Q2 2025 Holdings
Filed 2025-08-12 | 41 holdings | $654.0M | 13F-HR | View on SEC ↗ · Holdings Table ↗
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| Issuer | Class | CUSIP | Value ↓ | Shares | % Portfolio |
|---|---|---|---|---|---|
| Range RES Corp(RRC) | COM | 75281A109 | $57.2M | 1,406,795 | 8.7% |
| Cameco Corp(CCJ) | COM | 13321L108 | $48.2M | 648,982 | 7.4% |
| Nutrien LTD(NTR) | COM | 67077M108 | $45.5M | 781,074 | 7.0% |
| Seadrill LTD(SDRL) | COM | G7997W102 | $44.2M | 1,684,001 | 6.8% |
| EQT Corp(EQT) | COM | 26884L109 | $34.5M | 591,155 | 5.3% |
| Centrus Energy Corp(LEU) | CL A | 15643U104 | $34.0M | 185,422 | 5.2% |
| Antero Resources Corp(AR) | COM | 03674X106 | $33.2M | 824,612 | 5.1% |
| Alamos Gold Inc New(AGI) | COM CL A | 011532108 | $31.1M | 1,171,247 | 4.8% |
| Sibanye Stillwater LTD(SBSW) | SPONSORED ADR | 82575P107 | $24.2M | 3,348,841 | 3.7% |
| Core Natural Resources Inc(CNR) | COM SHS | 218937100 | $19.8M | 283,245 | 3.0% |
| Valaris LTD(VAL) | CL A | G9460G101 | $18.2M | 432,021 | 2.8% |
| Canadian NAT RES LTD(CNQ) | COM | 136385101 | $17.7M | 561,642 | 2.7% |
| Mosaic Co New(MOS) | COM | 61945C103 | $15.6M | 427,078 | 2.4% |
| Ivanhoe Electric Inc(IE) | COM | 46578C108 | $15.4M | 1,693,316 | 2.3% |
| Skeena RES LTD New(SKE) | COM | 83056P715 | $13.9M | 870,153 | 2.1% |
| Matador RES Co(MTDR) | COM | 576485205 | $13.7M | 287,404 | 2.1% |
| Equinox Gold Corp(EQX) | COM | 29446Y502 | $13.0M | 2,244,877 | 2.0% |
| Expand Energy Corporation(EXE) | COM | 165167735 | $12.9M | 110,383 | 2.0% |
| Orla MNG LTD New(ORLA) | COM | 68634K106 | $11.8M | 1,176,349 | 1.8% |
| Uranium Energy Corp(UEC) | COM | 916896103 | $11.8M | 1,732,811 | 1.8% |
| Comstock RES Inc(CRK) | COM | 205768302 | $11.3M | 408,590 | 1.7% |
| Noble Corp PLC(NE) | ORD SHS A | G65431127 | $10.1M | 382,240 | 1.6% |
| Nexgen Energy LTD(NXE) | COM | 65340P106 | $10.0M | 1,445,108 | 1.5% |
| Freeport-Mcmoran Inc(FCX) | CL B | 35671D857 | $9.8M | 224,924 | 1.5% |
| Oceaneering Intl Inc(OII) | COM | 675232102 | $9.6M | 465,178 | 1.5% |
| Diamondback Energy Inc(FANG) | COM | 25278X109 | $9.6M | 69,677 | 1.5% |
| Alpha Metallurgical Resour I(AMR) | COM | 020764106 | $8.3M | 73,893 | 1.3% |
| Hudbay Minerals Inc(HBM) | COM | 443628102 | $8.3M | 778,065 | 1.3% |
| Intrepid Potash Inc(IPI) | COM | 46121Y201 | $7.4M | 207,525 | 1.1% |
| PAN Amern Silver Corp(PAAS) | COM | 697900108 | $7.0M | 246,608 | 1.1% |
| Denison Mines Corp(DNN) | COM | 248356107 | $6.8M | 3,756,986 | 1.0% |
| Energy Fuels Inc(UUUU) | COM NEW | 292671708 | $6.7M | 1,168,516 | 1.0% |
| Schlumberger LTD(SLB) | COM STK | 806857108 | $6.1M | 181,320 | 0.9% |
| Civitas Resources Inc(CIVI) | COM NEW | 17888H103 | $5.3M | 192,670 | 0.8% |
| Novagold RES Inc(NG) | COM NEW | 66987E206 | $4.6M | 1,127,844 | 0.7% |
| Caledonia MNG Corp PLC(CMCL) | SHS NEW | G1757E113 | $4.5M | 232,065 | 0.7% |
| Ur-Energy Inc(URG) | COM | 91688R108 | $3.5M | 3,301,117 | 0.5% |
| Encore Energy Corp(EU) | COM NEW | 29259W700 | $3.3M | 1,161,320 | 0.5% |
| Triple Flag Precious Metal(TFPM) | COM | 89679M104 | $2.4M | 100,088 | 0.4% |
| Borr Drilling LTD(BORR) | SHS | G1466R173 | $1.9M | 1,033,961 | 0.3% |
| Trilogy Metals Inc New(TMQ) | COM | 89621C105 | $1.7M | 1,279,509 | 0.3% |