Q4 2023 Holdings
Filed 2024-01-23 | 181 holdings | $1.5B | 13F-HR | View on SEC ↗ · Holdings Table ↗
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| Issuer | Class | CUSIP | Value ↓ | Shares | % Portfolio |
|---|---|---|---|---|---|
| Southwest AIR(LUV) | COM | 844741108 | $179.4M | 6,210,347 | 12.1% |
| Delta AIR LI(DAL) | COM NEW | 247361702 | $178.4M | 4,434,509 | 12.0% |
| American Airline(AAL) | COM | 02376R102 | $174.2M | 12,675,358 | 11.7% |
| United Airlines(UAL) | COM | 910047109 | $171.6M | 4,159,899 | 11.5% |
| Frontier Group H(ULCC) | COM | 35909R108 | $57.2M | 10,483,645 | 3.9% |
| Jetblue Airways(JBLU) | COM | 477143101 | $54.3M | 9,781,327 | 3.7% |
| Alaska AIR Group(ALK) | COM | 011659109 | $54.2M | 1,387,734 | 3.6% |
| Allegiant Travel(ALGT) | COM | 01748X102 | $53.5M | 647,055 | 3.6% |
| Skywest Inc(SKYW) | COM | 830879102 | $50.0M | 957,769 | 3.4% |
| SUN Country Hold(SNCY) | COM | 866683105 | $44.8M | 2,850,525 | 3.0% |
| Tripadvisor Inc(TRIP) | COM | 896945201 | $37.3M | 1,734,180 | 2.5% |
| Booking Holdings(BKNG) | COM | 09857L108 | $36.0M | 10,151 | 2.4% |
| Boeing Co(BA) | COM | 097023105 | $35.8M | 137,266 | 2.4% |
| AIR Transport SE(ATSG*) | COM | 00922R105 | $34.9M | 1,982,354 | 2.3% |
| Expedia Group in(EXPE) | COM NEW | 30212P303 | $34.4M | 226,674 | 2.3% |
| General Dynamics(GD) | COM | 369550108 | $32.8M | 126,206 | 2.2% |
| Textron Inc(TXT) | COM | 883203101 | $32.7M | 406,705 | 2.2% |
| Trip.com GRO(CLV) | ADS | 89677Q107 | $17.8M | 493,117 | 1.2% |
| Copa Holdin(CPA) | CL A | P31076105 | $17.6M | 165,137 | 1.2% |
| Ryanair Hldg(RYAAY) | SPONSORED ADS | 783513203 | $17.2M | 129,183 | 1.2% |
| Royal Gold Inc(RGLD) | COM | 780287108 | $10.8M | 89,143 | 0.7% |
| Franco NEV Corp(FNV) | COM | 351858105 | $10.5M | 94,686 | 0.7% |
| Wheaton Precious(WPM) | COM | 962879102 | $10.4M | 211,362 | 0.7% |
| Grupo Aeropo(ASR) | SPON ADR SER B | 40051E202 | $10.2M | 34,638 | 0.7% |
| Makemytrip LTD(MMYT) | SHS | V5633W109 | $8.5M | 181,529 | 0.6% |
| Embraer SA(EMBJ) | SPONSORED ADS | 29082A107 | $7.9M | 430,251 | 0.5% |
| Azul SA | SPONSR ADR PFD | 05501U106 | $7.7M | 792,721 | 0.5% |
| Harmony Gold Mining Co LTD(HAM) | SPONSORED ADR | 413216300 | $6.8M | 1,100,726 | 0.5% |
| Osisko Gold Royalties LTD(OREUR) | COM | 68827L101 | $6.7M | 469,455 | 0.5% |
| Centerra Gold in(CGAU) | COM | 152006102 | $4.7M | 788,003 | 0.3% |
| Sandstorm Gold(AYS1) | COM NEW | 80013R206 | $4.7M | 933,690 | 0.3% |
| New Gold Inc CDA(NGD) | COM | 644535106 | $4.6M | 3,144,658 | 0.3% |
| Sibanye Stillwater LTD(SBSW) | SPONSORED ADR | 82575P107 | $3.9M | 712,141 | 0.3% |
| Eldorado Gold(EGO) | COM | 284902509 | $3.7M | 285,670 | 0.2% |
| VOX Royalty Corp(VOXR) | COM | 92919F103 | $3.5M | 1,700,000 | 0.2% |
| Drdgold Limited(DRD) | SPON ADR REPSTG | 26152H301 | $3.4M | 428,448 | 0.2% |
| SSR Mining in(SSRM) | COM | 784730103 | $3.4M | 316,439 | 0.2% |
| Alamos Gold Inc New(AGI) | COM CL A | 011532108 | $3.0M | 225,000 | 0.2% |
| Buenaventura(BVN) | SPONSORED ADR | 204448104 | $2.9M | 191,792 | 0.2% |
| B2gold Corp(BTG) | COM | 11777Q209 | $2.7M | 843,736 | 0.2% |
| Agnico Eagle Mines LTD(AEM) | COM | 008474108 | $2.5M | 45,000 | 0.2% |
| Ferrari N V(RACE) | COM | N3167Y103 | $2.4M | 7,200 | 0.2% |
| Gold Fields LTD(EDG) | SPONSORED ADR | 38059T106 | $2.1M | 145,000 | 0.1% |
| EMX Royalty Corp(EMX) | COM | 26873J107 | $2.0M | 1,250,000 | 0.1% |
| Silvercrest Meta | COM | 828363101 | $1.9M | 285,000 | 0.1% |
| Marriott Intl Inc New(MAR) | CL A | 571903202 | $1.8M | 8,050 | 0.1% |
| Constellation Brands Inc(STZ) | CL A | 21036P108 | $1.8M | 7,350 | 0.1% |
| Kinross Gold Corp(KGC) | COM | 496902404 | $1.5M | 250,000 | 0.1% |
| UBS Group AG(UBS) | SHS | H42097107 | $1.5M | 48,500 | 0.1% |
| LAS Vegas Sands Corp(LVS) | COM | 517834107 | $1.5M | 29,550 | 0.1% |