Q1 2025 Holdings
Filed 2025-04-24 | 170 holdings | $756.7M | 13F-HR | View on SEC ↗ · Holdings Table ↗
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| Issuer | Class | CUSIP | Value ↓ | Shares | % Portfolio |
|---|---|---|---|---|---|
| Southwest AIR(LUV) | COM | 844741108 | $89.5M | 2,664,510 | 11.8% |
| Delta AIR LI(DAL) | COM NEW | 247361702 | $78.5M | 1,800,245 | 10.4% |
| American Airline(AAL) | COM | 02376R102 | $75.8M | 7,181,246 | 10.0% |
| United Airlines(UAL) | COM | 910047109 | $75.4M | 1,092,438 | 10.0% |
| Skywest Inc(SKYW) | COM | 830879102 | $23.6M | 270,074 | 3.1% |
| Allegiant Travel(ALGT) | COM | 01748X102 | $21.3M | 412,400 | 2.8% |
| SUN Country Hold(SNCY) | COM | 866683105 | $21.2M | 1,721,538 | 2.8% |
| Alaska AIR Group(ALK) | COM | 011659109 | $21.0M | 427,560 | 2.8% |
| Jetblue Airways(JBLU) | COM | 477143101 | $19.3M | 4,010,140 | 2.6% |
| Frontier Group H(ULCC) | COM | 35909R108 | $16.9M | 3,898,614 | 2.2% |
| Boeing Co(BA) | COM | 097023105 | $16.9M | 99,004 | 2.2% |
| Booking Holdings(BKNG) | COM | 09857L108 | $16.4M | 3,555 | 2.2% |
| Tripadvisor Inc(TRIP) | COM | 896945201 | $15.8M | 1,117,375 | 2.1% |
| General Dynamics(GD) | COM | 369550108 | $15.7M | 57,780 | 2.1% |
| Expedia Group in(EXPE) | COM NEW | 30212P303 | $15.7M | 93,639 | 2.1% |
| Textron Inc(TXT) | COM | 883203101 | $14.8M | 204,281 | 2.0% |
| Franco NEV Corp(FNV) | COM | 351858105 | $13.5M | 85,773 | 1.8% |
| Sabre Corp(SABR) | COM | 78573M104 | $12.9M | 4,579,011 | 1.7% |
| Wheaton Precious Metals Corp(WPM) | COM | 962879102 | $12.5M | 161,378 | 1.7% |
| Royal Gold Inc(RGLD) | COM | 780287108 | $12.1M | 74,177 | 1.6% |
| Osisko Gold Royalties LTD(OREUR) | COM | 68827L101 | $11.0M | 520,977 | 1.5% |
| Makemytrip LTD(MMYT) | SHS | V5633W109 | $8.3M | 84,193 | 1.1% |
| Trip.com GRO(CLV) | ADS | 89677Q107 | $7.7M | 120,993 | 1.0% |
| Alamos Gold Inc New(AGI) | COM CL A | 011532108 | $7.0M | 260,000 | 0.9% |
| Ryanair Hldg(RYAAY) | SPONSORED ADR | 783513203 | $6.7M | 158,533 | 0.9% |
| Sandstorm Gold(AYS1) | COM NEW | 80013R206 | $6.6M | 873,898 | 0.9% |
| Kinross Gold Corp(KGC) | COM | 496902404 | $6.0M | 477,042 | 0.8% |
| New Gold Inc CDA(NGD) | COM | 644535106 | $5.6M | 1,522,531 | 0.7% |
| Centerra Gold in(CGAU) | COM | 152006102 | $4.8M | 764,286 | 0.6% |
| VOX Royalty Corp(VOXR) | COM | 92919F103 | $4.7M | 1,600,000 | 0.6% |
| Triple Flag(TFPM) | COM | 89679M104 | $4.1M | 214,471 | 0.5% |
| Grupo Aeropo(ASR) | SPON ADR SER B | 40051E202 | $3.9M | 14,233 | 0.5% |
| Copa Holdin(CPA) | CL A | P31076105 | $3.7M | 40,001 | 0.5% |
| Agnico Eagle Mines LTD(AEM) | COM | 008474108 | $3.5M | 32,500 | 0.5% |
| Fortuna Mining C(FSM) | COM NEW | 349942102 | $3.5M | 576,714 | 0.5% |
| Orla Mining LTD(ORLA) | COM | 68634K106 | $3.5M | 372,922 | 0.5% |
| Eldorado Gold(EGO) | COM | 284902509 | $3.4M | 203,359 | 0.5% |
| Embraer SA(EMBJ) | SPONSORED ADS | 29082A107 | $3.3M | 72,139 | 0.4% |
| Mcewen Mining in(MUX) | COM NEW | 58039P305 | $3.1M | 405,584 | 0.4% |
| Coeur MNG Inc(CDE) | COM NEW | 192108504 | $2.8M | 481,000 | 0.4% |
| Hecla MNG Co(HL) | COM | 422704106 | $2.8M | 500,000 | 0.4% |
| Ferrari N V(RACE) | COM | N3167Y103 | $2.8M | 6,485 | 0.4% |
| Vizsla Silver Co(VZLA) | COM NEW | 92859G608 | $2.4M | 1,050,000 | 0.3% |
| Buenaventura(BVN) | SPONSORED ADR | 204448104 | $2.3M | 144,682 | 0.3% |
| Anglogold Ashanti PLC(AU) | COM SHS | G0378L100 | $2.2M | 60,000 | 0.3% |
| Harmony Gold Mining Co LTD(HAM) | SPONSORED ADR | 413216300 | $2.2M | 150,000 | 0.3% |
| Drdgold LTD(DRD) | SPON ADR REPSTG | 26152H301 | $2.1M | 138,951 | 0.3% |
| EMX Royalty Corp(EMX) | COM | 26873J107 | $2.0M | 1,000,000 | 0.3% |
| Endeavour Silver(EXK) | COM | 29258Y103 | $1.9M | 452,500 | 0.3% |
| Tesla Inc(TSLA) | COM | 88160R101 | $1.9M | 7,440 | 0.3% |