Q4 2022 Holdings
Filed 2023-02-03 | 153 holdings | $1.7B | 13F-HR | View on SEC ↗ · Holdings Table ↗
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| Issuer | Class | CUSIP | Value ↓ | Shares | % Portfolio |
|---|---|---|---|---|---|
| Delta AIR LI(DAL) | COM NEW | 247361702 | $219.5M | 6,681,243 | 13.0% |
| American Airline(AAL) | COM | 02376R102 | $213.0M | 16,743,035 | 12.7% |
| Southwest AIR(LUV) | COM | 844741108 | $203.5M | 6,044,770 | 12.1% |
| United Airlines(UAL) | COM | 910047109 | $197.1M | 5,228,088 | 11.7% |
| Alaska AIR Group(ALK) | COM | 011659109 | $60.2M | 1,402,588 | 3.6% |
| Skywest Inc(SKYW) | COM | 830879102 | $58.0M | 3,513,646 | 3.4% |
| Allegiant Travel(ALGT) | COM | 01748X102 | $57.8M | 849,473 | 3.4% |
| Jetblue Airways(JBLU) | COM | 477143101 | $52.3M | 8,075,534 | 3.1% |
| Frontier Group H(ULCC) | COM | 35909R108 | $51.4M | 5,007,798 | 3.1% |
| Hawaiian Holding(HAN) | COM | 419879101 | $49.0M | 4,775,234 | 2.9% |
| Boeing Co(BA) | COM | 097023105 | $45.9M | 240,869 | 2.7% |
| Sabre Corp(SABR) | COM | 78573M104 | $44.8M | 7,241,402 | 2.7% |
| General Dynamics(GD) | COM | 369550108 | $43.0M | 173,181 | 2.6% |
| Booking Holdings(BKNG) | COM | 09857L108 | $42.7M | 21,190 | 2.5% |
| Textron Inc(TXT) | COM | 883203101 | $41.6M | 587,583 | 2.5% |
| Tripadvisor Inc(TRIP) | COM | 896945201 | $40.8M | 2,268,380 | 2.4% |
| Expedia Group in(EXPE) | COM NEW | 30212P303 | $39.0M | 445,199 | 2.3% |
| Trip.com GRO(CLV) | ADS | 89677Q107 | $22.4M | 650,058 | 1.3% |
| Ryanair Hldg(RYAAY) | SPONSORED ADS | 783513203 | $21.3M | 284,739 | 1.3% |
| Embraer SA(EMBJ) | SPONSORED ADS | 29082A107 | $11.5M | 1,047,767 | 0.7% |
| Franco-Nevada Corp(FNV) | COM | 351858105 | $11.0M | 80,771 | 0.7% |
| Makemytrip LTD(MMYT) | SHS | V5633W109 | $10.7M | 389,523 | 0.6% |
| Copa Holdin(CPA) | CL A | P31076105 | $10.4M | 124,981 | 0.6% |
| Azul SA | SPONSR ADR PFD | 05501U106 | $10.3M | 1,680,203 | 0.6% |
| Grupo Aeropo(ASR) | SPON ADR SER B | 40051E202 | $9.9M | 42,699 | 0.6% |
| Royal Gold Inc(RGLD) | COM | 780287108 | $9.9M | 87,608 | 0.6% |
| Wheaton Precious Metals(WPM) | COM | 962879102 | $9.6M | 245,241 | 0.6% |
| Alamos Gold Inc(AGI) | COM CL A | 011532108 | $5.3M | 520,000 | 0.3% |
| Sibanye-Sti(SBSW) | SPONSORED ADR | 82575P107 | $4.9M | 459,256 | 0.3% |
| Iamgold Corp(IAG) | COM | 450913108 | $4.4M | 1,699,642 | 0.3% |
| Anglogold AS(AU3EUR) | SPONSORED ADR | 035128206 | $4.1M | 213,507 | 0.2% |
| Harmony Gold(HAM) | SPONSORED ADR | 413216300 | $4.1M | 1,208,698 | 0.2% |
| Fortuna Silver(FVICHF) | COM | 349915108 | $3.4M | 903,627 | 0.2% |
| Sandstorm Gold(AYS1) | COM NEW | 80013R206 | $3.3M | 634,165 | 0.2% |
| Osisko Gold Roya(OREUR) | COM | 68827L101 | $3.2M | 267,417 | 0.2% |
| VOX Royalty Corp(VOXR) | COM | 92919F103 | $3.2M | 1,370,000 | 0.2% |
| Yamana Gold Inc | COM | 98462Y100 | $2.7M | 490,000 | 0.2% |
| Silvercorp Metal(SVM) | COM | 82835P103 | $2.6M | 862,476 | 0.2% |
| EMX Royalty Corp(EMX) | COM | 26873J107 | $2.4M | 1,250,000 | 0.1% |
| New Gold Inc(NGD) | COM | 644535106 | $2.3M | 2,316,982 | 0.1% |
| Sabine Royalty(SBR) | UNIT BEN INT | 785688102 | $2.3M | 26,500 | 0.1% |
| Newmont Corp(NEM) | COM | 651639106 | $2.1M | 45,000 | 0.1% |
| Nike Inc(NKE) | CL B | 654106103 | $2.0M | 16,750 | 0.1% |
| Agnico Eagle Mines LTD(AEM) | COM | 008474108 | $1.8M | 35,000 | 0.1% |
| Costco Wholesale Corp(COST) | COM | 22160K105 | $1.7M | 3,700 | 0.1% |
| Marriott Intl(MAR) | CL A | 571903202 | $1.6M | 10,800 | 0.1% |
| Gold Resource Co(GORO) | COM | 38068T105 | $1.5M | 1,000,000 | 0.1% |
| Drdgold LTD(DRD) | SPON ADR REPSTG | 26152H301 | $1.5M | 198,000 | 0.1% |
| Black Stone Mine(BSM) | COM UNIT | 09225M101 | $1.4M | 85,000 | 0.1% |
| Vizsla Silver Co | COM NEW | 92859G202 | $1.4M | 1,250,000 | 0.1% |