Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (11 quarters reported)
$278M in Q4 2023 → $466M 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 |
|---|---|---|---|---|
| Navios Maritime Partners L P | 69.7% | Unchanged | 4,639,379 | $325M |
| Transocean Ltd | 18.2% | Trimmed 27% | 17,377,307 | $85M |
| Sable Offshore Corp | 12.0% | Unchanged | 18,206,121 | $56.1M |
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 |
|---|---|---|---|---|
| Transocean Ltd | Trimmed | −6,535,813 | −$32M | 18.2% |
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Transocean Ltd | Trimmed | −7,846,226 | −$52M | 20.5% |
| Navios Maritime Partners L P | Trimmed | −21,459 | −$1.45M | 40.5% |
quarter ended December 31, 2025 · filed February 17, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Sable Offshore Corp | Added | +8,272,727 | +$74.6M | 30.4% |
| TN Tidewater Inc New | Exited | −608,448 | −$32.4M | — |
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Transocean Ltd | Added | +14,157,951 | +$44.2M | 19.2% |
| Sable Offshore Corp | Trimmed | −167,175 | −$2.92M | 33.7% |
| Navios Maritime Partners L P | Trimmed | −34,079 | −$1.54M | 40.8% |
| TN Tidewater Inc New | Trimmed | −4,449 | −$237K | 6.3% |
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Sable Offshore Corp | Trimmed | −143,806 | −$3.16M | 47.0% |
| Navios Maritime Partners L P | Trimmed | −66,844 | −$2.52M | 37.4% |
| Transocean Ltd | Trimmed | −248,064 | −$642K | 9.6% |
| TN Tidewater Inc New | Trimmed | −8,726 | −$403K | 6.0% |
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Navios Maritime Partners L P | Trimmed | −87,594 | −$3.44M | 35.3% |
| Transocean Ltd | Trimmed | −328,345 | −$1.04M | 10.7% |
| TN Tidewater Inc New | Trimmed | −11,435 | −$483K | 5.0% |
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Sable Offshore Corp | Added | +1,453,374 | +$33.3M | 42.9% |
| Sable Offshore Corp | Exited | −1,453,374 | −$17.6M | — |
| Navios Maritime Partners L P | Trimmed | −13,664 | −$592K | 38.4% |
| Transocean Ltd | Trimmed | −51,220 | −$192K | 12.5% |
| TN Tidewater Inc New | Trimmed | −1,784 | −$97.6K | 6.3% |
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Transocean Ltd | New | +18,229,024 | +$77.5M | 11.9% |
| TN Tidewater Inc New | Trimmed | −779,300 | −$55.9M | 7.0% |
| Sable Offshore Corp | Added | +791,000 | +$18.7M | 31.8% |
| Sable Offshore Corp | Added | +703,374 | +$8.51M | 2.7% |
| TN Tidewater Inc New | Exited | −10,000 | −$952K | — |
| Noble Corp PLC | Exited | −14,154 | −$632K | — |
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