Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (27 quarters reported)
$102M in Q4 2019 → $921M 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 |
|---|---|---|---|---|
| TP Texas Pacific Land Corporati | 50.5% | Unchanged | 1,062,099 | $465M |
| TP Texas Pacific Land Corporati Put | 22.8% | Added 17% | 480,200 | $210M |
| PB Permian Basin Rty Tr | 16.9% | Unchanged | 6,217,107 | $156M |
| SS SPDR Series Trust Put | 3.0% | Unchanged | 180,000 | $27.8M |
| IT Ishares Tr Call | 2.1% | New | 222,800 | $19.2M |
| US United Sts Oil Fd LP Put | 1.7% | New | 150,000 | $16M |
| SS State Str SPDR S&P 500 ETF T Put | 1.5% | New | 18,500 | $13.8M |
| CT Cross Timbers Rty Tr | 0.9% | Added 33% | 924,960 | $8.36M |
| US United Sts Oil Fd LP Call | 0.6% | New | 50,000 | $5.32M |
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 |
|---|---|---|---|---|
| TP Texas Pacific Land Corporati | Added | +71,100 | +$31.1M | 22.8% |
| IT Ishares Tr | New | +222,800 | +$19.2M | 2.1% |
| US United Sts Oil Fd LP | New | +150,000 | +$16M | 1.7% |
| SS State Str SPDR S&P 500 ETF T | New | +18,500 | +$13.8M | 1.5% |
| US United Sts Oil Fd LP | New | +50,000 | +$5.32M | 0.6% |
| CT Cross Timbers Rty Tr | Added | +227,067 | +$2.05M | 0.9% |
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| TP Texas Pacific Land Corporati | New | +409,100 | +$194M | 22.3% |
| TP Texas Pacific Land Corporati | Trimmed | −118,701 | −$56.3M | 57.8% |
| SS SPDR Series Trust | Added | +97,000 | +$17.6M | 3.8% |
| CT Cross Timbers Rty Tr | New | +697,893 | +$7.38M | 0.8% |
quarter ended December 31, 2025 · filed February 13, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| TP Texas Pacific Land Corporati | Added | +787,200 | +$226M | 74.5% |
quarter ended September 30, 2025 · filed November 12, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR S&P 500 ETF Tr | Exited | −200,000 | −$124M | — |
| SS SPDR Series Trust | Trimmed | −785,000 | −$104M | 2.2% |
| SS SPDR Series Trust | Exited | −450,000 | −$56.6M | — |
| AR Alliance Resource Partners L | Exited | −500,000 | −$13.1M | — |
| TP Texas Pacific Land Corporati | Added | +300 | +$280K | 74.7% |
| PB Permian Basin Rty Tr | Added | +10,483 | +$191K | 23.1% |
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR S&P 500 ETF Tr | Trimmed | −250,000 | −$154M | 15.5% |
| SS SPDR Series Trust | Trimmed | −892,000 | −$112M | 13.7% |
| PB Permian Basin Rty Tr | Added | +1,776,929 | +$22.1M | 9.7% |
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR S&P 500 ETF Tr | Added | +250,000 | +$140M | 22.4% |
| IT Ishares Tr | Exited | −450,000 | −$39.3M | — |
| IT Ishares Tr | Exited | −230,000 | −$20.1M | — |
| SG SPDR Gold Tr | Exited | −75,000 | −$18.2M | — |
| IT Ishares Tr | Exited | −177,000 | −$15.5M | — |
| AR Alliance Resource Partners L | Added | +300,000 | +$8.18M | 1.2% |
| SS SPDR Ser Tr | Trimmed | −10,000 | −$1.32M | 20.7% |
quarter ended December 31, 2024 · filed February 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR S&P 500 ETF Tr | New | +200,000 | +$117M | 11.8% |
| SS SPDR Ser Tr | Added | +830,000 | +$110M | 23.6% |
| IT Ishares Tr | New | +450,000 | +$39.3M | 4.0% |
| IT Ishares Tr | New | +230,000 | +$20.1M | 2.0% |
| IT Ishares Tr | New | +177,000 | +$15.5M | 1.6% |
| AR Alliance Resource Partners L | New | +200,000 | +$5.26M | 0.5% |
| AR Alliance Resource Partners L | Exited | −40,900 | −$1.02M | — |
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR Ser Tr | New | +940,000 | +$124M | 20.5% |
| SS SPDR Ser Tr | New | +450,000 | +$59.2M | 9.8% |
| PB Permian Basin Rty Tr | Added | +51,500 | +$612K | 8.7% |
| AR Alliance Resource Partners L | Trimmed | −4,300 | −$108K | 0.2% |
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