Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (54 quarters reported)
$584M in Q2 2013 → $1B now. Hover for any quarter.
As reported for the quarter ended September 30, 2026. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| SA Southwest Air | 9.4% | Added 14% | 2,260,841 | $94.1M |
| DA Delta Air Li | 9.1% | Added 2.3% | 1,099,975 | $91.8M |
| AA American Airline | 9.0% | Added 13% | 6,787,455 | $90.7M |
| UA United Airlines | 8.9% | Added 3.5% | 808,203 | $89.7M |
| FG Frontier Group H | 3.1% | Added 6.1% | 5,216,198 | $31.1M |
| Skywest Inc | 2.9% | Trimmed 8.4% | 305,130 | $29.6M |
| Allegiant Travel | 2.9% | Added 11% | 384,198 | $29.1M |
| Alaska Air Group | 2.8% | Added 14% | 728,679 | $28.2M |
| Jetblue Airways | 2.7% | Added 8.4% | 6,501,298 | $27.5M |
| Royal Gold Inc | 2.0% | Added 6550% | 83,453 | $19.7M |
| Franco-nevada Co | 1.9% | Added 1.3% | 81,700 | $19.5M |
| WP Wheaton Precious | 1.8% | Trimmed 0.7% | 138,444 | $18.5M |
| Iamgold Corp | 1.6% | Added 1.0% | 887,130 | $16.3M |
| Sabre Corp | 1.6% | Trimmed 25% | 7,400,275 | $15.7M |
| Textron Inc | 1.6% | Added 16% | 204,973 | $15.6M |
| AG Aya Gold & Silve | 1.5% | Trimmed 49% | 575,000 | $15.5M |
| EG Expedia Group In | 1.5% | Trimmed 21% | 58,645 | $15.4M |
| Tripadvisor Inc | 1.5% | Added 32% | 1,840,229 | $15.4M |
| General Dynamics | 1.5% | Trimmed 1.0% | 45,826 | $15.2M |
| Booking Holdings | 1.5% | Trimmed 8.2% | 93,179 | $15.2M |
| BC Boeing Co/the | 1.5% | Added 5.8% | 79,260 | $14.7M |
| CM Coeur Mng Inc | 1.3% | Added 70% | 747,595 | $13.2M |
| AG Americas Gold An | 1.1% | Trimmed 1.0% | 2,600,000 | $11.4M |
| Or Royalties Inc | 1.1% | Trimmed 45% | 321,284 | $11M |
| Kinross Gold | 0.9% | New | 389,004 | $9.37M |
| ER Elemental Royalt | 0.9% | New | 470,694 | $9.03M |
| RH Ryanair Hldg-adr | 0.8% | Added 9.6% | 153,149 | $8.42M |
| Vox Royalty Corp | 0.8% | Unchanged | 1,662,000 | $8.34M |
| TG Trip.com Gro-adr | 0.8% | Added 20% | 209,805 | $8.2M |
| LA Latam Airlines G | 0.8% | Trimmed 0.6% | 160,165 | $7.99M |
| FM Fortuna Mining C | 0.8% | Trimmed 4.8% | 707,851 | $7.96M |
| TF Triple Flag | 0.8% | Added 47% | 253,667 | $7.82M |
| GF Gold Fields-adr | 0.7% | Added 732% | 208,031 | $7.51M |
| AM Aris Mining Corp | 0.7% | Unchanged | 400,000 | $6.96M |
| BM Barrick Mng Corp | 0.7% | Unchanged | 170,000 | $6.91M |
| AA Anglogold Ashant | 0.7% | Added 604% | 70,364 | $6.61M |
| CG Centerra Gold In | 0.7% | Unchanged | 300,000 | $6.54M |
| IR Integra Resource | 0.6% | Added 586% | 2,401,982 | $6.17M |
| Mcewen Inc | 0.6% | Added 221% | 320,914 | $5.73M |
| HG Harmony Gold-adr | 0.5% | Trimmed 28% | 310,584 | $5.5M |
| Agnico Eagle Mines Ltd | 0.5% | Unchanged | 30,000 | $5.5M |
| GR Gold Royalty Cor | 0.5% | New | 1,708,319 | $5.12M |
| MR Metalla Rty & Streaming Ltd | 0.5% | Trimmed 4.8% | 531,500 | $5.01M |
| SM Ssr Mining In | 0.5% | Added 36% | 150,000 | $5M |
| CH Copa Holdin-cl A | 0.4% | Added 5.6% | 31,516 | $4.16M |
| ES Embraer Sa-adr | 0.4% | Trimmed 27% | 54,263 | $4.09M |
| PA Pan Amern Silver Corp | 0.4% | Trimmed 50% | 88,555 | $4.03M |
