Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (39 quarters reported)
$154M in Q4 2016 → $36.1M 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 |
|---|---|---|---|---|
| Ramaco Resources Inc | 52.7% | Trimmed 41% | 1,437,247 | $19M |
| Ramaco Resources Inc | 29.6% | Added 1.2% | 1,248,736 | $10.7M |
| Epsilon Energy Ltd | 17.7% | Unchanged | 1,181,124 | $6.39M |
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 |
|---|---|---|---|---|
| Ramaco Resources Inc | Trimmed | −1,000,000 | −$13.2M | 52.7% |
| Ramaco Resources Inc | Added | +14,778 | +$126K | 29.6% |
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Ramaco Resources Inc | Trimmed | −659,887 | −$10.2M | 65.5% |
| Ramaco Resources Inc | Trimmed | −1,401 | −$14.3K | 21.9% |
quarter ended December 31, 2025 · filed February 17, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Epsilon Energy Ltd | New | +1,181,124 | +$5.48M | 7.2% |
| Ramaco Resources Inc | Added | +17,040 | +$200K | 19.2% |
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Ramaco Resources Inc | Trimmed | −527,910 | −$17.5M | 83.4% |
| Ramaco Resources Inc | Added | +14,266 | +$240K | 16.6% |
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Ramaco Resources Inc | Added | +188,278 | +$1.54M | 17.1% |
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| RR Ramaco Res Inc | Trimmed | −329,943 | −$2.72M | 80.5% |
| RR Ramaco Res Inc | Trimmed | −67,557 | −$480K | 19.5% |
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| RR Ramaco Res Inc | Trimmed | −900,000 | −$9.23M | 79.1% |
quarter ended September 30, 2024 · filed November 13, 2024
No position changes this quarter.
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