Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (20 quarters reported)
$97.1M in Q4 2021 → $185M 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 |
|---|---|---|---|---|
| SA Sprott Asset Management LP | 9.1% | Trimmed 1.1% | 538,419 | $16.8M |
| BH Berkshire Hathaway Inc Del | 7.6% | Trimmed 1.8% | 28,051 | $14M |
| NR Natural Resource Partners LP | 6.2% | Added 8.0% | 105,430 | $11.5M |
| Dorchester Minerals L P | 5.3% | Trimmed 5.7% | 347,866 | $9.75M |
| SE Suncor Energy Inc New | 4.0% | Trimmed 5.6% | 108,106 | $7.34M |
| EP Enterprise Prods Partners L | 3.9% | Added 18% | 204,150 | $7.27M |
| Royal Gold Inc | 3.6% | Added 26% | 28,080 | $6.63M |
| EM Eagle Matls Inc | 2.9% | Added 2.6% | 30,880 | $5.28M |
| ON Oneok Inc New | 2.8% | New | 61,123 | $5.21M |
| CN Canadian Nat Res Ltd Med Ter | 2.5% | Trimmed 3.9% | 96,326 | $4.53M |
| Lockheed Martin Corp | 2.2% | Added 0.0% | 7,878 | $4.01M |
| FN Franco Nev Corp | 2.0% | Added 2.5% | 15,724 | $3.74M |
| KM Kinder Morgan Inc Del | 1.9% | Added 13% | 114,695 | $3.46M |
| VM Vaneck Merk Gold ETF | 1.8% | Added 15% | 84,682 | $3.38M |
| WC Wp Carey Inc | 1.8% | Added 27% | 51,996 | $3.36M |
| TE Tortoise Energy Infrstrctr C | 1.8% | Trimmed 11% | 85,973 | $3.29M |
| Canadian Pacific Kansas City | 1.5% | Trimmed 2.6% | 32,102 | $2.73M |
| HI Honeywell Intl Inc | 1.4% | Added 1.6% | 12,310 | $2.6M |
| Esab Corporation | 1.4% | Trimmed 14% | 38,153 | $2.51M |
| RI Rexford Indl Rlty Inc | 1.3% | Added 0.8% | 67,399 | $2.44M |
| Knife River Corp | 1.3% | Added 31% | 47,318 | $2.39M |
| SH Sky Harbour Group Corporatio | 1.2% | Trimmed 10% | 242,304 | $2.29M |
| LE Lincoln Elec Hldgs Inc | 1.2% | Added 78% | 8,548 | $2.26M |
| TD Transportadora De Gas Del Su | 1.2% | Trimmed 3.8% | 84,264 | $2.19M |
| HA Honeywell Aerospace Inc | 1.2% | Added 17% | 14,092 | $2.18M |
| Enbridge Inc | 1.2% | Added 71% | 46,334 | $2.15M |
| ET Energy Transfer L P | 1.0% | Trimmed 0.5% | 90,000 | $1.78M |
| FH Frp Hldgs Inc | 0.9% | Added 13% | 80,472 | $1.67M |
| Or Royalties Inc. | 0.9% | Trimmed 0.3% | 47,275 | $1.62M |
| AE Alps ETF Tr | 0.9% | New | 43,749 | $1.6M |
| Murphy Usa Inc | 0.8% | Trimmed 25% | 3,011 | $1.52M |
| BH Berkshire Hathaway Inc Del | 0.8% | Unchanged | 2 | $1.49M |
| Autonation Inc | 0.7% | Added 143% | 8,724 | $1.37M |
| FT First Tr Exchange-traded Fd | 0.7% | Trimmed 9.5% | 7,516 | $1.33M |
| Global Net Lease Inc | 0.7% | New | 159,773 | $1.32M |
| Qualcomm Inc | 0.7% | Trimmed 13% | 6,994 | $1.29M |
| CA Corporacion Amer Arpts S A | 0.7% | Trimmed 0.7% | 49,834 | $1.27M |
| LC Lowes Cos Inc | 0.6% | Trimmed 3.9% | 6,318 | $1.16M |
| Boston Omaha Corp | 0.6% | Trimmed 9.1% | 87,195 | $1.13M |
| SS SPDR Series Trust | 0.6% | Trimmed 2.5% | 4,792 | $1.11M |
| Flowserve Corp | 0.6% | New | 14,868 | $1.09M |
| Ferguson Enterprises Inc | 0.6% | Added 3.3% | 4,816 | $1.07M |
| SA Solstice Advanced Matls Inc | 0.6% | Added 16% | 18,449 | $1.04M |
| WI Wesco Intl Inc | 0.5% | Added 0.2% | 2,769 | $996K |
| Valaris Ltd | 0.5% | Added 4.8% | 12,430 | $976K |
| Trimble Inc | 0.5% | Trimmed 9.8% | 17,059 | $974K |
| Home Depot Inc | 0.5% | Added 4.1% | 3,308 | $941K |
| Alphabet Inc | 0.5% | Trimmed 2.3% | 2,728 | $939K |
| Dover Corp | 0.5% | New | 4,872 | $911K |
| St Joe Co | 0.5% | Trimmed 1.9% | 13,398 | $881K |
| Dine Brands Global Inc | 0.5% | Added 0.3% | 30,188 | $840K |
| Vox Royalty Corp | 0.4% | Trimmed 0.6% | 165,158 | $829K |
| VI Valmont Inds Inc | 0.4% | New | 1,782 | $825K |
| Wheaton Precious Metals Corp | 0.4% | Added 0.9% | 5,623 | $752K |
| Crane Company | 0.4% | Trimmed 3.1% | 3,401 | $694K |
| A Amrize Ltd | 0.4% | Added 9.9% | 18,128 | $678K |
| American Express Co | 0.4% | New | 2,185 | $664K |
| Mercadolibre Inc | 0.4% | Trimmed 1.3% | 379 | $655K |
| Frontview REIT Inc | 0.3% | Trimmed 8.0% | 37,147 | $619K |
| Agnico Eagle Mines Ltd | 0.3% | Added 2.2% | 3,375 | $619K |
Showing top 60 of 103 positions.
