Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (50 quarters reported)
$172M in Q2 2013 → $192M now. Hover for any quarter.
As reported for the quarter ended September 30, 2025. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| Reservoir Media Inc | 60.5% | Added 0.1% | 14,250,337 | $116M |
| Global Indemnity Group LLC | 36.3% | Unchanged | 2,397,226 | $69.6M |
| Acv Auctions Inc | 3.2% | Unchanged | 628,606 | $6.23M |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended September 30, 2025 · filed November 04, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Reservoir Media Inc | Added | +13,752 | +$112K | 60.5% |
quarter ended June 30, 2025 · filed August 14, 2025
No position changes this quarter.
quarter ended March 31, 2025 · filed May 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| KM Kinder Morgan Inc Del | Exited | −1,097,040 | −$30.1M | — |
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Acv Auctions Inc | Added | +140,398 | +$3.03M | 5.2% |
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Acv Auctions Inc | Added | +101,892 | +$2.07M | 4.3% |
| Reservoir Media Inc | Added | +18,202 | +$148K | 50.4% |
quarter ended June 30, 2024 · filed August 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Acv Auctions Inc | Added | +92,233 | +$1.68M | 3.3% |
quarter ended March 31, 2024 · filed May 15, 2024
No position changes this quarter.
quarter ended December 31, 2023 · filed February 14, 2024
No position changes this quarter.
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