Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (31 quarters reported)
$118M in Q4 2018 → $137M 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 |
|---|---|---|---|---|
| CA Century Alum Co | 16.8% | Trimmed 14% | 503,309 | $23.2M |
| Sensient Technologies Corp | 11.8% | Trimmed 16% | 131,727 | $16.2M |
| Constellium Se | 11.2% | Trimmed 27% | 482,130 | $15.4M |
| Standardaero Inc | 10.1% | Added 14% | 464,595 | $13.9M |
| Carpenter Technology Corp | 9.4% | Trimmed 42% | 20,894 | $12.9M |
| Ati Inc | 8.7% | Trimmed 34% | 60,419 | $11.9M |
| Middleby Corp | 8.5% | New | 67,536 | $11.6M |
| Alcoa Corp | 7.9% | Trimmed 11% | 208,165 | $10.9M |
| HG Harmony Gold Mng Ltd | 6.8% | Trimmed 8.1% | 612,949 | $9.32M |
| AM Ardagh Metal Packaging S A | 5.9% | Trimmed 8.3% | 1,722,234 | $8.16M |
| Cameco Corp | 3.0% | Trimmed 5.9% | 39,903 | $4.06M |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 14, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Hudbay Minerals Inc | Exited | −706,040 | −$14.8M | — |
| Freeport Mcmoran Inc | Exited | −240,973 | −$14.2M | — |
| Kirby Corp | Exited | −89,017 | −$11.8M | — |
| Middleby Corp | New | +67,536 | +$11.6M | 8.5% |
| Carpenter Technology Corp | Trimmed | −15,035 | −$9.27M | 9.4% |
| D R Horton Inc | Exited | −66,541 | −$9.13M | — |
| Builders Firstsource Inc | Exited | −98,203 | −$8.09M | — |
| Ati Inc | Trimmed | −31,365 | −$6.18M | 8.7% |
| Constellium Se | Trimmed | −176,360 | −$5.62M | 11.2% |
| CA Century Alum Co | Trimmed | −80,688 | −$3.71M | 16.8% |
Showing the 10 largest of 17 changes.
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| HG Harmony Gold Mng Ltd | New | +666,735 | +$10.2M | 5.1% |
| Ati Inc | Trimmed | −37,125 | −$5.4M | 6.6% |
| Nexgen Energy Ltd | Exited | −538,042 | −$4.95M | — |
| SJ San Juan Basin Rty Tr | Exited | −732,351 | −$4.12M | — |
| Sensient Technologies Corp | Added | +39,494 | +$3.41M | 6.7% |
| Hudbay Minerals Inc | Trimmed | −81,207 | −$1.7M | 7.3% |
| AM Ardagh Metal Packaging S A | Added | +408,602 | +$1.65M | 3.8% |
| Freeport Mcmoran Inc | Trimmed | −25,354 | −$1.49M | 7.0% |
| CA Century Alum Co | Trimmed | −24,478 | −$1.44M | 17.0% |
| Standardaero Inc | Added | +39,937 | +$1.03M | 5.2% |
Showing the 10 largest of 16 changes.
quarter ended December 31, 2025 · filed February 13, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| EC Everus Constr Group | Exited | −169,844 | −$14.6M | — |
| Entegris Inc | Exited | −123,234 | −$11.4M | — |
| Vishay Intertechnology Inc | Exited | −742,177 | −$11.4M | — |
| Sensient Technologies Corp | New | +117,090 | +$11M | 6.2% |
| D R Horton Inc | Added | +37,128 | +$5.35M | 5.2% |
| FG Frontier Group Hldgs Inc | New | +953,375 | +$4.49M | 2.5% |
| Uranium Energy Corp | Exited | −320,952 | −$4.28M | — |
| Cameco Corp | New | +42,424 | +$3.88M | 2.2% |
| Builders Firstsource Inc | Added | +33,332 | +$3.43M | 5.4% |
| Hudbay Minerals Inc | Trimmed | −168,172 | −$3.34M | 8.7% |
Showing the 10 largest of 21 changes.
