Q4 2025 Holdings
Filed 2026-02-13 | 40 holdings | $95.5M | 13F-HR | View on SEC ↗ · Holdings Table ↗
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| Issuer | Class | CUSIP | Value ↓ | Shares | % Portfolio |
|---|---|---|---|---|---|
| National Energy Services REU(NESR) | SHS | G6375R107 | $10.9M | 695,543 | 11.4% |
| SLB Limited(SLB) | COM STK | 806857108 | $10.5M | 272,390 | 10.9% |
| Genco Shipping & Trading LTD(GNK) | SHS | Y2685T131 | $10.3M | 560,056 | 10.8% |
| Cmb.tech NV(CMBT) | SHS | B38564108 | $9.6M | 998,052 | 10.1% |
| Noble Corp PLC(NE) | ORD SHS A | G65431127 | $6.0M | 211,667 | 6.3% |
| Expand Energy Corporation(EXE) | COM | 165167735 | $5.9M | 53,122 | 6.1% |
| Seadrill LTD(SDRL) | COM | G7997W102 | $3.6M | 104,828 | 3.8% |
| Excelerate Energy Inc(EE) | CL A COM | 30069T101 | $3.4M | 122,208 | 3.6% |
| Scorpio Tankers Inc(STNG) | SHS | Y7542C130 | $3.3M | 64,261 | 3.4% |
| Flex LNG LTD(FLNG) | SHS | G35947202 | $3.2M | 129,018 | 3.4% |
| Costamare Bulkers Hldgs LTD(CMDB) | COM SHS | Y2001C101 | $3.2M | 204,778 | 3.3% |
| Safe Bulkers Inc(SB) | COM | Y7388L103 | $3.1M | 643,211 | 3.2% |
| Weatherford Intl PLC(WFRD) | ORD SHS | G48833118 | $2.8M | 35,407 | 2.9% |
| Hafnia LTD(HAFN) | SHS | Y2990R101 | $2.6M | 478,486 | 2.7% |
| Halliburton Co(HAL) | COM | 406216101 | $2.3M | 82,050 | 2.4% |
| Teekay Tankers LTD(TNK) | CL A | G8726X106 | $2.0M | 36,825 | 2.1% |
| Century Alum Co(CENX) | COM | 156431108 | $1.0M | 25,988 | 1.1% |
| Alcoa Corp(AA) | COM | 013872106 | $1.0M | 18,961 | 1.1% |
| Torm PLC(TRMD) | SHS CL A | G89479102 | $905.3K | 46,236 | 0.9% |
| Core Natural Resources Inc(CNR) | COM SHS | 218937100 | $885.1K | 10,000 | 0.9% |
| Alpha Metallurgical Resour I(AMR) | COM | 020764106 | $852.7K | 4,266 | 0.9% |
| Freeport-Mcmoran Inc(FCX) | CL B | 35671D857 | $731.5K | 14,403 | 0.8% |
| Cleveland-Cliffs Inc New(CLF) | COM | 185899101 | $710.3K | 53,483 | 0.7% |
| Warrior MET Coal Inc(HCC) | COM | 93627C101 | $686.3K | 7,784 | 0.7% |
| Dorian LPG LTD(LPG) | SHS USD | Y2106R110 | $642.1K | 26,382 | 0.7% |
| Global X FDS(COPX) | GLOBAL X COPPER | 37954Y830 | $624.1K | 8,694 | 0.7% |
| Steel Dynamics Inc(STLD) | COM | 858119100 | $610.7K | 3,604 | 0.6% |
| Nucor Corp(NUE) | COM | 670346105 | $610.4K | 3,742 | 0.6% |
| Bunge Global SA(BG) | COM SHS | H11356104 | $531.5K | 5,967 | 0.6% |
| Archer Daniels Midland Co(ADM) | COM | 039483102 | $526.5K | 9,158 | 0.6% |
| Southern Copper Corp(SCCO) | COM | 84265V105 | $516.3K | 3,599 | 0.5% |
| BW LPG LTD(BWLP) | COM | Y10230103 | $383.5K | 29,278 | 0.4% |
| Cameco Corp(CCJ) | COM | 13321L108 | $367.7K | 4,019 | 0.4% |
| Sprott FDS TR(URNM) | URANIUM MINERS E | 85208P303 | $312.9K | 5,701 | 0.3% |
| Ramaco RES Inc(METC) | COM CL A | 75134P600 | $312.6K | 17,365 | 0.3% |
| Vale S A(VALE) | SPONSORED ADS | 91912E105 | $274.0K | 21,026 | 0.3% |
| Hudbay Minerals Inc(HBM) | COM | 443628102 | $210.8K | 10,619 | 0.2% |
| Carnival Corp(CCL) | UNIT 99/99/9999 | 143658300 | $88.4K | 2,894 | 0.1% |
| Royal Caribbean Group(RCL) | COM | V7780T103 | $87.0K | 312 | 0.1% |
| Norwegian Cruise Line Hldg L(NCLH) | SHS | G66721104 | $86.9K | 3,895 | 0.1% |