Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (33 quarters reported)
$388M in Q2 2013 → $142M 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 |
|---|---|---|---|---|
| Pelagos Insurance Capital Limited | 99.9% | Trimmed 12% | 5,808,231 | $141M |
| Ramaco Resources Inc | 0.1% | New | 15,724 | $208K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 07, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Pelagos Insurance Capital Limited | Trimmed | −824,589 | −$20.1M | 99.9% |
| Ramaco Resources Inc | New | +15,724 | +$208K | 0.1% |
quarter ended March 31, 2026 · filed May 11, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| FI Fidelis Insurance Holdings Limited | Trimmed | −569,534 | −$10.9M | 100.0% |
| Circle Internet Group | Exited | −120,516 | −$9.56M | — |
| Victory Capital Holdings Inc | Exited | −21,579 | −$1.36M | — |
quarter ended December 31, 2025 · filed February 10, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Circle Internet Group | New | +120,516 | +$9.56M | 6.3% |
quarter ended September 30, 2025 · filed November 12, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Victory Capital Holdings Inc | New | +21,579 | +$1.4M | 1.1% |
quarter ended June 30, 2025 · filed August 08, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Ramaco Resources Inc | Exited | −14,151 | −$116K | — |
| RR Ramaco Resources Inc Class B | Exited | −219 | −$1.56K | — |
quarter ended March 31, 2025 · filed May 09, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Riley Exploration Permian Inc | Exited | −2,501 | −$79.8K | — |
| RR Ramaco Resources Inc Class B | New | +219 | +$1.56K | — |
quarter ended December 31, 2024 · filed February 07, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Nextdoor Holdings Inc | Exited | −239,246 | −$593K | — |
| Ramaco Resources Inc | New | +14,151 | +$145K | 0.1% |
| Riley Exploration Permian Inc | New | +2,501 | +$79.8K | 0.1% |
quarter ended September 30, 2024 · filed November 08, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Nextdoor Holdings Inc | New | +239,246 | +$593K | 0.5% |
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