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended September 30, 2026 · filed November 03, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| ON Oneok Inc New | New | +61,123 | +$5.21M | 2.8% |
| ON Oneok Inc New | Exited | −58,807 | −$5.11M | — |
| GX Global X Fds | Trimmed | −57,930 | −$3.08M | 0.2% |
| Modiv Industrial Inc | Exited | −121,162 | −$2.11M | — |
| AE Alps ETF Tr | New | +43,749 | +$1.6M | 0.9% |
| PA Penske Automotive Grp Inc | Trimmed | −7,401 | −$1.48M | 0.2% |
| Royal Gold Inc | Added | +5,842 | +$1.38M | 3.6% |
| Global Net Lease Inc | New | +159,773 | +$1.32M | 0.7% |
| EP Enterprise Prods Partners L | Added | +31,750 | +$1.13M | 3.9% |
| Flowserve Corp | New | +14,868 | +$1.09M | 0.6% |
Showing the 10 largest of 107 changes.
quarter ended June 30, 2026 · filed August 03, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| HI Honeywell Intl Inc | Exited | −22,165 | −$5.09M | — |
| HI Honeywell Intl Inc | New | +12,118 | +$2.71M | 1.5% |
| HA Honeywell Aerospace Inc | New | +12,079 | +$2.67M | 1.5% |
| Esab Corporation | Added | +20,088 | +$1.98M | 2.4% |
| SE Suncor Energy Inc New | Trimmed | −20,463 | −$1.1M | 3.4% |
| Royal Gold Inc | Added | +5,219 | +$1.04M | 2.5% |
| RI Rexford Indl Rlty Inc | Added | +30,600 | +$1.03M | 1.2% |
| Lockheed Martin Corp | Added | +1,772 | +$903K | 2.2% |
| Modiv Industrial Inc | Trimmed | −50,261 | −$875K | 1.2% |
| TD Transportadora De Gas Del Su | Added | +26,369 | +$784K | 1.4% |
Showing the 10 largest of 99 changes.
quarter ended March 31, 2026 · filed May 06, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SE Suncor Energy Inc New | Trimmed | −43,021 | −$2.84M | 4.8% |
| GX Global X Fds | New | +50,283 | +$2.71M | 1.5% |
| Esab Corporation | New | +24,172 | +$2.38M | 1.3% |
| Peakstone Realty Trust | Exited | −164,653 | −$2.36M | — |
| TD Transportadora De Gas Del Su | New | +61,200 | +$2.16M | 1.2% |
| ET Energy Transfer L P | New | +86,875 | +$1.64M | 0.9% |
| SA Sprott Asset Management LP | Trimmed | −44,217 | −$1.56M | 10.4% |
| Modiv Industrial Inc | Added | +100,337 | +$1.49M | 1.4% |
| LH Legacy Housing Corp | Trimmed | −64,720 | −$1.33M | 0.8% |
| CN Canadian Nat Res Ltd Med Ter | Trimmed | −24,905 | −$1.18M | 3.0% |
Showing the 10 largest of 102 changes.
