Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (7 quarters reported)
$109M in Q4 2024 → $161M 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 |
|---|---|---|---|---|
| Vermilion Energy Inc | 21.4% | Added 17% | 3,691,000 | $34.5M |
| Lumen Technologies Inc | 20.0% | Trimmed 15% | 4,202,000 | $32.3M |
| Gran Tierra Energy Inc | 16.9% | Added 7.9% | 4,365,420 | $27.3M |
| Lumen Technologies Inc Call | 10.4% | Trimmed 43% | 2,190,000 | $16.8M |
| Telesat Corp | 8.4% | Trimmed 30% | 266,350 | $13.5M |
| BR Brandywine Rlty Tr | 6.6% | Trimmed 9.9% | 3,369,000 | $10.7M |
| GT Goodyear Tire & Rubr Co | 5.9% | Trimmed 29% | 1,450,000 | $9.57M |
| GP Graphic Packaging Hldg Co | 5.1% | Added 118% | 783,000 | $8.28M |
| CM Claros Mtg Tr Inc | 2.7% | Added 32% | 1,846,000 | $4.34M |
| AS Algoma Stl Group Inc | 2.6% | Trimmed 42% | 1,016,000 | $4.11M |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 6 quarters.
quarter ended June 30, 2026 · filed August 11, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Lumen Technologies Inc | Trimmed | −1,620,000 | −$12.4M | 10.4% |
| Telesat Corp | Trimmed | −116,300 | −$5.89M | 8.4% |
| Lumen Technologies Inc | Trimmed | −755,000 | −$5.8M | 20.0% |
| Vermilion Energy Inc | Added | +533,400 | +$4.98M | 21.4% |
| GP Graphic Packaging Hldg Co | Added | +423,000 | +$4.47M | 5.1% |
| GT Goodyear Tire & Rubr Co | Trimmed | −590,000 | −$3.89M | 5.9% |
| AS Algoma Stl Group Inc | Trimmed | −749,000 | −$3.03M | 2.6% |
| Gran Tierra Energy Inc | Added | +320,000 | +$2M | 16.9% |
| BR Brandywine Rlty Tr | Trimmed | −371,000 | −$1.18M | 6.6% |
| CM Claros Mtg Tr Inc | Added | +446,000 | +$1.05M | 2.7% |
quarter ended March 31, 2026 · filed May 11, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Lumen Technologies Inc | Added | +3,781,000 | +$26.3M | 13.8% |
| Lumen Technologies Inc | Added | +1,220,000 | +$8.48M | 17.9% |
| Vermilion Energy Inc | Trimmed | −615,000 | −$8.46M | 22.6% |
| SA Sprott Asset Management LP | Exited | −210,000 | −$4.97M | — |
| AM Aris Mng Corp | Exited | −255,000 | −$4.14M | — |
| GP Graphic Packaging Hldg Co | New | +360,000 | +$3.58M | 1.9% |
| Gran Tierra Energy Inc | Added | +354,000 | +$3.18M | 18.9% |
| BR Brandywine Rlty Tr | Added | +1,060,000 | +$2.87M | 5.3% |
| GT Goodyear Tire & Rubr Co | Added | +360,000 | +$2.39M | 7.0% |
| CM Claros Mtg Tr Inc | Added | +866,000 | +$2.06M | 1.7% |
Showing the 10 largest of 12 changes.
quarter ended December 31, 2025 · filed February 13, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Lumen Technologies Inc | Trimmed | −6,450,000 | −$50.1M | 23.0% |
| GT Goodyear Tire & Rubr Co | Added | +1,170,000 | +$10.2M | 11.6% |
| BR Brandywine Rlty Tr | New | +2,680,000 | +$7.83M | 6.2% |
| Vermilion Energy Inc | Added | +830,600 | +$6.92M | 24.9% |
| SA Sprott Asset Management LP | Exited | −330,000 | −$5.18M | — |
| SA Sprott Asset Management LP | New | +210,000 | +$4.97M | 3.9% |
| Gran Tierra Energy Inc | Added | +899,620 | +$3.81M | 12.4% |
| Telesat Corp | Trimmed | −123,000 | −$3.55M | 7.5% |
| AM Aris Mng Corp | Trimmed | −200,000 | −$3.25M | 3.3% |
| JH James Hardie Inds PLC | Exited | −140,000 | −$2.69M | — |
Showing the 10 largest of 14 changes.
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Scorpio Tankers Inc | Exited | −170,000 | −$6.65M | — |
| SA Sprott Asset Management LP | New | +330,000 | +$5.18M | 3.9% |
| SP Sprott Physical Silver Tr | Exited | −330,000 | −$4.04M | — |
| GT Goodyear Tire & Rubr Co | New | +510,000 | +$3.81M | 2.9% |
| Gran Tierra Energy Inc | Added | +846,000 | +$3.68M | 9.2% |
| JH James Hardie Inds PLC | New | +140,000 | +$2.69M | 2.0% |
| Vermilion Energy Inc | Added | +152,000 | +$1.19M | 17.4% |
| Lumen Technologies Inc | Trimmed | −180,000 | −$1.1M | 47.1% |
| AS Algoma Stl Group Inc | Added | +260,000 | +$924K | 3.1% |
| Hycroft Mining Holding Corp | Trimmed | −126,000 | −$781K | 1.2% |
Showing the 10 largest of 14 changes.
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| AP Algonquin Pwr Utils Corp | Exited | −1,360,000 | −$6.99M | — |
| Scorpio Tankers Inc | Added | +90,000 | +$3.52M | 6.2% |
| Vermilion Energy Inc | Added | +350,000 | +$2.55M | 18.9% |
| Lumen Technologies Inc | Added | +563,100 | +$2.47M | 42.2% |
| Telesat Corp | Trimmed | −65,000 | −$1.58M | 10.5% |
| Hycroft Mining Holding Corp | New | +380,000 | +$1.19M | 1.1% |
| Gran Tierra Energy Inc | Added | +229,200 | +$1.09M | 8.6% |
| SP Sprott Physical Silver Tr | Added | +30,000 | +$367K | 3.8% |
| AM Aris Mng Corp | Trimmed | −50,000 | −$336K | 2.9% |
| AS Algoma Stl Group Inc | Trimmed | −20,000 | −$138K | 5.7% |
Showing the 10 largest of 12 changes.
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Telesat Corp | Trimmed | −277,750 | −$5.18M | 10.2% |
| AS Algoma Stl Group Inc | New | +910,000 | +$4.93M | 5.1% |
| SP Sprott Physical Silver Tr | Trimmed | −420,000 | −$4.87M | 3.6% |
| Lumen Technologies Inc | Added | +996,900 | +$3.91M | 39.4% |
| Vermilion Energy Inc | Added | +440,000 | +$3.56M | 20.3% |
| Gran Tierra Energy Inc | Added | +620,011 | +$3.06M | 8.7% |
| AP Algonquin Pwr Utils Corp | Trimmed | −540,000 | −$2.78M | 7.2% |
| AM Aris Mng Corp | New | +520,000 | +$2.41M | 2.5% |
| Scorpio Tankers Inc | Added | +40,000 | +$1.5M | 3.1% |
| Clearwater Paper Corp | Exited | −42,300 | −$1.26M | — |
Showing the 10 largest of 12 changes.
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