Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (25 quarters reported)
$279M in Q2 2013 → $77.9M 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 |
|---|---|---|---|---|
| Halliburton Co | 13.9% | Added 98% | 318,481 | $10.8M |
| Genco Shipping & Trading Ltd | 13.0% | Added 41% | 408,284 | $10.1M |
| Expand Energy Corporation | 11.5% | Trimmed 13% | 97,922 | $8.93M |
| Antero Resources Corp | 8.9% | Trimmed 19% | 197,128 | $6.93M |
| Baker Hughes Company | 8.4% | Added 49% | 118,428 | $6.57M |
| WI Weatherford Intl PLC | 7.2% | Added 95% | 68,580 | $5.59M |
| NE National Energy Services Reu | 6.9% | Added 11% | 180,352 | $5.4M |
| SL Slb Limited | 6.7% | Added 11% | 112,122 | $5.21M |
| CB Costamare Bulkers Hldgs Ltd | 6.3% | Added 8.6% | 277,778 | $4.88M |
| Bristow Group Inc | 3.2% | New | 59,700 | $2.47M |
| Valero Energy Corp | 2.5% | Added 55% | 7,417 | $1.93M |
| MP Marathon Pete Corp | 2.4% | Added 60% | 7,462 | $1.91M |
| Pbf Energy Inc | 1.7% | Added 97% | 29,827 | $1.36M |
| Cameco Corp | 1.4% | New | 10,556 | $1.08M |
| SF Sprott Fds Tr | 1.2% | New | 17,819 | $937K |
| NC Norwegian Cruise Line Hldgs | 0.7% | New | 25,032 | $528K |
| Carnival Corp Ltd | 0.7% | New | 18,454 | $527K |
| RC Royal Caribbean Group | 0.7% | New | 1,628 | $517K |
| Global Ship Lease Inc | 0.6% | New | 12,055 | $453K |
| Danaos Corporation | 0.6% | New | 3,557 | $435K |
| VI Vanguard Intl Equity Index F Put | 0.5% | New | 3,222 | $372K |
| IT Ishares Tr Russell 2000 ETF Put | 0.4% | New | 2,338 | $277K |
| Ardmore Shipping Corp | 0.3% | Trimmed 27% | 17,132 | $240K |
| Costamare Inc | 0.3% | New | 14,626 | $205K |
| Frontline PLC Put | 0.2% | New | 1,000 | $168K |
| I Ishares Inc Put | 0.1% | New | 1,100 | $94.8K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 13, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Teekay Tankers Ltd | Exited | −190,592 | −$14M | — |
| Seadrill Ltd | Exited | −187,850 | −$8.55M | — |
| Cmb.tech Nv | Exited | −564,868 | −$7.15M | — |
| OE Okeanis Eco Tankers Cor | Exited | −112,371 | −$5.68M | — |
| Halliburton Co | Added | +157,936 | +$5.36M | 13.9% |
| Genco Shipping & Trading Ltd | Added | +118,454 | +$2.94M | 13.0% |
| WI Weatherford Intl PLC | Added | +33,480 | +$2.73M | 7.2% |
| Bristow Group Inc | New | +59,700 | +$2.47M | 3.2% |
| Scorpio Tankers Inc | Exited | −29,864 | −$2.23M | — |
| Baker Hughes Company | Added | +39,124 | +$2.17M | 8.4% |
Showing the 10 largest of 56 changes.
quarter ended March 31, 2026 · filed May 13, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| NE National Energy Services Reu | Trimmed | −533,143 | −$11.4M | 3.0% |
| Teekay Tankers Ltd | Added | +153,767 | +$11.3M | 11.8% |
| Antero Resources Corp | New | +242,700 | +$10.3M | 8.7% |
| SL Slb Limited | Trimmed | −171,430 | −$8.81M | 4.4% |
| Expand Energy Corporation | Added | +59,005 | +$6.48M | 10.4% |
| Genco Shipping & Trading Ltd | Trimmed | −270,226 | −$6.09M | 5.5% |
| Noble Corp PLC | Exited | −211,667 | −$5.98M | — |
| OE Okeanis Eco Tankers Cor | New | +112,371 | +$5.68M | 4.8% |
| Cmb.tech Nv | Trimmed | −433,184 | −$5.48M | 6.1% |
| Baker Hughes Company | New | +79,304 | +$4.84M | 4.1% |
Showing the 10 largest of 56 changes.
quarter ended December 31, 2025 · filed February 13, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Dorian Lpg Ltd | Trimmed | −774,506 | −$18.9M | 0.7% |
| SL Slb Limited | New | +272,390 | +$10.5M | 10.9% |
| Genco Shipping & Trading Ltd | New | +560,056 | +$10.3M | 10.8% |
| NE National Energy Services Reu | Added | +615,843 | +$9.64M | 11.4% |
| Cmb.tech Nv | Added | +699,378 | +$6.75M | 10.1% |
| Star Bulk Carriers Corp | Exited | −426,111 | −$6.16M | — |
| Noble Corp PLC | New | +211,667 | +$5.98M | 6.3% |
| Expand Energy Corporation | New | +53,122 | +$5.86M | 6.1% |
| TL Teekay Lng Partners LP | Exited | −226,054 | −$3.78M | — |
| Seadrill Ltd | New | +104,828 | +$3.63M | 3.8% |
Showing the 10 largest of 65 changes.
