Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (53 quarters reported)
$284M in Q2 2013 → $342M 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 |
|---|---|---|---|---|
| Bristow Group Inc | 34.7% | Unchanged | 2,876,796 | $119M |
| Valero Energy Corp | 14.4% | Unchanged | 189,577 | $49.4M |
| Veon Ltd | 13.5% | Unchanged | 887,002 | $46.3M |
| Mara Holdings Inc | 10.1% | Unchanged | 35,620,000 | $34.6M |
| Chevron Corporation | 8.6% | Unchanged | 177,723 | $29.5M |
| EM Exxon Mobil Corp | 8.2% | Unchanged | 205,310 | $28.1M |
| Transocean Ltd | 6.4% | Unchanged | 4,470,000 | $21.9M |
| Baker Hughes Company | 2.8% | Unchanged | 175,000 | $9.71M |
| CH Cinemark Hldgs Inc | 1.1% | Unchanged | 116,062 | $3.68M |
| GI Graftech Intl Ltd Sr Nt | 0.1% | Unchanged | 36,235 | $214K |
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
No position changes this quarter.
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| EM Exxon Mobil Corp | Trimmed | −100,000 | −$17M | 9.4% |
quarter ended December 31, 2025 · filed February 17, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Bristow Group Inc | Trimmed | −200,000 | −$7.32M | 34.1% |
| EM Exxon Mobil Corp | Trimmed | −16,000 | −$1.93M | 11.9% |
| Veon Ltd | Added | +30,900 | +$1.62M | 15.1% |
| Baker Hughes Company | Added | +15,000 | +$683K | 2.6% |
| GI Graftech Intl Ltd | New | +36,235 | +$562K | 0.2% |
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Mara Holdings Inc | Trimmed | −10,000 | −$9.32K | 10.6% |
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Mara Holdings Inc | Trimmed | −6,003,000 | −$5.41M | 11.5% |
| Bristow Group Inc | Trimmed | −45,857 | −$1.51M | 36.3% |
| Valero Energy Corp | Added | +8,600 | +$1.16M | 9.1% |
| CN Chevron Corp New | Trimmed | −6,182 | −$885K | 9.1% |
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| FC Frontier Communications Pare | Exited | −693,498 | −$24.1M | — |
| Bristow Group Inc | Trimmed | −74,295 | −$2.35M | 34.0% |
| Veon Ltd | Added | +44,100 | +$1.92M | 12.9% |
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| FC Frontier Communications Pare | Trimmed | −900,000 | −$31.2M | 7.7% |
| Bristow Group Inc | Trimmed | −152,057 | −$5.22M | 34.9% |
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| FC Frontier Communications Pare | Trimmed | −350,000 | −$12.4M | 16.1% |
| Bristow Group Inc | Trimmed | −75,000 | −$2.6M | 33.0% |
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