Q4 2025 Holdings
Filed 2026-01-28 | 158 holdings | $933.4M | 13F-HR | View on SEC ↗ · Holdings Table ↗
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| Issuer | Class | CUSIP | Value ↓ | Shares | % Portfolio |
|---|---|---|---|---|---|
| United Airlines(UAL) | COM | 910047109 | $88.6M | 792,076 | 9.5% |
| Southwest AIR(LUV) | COM | 844741108 | $87.1M | 2,107,325 | 9.3% |
| American Airline(AAL) | COM | 02376R102 | $85.4M | 5,569,844 | 9.1% |
| Delta AIR LI(DAL) | COM NEW | 247361702 | $84.4M | 1,216,731 | 9.0% |
| Allegiant Travel(ALGT) | COM | 01748X102 | $24.3M | 284,685 | 2.6% |
| SUN Country Hold(SNCY) | COM | 866683105 | $23.2M | 1,611,228 | 2.5% |
| Alaska AIR Group(ALK) | COM | 011659109 | $22.9M | 455,934 | 2.5% |
| Skywest Inc(SKYW) | COM | 830879102 | $22.4M | 223,006 | 2.4% |
| Jetblue Airways(JBLU) | COM | 477143101 | $21.5M | 4,728,754 | 2.3% |
| Frontier Group H(ULCC) | COM | 35909R108 | $19.5M | 4,137,964 | 2.1% |
| Royal Gold Inc(RGLD) | COM | 780287108 | $19.3M | 86,938 | 2.1% |
| Wheaton Precious(WPM) | COM | 962879102 | $18.7M | 158,776 | 2.0% |
| Franco NEV Corp(FNV) | COM | 351858105 | $18.5M | 89,311 | 2.0% |
| Boeing Co(BA) | COM | 097023105 | $16.8M | 77,292 | 1.8% |
| Booking Holdings(BKNG) | COM | 09857L108 | $16.2M | 3,030 | 1.7% |
| Expedia Group in(EXPE) | COM NEW | 30212P303 | $16.1M | 56,812 | 1.7% |
| Textron Inc(TXT) | COM | 883203101 | $16.0M | 183,921 | 1.7% |
| General Dynamics(GD) | COM | 369550108 | $15.7M | 46,780 | 1.7% |
| Tripadvisor Inc(TRIP) | COM | 896945201 | $15.1M | 1,037,854 | 1.6% |
| Sabre Corp(SABR) | COM | 78573M104 | $13.8M | 10,173,592 | 1.5% |
| Barrick MNG Corp(B) | COM SHS | 06849F108 | $13.7M | 315,000 | 1.5% |
| OR Royalties Inc.(OR) | COM SHS | 68390D106 | $12.1M | 343,245 | 1.3% |
| Metalla RTY & Streaming LTD(MTA) | COM NEW | 59124U605 | $11.1M | 1,432,510 | 1.2% |
| Centerra Gold in(CGAU) | COM | 152006102 | $10.4M | 721,921 | 1.1% |
| Iamgold Corp(IAG) | COM | 450913108 | $9.5M | 575,000 | 1.0% |
| Triple Flag Precious Metal(TFPM) | COM | 89679M104 | $9.3M | 279,270 | 1.0% |
| Americas Gold AN(USAS) | COM NEW | 03062D803 | $9.2M | 1,800,000 | 1.0% |
| Ryanair Hldg(RYAAY) | SPONSORED ADR | 783513203 | $8.2M | 113,653 | 0.9% |
| Trip.com GRO(CLV) | ADS | 89677Q107 | $8.2M | 113,885 | 0.9% |
| Latam Airlines G(LTM) | SPONSORED ADR | 51817R205 | $8.2M | 151,613 | 0.9% |
| Embraer SA(EMBJ) | SPONSORED ADS | 29082A107 | $8.0M | 123,795 | 0.9% |
| Anglogold Ashanti PLC(AU) | COM SHS | G0378L100 | $7.7M | 90,000 | 0.8% |
| VOX Royalty Corp(VOXR) | COM | 92919F103 | $7.4M | 1,562,000 | 0.8% |
| Drdgold Limited(DRD) | SPON ADR REPSTG | 26152H301 | $6.9M | 222,033 | 0.7% |
| Gold Fields LTD(EDG) | SPONSORED ADR | 38059T106 | $6.5M | 150,000 | 0.7% |
| Coeur MNG Inc(CDE) | COM NEW | 192108504 | $6.3M | 355,000 | 0.7% |
| Vizsla Silver Co(VZLA) | COM NEW | 92859G608 | $5.8M | 1,050,000 | 0.6% |
| Caledonia Mining(CMCL) | SHS NEW | G1757E113 | $5.7M | 217,334 | 0.6% |
| Allied Gold Corp(AAUC) | COM NEW | 01921D204 | $5.6M | 242,753 | 0.6% |
| Integra RES Corp(ITRG) | COM | 45826T509 | $5.6M | 1,386,127 | 0.6% |
| Galiano Gold Inc(GAU) | COM | 36352H100 | $5.5M | 2,193,071 | 0.6% |
| Aris Mining Corp(ARIS) | COM | 04040Y109 | $5.5M | 340,000 | 0.6% |
| Fortuna Mining C(FSM) | COM NEW | 349942102 | $5.5M | 560,601 | 0.6% |
| Harmony Gold(HAM) | SPONSORED ADR | 413216300 | $5.3M | 266,409 | 0.6% |
| Agnico Eagle Mines LTD(AEM) | COM | 008474108 | $5.1M | 30,000 | 0.5% |
| Aura Minerals Inc(AUGO) | SHS NEW | G06973112 | $5.0M | 100,000 | 0.5% |
| Makemytrip LTD(MMYT) | SHS | V5633W109 | $4.2M | 50,870 | 0.4% |
| Copa Holdin(CPA) | CL A | P31076105 | $4.1M | 33,720 | 0.4% |
| Grupo Aeropo(ASR) | SPON ADR SER B | 40051E202 | $4.0M | 12,434 | 0.4% |
| Grupo Aeropo(G7A) | SPON ADR | 400501102 | $4.0M | 36,805 | 0.4% |