quarter ended December 31, 2025 · filed February 13, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SE Suncor Energy Inc New | Trimmed | −69,399 | −$3.08M | 4.8% |
| Royal Gold Inc | Added | +10,452 | +$2.32M | 1.8% |
| Sandstorm Gold Ltd | Exited | −173,913 | −$2.18M | — |
| NR Natural Resource Partners L | Added | +16,539 | +$1.73M | 6.0% |
| CN Canadian Nat Res Ltd | Trimmed | −50,404 | −$1.71M | 2.9% |
| Murphy Usa Inc | New | +3,970 | +$1.6M | 1.0% |
| BH Berkshire Hathaway Inc Del | New | +2 | +$1.51M | 0.9% |
| Dine Brands Global Inc | New | +34,168 | +$1.1M | 0.7% |
| Modiv Industrial Inc | New | +71,086 | +$1.02M | 0.6% |
| Valaris Ltd | Trimmed | −16,849 | −$849K | 0.7% |
Showing the 10 largest of 114 changes.
quarter ended September 30, 2025 · filed November 06, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| KM Kinder Morgan Inc Del | New | +66,485 | +$1.88M | 1.2% |
| Canadian Pacific Kansas City | New | +22,076 | +$1.64M | 1.0% |
| Knife River Corp | New | +20,930 | +$1.61M | 1.0% |
| PA Penske Automotive Grp Inc | New | +6,636 | +$1.15M | 0.7% |
| PI Plymouth Indl REIT Inc | Trimmed | −51,636 | −$1.15M | 0.2% |
| NR Natural Resource Partners L | Added | +10,465 | +$1.1M | 5.0% |
| Peakstone Realty Trust | Added | +78,074 | +$1.02M | 1.3% |
| SE Suncor Energy Inc New | Trimmed | −20,375 | −$852K | 6.3% |
| FN Franco Nev Corp | Trimmed | −3,407 | −$759K | 2.6% |
| A Amrize Ltd | New | +15,100 | +$733K | 0.4% |
Showing the 10 largest of 112 changes.
quarter ended June 30, 2025 · filed August 05, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Or Royalties Inc. | New | +72,459 | +$1.86M | 1.3% |
| NR Natural Resource Partners L | Added | +18,102 | +$1.73M | 4.4% |
| OG Osisko Gold Royalties Ltd | Exited | −77,799 | −$1.64M | — |
| ON Oneok Inc New | Added | +17,714 | +$1.45M | 1.7% |
| LE Lincoln Elec Hldgs Inc | Added | +5,349 | +$1.11M | 0.9% |
| EM Eagle Matls Inc | Added | +4,195 | +$848K | 2.5% |
| Warrior Met Coal Inc | Trimmed | −14,626 | −$670K | 0.4% |
| EP Enterprise Prods Partners L | Added | +19,525 | +$605K | 2.3% |
| Autonation Inc | Exited | −3,634 | −$588K | — |
| SP Sprott Physical Gold Tr | Trimmed | −22,293 | −$565K | 11.0% |
Showing the 10 largest of 120 changes.
quarter ended March 31, 2025 · filed May 08, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SP Sprott Physical Gold Tr | Trimmed | −167,883 | −$4.04M | 10.9% |
| EM Eagle Matls Inc | Added | +11,668 | +$2.59M | 2.1% |
| VM Vaneck Merk Gold ETF | New | +54,757 | +$1.65M | 1.1% |
| HI Honeywell Intl Inc | Added | +7,470 | +$1.58M | 1.9% |
| Sandstorm Gold Ltd | Added | +189,058 | +$1.43M | 1.0% |
| FH Frp Hldgs Inc | Added | +35,825 | +$1.02M | 1.2% |
| WC Wp Carey Inc | Added | +15,256 | +$963K | 1.5% |
| SH Sky Harbour Group Corporatio | Added | +62,688 | +$816K | 2.0% |
| TE Tortoise Energy Infra Corp | Trimmed | −18,895 | −$813K | 3.1% |
| ON Oneok Inc New | Added | +6,291 | +$624K | 0.9% |
Showing the 10 largest of 123 changes.
quarter ended December 31, 2024 · filed January 30, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| TE Tortoise Energy Infra Corp | New | +122,642 | +$5.15M | 3.8% |
| TM Tortoise Midstrm Energy Fd I | Exited | −102,392 | −$4.87M | — |
| PI Ppg Inds Inc | Exited | −12,953 | −$1.72M | — |
| CE Cenovus Energy Inc | Trimmed | −85,480 | −$1.3M | 0.3% |
| HI Honeywell Intl Inc | New | +5,392 | +$1.22M | 0.9% |
| WC Wp Carey Inc | New | +18,485 | +$1.01M | 0.7% |
| FH Frp Hldgs Inc | New | +25,891 | +$793K | 0.6% |
| SH Sky Harbour Group Corporatio | Added | +59,284 | +$707K | 1.4% |
| South Bow Corp | New | +28,964 | +$683K | 0.5% |
| CN Canadian Nat Res Ltd | Added | +21,325 | +$658K | 3.9% |
Showing the 10 largest of 129 changes.
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