quarter ended September 30, 2018 · filed November 14, 2018
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Scorpio Tankers Inc | Exited | −1,362,424 | −$3.83M | — |
| SF Ship Finance International L | Trimmed | −41,800 | −$3.56M | 2.6% |
| TI Triton Intl Ltd | Trimmed | −69,212 | −$2.3M | 4.4% |
| Star Bulk Carriers Corp | Trimmed | −140,165 | −$2.03M | 12.8% |
| SB Scorpio Bulkers Inc | New | +274,000 | +$1.78M | 3.7% |
| EN Euronav Nv Antwerpen | Trimmed | −182,759 | −$1.59M | 5.4% |
| Teekay Tankers Ltd | Trimmed | −1,605,927 | −$1.59M | 2.0% |
| Dht Holdings Inc | Exited | −1,500,000 | −$1.53M | — |
| Ardmore Shipping Corp | Exited | −177,420 | −$1.46M | — |
| CP Capital Product Partners LP | Trimmed | −489,870 | −$1.36M | 6.9% |
Showing the 10 largest of 24 changes.
quarter ended June 30, 2018 · filed August 14, 2018
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Scorpio Tankers Inc | Trimmed | −2,445,771 | −$6.87M | 7.0% |
| GM Gener8 Maritime Inc | Exited | −1,214,260 | −$6.86M | — |
| HL Hoegh Lng Partners LP | Exited | −391,143 | −$6.34M | — |
| Navigator Holdings Ltd | Exited | −390,953 | −$4.59M | — |
| EN Euronav Nv Antwerpen | New | +481,433 | +$4.43M | 8.1% |
| Dht Holdings Inc | Trimmed | −4,212,000 | −$4.29M | 2.8% |
| GL Golar Lng Ltd Bermuda | Trimmed | −126,949 | −$3.74M | 4.8% |
| Teekay Tankers Ltd | Trimmed | −2,732,698 | −$3.2M | 5.5% |
| TL Teekay Lng Partners L P | Trimmed | −184,106 | −$3.1M | 5.4% |
| Dht Holdings Inc | Trimmed | −564,512 | −$2.65M | 2.2% |
Showing the 10 largest of 28 changes.
quarter ended March 31, 2018 · filed May 15, 2018
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| G Gaslog Ltd | Exited | −399,070 | −$8.88M | — |
| HL Hoegh Lng Partners LP | Trimmed | −205,100 | −$3.32M | 7.7% |
| Eagle Bulk Shipping Inc | Exited | −695,787 | −$3.12M | — |
| TI Triton Intl Ltd | New | +97,040 | +$2.97M | 3.6% |
| Dht Holdings Inc | New | +820,187 | +$2.79M | 3.4% |
| Dorian Lpg Ltd | Added | +320,000 | +$2.4M | 7.7% |
| Diana Shipping Inc | New | +614,000 | +$2.25M | 2.7% |
| NA Nordic American Tankers Limi | Exited | −863,824 | −$2.13M | — |
| CE C&J Energy Svcs Inc New | Exited | −59,800 | −$2M | — |
| TL Teekay Lng Partners L P | Trimmed | −107,320 | −$1.92M | 7.8% |
Showing the 10 largest of 24 changes.
quarter ended December 31, 2017 · filed February 14, 2018
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| RC Rowan Companies PLC | Exited | −714,750 | −$9.19M | — |
| Teekay Tankers Ltd | New | +6,219,729 | +$8.71M | 8.1% |
| Frontline Ltd | Exited | −172,852 | −$8.32M | — |
| SB Scorpio Bulkers Inc | Exited | −888,396 | −$6.26M | — |
| G Gaslog Ltd | Added | +249,271 | +$5.55M | 8.3% |
| EN Euronav Nv Antwerpen | Exited | −641,000 | −$5.19M | — |
| HL Hoegh Lng Partners LP | Trimmed | −270,968 | −$5.05M | 10.4% |
| GM Gener8 Maritime Inc | Trimmed | −741,216 | −$4.91M | 5.7% |
| Dht Holdings Inc | Trimmed | −5,000,000 | −$4.87M | 5.2% |
| Patterson Uti Energy Inc | Trimmed | −197,251 | −$4.54M | 3.6% |
Showing the 10 largest of 25 changes.
quarter ended September 30, 2017 · filed November 14, 2017
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Scorpio Tankers Inc | New | +4,693,111 | +$16.1M | 11.7% |
| ER Eog Res Inc | Exited | −133,300 | −$12.1M | — |
| CE C&J Energy Svcs Inc New | Trimmed | −379,014 | −$11.4M | 1.6% |
| PA Plains All Amern Pipeline L | Exited | −416,600 | −$10.9M | — |
| RC Rowan Companies PLC | New | +714,750 | +$9.19M | 6.7% |
| Frontline Ltd | New | +172,852 | +$8.32M | 6.1% |
| Nabors Industries Ltd | Exited | −1,010,792 | −$8.23M | — |
| PD Precision Drilling Corp | Exited | −2,317,900 | −$7.91M | — |
| BE Basic Energy Svcs Inc New | Exited | −312,228 | −$7.77M | — |
| Patterson Uti Energy Inc | New | +362,775 | +$7.6M | 5.5% |
Showing the 10 largest of 29 changes.
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