Q4 2025 Holdings
Filed 2026-02-09 | 40 holdings | $303.8M | 13F-HR | View on SEC ↗ · Holdings Table ↗
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| Issuer | Class | CUSIP | Value ↓ | Shares | % Portfolio |
|---|---|---|---|---|---|
| Spdr S&P 500 ETF TR(SPY)Put | TR UNIT | 78462F103 | $98.1M | 143,900 | 32.3% |
| Vaneck ETF Trust(GDXJ)Put | JUNIOR GOLD MINE | 92189F791 | $27.3M | 240,000 | 9.0% |
| National Energy Services REU(NESR) | SHS | G6375R107 | $22.2M | 1,415,124 | 7.3% |
| Strategy Inc(MSTR)Put | CL A NEW | 594972408 | $15.9M | 104,400 | 5.2% |
| BKV Corp(BKV) | COM | 05603J108 | $15.1M | 554,857 | 5.0% |
| Centrus Energy Corp(LEU)Put | CL A | 15643U104 | $7.9M | 32,400 | 2.6% |
| Core Natural Resources Inc(CNR) | COM SHS | 218937100 | $7.5M | 85,000 | 2.5% |
| Newmont Corp(NEM)Put | COM | 651639106 | $7.4M | 74,500 | 2.4% |
| Cameco Corp(CCJ) | COM | 13321L108 | $6.7M | 73,460 | 2.2% |
| Solaris Energy Infras Inc(SEI) | COM CL A | 83418M103 | $6.0M | 129,472 | 2.0% |
| Excelerate Energy Inc(EE) | CL A COM | 30069T101 | $5.8M | 205,000 | 1.9% |
| Borr Drilling LTD(BORR) | SHS | G1466R173 | $5.6M | 1,385,000 | 1.8% |
| HUT 8 Corp(HUT) | COM | 44812J104 | $5.3M | 115,000 | 1.7% |
| Freeport-Mcmoran Inc(FCX) | CL B | 35671D857 | $4.8M | 95,000 | 1.6% |
| Frontline PLC(FRO) | COM | M46528101 | $4.4M | 200,000 | 1.4% |
| Bloom Energy Corp(BE) | COM CL A | 093712107 | $4.0M | 46,000 | 1.3% |
| EQT Corp(EQT) | COM | 26884L109 | $3.9M | 72,000 | 1.3% |
| Denison Mines Corp(DNN) | COM | 248356107 | $3.7M | 1,400,000 | 1.2% |
| Iamgold Corp(IAG) | COM | 450913108 | $3.7M | 225,000 | 1.2% |
| Nexgen Energy LTD(NXE) | COM | 65340P106 | $3.7M | 400,000 | 1.2% |
| Gulfport Energy Corp(GPOR) | COMMON SHARES | 402635502 | $3.5M | 17,000 | 1.2% |
| Delek US Hldgs Inc New(DK) | COM | 24665A103 | $3.5M | 117,500 | 1.1% |
| Weatherford Intl PLC(WFRD) | ORD SHS | G48833118 | $3.3M | 42,500 | 1.1% |
| Encore Energy Corp(EU) | COM NEW | 29259W700 | $3.2M | 1,300,000 | 1.1% |
| Wheaton Precious Metals Corp(WPM) | COM | 962879102 | $2.9M | 25,000 | 1.0% |
| Terawulf Inc(WULF) | COM | 88080T104 | $2.9M | 250,000 | 0.9% |
| Propetro Hldg Corp(PUMP) | COM | 74347M108 | $2.9M | 300,000 | 0.9% |
| Sibanye Stillwater LTD(SBSW) | SPONSORED ADR | 82575P107 | $2.9M | 200,000 | 0.9% |
| Cenovus Energy Inc(CVE) | COM | 15135U109 | $2.8M | 165,000 | 0.9% |
| Okeanis ECO Tankers COR(ECO) | SHS | Y64177101 | $2.5M | 72,500 | 0.8% |
| Agnico Eagle Mines LTD(AEM)Put | COM | 008474108 | $2.4M | 14,300 | 0.8% |
| Barrick MNG Corp(B) | COM SHS | 06849F108 | $2.0M | 45,000 | 0.6% |
| DHT Holdings Inc(DHT) | SHS NEW | Y2065G121 | $1.9M | 155,000 | 0.6% |
| Diamondback Energy Inc(FANG) | COM | 25278X109 | $1.7M | 11,250 | 0.6% |
| Tetra Technologies Inc del(TTI) | COM | 88162F105 | $1.6M | 175,000 | 0.5% |
| Peabody Energy Corp(BTU) | COM | 704551100 | $1.5M | 50,000 | 0.5% |
| Perpetua Resources Corp(PPTA) | COM | 714266103 | $1.2M | 50,000 | 0.4% |
| Innovex International Inc(INVX) | COM | 457651107 | $1.1M | 50,000 | 0.4% |
| Terra Innovatum Global NV(NKLR) | ORD SHS | N85083108 | $693.0K | 150,000 | 0.2% |
| Hecla MNG Co(HL) | COM | 422704106 | $613.1K | 31,951 | 0.2% |