −$21.5M | — |
| SE Sunnova Energy Intl Inc. | New | +1,900,000 | +$19.9M | 1.0% |
| Technipfmc PLC | Exited | −1,195,000 | −$19.9M | — |
| Murphy Oil Corp | Trimmed | −437,043 | −$19.8M | 3.7% |
Showing the 10 largest of 28 changes.
quarter ended June 30, 2023 · filed August 14, 2023
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| D Denbury Inc | Exited | −402,658 | −$35.3M | — |
| US United States Stl Corp New | Added | +1,163,000 | +$29.1M | 7.3% |
| OP Occidental Pete Corp | Exited | −404,795 | −$25.3M | — |
| Technipfmc PLC | New | +1,195,000 | +$19.9M | 1.4% |
| EM Equitrans Midstream Corp | New | +10,000,000 | +$17.5M | 1.2% |
| PG Plains Gp Hldgs L P | Added | +1,113,000 | +$16.5M | 1.3% |
| Westlake Corporation | Added | +125,000 | +$14.9M | 1.5% |
| Murphy Oil Corp | Trimmed | −300,000 | −$11.5M | 5.3% |
| AP Abrdn Palladium ETF Trust | New | +96,309 | +$11M | 0.8% |
| West Fraser Timber Co Ltd | Added | +125,000 | +$10.7M | 1.9% |
Showing the 10 largest of 21 changes.
quarter ended March 31, 2023 · filed May 15, 2023
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| CE Chesapeake Energy Corp | Exited | −505,942 | −$47.7M | — |
| Murphy Oil Corp | Added | +1,092,455 | +$40.4M | 6.5% |
| Coterra Energy Inc | Added | +1,609,800 | +$39.5M | 3.5% |
| US United States Stl Corp New | Added | +931,163 | +$24.3M | 6.1% |
| OP Occidental Pete Corp | Added | +388,795 | +$24.3M | 2.0% |
| CR Cnx Res Corp | Trimmed | −938,668 | −$15M | 1.3% |
| Eqt Corp | Trimmed | −359,032 | −$11.5M | 5.8% |
| Peabody Energy Corp | Trimmed | −401,194 | −$10.3M | 4.5% |
| SE Suncor Energy Inc New | Added | +308,454 | +$9.57M | 2.6% |
| Warrior Met Coal Inc | Trimmed | −247,604 | −$9.09M | 6.7% |
Showing the 10 largest of 37 changes.
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