Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (35 quarters reported)
$95M in Q2 2013 → $107M now. Hover for any quarter.
As reported for the quarter ended September 30, 2026. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| Hallador Energy Company | 70.5% | Unchanged | 5,452,019 | $75.6M |
| SG Star Group L.p. | 15.5% | Unchanged | 1,295,985 | $16.6M |
| Berkshire Hathaway Inc. | 13.9% | Unchanged | 20 | $14.9M |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended September 30, 2026 · filed October 15, 2026
No position changes this quarter.
quarter ended June 30, 2026 · filed July 28, 2026
No position changes this quarter.
quarter ended March 31, 2026 · filed April 24, 2026
No position changes this quarter.
quarter ended December 31, 2025 · filed February 03, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Hallador Energy Company | Added | +2,663,334 | +$50.7M | 77.3% |
| Berkshire Hathaway Inc. | New | +20 | +$15.1M | 11.2% |
| MF Mfc First Tr Exchange Traded Fd Iv (ftsm) | Exited | −112,397 | −$6.75M | — |
| Bank Of Montreal | Exited | −78,718 | −$5.99M | — |
| Enlink Midstream LLC | Exited | −1,381,596 | −$5.13M | — |
| IM Ishares Msci Low Volatility (usmv) | Exited | −29,136 | −$1.98M | — |
| SG Star Group L.p. | Added | +41,323 | +$489K | 11.4% |
quarter ended December 31, 2020 · filed February 05, 2021
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| MF Mfc First Tr Exchange Traded Fd Iv (ftsm) | Trimmed | −303,741 | −$18.2M | 18.9% |
quarter ended September 30, 2020 · filed October 23, 2020
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| MF Mfc First Tr Exchange Traded Fd Iv (ftsm) | Added | +46,724 | +$2.8M | 51.3% |
| IM Ishares Msci Low Volatility (usmv) | Trimmed | −2,191 | −$140K | 3.8% |
quarter ended June 30, 2020 · filed July 28, 2020
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| MF Mfc First Tr Exchange Traded Fd Iv (ftsm) | Added | +143,803 | +$8.63M | 49.9% |
| Rockwell Automation | Exited | −2,940 | −$444K | — |
| Wec Energy Group Inc. | Exited | −4,990 | −$440K | — |
| JC Johnson Controls | Exited | −11,500 | −$310K | — |
| Fiserv, Inc. | Exited | −3,100 | −$294K | — |
| GS Goldman Sachs | Exited | −1,900 | −$294K | — |
quarter ended March 31, 2020 · filed April 21, 2020
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| MF Mfc First Tr Exchange Traded Fd Iv (ftsm) | Trimmed | −384,552 | −$22.7M | 38.5% |
| IC Ishares Core S&P Mid-cap (ijh) | Exited | −19,790 | −$4.07M | — |
| VI Vanguard Index Mid- Cap Value ETF (voe) | Exited | −26,360 | −$3.14M | — |
| IT Ishares Tr Russell 2000 Value ETF (iwn) | Exited | −12,496 | −$1.61M | — |
| Rockwell Automation | New | +2,940 | +$444K | 1.3% |
| Wec Energy Group Inc. | New | +4,990 | +$440K | 1.3% |
| JC Johnson Controls | New | +11,500 | +$310K | 0.9% |
| Fiserv, Inc. | New | +3,100 | +$294K | 0.9% |
| GS Goldman Sachs | New | +1,900 | +$294K | 0.9% |
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