Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (39 quarters reported)
$86.4M in Q4 2016 → $108M 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 |
|---|---|---|---|---|
| Riley Exploration Permian | 39.2% | Trimmed 28% | 1,284,113 | $42.3M |
| Ramaco Resources Inc | 36.5% | Unchanged | 2,979,968 | $39.4M |
| Epsilon Energy Ltd | 14.4% | Unchanged | 2,869,560 | $15.5M |
| Ramaco Resources Inc | 10.0% | Added 1.2% | 1,265,591 | $10.8M |
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 | Trimmed | −500,000 | −$16.5M | 39.2% |
| Ramaco Resources Inc | Added | +14,978 | +$128K | 10.0% |
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Ramaco Resources Inc | Trimmed | −806,829 | −$12.5M | 32.6% |
| Epsilon Energy Ltd | Added | +90,117 | +$555K | 12.5% |
| Ramaco Resources Inc | Trimmed | −1,914 | −$19.5K | 9.0% |
quarter ended December 31, 2025 · filed February 17, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Epsilon Energy Ltd | New | +2,779,443 | +$12.9M | 9.0% |
| Ramaco Resources Inc | Added | +17,768 | +$209K | 10.3% |
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Ramaco Resources Inc | Trimmed | −645,463 | −$21.4M | 64.5% |
| Ramaco Resources Inc | Added | +14,626 | +$246K | 10.7% |
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Ramaco Resources Inc | Added | +208,397 | +$1.7M | 8.7% |
| Ramaco Resources Inc | Trimmed | −1 | −$13 | 50.6% |
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| RR Ramaco Res Inc | Trimmed | −403,415 | −$3.32M | 38.1% |
| RR Ramaco Res Inc | Trimmed | −67,286 | −$478K | 7.5% |
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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