Q3 2025 Holdings
Filed 2025-10-21 | 171 holdings | $884.5M | 13F-HR | View on SEC ↗ · Holdings Table ↗
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| Issuer | Class | CUSIP | Value ↓ | Shares | % Portfolio |
|---|---|---|---|---|---|
| Southwest AIR(LUV) | COM | 844741108 | $85.0M | 2,663,281 | 9.6% |
| Delta AIR LI(DAL) | COM NEW | 247361702 | $77.2M | 1,361,033 | 8.7% |
| United Airlines(UAL) | COM | 910047109 | $75.3M | 780,183 | 8.5% |
| American Airline(AAL) | COM | 02376R102 | $72.9M | 6,485,318 | 8.2% |
| OR Royalties Inc(OR) | COM SHS | 68390D106 | $36.5M | 911,076 | 4.1% |
| Allegiant Travel(ALGT) | COM | 01748X102 | $23.1M | 380,678 | 2.6% |
| Jetblue Airways(JBLU) | COM | 477143101 | $22.2M | 4,509,132 | 2.5% |
| SUN Country Hold(SNCY) | COM | 866683105 | $21.6M | 1,828,219 | 2.4% |
| Skywest Inc(SKYW) | COM | 830879102 | $21.6M | 214,412 | 2.4% |
| Frontier Group H(ULCC) | COM | 35909R108 | $20.1M | 4,563,345 | 2.3% |
| Alaska AIR Group(ALK) | COM | 011659109 | $18.5M | 371,365 | 2.1% |
| Franco NEV Corp(FNV) | COM | 351858105 | $18.4M | 82,537 | 2.1% |
| Wheaton Precious(WPM) | COM | 962879102 | $16.6M | 148,489 | 1.9% |
| General Dynamics(GD) | COM | 369550108 | $16.2M | 47,429 | 1.8% |
| Textron Inc(TXT) | COM | 883203101 | $16.1M | 190,046 | 1.8% |
| Sabre Corp(SABR) | COM | 78573M104 | $15.9M | 8,696,449 | 1.8% |
| Expedia Group in(EXPE) | COM NEW | 30212P303 | $15.1M | 70,627 | 1.7% |
| Booking Holdings(BKNG) | COM | 09857L108 | $15.0M | 2,783 | 1.7% |
| Boeing Co(BA) | COM | 097023105 | $14.3M | 66,274 | 1.6% |
| Tripadvisor Inc(TRIP) | COM | 896945201 | $14.2M | 872,869 | 1.6% |
| Gold Fields LTD(EDG) | SPONSORED ADR | 38059T106 | $11.6M | 276,638 | 1.3% |
| Anglogold Ashant(AU) | COM SHS | G0378L100 | $11.5M | 163,864 | 1.3% |
| Kinross Gold Corp(KGC) | COM | 496902404 | $10.4M | 417,334 | 1.2% |
| B2gold Corp(BTG) | COM | 11777Q209 | $10.3M | 2,078,516 | 1.2% |
| SSR Mining in(SSRM) | COM | 784730103 | $10.1M | 415,642 | 1.1% |
| Silvercorp Metals Inc(SVM) | COM | 82835P103 | $9.9M | 1,562,671 | 1.1% |
| Coeur MNG Inc(CDE) | COM NEW | 192108504 | $9.0M | 479,000 | 1.0% |
| Alamos Gold Inc New(AGI) | COM CL A | 011532108 | $8.7M | 250,000 | 1.0% |
| Embraer SA(EMBJ) | SPONSORED ADS | 29082A107 | $8.0M | 132,788 | 0.9% |
| Ryanair Hldg(RYAAY) | SPONSORED ADR | 783513203 | $7.9M | 130,647 | 0.9% |
| Trip.com GRO(CLV) | ADS | 89677Q107 | $7.9M | 104,516 | 0.9% |
| Hecla MNG Co(HL) | COM | 422704106 | $7.3M | 600,000 | 0.8% |
| New Gold Inc CDA(NGD) | COM | 644535106 | $7.2M | 998,054 | 0.8% |
| VOX Royalty Corp(VOXR) | COM | 92919F103 | $6.7M | 1,562,000 | 0.8% |
| Iamgold Corp(IAG) | COM | 450913108 | $6.5M | 500,000 | 0.7% |
| Triple Flag(TFPM) | COM | 89679M104 | $6.3M | 213,665 | 0.7% |
| Sibanye Stillwater LTD(SBSW) | SPONSORED ADR | 82575P107 | $6.1M | 544,332 | 0.7% |
| Orla Mining LTD(ORLA) | COM | 68634K106 | $6.0M | 552,301 | 0.7% |
| Drdgold LTD(DRD) | SPON ADR REPSTG | 26152H301 | $5.8M | 209,055 | 0.7% |
| Harmony Gold(HAM) | SPONSORED ADR | 413216300 | $5.6M | 306,797 | 0.6% |
| Metalla Royalty(MTA) | COM NEW | 59124U605 | $5.2M | 814,587 | 0.6% |
| Agnico Eagle Mines LTD(AEM) | COM | 008474108 | $5.1M | 30,000 | 0.6% |
| Vizsla Silver Co(VZLA) | COM NEW | 92859G608 | $4.5M | 1,050,000 | 0.5% |
| Copa Holdin(CPA) | CL A | P31076105 | $4.0M | 33,364 | 0.4% |
| Ferrari N V(RACE) | COM | N3167Y103 | $4.0M | 8,165 | 0.4% |
| Aura Minerals Inc(AUGO) | SHS NEW | G06973112 | $3.7M | 100,000 | 0.4% |
| Grupo Aeropo(ASR) | SPON ADR SER B | 40051E202 | $3.7M | 11,315 | 0.4% |
| Caledonia Mining(CMCL) | SHS NEW | G1757E113 | $3.6M | 100,754 | 0.4% |
| Makemytrip LTD(MMYT) | SHS | V5633W109 | $3.6M | 38,882 | 0.4% |
| Latam Airlines G(LTM) | SPONSORED ADR | 51817R205 | $3.6M | 80,184 | 0.4% |