Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (51 quarters reported)
$62.2M in Q4 2013 → $1.63B 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 |
|---|---|---|---|---|
| RR Range Res Corp | 15.0% | Added 57% | 6,575,941 | $245M |
| Seabridge Gold Inc | 11.9% | New | 7,554,992 | $194M |
| Expand Energy Corporation | 9.6% | Added 112% | 1,723,513 | $157M |
| Kt Corp | 9.6% | Added 70% | 9,043,938 | $156M |
| Nutrien Ltd | 8.4% | Added 53% | 2,185,431 | $138M |
| Weyerhaeuser Co | 5.5% | Added 97% | 3,758,427 | $90M |
| Concentrix Corp | 4.4% | Added 95% | 3,175,766 | $71.2M |
| Rayonier Inc | 4.3% | Added 49% | 3,268,598 | $69.6M |
| ND Northern Dynasty Minerals Lt | 3.8% | Trimmed 1.5% | 32,178,392 | $61.8M |
| CS Cresud S A C I F Y A | 3.3% | Added 8.0% | 4,767,644 | $53.4M |
| Nice Ltd | 3.1% | Added 124% | 563,013 | $51.1M |
| FR Franklin Resources Inc | 2.7% | Trimmed 63% | 1,320,571 | $43.9M |
| Royal Gold Inc | 2.6% | Added 150% | 214,983 | $42.9M |
| CD Centene Corp Del | 2.5% | Trimmed 74% | 646,716 | $41.5M |
| Novagold Resources Inc | 2.5% | Added 5.9% | 6,898,074 | $41.2M |
| IT International Tower Hill Min | 2.3% | Added 6.3% | 18,767,533 | $37.3M |
| ES Epam Sys Inc | 2.0% | New | 402,809 | $32M |
| CN Comcast Corp New | 1.9% | Added 97% | 1,278,141 | $31.4M |
| Vista Gold Corp | 1.6% | Added 1.4% | 14,049,338 | $26.8M |
| Mosaic Co | 1.5% | New | 1,119,095 | $23.7M |
| Ivanhoe Electric Inc | 0.6% | Trimmed 42% | 1,033,970 | $9.94M |
| BM Barrick Mng Corp | 0.3% | Trimmed 76% | 134,459 | $4.94M |
| N Newmont Corp | 0.3% | Added 6513% | 50,328 | $4.7M |
| KE Korea Elec Pwr Corp | 0.2% | Unchanged | 207,140 | $2.51M |
| II Irsa Inversiones Y Rep S A | 0.1% | Trimmed 0.0% | 85,360 | $1.32M |
| Platinum Group Metals Ltd | 0.0% | Added 13% | 407,105 | $550K |
| Autozone Inc Put | 0.0% | Unchanged | 400 | $261K |
| Amgen Inc Put | 0.0% | Unchanged | 4,200 | $38K |
| Apple Inc Put | 0.0% | Unchanged | 5,000 | $34K |
| Abbvie Inc Put | 0.0% | Unchanged | 4,600 | $33.6K |
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 |
|---|---|---|---|---|
| Seabridge Gold Inc | Exited | −7,332,863 | −$208M | — |
| Seabridge Gold Inc | New | +7,554,992 | +$194M | 11.9% |
| CD Centene Corp Del | Trimmed | −1,870,390 | −$120M | 2.5% |
| RR Range Res Corp | Added | +2,387,327 | +$88.8M | 15.0% |
| Expand Energy Corporation | Added | +909,881 | +$83M | 9.6% |
| FR Franklin Resources Inc | Trimmed | −2,202,016 | −$73.3M | 2.7% |
| Kt Corp | Added | +3,722,016 | +$64.3M | 9.6% |
| Nutrien Ltd | Added | +761,651 | +$47.9M | 8.4% |
| Weyerhaeuser Co | Added | +1,853,836 | +$44.4M | 5.5% |
| Molina Healthcare Inc | Exited | −291,941 | −$38.9M | — |
Showing the 10 largest of 29 changes.
quarter ended March 31, 2026 · filed May 13, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SL Slb Limited | Exited | −1,306,620 | −$50.1M | — |
| RR Range Res Corp | Trimmed | −1,050,289 | −$47.5M | 13.2% |
| Weyerhaeuser Co | New | +1,904,591 | +$46.5M | 3.2% |
| Rayonier Inc | New | +2,186,503 | +$45.1M | 3.1% |
| Concentrix Corp | New | +1,627,306 | +$44.5M | 3.1% |
| Royal Gold Inc | Trimmed | −123,519 | −$31.4M | 1.5% |
| Nice Ltd | New | +250,948 | +$27.7M | 1.9% |
| Nutrien Ltd | Trimmed | −329,879 | −$24.9M | 7.5% |
| Vista Gold Corp | Added | +11,385,421 | +$22.3M | 1.9% |
| Molina Healthcare Inc | Added | +166,407 | +$22.2M | 2.7% |
Showing the 10 largest of 29 changes.
quarter ended December 31, 2025 · filed February 13, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| BM Barrick Mng Corp | Trimmed | −2,467,339 | −$107M | 2.1% |
| NR Novagold Res Inc | Trimmed | −4,708,198 | −$43.9M | 6.3% |
| SQ Sociedad Quimica Y Minera De | Exited | −812,944 | −$34.9M | — |
| Nutrien Ltd | Added | +487,059 | +$30.1M | 8.6% |
| RR Range Res Corp | Added | +818,295 | +$28.9M | 14.8% |
| SL Slb Limited | Trimmed | −603,168 | −$23.1M | 4.0% |
| Kt Corp | Added | +1,213,304 | +$23M | 8.7% |
| Molina Healthcare Inc | New | +125,534 | +$21.8M | 1.7% |
| Royal Gold Inc | Added | +93,613 | +$20.8M | 3.7% |
| Sandstorm Gold Ltd | Exited | −1,586,602 | −$19.9M | — |
Showing the 10 largest of 23 changes.
