Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (48 quarters reported)
$5.29B in Q3 2014 → $534M 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 |
|---|---|---|---|---|
| CM Compass Minerals Intl Inc | 19.5% | Trimmed 31% | 3,351,366 | $104M |
| RR Range Res Corp | 10.5% | Added 53% | 1,504,350 | $55.9M |
| Linde PLC | 9.5% | Trimmed 11% | 97,484 | $50.6M |
| Antero Resources Corp | 9.0% | Added 62% | 1,369,303 | $48.1M |
| EP Enterprise Prods Partners L | 7.8% | Added 0.5% | 1,135,960 | $41.8M |
| Ivanhoe Electric Inc | 7.5% | Added 38% | 4,195,373 | $40.3M |
| West Fraser Timber Co Ltd | 7.4% | Added 58% | 412,177 | $39.6M |
| Mosaic Co | 4.7% | New | 1,187,332 | $25.2M |
| Energy Vault Holdings Inc | 3.9% | Added 0.5% | 4,469,075 | $21M |
| Nutrien Ltd | 3.4% | Added 115% | 288,350 | $18.2M |
| WC Williams Cos Inc | 3.0% | Trimmed 4.4% | 215,914 | $16.1M |
| Murphy Oil Corp | 3.0% | New | 486,854 | $15.9M |
| Hubbell Inc | 2.7% | Added 128% | 27,328 | $14.3M |
| MM Martin Marietta Matls Inc | 2.5% | Added 204% | 23,147 | $13.3M |
| Cameco Corp | 2.0% | Added 0.5% | 73,227 | $10.6M |
| Constellation Energy Corp | 1.8% | Added 20% | 38,795 | $9.64M |
| Metals Acquisition Corp Ii | 1.7% | New | 879,729 | $8.93M |
| Metals Acquisition Corp Ii | 0.1% | New | 313,092 | $344K |
| SQ Sociedad Quimica Y Minera De | 0.1% | Trimmed 92% | 3,745 | $277K |
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 |
|---|---|---|---|---|
| CM Compass Minerals Intl Inc | Trimmed | −1,474,245 | −$45.9M | 19.5% |
| Mosaic Co | New | +1,187,332 | +$25.2M | 4.7% |
| RR Range Res Corp | Added | +522,319 | +$19.4M | 10.5% |
| Antero Resources Corp | Added | +525,037 | +$18.4M | 9.0% |
| Murphy Oil Corp | New | +486,854 | +$15.9M | 3.0% |
| West Fraser Timber Co Ltd | Added | +150,978 | +$14.5M | 7.4% |
| Ivanhoe Electric Inc | Added | +1,146,899 | +$11M | 7.5% |
| Nutrien Ltd | Added | +154,377 | +$9.72M | 3.4% |
| MM Martin Marietta Matls Inc | Added | +15,527 | +$8.95M | 2.5% |
| Metals Acquisition Corp Ii | New | +879,729 | +$8.93M | 1.7% |
Showing the 10 largest of 21 changes.
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| West Fraser Timber Ltd | New | +261,199 | +$23.8M | 5.4% |
| CM Compass Minerals Intl Inc | Trimmed | −588,456 | −$13.7M | 25.6% |
| Metals Acquisition Corp Ii | New | +875,000 | +$8.83M | 2.0% |
| VE Vanhoe Electric Inc | Trimmed | −732,943 | −$8.66M | 8.2% |
| Cameco Corp | Trimmed | −27,190 | −$4.11M | 2.5% |
| Constellation Energy Corp | Added | +10,360 | +$2.89M | 2.1% |
| Nutrien Ltd | Trimmed | −37,646 | −$2.84M | 2.3% |
| Linde PLC | Added | +5,713 | +$2.83M | 12.4% |
| RR Range Res Corp | Trimmed | −62,634 | −$2.83M | 10.1% |
| SQ Sociedad Quimica Y Minera De | Trimmed | −23,288 | −$1.88M | 0.9% |
Showing the 10 largest of 15 changes.
quarter ended December 31, 2025 · filed February 17, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Ivanhoe Electric Inc | Trimmed | −1,395,966 | −$22.3M | 15.0% |
| Mac Copper Limited | Exited | −1,201,437 | −$14.7M | — |
| Linde PLC | Added | +32,429 | +$13.8M | 11.0% |
| Antero Resources Corp | Added | +326,071 | +$11.2M | 7.4% |
| Energy Vault Holdings Inc | Trimmed | −2,009,922 | −$9.27M | 5.7% |
| Cameco Corp | Trimmed | −62,794 | −$7.89M | 3.1% |
| Nutrien Ltd | Added | +102,337 | +$6.32M | 2.6% |
| CM Compass Minerals Intl Inc | Added | +308,957 | +$6.07M | 26.4% |
| EP Enterprise Prods Partners L | Added | +181,356 | +$5.81M | 9.2% |
| SQ Sociedad Quimica Y Minera De | Trimmed | −55,758 | −$3.84M | 1.2% |
Showing the 10 largest of 15 changes.
