Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (51 quarters reported)
$228M in Q1 2013 → $87.8M now. Hover for any quarter.
As reported for the quarter ended September 30, 2025. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| SS Select Sector SPDR Tr Put | 33.6% | Unchanged | 330,000 | $29.5M |
| Nextdecade Corp | 33.0% | Unchanged | 4,264,298 | $29M |
| SS SPDR Series Trust Put | 22.6% | Unchanged | 150,000 | $19.8M |
| AE Alps ETF Tr Put | 6.4% | Unchanged | 120,000 | $5.63M |
| Arq Inc | 3.6% | Unchanged | 442,959 | $3.17M |
| SA Scantech Ai Sys Inc | 0.8% | Unchanged | 1,700,000 | $714K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended September 30, 2025 · filed November 14, 2025
No position changes this quarter.
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SA Scantech Ai Sys Inc | New | +1,700,000 | +$1.14M | 1.2% |
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS Select Sector SPDR Tr | New | +330,000 | +$30.8M | 33.6% |
| SS SPDR Ser Tr | New | +150,000 | +$19.8M | 21.5% |
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Six Flags Entertainment Corp | Exited | −1,288,941 | −$52M | — |
| SS Select Sector SPDR Tr | Exited | −330,000 | −$29M | — |
| SS SPDR Ser Tr | Exited | −150,000 | −$19.7M | — |
| Ncr Voyix Corporation | Exited | −242,566 | −$3.29M | — |
| Arq Inc | Added | +27,324 | +$207K | 8.0% |
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Nextdecade Corp | Trimmed | −36,417,894 | −$172M | 15.5% |
| Cedar Fair L P | Exited | −1,288,941 | −$70.1M | — |
| Six Flags Entertainment Corp | New | +1,288,941 | +$52M | 40.0% |
| Arq Inc | New | +415,635 | +$2.44M | 1.9% |
| Paysafe Limited | Exited | −45,312 | −$801K | — |
quarter ended June 30, 2024 · filed August 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Nextdecade Corp | Trimmed | −19,903,166 | −$158M | 71.1% |
| Cedar Fair L P | Added | +51,000 | +$2.77M | 15.4% |
quarter ended March 31, 2024 · filed May 15, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS Select Sector SPDR Tr | New | +330,000 | +$31.2M | 6.8% |
| SS SPDR Ser Tr | New | +150,000 | +$23.2M | 5.1% |
| Cedar Fair L P | Added | +204,712 | +$8.58M | 11.3% |
| AE Alps ETF Tr | New | +120,000 | +$5.7M | 1.2% |
| Nextdecade Corp | Added | +436,070 | +$2.48M | 74.8% |
quarter ended December 31, 2023 · filed February 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Nextdecade Corp | Added | +11,824,400 | +$56.4M | 86.2% |
| SS Select Sector SPDR Tr | Exited | −330,000 | −$29.8M | — |
| SS SPDR Ser Tr | Exited | −150,000 | −$22.2M | — |
| Pgt Innovations Inc | Exited | −361,742 | −$10M | — |
| AE Alps ETF Tr | Exited | −120,000 | −$5.06M | — |
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