| GA Grupo Aeropo-adr | 0.4% | Trimmed 1.3% | 41,326 | $3.99M |
| Vizsla Silver Co | 0.4% | Unchanged | 1,050,000 | $3.98M |
| Makemytrip Ltd | 0.4% | Trimmed 17% | 82,701 | $3.9M |
| B Buenaventura-adr | 0.4% | New | 123,572 | $3.9M |
| GA Grupo Aeropo-adr | 0.4% | Added 10% | 16,125 | $3.79M |
| GX Global X Fds | 0.3% | New | 40,000 | $3.44M |
| VE Vaneck ETF Trust | 0.3% | New | 29,800 | $3.4M |
| AG Alamos Gold Inc New | 0.3% | Unchanged | 100,000 | $3.24M |
| SS Santacruz Silver | 0.3% | Unchanged | 350,000 | $3.09M |
| EG Eldorado Gold Corp New | 0.3% | New | 75,000 | $2.89M |
| FN Ferrari N V | 0.3% | Trimmed 8.1% | 7,285 | $2.86M |
| Sibanye Stillwater Ltd | 0.3% | Unchanged | 275,000 | $2.81M |
| Woodside Energy Group Ltd | 0.3% | Unchanged | 125,000 | $2.77M |
Showing top 60 of 137 positions.
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended September 30, 2026 · filed October 22, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Royal Gold Inc | Added | +82,198 | +$19.4M | 2.0% |
| AG Aya Gold & Silve | Trimmed | −550,000 | −$14.8M | 1.5% |
| SA Southwest Air | Added | +275,204 | +$11.5M | 9.4% |
| AA American Airline | Added | +786,283 | +$10.5M | 9.0% |
| Kinross Gold | New | +389,004 | +$9.37M | 0.9% |
| ER Elemental Royalt | New | +470,694 | +$9.03M | 0.9% |
| Or Royalties Inc | Trimmed | −259,439 | −$8.91M | 1.1% |
| GF Gold Fields-adr | Added | +183,031 | +$6.61M | 0.7% |
| Endeavour Silver | Trimmed | −748,000 | −$6.41M | 0.3% |
| AA Anglogold Ashant | Added | +60,364 | +$5.67M | 0.7% |
Showing the 10 largest of 111 changes.
quarter ended June 30, 2026 · filed July 27, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| AG Aya Gold & Silve | New | +1,125,000 | +$21.3M | 2.0% |
| Booking Holdings | Added | +98,538 | +$17.6M | 1.7% |
| SA Southwest Air | Added | +317,282 | +$16.3M | 9.8% |
| Royal Gold Inc | Trimmed | −79,985 | −$16M | — |
| FG Frontier Group H | Trimmed | −1,866,757 | −$14.8M | 3.7% |
| WP Wheaton Precious | Added | +110,362 | +$12.4M | 1.5% |
| Gold Fields Ltd | Trimmed | −291,358 | −$9.79M | 0.1% |
| Anglogold Ashanti PLC | Trimmed | −120,445 | −$9.74M | 0.1% |
| DA Delta Air Li | Trimmed | −96,733 | −$9.06M | 9.7% |
| AA American Airline | Trimmed | −433,877 | −$7.84M | 10.4% |
Showing the 10 largest of 114 changes.
quarter ended March 31, 2026 · filed May 01, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SC Sun Country Hold | Exited | −1,611,228 | −$23.2M | — |
| WP Wheaton Precious | Trimmed | −129,712 | −$17M | 0.4% |
| SA Southwest Air | Trimmed | −438,970 | −$16.5M | 7.3% |
| FG Frontier Group H | Added | +2,643,448 | +$9.33M | 2.8% |
| AA American Airline | Added | +865,205 | +$9.29M | 8.1% |
| Coeur Mining Inc | Added | +474,850 | +$8.91M | 1.8% |
| TF Triple Flag Precious Metal | Trimmed | −219,270 | −$7.61M | 0.2% |
| GF Gold Fields-adr | Added | +166,358 | +$7.55M | 1.7% |
| Iamgold Corp | Added | +396,581 | +$7.46M | 2.1% |
| Alamos Gold Inc | Added | +166,021 | +$7.38M | 1.0% |
Showing the 10 largest of 129 changes.
