Q4 2025 Holdings
Filed 2026-02-13 | 24 holdings | $379.7M | 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 | $99.6M | 1,265,656 | 26.2% |
| Republic Awys Hldgs Inc(RJET) | COM SHS | 590479408 | $81.7M | 4,446,210 | 21.5% |
| Gerdau SA(GGB) | SPON ADR REP PFD | 373737105 | $70.4M | 19,069,112 | 18.5% |
| Ternium SA(TX) | SPONSORED ADS | 880890108 | $37.9M | 992,413 | 10.0% |
| Alibaba Group Hldg LTD(BABA) | SPONSORED ADS | 01609W102 | $24.3M | 165,787 | 6.4% |
| Grupo Aeromexico SAB de CV(AERO) | SPONSORED ADS | 40054J109 | $14.7M | 671,207 | 3.9% |
| Baidu Inc(BIDUN) | SPON ADR REP A | 056752108 | $13.3M | 102,139 | 3.5% |
| Clear Channel Outdoor Hldgs(CCO) | COM | 18453H106 | $5.2M | 2,351,871 | 1.4% |
| Macys Inc(M) | COM | 55616P104 | $4.4M | 200,000 | 1.2% |
| PG&E Corp(PCG) | COM | 69331C108 | $3.2M | 200,000 | 0.8% |
| Uniti Group LLC(UNIT) | COM SHS | 912932100 | $3.1M | 443,810 | 0.8% |
| Caesars Entertainment Inc NE(CZR) | COM | 12769G100 | $2.9M | 125,000 | 0.8% |
| National Cinemedia Inc(NCMI) | COM NEW | 635309206 | $2.9M | 739,899 | 0.8% |
| Core Natural Resources Inc(CNR) | COM SHS | 218937100 | $2.8M | 31,567 | 0.7% |
| Weyerhaeuser Co MTN BE(WY) | COM NEW | 962166104 | $1.8M | 76,019 | 0.5% |
| Ardagh Metal Packaging S A(AMBP) | SHS | L02235106 | $1.7M | 413,706 | 0.4% |
| Noble Corp PLC(NE) | ORD SHS A | G65431127 | $1.7M | 60,000 | 0.4% |
| Viper Energy Inc(VNOM) | CL A | 64361Q101 | $1.6M | 42,516 | 0.4% |
| Valaris LTD(VAL) | CL A | G9460G101 | $1.6M | 31,434 | 0.4% |
| Cleveland-Cliffs Inc New(CLF) | COM | 185899101 | $1.5M | 115,000 | 0.4% |
| Century Casinos Inc(CNTY) | COM | 156492100 | $1.2M | 889,144 | 0.3% |
| Advantage Solutions Inc(ADV) | COM CL A | 00791N102 | $880.0K | 1,000,000 | 0.2% |
| WW Intl Inc(WW) | COM NEW | 98262P200 | $820.7K | 28,091 | 0.2% |
| Emerald Holding Inc(EEX) | COM | 29103W104 | $416.2K | 93,118 | 0.1% |