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| D R Horton Inc | New | +27,876 | +$4.72M | 2.7% |
| Uranium Energy Corp | New | +320,952 | +$4.28M | 2.5% |
| EC Everus Constr Group | Trimmed | −36,374 | −$3.12M | 8.5% |
| Hudbay Minerals Inc | Trimmed | −169,013 | −$2.56M | 8.4% |
| Ati Inc | Added | +21,050 | +$1.71M | 6.8% |
| Freeport-mcmoran Inc | Added | +41,088 | +$1.61M | 6.7% |
| CA Century Alum Co | Trimmed | −44,107 | −$1.29M | 11.3% |
| Entegris Inc | Trimmed | −2,996 | −$277K | 6.6% |
| Alcoa Corp | Trimmed | −8,139 | −$268K | 5.7% |
| Carpenter Technology Corp | Added | +867 | +$213K | 5.8% |
Showing the 10 largest of 13 changes.
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Carpenter Technology Corp | New | +39,982 | +$11.1M | 7.3% |
| Standardaero Inc | New | +290,730 | +$9.2M | 6.1% |
| Kirby Corp | New | +65,431 | +$7.42M | 4.9% |
| D R Horton Inc | Exited | −53,655 | −$6.82M | — |
| Ati Inc | Trimmed | −58,405 | −$5.04M | 7.0% |
| Constellium Se | Added | +303,614 | +$4.04M | 7.4% |
| Entegris Inc | Added | +27,701 | +$2.23M | 6.7% |
| AM Ardagh Metal Packaging S A | Added | +480,764 | +$2.06M | 4.4% |
| Vishay Intertechnology Inc | Added | +83,027 | +$1.32M | 7.8% |
| EC Everus Constr Group | Trimmed | −20,639 | −$1.31M | 8.7% |
Showing the 10 largest of 15 changes.
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Ge Vernova Inc | Exited | −29,373 | −$9.66M | — |
| Materion Corp | Exited | −79,742 | −$7.88M | — |
| Scorpio Tankers Inc | Exited | −117,417 | −$5.83M | — |
| Constellium Se | Trimmed | −345,171 | −$3.48M | 5.2% |
| EC Everus Constr Group | Added | +64,135 | +$2.38M | 8.1% |
| Vishay Intertechnology Inc | Added | +142,908 | +$2.27M | 10.0% |
| Hudbay Minerals Inc | Added | +56,492 | +$429K | 8.4% |
| D R Horton Inc | Added | +2,640 | +$336K | 6.5% |
| Builders Firstsource Inc | Added | +2,336 | +$292K | 7.0% |
| Alcoa Corp | Added | +8,187 | +$250K | 7.8% |
Showing the 10 largest of 14 changes.
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| CA Century Alum Co | Trimmed | −759,986 | −$13.8M | 8.6% |
| EC Everus Constr Group | New | +162,722 | +$10.7M | 7.8% |
| Vishay Intertechnology Inc | Trimmed | −585,708 | −$9.92M | 6.4% |
| Constellium Se | Added | +338,105 | +$3.47M | 6.7% |
| AM Ardagh Metal Packaging S A | New | +1,057,720 | +$3.18M | 2.3% |
| Ge Vernova Inc | Trimmed | −9,192 | −$3.02M | 7.1% |
| Ati Inc | Added | +42,020 | +$2.31M | 7.4% |
| Alcoa Corp | Trimmed | −22,053 | −$833K | 7.1% |
| Freeport-mcmoran Inc | Added | +7,795 | +$297K | 6.9% |
| Materion Corp | Trimmed | −2,034 | −$201K | 5.8% |
Showing the 10 largest of 13 changes.
quarter ended September 30, 2024 · filed November 15, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Vishay Intertechnology Inc | Trimmed | −931,474 | −$17.6M | 13.0% |
| Diamondback Energy Inc | Exited | −56,504 | −$11.3M | — |
| Builders Firstsource Inc | New | +55,875 | +$10.8M | 6.8% |
| Ge Vernova Inc | New | +38,565 | +$9.83M | 6.1% |
| D R Horton Inc | New | +50,921 | +$9.71M | 6.1% |
| West Fraser Timber Co Ltd | Exited | −122,541 | −$9.41M | — |
| Olin Corp | Exited | −187,085 | −$8.82M | — |
| Transocean Ltd | Exited | −901,657 | −$4.82M | — |
| Ati Inc | Trimmed | −68,423 | −$4.58M | 5.9% |
| Entegris Inc | Added | +30,618 | +$3.45M | 6.9% |
Showing the 10 largest of 19 changes.
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