Q3 2025 Holdings
Filed 2025-11-13 | 36 holdings | $396.3M | 13F-HR | View on SEC ↗ · Holdings Table ↗
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| Issuer | Class | CUSIP | Value ↓ | Shares | % Portfolio |
|---|---|---|---|---|---|
| HSBC Hldgs PLC(HBC2) | SPON ADR NEW | 404280406 | $89.8M | 1,265,656 | 22.7% |
| Gerdau SA(GGB) | SPON ADR REP PFD | 373737105 | $59.1M | 19,069,112 | 14.9% |
| Burford Cap LTD(BUR) | ORD SHS | G17977110 | $48.4M | 4,044,998 | 12.2% |
| Vale S A(VALE) | SPONSORED ADS | 91912E105 | $38.6M | 3,551,171 | 9.7% |
| Ternium SA(TX) | SPONSORED ADS | 880890108 | $34.5M | 992,413 | 8.7% |
| Alibaba Group Hldg LTD(BABA) | SPONSORED ADS | 01609W102 | $25.7M | 143,760 | 6.5% |
| Core Natural Resources Inc(CNR) | COM SHS | 218937100 | $18.3M | 219,243 | 4.6% |
| Lithium Argentina AG | NOTE 1.750% 1/1 | 53680QAA6 | $14.3M | 16,000,000 | 3.6% |
| Baidu Inc(BIDUN) | SPON ADR REP A | 056752108 | $13.5M | 102,139 | 3.4% |
| Algoma STL Group Inc(ASTL) | COM | 015658107 | $7.2M | 2,037,686 | 1.8% |
| Emerald Holding Inc(EEX) | COM | 29103W104 | $4.5M | 879,000 | 1.1% |
| Clear Channel Outdoor Hldgs(CCO) | COM | 18453H106 | $4.0M | 2,521,871 | 1.0% |
| Caesars Entertainment Inc NE(CZR) | COM | 12769G100 | $3.9M | 145,500 | 1.0% |
| Macys Inc(M) | COM | 55616P104 | $3.6M | 200,000 | 0.9% |
| National Cinemedia Inc(NCMI) | COM NEW | 635309206 | $3.3M | 739,899 | 0.8% |
| PG&E Corp(PCG) | COM | 69331C108 | $3.0M | 200,000 | 0.8% |
| Uniti Group LLC(UNIT) | COM SHS | 912932100 | $2.8M | 454,810 | 0.7% |
| Brightview Hldgs Inc(BV) | COM | 10948C107 | $2.6M | 197,000 | 0.7% |
| Advantage Solutions Inc(ADV) | COM CL A | 00791N102 | $2.6M | 1,700,000 | 0.7% |
| Century Casinos Inc(CNTY) | COM | 156492100 | $2.3M | 889,144 | 0.6% |
| Pitney Bowes Inc(PBI) | COM | 724479100 | $1.8M | 159,000 | 0.5% |
| Noble Corp PLC(NE) | ORD SHS A | G65431127 | $1.7M | 60,000 | 0.4% |
| Valaris LTD(VAL) | CL A | G9460G101 | $1.5M | 31,434 | 0.4% |
| Cleveland-Cliffs Inc New(CLF) | COM | 185899101 | $1.4M | 115,000 | 0.4% |
| Viper Energy Inc(VNOM) | CL A | 64361Q101 | $1.2M | 32,114 | 0.3% |
| NCR Atleos Corporation(NATL) | COM SHS | 63001N106 | $1.1M | 28,500 | 0.3% |
| United Parks & Resorts Inc(PRKS) | COM | 81282V100 | $1.1M | 21,500 | 0.3% |
| WW Intl Inc(WW) | COM NEW | 98262P200 | $768.6K | 28,091 | 0.2% |
| NCR Voyix Corporation(VYX) | COM | 62886E108 | $602.4K | 48,000 | 0.2% |
| United NAT Foods Inc(UNFI) | COM | 911163103 | $545.5K | 14,500 | 0.1% |
| Skillsoft Corp(SKIL) | CL A | 83066P309 | $540.3K | 41,500 | 0.1% |
| Masterbrand Inc(MBC) | COMMON STOCK | 57638P104 | $434.6K | 33,000 | 0.1% |
| Sabre Corp(SABR) | COM | 78573M104 | $411.8K | 225,000 | 0.1% |
| Ardagh Metal Packaging S A(AMBP) | SHS | L02235106 | $379.1K | 95,000 | 0.1% |
| Mattel Inc(MAT) | COM | 577081102 | $370.3K | 22,000 | 0.1% |
| Henry Schein Inc(HSIC) | COM | 806407102 | $331.9K | 5,000 | 0.1% |