Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (39 quarters reported)
$352M in Q4 2016 → $47.6M 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 | 54.8% | Unchanged | 1,969,646 | $26.1M |
| Epsilon Energy Ltd | 30.2% | Unchanged | 2,656,705 | $14.4M |
| Ramaco Resources Inc | 15.0% | Added 1.2% | 836,511 | $7.15M |
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 |
|---|---|---|---|---|
| Riley Exploration Permian Inc | Exited | −390,860 | −$14.2M | — |
| Ramaco Resources Inc | Added | +9,900 | +$84.6K | 15.0% |
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Ramaco Resources Inc | Trimmed | −533,284 | −$8.24M | 43.8% |
| Ramaco Resources Inc | Trimmed | −1,265 | −$12.9K | 12.1% |
quarter ended December 31, 2025 · filed February 17, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Epsilon Energy Ltd | New | +2,656,705 | +$12.3M | 15.9% |
| Ramaco Resources Inc | Added | +11,744 | +$138K | 12.6% |
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Ramaco Resources Inc | Trimmed | −426,627 | −$14.2M | 77.3% |
| Ramaco Resources Inc | Added | +9,667 | +$163K | 12.8% |
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Ramaco Resources Inc | Added | +137,742 | +$1.13M | 11.9% |
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| RR Ramaco Res Inc | Trimmed | −266,642 | −$2.19M | 59.9% |
| RR Ramaco Res Inc | Trimmed | −44,470 | −$316K | 11.8% |
quarter ended December 31, 2024 · filed February 14, 2025
No position changes this quarter.
quarter ended September 30, 2024 · filed November 13, 2024
No position changes this quarter.
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