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| CD Centene Corp Del | New | +2,256,881 | +$80.5M | 6.6% |
| BM Barrick Mng Corp | Trimmed | −2,070,897 | −$67.9M | 8.2% |
| S Schlumberger Ltd | New | +1,909,788 | +$65.6M | 5.3% |
| RR Range Res Corp | Added | +1,610,804 | +$60.6M | 13.6% |
| NR Novagold Res Inc | Trimmed | −5,977,632 | −$52.6M | 9.4% |
| SQ Sociedad Quimica Y Minera De | Trimmed | −1,029,169 | −$44.2M | 2.8% |
| Nutrien Ltd | Added | +692,956 | +$40.7M | 6.1% |
| Ivanhoe Electric Inc | Trimmed | −2,076,576 | −$26.1M | 1.4% |
| Expand Energy Corporation | Added | +215,331 | +$22.9M | 6.4% |
| Amentum Holdings Inc | Exited | −636,226 | −$15M | — |
Showing the 10 largest of 24 changes.
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| BM Barrick Mng Corp | New | +5,128,287 | +$107M | 11.7% |
| BG Barrick Gold Corp | Exited | −5,044,236 | −$98.1M | — |
| Wheaton Precious Metals Corp | Exited | −692,499 | −$53.8M | — |
| Kt Corp | Trimmed | −2,035,015 | −$42.3M | 9.8% |
| Expand Energy Corporation | Trimmed | −341,771 | −$40M | 6.7% |
| Royal Gold Inc | Trimmed | −215,707 | −$38.4M | 1.6% |
| N Newmont Corp | Trimmed | −226,045 | −$13.2M | 1.2% |
| Nexgen Energy Ltd | New | +1,760,522 | +$12.2M | 1.3% |
| KE Korea Elec Pwr Corp | Trimmed | −831,754 | −$11.8M | 0.4% |
| Perpetua Resources Corp | Exited | −1,104,398 | −$11.8M | — |
Showing the 10 largest of 27 changes.
quarter ended March 31, 2025 · filed May 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Seabridge Gold Inc | Added | +4,295,907 | +$50.1M | 8.9% |
| Harmony Gold Mining Co Ltd | Trimmed | −2,707,637 | −$40M | — |
| Arcadium Lithium PLC | Exited | −7,370,438 | −$37.8M | — |
| Wheaton Precious Metals Corp | Trimmed | −484,593 | −$37.6M | 5.6% |
| Royal Gold Inc | Trimmed | −221,388 | −$36.2M | 5.0% |
| Kt Corp | Trimmed | −1,603,864 | −$28.4M | 11.6% |
| Nutrien Ltd | Added | +490,317 | +$24.4M | 2.9% |
| FR Franklin Resources Inc | Added | +1,227,145 | +$23.6M | 4.9% |
| AG Alibaba Group Hldg Ltd | Exited | −220,556 | −$18.7M | — |
| N Newmont Corp | Trimmed | −348,532 | −$16.8M | 2.0% |
Showing the 10 largest of 32 changes.
quarter ended December 31, 2024 · filed February 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SE Southwestern Energy Co | Exited | −18,279,049 | −$130M | — |
| Expand Energy Corporation | New | +919,945 | +$91.6M | 9.8% |
| Arcadium Lithium PLC | Trimmed | −11,121,262 | −$57.1M | 4.0% |
| N Newmont Corp | New | +755,147 | +$28.1M | 3.0% |
| Amentum Holdings Inc | New | +765,982 | +$16.1M | 1.7% |
| NR Novagold Res Inc | Added | +3,187,981 | +$10.6M | 6.1% |
| RR Range Res Corp | Trimmed | −291,418 | −$10.5M | 10.4% |
| Kt Corp | Trimmed | −555,411 | −$8.62M | 13.1% |
| BG Barrick Gold Corp | Added | +404,645 | +$6.27M | 8.0% |
| Nexgen Energy Ltd | Trimmed | −670,729 | −$4.43M | — |
Showing the 10 largest of 21 changes.
quarter ended September 30, 2024 · filed November 13, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SQ Sociedad Quimica Y Minera De | Added | +821,571 | +$34.2M | 6.1% |
| Arcadium Lithium PLC | Added | +10,064,247 | +$28.7M | 5.3% |
| N Newmont Corp | Exited | −630,413 | −$26.4M | — |
| Wheaton Precious Metals Corp | Trimmed | −398,926 | −$24.4M | 7.2% |
| FR Franklin Resources Inc | New | +1,208,837 | +$24.4M | 2.4% |
| Perpetua Resources Corp | Trimmed | −2,535,384 | −$23.7M | 2.4% |
| RR Range Res Corp | Added | +721,986 | +$22.2M | 9.2% |
| Ivanhoe Electric Inc | Added | +2,387,101 | +$20.2M | 2.1% |
| BG Barrick Gold Corp | Trimmed | −855,269 | −$17M | 8.8% |
| Royal Gold Inc | Trimmed | −120,429 | −$16.9M | 7.4% |
Showing the 10 largest of 24 changes.
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