Q1 2025 Holdings
Filed 2025-05-15 | 22 holdings | $668.8M | 13F-HR | View on SEC ↗ · Holdings Table ↗
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| Issuer | Class | CUSIP | Value ↓ | Shares | % Portfolio |
|---|---|---|---|---|---|
| New Gold Inc CDA(NGD) | COM | 644535106 | $121.5M | 32,739,918 | 18.2% |
| Valaris LTD(VAL) | CL A | G9460G101 | $112.5M | 2,864,986 | 16.8% |
| Seadrill LTD(SDRL) | COM | G7997W102 | $76.8M | 3,070,703 | 11.5% |
| Chord Energy Corporation(CHRD) | COM NEW | 674215207 | $59.9M | 531,291 | 9.0% |
| Hudbay Minerals Inc(HBM) | COM | 443628102 | $47.6M | 6,275,553 | 7.1% |
| Rayonier Advanced Matls Inc(RYAM) | COM | 75508B104 | $36.5M | 6,356,130 | 5.5% |
| Cenovus Energy Inc(CVE) | COM | 15135U109 | $29.3M | 2,108,306 | 4.4% |
| Newmont Corp(NEM) | COM | 651639106 | $29.0M | 600,000 | 4.3% |
| Agnico Eagle Mines LTD(AEM) | COM | 008474108 | $19.2M | 177,022 | 2.9% |
| Osisko Development Corp(ODV) | COM NEW | 68828E809 | $18.7M | 12,551,934 | 2.8% |
| Sibanye Stillwater LTD(SBSW) | SPONSORED ADR | 82575P107 | $17.4M | 3,790,555 | 2.6% |
| Core Natural Resources Inc(CNR) | COM SHS | 218937100 | $15.5M | 201,663 | 2.3% |
| Cadeler A S(CDLR) | SPON ADR | 12738K109 | $12.3M | 624,400 | 1.8% |
| Tidewater Inc New(TDW) | COM | 88642R109 | $12.1M | 285,900 | 1.8% |
| Spdr SER TR(XOP) | S&P OILGAS EXP | 78468R556 | $11.6M | 87,889 | 1.7% |
| Vital Energy Inc(8LP1) | COM | 516806205 | $11.3M | 530,981 | 1.7% |
| Civitas Resources Inc(CIVI) | COM NEW | 17888H103 | $10.1M | 289,764 | 1.5% |
| Perpetua Resources Corp(PPTA) | COM | 714266103 | $9.5M | 890,459 | 1.4% |
| Select Sector Spdr TR(XLE) | ENERGY | 81369Y506 | $7.5M | 80,000 | 1.1% |
| International Seaways Inc(INSW) | COM | Y41053102 | $6.5M | 194,763 | 1.0% |
| Tsakos Energy Navigation LTD(TEN) | SHS | G9108L173 | $3.3M | 190,977 | 0.5% |
| Mcewen MNG Inc(MUX) | COM NEW | 58039P305 | $853.2K | 113,000 | 0.1% |