Q2 2025 Holdings
Filed 2025-07-24 | 173 holdings | $849.5M | 13F-HR | View on SEC ↗ · Holdings Table ↗
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| Issuer | Class | CUSIP | Value ↓ | Shares | % Portfolio |
|---|---|---|---|---|---|
| United Airlines(UAL) | COM | 910047109 | $87.8M | 1,102,816 | 10.3% |
| Delta AIR LI(DAL) | COM NEW | 247361702 | $86.9M | 1,766,167 | 10.2% |
| American Airline(AAL) | COM | 02376R102 | $86.6M | 7,718,224 | 10.2% |
| Southwest AIR(LUV) | COM | 844741108 | $86.2M | 2,657,069 | 10.1% |
| Skywest Inc(SKYW) | COM | 830879102 | $24.8M | 240,403 | 2.9% |
| SUN Country Hold(SNCY) | COM | 866683105 | $24.4M | 2,076,107 | 2.9% |
| Alaska AIR Group(ALK) | COM | 011659109 | $23.7M | 479,052 | 2.8% |
| Allegiant Travel(ALGT) | COM | 01748X102 | $23.6M | 430,153 | 2.8% |
| Frontier Group H(ULCC) | COM | 35909R108 | $22.5M | 6,204,862 | 2.7% |
| Jetblue Airways(JBLU) | COM | 477143101 | $21.2M | 5,021,419 | 2.5% |
| Sabre Corp(SABR) | COM | 78573M104 | $17.8M | 5,646,761 | 2.1% |
| Booking Holdings(BKNG) | COM | 09857L108 | $17.5M | 3,018 | 2.1% |
| General Dynamics(GD) | COM | 369550108 | $17.4M | 59,749 | 2.1% |
| Textron Inc(TXT) | COM | 883203101 | $17.1M | 212,794 | 2.0% |
| Boeing Co(BA) | COM | 097023105 | $16.3M | 77,873 | 1.9% |
| Expedia Group in(EXPE) | COM NEW | 30212P303 | $16.1M | 95,298 | 1.9% |
| Franco NEV Corp(FNV) | COM | 351858105 | $15.3M | 93,305 | 1.8% |
| Tripadvisor Inc(TRIP) | COM | 896945201 | $15.2M | 1,163,738 | 1.8% |
| Royal Gold Inc(RGLD) | COM | 780287108 | $14.4M | 80,839 | 1.7% |
| OR Royalties Inc(OR) | COM SHS | 68390D106 | $14.3M | 554,831 | 1.7% |
| Wheaton Precious(WPM) | COM | 962879102 | $12.9M | 143,810 | 1.5% |
| Embraer SA(EMBJ) | SPONSORED ADS | 29082A107 | $10.0M | 175,040 | 1.2% |
| Ryanair Hldg(RYAAY) | SPONSORED ADR | 783513203 | $8.1M | 140,783 | 1.0% |
| Trip.com GRO(CLV) | ADS | 89677Q107 | $7.9M | 134,738 | 0.9% |
| Alamos Gold Inc New(AGI) | COM CL A | 011532108 | $6.6M | 250,000 | 0.8% |
| Sandstorm Gold(AYS1) | COM NEW | 80013R206 | $6.6M | 699,747 | 0.8% |
| Allied Gold Corp(AAUC) | COM NEW | 01921D204 | $6.1M | 451,848 | 0.7% |
| Silvercorp Metals Inc(SVM) | COM | 82835P103 | $5.1M | 1,206,666 | 0.6% |
| VOX Royalty Corp(VOXR) | COM | 92919F103 | $5.1M | 1,600,000 | 0.6% |
| Triple Flag(TFPM) | COM | 89679M104 | $5.0M | 209,767 | 0.6% |
| Agnico Eagle Mines LTD(AEM) | COM | 008474108 | $4.9M | 41,500 | 0.6% |
| Copa Holdin(CPA) | CL A | P31076105 | $4.4M | 40,269 | 0.5% |
| Latam Airlines G(LTM) | SPONSORED ADR | 51817R205 | $4.3M | 107,017 | 0.5% |
| Harmony Gold Mining Co LTD(HAM) | SPONSORED ADR | 413216300 | $4.3M | 307,960 | 0.5% |
| Grupo Aeropo(ASR) | SPON ADR SER B | 40051E202 | $4.2M | 13,279 | 0.5% |
| Makemytrip LTD(MMYT) | SHS | V5633W109 | $4.1M | 42,204 | 0.5% |
| Coeur MNG Inc(CDE) | COM NEW | 192108504 | $4.1M | 464,000 | 0.5% |
| Kinross Gold Corp(KGC) | COM | 496902404 | $4.1M | 260,000 | 0.5% |
| Sibanye-Sti(SBSW) | SPONSORED ADR | 82575P107 | $4.0M | 556,542 | 0.5% |
| Avino Silver(ASM) | COM | 053906103 | $3.8M | 1,065,432 | 0.5% |
| Centerra Gold in(CGAU) | COM | 152006102 | $3.8M | 527,284 | 0.4% |
| Iamgold Corp(IAG) | COM | 450913108 | $3.7M | 500,000 | 0.4% |
| Fortuna Mining C(FSM) | COM NEW | 349942102 | $3.6M | 553,143 | 0.4% |
| Drdgold LTD(DRD) | SPON ADR REPSTG | 26152H301 | $3.5M | 265,755 | 0.4% |
| Hecla MNG Co(HL) | COM | 422704106 | $3.3M | 550,000 | 0.4% |
| Vizsla Silver Co(VZLA) | COM NEW | 92859G608 | $3.1M | 1,050,000 | 0.4% |
| Anglogold Ashanti PLC(AU) | COM SHS | G0378L100 | $3.0M | 65,000 | 0.3% |
| Ferrari N V(RACE) | COM | N3167Y103 | $2.7M | 5,485 | 0.3% |
| MAG Silver Corp(MQ8) | COM | 55903Q104 | $2.6M | 125,000 | 0.3% |
| Tesla Inc(TSLA) | COM | 88160R101 | $2.5M | 7,840 | 0.3% |