Q2 2025 Holdings
Filed 2025-08-13 | 43 holdings | $269.1M | 13F-HR | View on SEC ↗ · Holdings Table ↗
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| Issuer | Class | CUSIP | Value ↓ | Shares | % Portfolio |
|---|---|---|---|---|---|
| Delek US Hldgs Inc New(DK)Call | COM | 24665A103 | $47.0M | 2,100,000 | 17.5% |
| Seadrill LTD(SDRL) | COM | G7997W102 | $33.2M | 1,273,094 | 12.3% |
| PAR PAC Holdings Inc(PARR)Call | COM NEW | 69888T207 | $22.1M | 704,300 | 8.2% |
| Ramaco RES Inc(METC)Call | COM CL A | 75134P600 | $15.0M | 735,100 | 5.6% |
| Commercial Metals Co(CMC) | COM | 201723103 | $14.9M | 298,871 | 5.6% |
| Alcoa Corp(AA)Call | COM | 013872106 | $13.4M | 447,100 | 5.0% |
| Hudbay Minerals Inc(HBM) | COM | 443628102 | $13.4M | 1,268,513 | 5.0% |
| Delek US Hldgs Inc New(DK) | COM | 24665A103 | $13.1M | 615,907 | 4.9% |
| Ramaco RES Inc(METC) | COM CL A | 75134P600 | $11.1M | 905,747 | 4.1% |
| Alcoa Corp(AA) | COM | 013872106 | $7.4M | 260,437 | 2.8% |
| Tyson Foods Inc(TSN) | CL A | 902494103 | $6.0M | 109,100 | 2.2% |
| Iperionx LTD(IPX) | SPONSORED ADS | 44916E100 | $5.8M | 1,885,203 | 2.2% |
| Westlake Corporation(WLK) | COM | 960413102 | $5.5M | 71,600 | 2.0% |
| Ferroglobe PLC(GSM) | SHS | G33856108 | $5.2M | 1,418,951 | 1.9% |
| Olin Corp(OLN) | COM PAR $1 | 680665205 | $5.2M | 252,331 | 1.9% |
| PAR PAC Holdings Inc(PARR) | COM NEW | 69888T207 | $5.1M | 192,131 | 1.9% |
| Spdr Gold TR(GLD) | GOLD SHS | 78463V107 | $4.4M | 14,700 | 1.6% |
| Matador RES Co(MTDR) | COM | 576485205 | $4.3M | 88,952 | 1.6% |
| Century Alum Co(CENX) | COM | 156431108 | $4.0M | 221,746 | 1.5% |
| Darling Ingredients Inc(DAR) | COM | 237266101 | $3.7M | 98,059 | 1.4% |
| Calumet Inc(CLMT)Call | COM | 131428104 | $3.2M | 200,000 | 1.2% |
| Timken Co(TKR) | COM | 887389104 | $3.1M | 41,800 | 1.1% |
| HF Sinclair Corp(DINO) | COM | 403949100 | $2.9M | 70,604 | 1.1% |
| Iamgold Corp(IAG) | COM | 450913108 | $2.8M | 398,400 | 1.0% |
| Liberty Energy Inc(LBRT) | COM CL A | 53115L104 | $2.4M | 210,700 | 0.9% |
| Sigma Lithium Corporation(SGML) | COM | 826599102 | $2.0M | 433,914 | 0.7% |
| Olin Corp(OLN)Call | COM PAR $1 | 680665205 | $1.9M | 100,000 | 0.7% |
| Vanguard Index FDS(VOO) | S&P 500 ETF SHS | 922908363 | $1.6M | 2,812 | 0.6% |
| Invesco Exchange Traded FD T(PEJ) | LEISURE AND ENTE | 46137V720 | $1.4M | 24,600 | 0.5% |
| Iren Limited(IREN) | ORDINARY SHARES | Q4982L109 | $938.0K | 67,000 | 0.3% |
| SM Energy Co(SM) | COM | 78454L100 | $931.2K | 37,100 | 0.3% |
| Riot Platforms Inc(RIOT) | COM | 767292105 | $867.2K | 82,200 | 0.3% |
| Southwest Airls Co(LUV) | COM | 844741108 | $852.2K | 26,500 | 0.3% |
| Innovex International Inc(INVX) | COM | 457651107 | $761.2K | 48,609 | 0.3% |
| Winnebago Inds Inc(WGO) | COM | 974637100 | $597.9K | 20,500 | 0.2% |
| Algoma STL Group Inc(ASTL)Call | COM | 015658107 | $535.0K | 100,000 | 0.2% |
| SUN Ctry Airls Hldgs Inc(SNCY) | COM | 866683105 | $506.8K | 42,700 | 0.2% |
| Camping World Hldgs Inc(CWH) | CL A | 13462K109 | $495.4K | 27,400 | 0.2% |
| Thor Inds Inc(THO) | COM | 885160101 | $484.5K | 5,400 | 0.2% |
| BRP Inc(DOO) | COM SUN VTG | 05577W200 | $357.4K | 7,400 | 0.1% |
| Polaris Inc(PII) | COM | 731068102 | $307.1K | 7,500 | 0.1% |
| Sphere Entertainment Co(SPHR) | CL A | 55826T102 | $212.4K | 5,000 | 0.1% |
| Sunrun Inc(RUN)Call | COM | 86771W105 | $205.2K | 20,000 | 0.1% |