quarter ended December 31, 2025 · filed January 28, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SA Southwest Air | Trimmed | −555,956 | −$23M | 9.3% |
| Or Royalties Inc | Trimmed | −587,831 | −$20.8M | 1.3% |
| Royal Gold Inc | Added | +84,658 | +$18.8M | 2.1% |
| AA American Airline | Trimmed | −915,474 | −$14M | 9.1% |
| Silvercorp Metals Inc | Trimmed | −1,312,671 | −$10.9M | 0.2% |
| CG Centerra Gold In | New | +721,921 | +$10.4M | 1.1% |
| B2gold Corp | Exited | −2,078,516 | −$10.3M | — |
| Ssr Mining Inc | Exited | −415,642 | −$10.1M | — |
| DA Delta Air Li | Trimmed | −144,302 | −$10M | 9.0% |
| BM Barrick Mng Corp | Added | +215,000 | +$9.36M | 1.5% |
Showing the 10 largest of 142 changes.
quarter ended September 30, 2025 · filed October 21, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| UA United Airlines | Trimmed | −322,633 | −$31.1M | 8.5% |
| DA Delta Air Li | Trimmed | −405,134 | −$23M | 8.7% |
| Royal Gold Inc | Trimmed | −78,559 | −$15.8M | 0.1% |
| Or Royalties Inc | Added | +356,245 | +$14.3M | 4.2% |
| AA American Airline | Trimmed | −1,232,906 | −$13.9M | 8.2% |
| Ssr Mining Inc | New | +415,642 | +$10.1M | 1.1% |
| B2gold Corp | Added | +1,653,516 | +$8.18M | 1.2% |
| Gold Fields Ltd | Added | +176,638 | +$7.41M | 1.3% |
| FG Frontier Group H | Trimmed | −1,641,517 | −$7.25M | 2.3% |
| Anglogold Ashanti PLC | Added | +98,864 | +$6.95M | 1.3% |
Showing the 10 largest of 94 changes.
quarter ended June 30, 2025 · filed July 24, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Or Royalties Inc | New | +574,831 | +$14.8M | 1.7% |
| OG Osisko Gold Roya | Exited | −540,977 | −$11.4M | — |
| FG Frontier Group H | Added | +2,306,248 | +$8.37M | 2.6% |
| NG New Gold Inc Cda | Trimmed | −1,247,531 | −$6.18M | 0.2% |
| Allied Gold Corp | New | +451,848 | +$6.07M | 0.7% |
| AA American Airline | Added | +536,978 | +$6.02M | 10.2% |
| ES Embraer Sa-adr | Added | +102,901 | +$5.86M | 1.2% |
| BC Boeing Co/the | Trimmed | −21,131 | −$4.43M | 1.9% |
| LA Latam Airlines G | New | +107,017 | +$4.35M | 0.5% |
| Jetblue Airways | Added | +1,011,279 | +$4.28M | 2.5% |
Showing the 10 largest of 130 changes.
quarter ended March 31, 2025 · filed April 24, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SA Southwest Air | Trimmed | −793,151 | −$26.6M | 11.8% |
| UA United Airlines | Trimmed | −105,356 | −$7.27M | 10.0% |
| FG Frontier Group H | Trimmed | −1,469,136 | −$6.38M | 2.2% |
| AA American Airline | Added | +576,612 | +$6.08M | 10.0% |
| Tripadvisor Inc | Trimmed | −425,681 | −$6.03M | 2.1% |
| General Dynamics | Trimmed | −21,670 | −$5.91M | 2.1% |
| SC Sun Country Hold | Trimmed | −478,206 | −$5.89M | 2.8% |
| BC Boeing Co/the | Trimmed | −31,412 | −$5.36M | 2.2% |
| Alaska Air Group | Trimmed | −97,571 | −$4.8M | 2.8% |
| Textron Inc | Trimmed | −58,293 | −$4.21M | 1.9% |
Showing the 10 largest of 128 changes.
quarter ended December 31, 2024 · filed February 05, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| UA United Airlines | Trimmed | −858,072 | −$83.3M | 11.5% |
| AA American Airline | Trimmed | −2,483,554 | −$43.3M | 11.4% |
| Allegiant Travel | Trimmed | −350,851 | −$33M | 3.6% |
| SA Spirit Airlines | Exited | −12,006,873 | −$28.8M | — |
| DA Delta Air Li | Trimmed | −449,432 | −$27.2M | 11.0% |
| AT Air Transport Se | Exited | −1,350,897 | −$21.9M | — |
| Sabre Corp | New | +5,618,937 | +$20.5M | 2.0% |
| FG Frontier Group H | Trimmed | −2,197,204 | −$15.6M | 3.8% |
| Alaska Air Group | Trimmed | −231,675 | −$15M | 3.4% |
| Skywest Inc | Trimmed | −98,820 | −$9.89M | 3.0% |
Showing the 10 largest of 111 changes.
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