Q1 2026 Holdings
Filed 2026-05-01 | 162 holdings | $857.6M | 13F-HR | View on SEC ↗ · Holdings Table ↗
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| Issuer | Class | CUSIP | Value ↓ | Shares | % Portfolio |
|---|---|---|---|---|---|
| Delta AIR LI(DAL) | COM NEW | 247361702 | $77.9M | 1,171,746 | 9.1% |
| United Airlines(UAL) | COM | 910047109 | $72.2M | 784,599 | 8.4% |
| American Airline(AAL) | COM | 02376R102 | $69.1M | 6,435,049 | 8.1% |
| Southwest AIR(LUV) | COM | 844741108 | $62.7M | 1,668,355 | 7.3% |
| Jetblue Airways(JBLU) | COM | 477143101 | $24.5M | 5,542,536 | 2.9% |
| Allegiant Travel(ALGT) | COM | 01748X102 | $24.2M | 299,225 | 2.8% |
| Frontier Group H(ULCC) | COM | 35909R108 | $23.9M | 6,781,412 | 2.8% |
| Skywest Inc(SKYW) | COM | 830879102 | $23.7M | 257,593 | 2.8% |
| Alaska AIR Group(ALK) | COM | 011659109 | $21.9M | 596,572 | 2.6% |
| Franco NEV Corp(FNV) | COM | 351858105 | $20.9M | 84,410 | 2.4% |
| Royal Gold Inc(RGLD) | COM | 780287108 | $20.7M | 81,240 | 2.4% |
| OR Royalties Inc.(OR) | COM SHS | 68390D106 | $20.3M | 534,625 | 2.4% |
| Iamgold Corp(IAG) | COM | 450913108 | $18.3M | 971,581 | 2.1% |
| Coeur MNG Inc(CDE) | COM NEW | 192108504 | $15.6M | 829,850 | 1.8% |
| Tripadvisor Inc(TRIP) | COM | 896945201 | $14.6M | 1,372,941 | 1.7% |
| Gold Fields LTD(EDG) | SPONSORED ADR | 38059T106 | $14.4M | 316,358 | 1.7% |
| Expedia Group in(EXPE) | COM NEW | 30212P303 | $12.9M | 56,029 | 1.5% |
| Anglogold Ashant(AU) | COM SHS | G0378L100 | $12.7M | 130,445 | 1.5% |
| Booking Holdings(BKNG) | COM | 09857L108 | $12.7M | 3,008 | 1.5% |
| Boeing Co(BA) | COM | 097023105 | $12.5M | 62,592 | 1.5% |
| General Dynamics(GD) | COM | 369550108 | $12.4M | 36,097 | 1.4% |
| Textron Inc(TXT) | COM | 883203101 | $12.3M | 139,954 | 1.4% |
| Agnico Eagle MIN(AEM) | COM | 008474108 | $12.0M | 59,133 | 1.4% |
| Sabre Corp(SABR) | COM | 78573M104 | $10.9M | 7,534,906 | 1.3% |
| Americas Gold AN(USAS) | COM NEW | 03062D803 | $9.4M | 1,800,000 | 1.1% |
| Alamos Gold Inc(AGI) | COM CL A | 011532108 | $8.9M | 201,021 | 1.0% |
| VOX Royalty Corp(VOXR) | COM | 92919F103 | $8.7M | 1,662,000 | 1.0% |
| Aura Minerals Inc(AUGO) | SHS NEW | G06973112 | $8.2M | 100,000 | 1.0% |
| Centerra Gold in(CGAU) | COM | 152006102 | $7.8M | 438,452 | 0.9% |
| Drdgold Limited(DRD) | SPON ADR REPSTG | 26152H301 | $7.2M | 245,545 | 0.8% |
| Santacruz Silver(SCZM) | COM NEW SHS | 80280U205 | $6.8M | 781,754 | 0.8% |
| Latam Airlines G(LTM) | SPONSORED ADR | 51817R205 | $6.7M | 136,140 | 0.8% |
| Embraer SA(EMBJ) | SPONSORED ADS | 29082A107 | $6.7M | 113,029 | 0.8% |
| Silvercorp Metal(SVM) | COM | 82835P103 | $6.6M | 617,663 | 0.8% |
| Aris Mining Corp(ARIS) | COM | 04040Y109 | $6.3M | 340,000 | 0.7% |
| Trip.com GRO(CLV) | ADS | 89677Q107 | $6.1M | 123,343 | 0.7% |
| Harmony Gold(HAM) | SPONSORED ADR | 413216300 | $6.1M | 397,947 | 0.7% |
| Ryanair Hldg(RYAAY) | SPONSORED ADR | 783513203 | $6.0M | 104,201 | 0.7% |
| Kinross Gold(KGC) | COM | 496902404 | $6.0M | 195,363 | 0.7% |
| Barrick Mining C(B) | COM SHS | 06849F108 | $5.8M | 142,865 | 0.7% |
| Makemytrip LTD(MMYT) | SHS | V5633W109 | $5.2M | 140,706 | 0.6% |
| PAN Amern Silver Corp(PAAS) | COM | 697900108 | $4.0M | 73,555 | 0.5% |
| Newmont Corp(NEM) | COM | 651639106 | $4.0M | 36,830 | 0.5% |
| Orla Mining LTD(ORLA) | COM | 68634K106 | $4.0M | 246,374 | 0.5% |
| Metalla RTY & Streaming LTD(MTA) | COM NEW | 59124U605 | $3.8M | 578,500 | 0.4% |
| Fortuna Mining C(FSM) | COM NEW | 349942102 | $3.8M | 383,650 | 0.4% |
| Wheaton Precious(WPM) | COM | 962879102 | $3.8M | 29,064 | 0.4% |
| Vizsla Silver Co(VZLA) | COM NEW | 92859G608 | $3.5M | 1,050,000 | 0.4% |
| Grupo Aeropo(G7A) | SPON ADR | 400501102 | $3.5M | 30,150 | 0.4% |
| Sibanye Stillwater LTD(SBSW) | SPONSORED ADR | 82575P107 | $3.4M | 275,000 | 0.4% |