Q4 2025 Holdings
Filed 2026-02-18 | 34 holdings | $22.6B | 13F-HR | View on SEC ↗ · Holdings Table ↗
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| Issuer | Class | CUSIP | Value ↓ | Shares | % Portfolio |
|---|---|---|---|---|---|
| Triple Flag Precious Metal(TFPM) | COM | 89679M104 | $4.4B | 133,815,727 | 19.7% |
| Phillips 66(PSX) | COM | 718546104 | $2.5B | 19,251,000 | 11.0% |
| Suncor Energy Inc New(SU) | COM | 867224107 | $2.3B | 52,670,800 | 10.3% |
| Southwest Airls Co(LUV) | COM | 844741108 | $2.1B | 51,128,500 | 9.4% |
| Select Sector Spdr TR(XLP)Put | STATE STREET CON | 81369Y308 | $1.6B | 20,000,000 | 6.9% |
| Vaneck ETF Trust(GDX)Put | GOLD MINERS ETF | 92189F106 | $1.2B | 14,000,000 | 5.3% |
| Select Sector Spdr TR(XLI)Put | STATE STREET IND | 81369Y704 | $1.2B | 7,500,000 | 5.1% |
| Invesco QQQ TR(QQQ)Put | UNIT SER 1 | 46090E103 | $921.5M | 1,500,000 | 4.1% |
| Pinterest Inc(PINS) | CL A | 72352L106 | $724.9M | 28,000,000 | 3.2% |
| Select Sector Spdr TR(XLE)Put | STATE STREET ENE | 81369Y506 | $715.4M | 16,000,000 | 3.2% |
| Invesco QQQ TR(QQQ)Call | UNIT SER 1 | 46090E103 | $614.3M | 1,000,000 | 2.7% |
| Ishares TR(IWD)Put | RUS 1000 VAL ETF | 464287598 | $589.0M | 2,800,000 | 2.6% |
| Nvidia Corporation(NVDA)Put | COM | 67066G104 | $559.5M | 3,000,000 | 2.5% |
| Hewlett Packard Enterprise C(HPE) | COM | 42824C109 | $447.5M | 18,630,978 | 2.0% |
| Uniti Group LLC(UNIT) | COM SHS | 912932100 | $413.7M | 59,012,219 | 1.8% |
| Ishares TR(HYG) | IBOXX HI YD ETF | 464288513 | $306.4M | 3,800,000 | 1.4% |
| Spdr Series Trust(XOP)Put | STATE STREET SPD | 78468R556 | $302.8M | 2,398,400 | 1.3% |
| Etsy Inc(ETSY) | COM | 29786A106 | $277.2M | 5,000,000 | 1.2% |
| Pepsico Inc(PEP) | COM | 713448108 | $183.0M | 1,275,000 | 0.8% |
| Bill Holdings Inc(BILL) | COM | 090043100 | $163.6M | 3,000,000 | 0.7% |
| Seadrill LTD(SDRL) | COM | G7997W102 | $157.7M | 4,558,758 | 0.7% |
| Digital Rlty TR Inc(DLR)Put | COM | 253868103 | $154.7M | 1,000,000 | 0.7% |
| Equinix Inc(EQIX) | COM | 29444U700 | $114.9M | 150,000 | 0.5% |
| OR Royalties Inc.(OR) | COM SHS | 68390D106 | $110.1M | 3,111,000 | 0.5% |
| Crown Castle Inc(CCI) | COM | 22822V101 | $108.9M | 1,225,000 | 0.5% |
| Sensata Technologies Hldg PL(ST) | SHS | G8060N102 | $108.2M | 3,250,000 | 0.5% |
| Ishares TR(IGV)Call | EXPANDED TECH | 464287515 | $105.7M | 1,000,000 | 0.5% |
| Spdr Series Trust(XME)Put | STATE STREET SPD | 78464A755 | $93.2M | 900,000 | 0.4% |
| Wayfair Inc | NOTE 3.500%11/1 | 94419LAR2 | $34.3M | $15,000,000 | 0.2% |
| Ishares TR(IGV)Put | EXPANDED TECH | 464287515 | $31.7M | 300,000 | 0.1% |
| GCI Liberty Inc(GLIBK) | COM SER C | 36164V800 | $24.6M | 659,928 | 0.1% |
| Strategy Inc | NOTE 0.625% 3/1 | 594972AJ0 | $22.7M | $16,000,000 | 0.1% |
| Hdfc Bank LTD(HDB) | SPONSORED ADS | 40415F101 | $7.9M | 216,756 | 0.0% |
| FS KKR Cap Corp(FSK) | COM | 302635206 | $3.9M | 264,850 | 0.0% |