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Mac Copper Limited | Trimmed | −1,715,197 | −$20.9M | 3.8% |
| Ivanhoe Electric Inc | Trimmed | −974,571 | −$12.2M | 17.0% |
| Cameco Corp | Trimmed | −104,651 | −$12.2M | 5.0% |
| RR Range Res Corp | Added | +307,989 | +$11.6M | 9.5% |
| CM Compass Minerals Intl Inc | Trimmed | −459,057 | −$8.81M | 25.7% |
| Antero Resources Corp | Added | +230,787 | +$7.75M | 4.8% |
| Energy Vault Holdings Inc | Trimmed | −1,259,406 | −$3.74M | 5.4% |
| Linde PLC | Added | +6,118 | +$2.91M | 8.9% |
| WC Williams Cos Inc | Trimmed | −22,000 | −$1.39M | 3.3% |
| SQ Sociedad Quimica Y Minera De | Trimmed | −32,226 | −$1.39M | 1.4% |
Showing the 10 largest of 11 changes.
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| EP Enterprise Prods Partners L | Added | +472,984 | +$14.7M | 7.6% |
| CM Compass Minerals Intl Inc | Trimmed | −640,675 | −$12.9M | 29.5% |
| Antero Resources Corp | Trimmed | −314,652 | −$12.7M | 3.3% |
| RR Range Res Corp | Trimmed | −209,947 | −$8.54M | 7.0% |
| Constellation Energy Corp | New | +24,890 | +$8.03M | 2.1% |
| Linde PLC | Added | +11,330 | +$5.32M | 8.1% |
| Ivanhoe Electric Inc | Trimmed | −495,296 | −$4.49M | 14.7% |
| Hubbell Inc | New | +10,490 | +$4.28M | 1.1% |
| MM Martin Marietta Matls Inc | New | +7,620 | +$4.18M | 1.1% |
| Materion Corp | New | +52,522 | +$4.17M | 1.1% |
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 |
|---|---|---|---|---|
| Antero Resources Corp | Trimmed | −261,569 | −$10.6M | 9.4% |
| RR Range Res Corp | Trimmed | −218,603 | −$8.73M | 12.8% |
| CM Compass Minerals Intl Inc | Added | +777,700 | +$7.22M | 21.4% |
| Ivanhoe Electric Inc | Added | +1,162,530 | +$6.75M | 14.3% |
| EP Enterprise Prods Partners L | Trimmed | −146,529 | −$5M | 5.7% |
| WC Williams Cos Inc | Trimmed | −73,218 | −$4.38M | 5.2% |
| Cameco Corp | Added | +73,162 | +$4.34M | 5.9% |
| Linde PLC | Trimmed | −7,415 | −$3.45M | 9.4% |
| SQ Sociedad Quimica Y Minera De | New | +73,580 | +$2.92M | 1.1% |
| Mac Copper Limited | Added | +237,023 | +$2.26M | 10.2% |
Showing the 10 largest of 11 changes.
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| NP Nuscale Pwr Corp | Exited | −816,697 | −$9.46M | — |
| Antero Resources Corp | Trimmed | −256,339 | −$8.98M | 10.3% |
| CM Compass Minerals Intl Inc | Added | +652,129 | +$7.34M | 20.3% |
| Cameco Corp | Trimmed | −78,066 | −$5.77M | 4.8% |
| WC Williams Cos Inc | Trimmed | −92,124 | −$4.99M | 5.5% |
| Newmont Corp | Exited | −70,184 | −$3.75M | — |
| BG Barrick Gold Corp | Exited | −185,397 | −$3.69M | — |
| Linde PLC | Added | +3,660 | +$1.53M | 8.6% |
| Mac Copper Limited | Added | +98,925 | +$1.05M | 9.3% |
| EP Enterprise Prods Partners L | Trimmed | −12,943 | −$406K | 6.2% |
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| CM Compass Minerals Intl Inc | Added | +2,454,116 | +$29.5M | 18.0% |
| Ivanhoe Electric Inc | Added | +759,948 | +$6.43M | 14.6% |
| Antero Resources Corp | Added | +162,606 | +$4.66M | 10.3% |
| WC Williams Cos Inc | Trimmed | −98,300 | −$4.49M | 5.8% |
| MA Metals Acquisition Limited | Added | +250,436 | +$3.47M | 11.0% |
| RR Range Res Corp | Added | +110,300 | +$3.39M | 10.4% |
| EP Enterprise Prods Partners L | Trimmed | −94,140 | −$2.74M | 5.6% |
| Linde PLC | Trimmed | −4,701 | −$2.24M | 8.7% |
| Nutrien Ltd | Trimmed | −22,870 | −$1.1M | 2.2% |
| Cameco Corp | Added | +15,732 | +$1.02M | 5.5% |
Showing the 10 largest of 13 changes.
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