Q2 2025 Holdings
Filed 2025-08-14 | 27 holdings | $694.3M | 13F-HR | View on SEC ↗ · Holdings Table ↗
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| Issuer | Class | CUSIP | Value ↓ | Shares | % Portfolio |
|---|---|---|---|---|---|
| New Gold Inc CDA(NGD) | COM | 644535106 | $162.1M | 32,739,918 | 23.3% |
| Hudbay Minerals Inc(HBM) | COM | 443628102 | $77.2M | 7,275,553 | 11.1% |
| Chord Energy Corporation(CHRD) | COM NEW | 674215207 | $51.5M | 531,291 | 7.4% |
| Valaris LTD(VAL) | CL A | G9460G101 | $48.8M | 1,158,651 | 7.0% |
| I-80 Gold Corp(IAUX) | COM | 44955L106 | $47.9M | 80,000,000 | 6.9% |
| Sibanye Stillwater LTD(SBSW) | SPONSORED ADR | 82575P107 | $46.1M | 6,386,739 | 6.6% |
| Seadrill LTD(SDRL) | COM | G7997W102 | $33.6M | 1,279,968 | 4.8% |
| Osisko Development Corp(ODV) | COM NEW | 68828E809 | $26.9M | 12,551,934 | 3.9% |
| SSR Mining in(SSRM) | COM | 784730103 | $26.2M | 2,053,891 | 3.8% |
| Rayonier Advanced Matls Inc(RYAM) | COM | 75508B104 | $24.5M | 6,356,130 | 3.5% |
| Select Sector Spdr TR(XLB) | SBI MATERIALS | 81369Y100 | $20.0M | 227,517 | 2.9% |
| Cenovus Energy Inc(CVE) | COM | 15135U109 | $15.0M | 1,100,000 | 2.2% |
| Core Natural Resources Inc(CNR) | COM SHS | 218937100 | $14.1M | 201,663 | 2.0% |
| Tidewater Inc New(TDW) | COM | 88642R109 | $13.2M | 285,900 | 1.9% |
| Cadeler A S(CDLR) | SPON ADR | 12738K109 | $12.4M | 624,400 | 1.8% |
| Agnico Eagle Mines LTD(AEM) | COM | 008474108 | $11.3M | 95,186 | 1.6% |
| Perpetua Resources Corp(PPTA) | COM | 714266103 | $10.8M | 890,459 | 1.6% |
| Spdr Series Trust(XME) | S&P METALS MNG | 78464A755 | $10.2M | 152,085 | 1.5% |
| Vital Energy Inc(8LP1) | COM | 516806205 | $8.5M | 530,981 | 1.2% |
| International Seaways Inc(INSW) | COM | Y41053102 | $7.1M | 194,763 | 1.0% |
| Hecla MNG Co(HL) | COM | 422704106 | $6.0M | 1,000,000 | 0.9% |
| Civitas Resources Inc(CIVI) | COM NEW | 17888H103 | $5.5M | 200,000 | 0.8% |
| Endeavour Silver Corp(EXK) | COM | 29258Y103 | $4.9M | 1,000,000 | 0.7% |
| Coeur MNG Inc(CDE) | COM NEW | 192108504 | $4.4M | 500,000 | 0.6% |
| Tsakos Energy Navigation LTD(TEN) | SHS | G9108L173 | $3.7M | 190,977 | 0.5% |
| Select Sector Spdr TR(XLE) | ENERGY | 81369Y506 | $1.5M | 18,030 | 0.2% |
| Mcewen Inc.(MUX) | COM NEW | 58039P305 | $1.1M | 113,000 | 0.2% |