Q3 2026 Holdings
Filed 2026-10-22 | 163 holdings | $1.0B | 13F-HR | View on SEC ↗ · Holdings Table ↗
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| Issuer | Class | CUSIP | Value ↓ | Shares | % Portfolio |
|---|---|---|---|---|---|
| Southwest AIR(LUV) | COM | 844741108 | $94.1M | 2,260,841 | 9.4% |
| Delta AIR LI(DAL) | COM NEW | 247361702 | $91.8M | 1,099,975 | 9.1% |
| American Airline(AAL) | COM | 02376R102 | $90.7M | 6,787,455 | 9.0% |
| United Airlines(UAL) | COM | 910047109 | $89.7M | 808,203 | 8.9% |
| Frontier Group H(ULCC) | COM | 35909R108 | $31.1M | 5,216,198 | 3.1% |
| Skywest Inc(SKYW) | COM | 830879102 | $29.6M | 305,130 | 2.9% |
| Allegiant Travel(ALGT) | COM | 01748X102 | $29.1M | 384,198 | 2.9% |
| Alaska AIR Group(ALK) | COM | 011659109 | $28.2M | 728,679 | 2.8% |
| Jetblue Airways(JBLU) | COM | 477143101 | $27.5M | 6,501,298 | 2.7% |
| Royal Gold Inc(RGLD) | COM | 780287108 | $19.7M | 83,453 | 2.0% |
| Franco NEV Corp(FNV) | COM | 351858105 | $19.5M | 81,700 | 1.9% |
| Wheaton Precious(WPM) | COM | 962879102 | $18.5M | 138,444 | 1.8% |
| Iamgold Corp(IAG) | COM | 450913108 | $16.3M | 887,130 | 1.6% |
| Sabre Corp(SABR) | COM | 78573M104 | $15.7M | 7,400,275 | 1.6% |
| Textron Inc(TXT) | COM | 883203101 | $15.6M | 204,973 | 1.6% |
| AYA Gold & Silve(AYA) | COM | 05466C109 | $15.5M | 575,000 | 1.5% |
| Expedia Group in(EXPE) | COM NEW | 30212P303 | $15.4M | 58,645 | 1.5% |
| Tripadvisor Inc(TRIP) | COM | 896945201 | $15.4M | 1,840,229 | 1.5% |
| General Dynamics(GD) | COM | 369550108 | $15.2M | 45,826 | 1.5% |
| Booking Holdings(BKNG) | COM | 09857L108 | $15.2M | 93,179 | 1.5% |
| Boeing Co(BA) | COM | 097023105 | $14.7M | 79,260 | 1.5% |
| Coeur MNG Inc(CDE) | COM NEW | 192108504 | $13.2M | 747,595 | 1.3% |
| Americas Gold AN(USAS) | COM NEW | 03062D803 | $11.4M | 2,600,000 | 1.1% |
| OR Royalties Inc.(OR) | COM SHS | 68390D106 | $11.0M | 321,284 | 1.1% |
| Kinross Gold(KGC) | COM | 496902404 | $9.4M | 389,004 | 0.9% |
| Elemental Royalt(ELE) | COM NEW | 28620K106 | $9.0M | 470,694 | 0.9% |
| Ryanair Hldg(RYAAY) | SPONSORED ADR | 783513203 | $8.4M | 153,149 | 0.8% |
| VOX Royalty Corp(VOXR) | COM | 92919F103 | $8.3M | 1,662,000 | 0.8% |
| Trip.com GRO(CLV) | ADS | 89677Q107 | $8.2M | 209,805 | 0.8% |
| Latam Airlines G(LTM) | SPONSORED ADR | 51817R205 | $8.0M | 160,165 | 0.8% |
| Fortuna Mining C(FSM) | COM NEW | 349942102 | $8.0M | 707,851 | 0.8% |
| Triple Flag(TFPM) | COM | 89679M104 | $7.8M | 253,667 | 0.8% |
| Gold Fields LTD(EDG) | SPONSORED ADR | 38059T106 | $7.5M | 208,031 | 0.7% |
| Aris Mining Corp(ARIS) | COM | 04040Y109 | $7.0M | 400,000 | 0.7% |
| Barrick MNG Corp(B) | COM SHS | 06849F108 | $6.9M | 170,000 | 0.7% |
| Anglogold Ashant(AU) | COM SHS | G0378L100 | $6.6M | 70,364 | 0.7% |
| Centerra Gold in(CGAU) | COM | 152006102 | $6.5M | 300,000 | 0.7% |
| Integra RES Corp(ITRG) | COM | 45826T509 | $6.2M | 2,401,982 | 0.6% |
| Mcewen Inc(MUX) | COM NEW | 58039P305 | $5.7M | 320,914 | 0.6% |
| Harmony Gold(HAM) | SPONSORED ADR | 413216300 | $5.5M | 310,584 | 0.5% |
| Agnico Eagle Mines LTD(AEM) | COM | 008474108 | $5.5M | 30,000 | 0.5% |
| Gold Royalty COR(GROY) | COMMON SHARES | 38071H106 | $5.1M | 1,708,319 | 0.5% |
| Metalla RTY & Streaming LTD(MTA) | COM NEW | 59124U605 | $5.0M | 531,500 | 0.5% |
| SSR Mining in(SSRM) | COM | 784730103 | $5.0M | 150,000 | 0.5% |
| Copa Holdin(CPA) | CL A | P31076105 | $4.2M | 31,516 | 0.4% |
| Embraer SA(EMBJ) | SPONSORED ADS | 29082A107 | $4.1M | 54,263 | 0.4% |
| PAN Amern Silver Corp(PAAS) | COM | 697900108 | $4.0M | 88,555 | 0.4% |
| Grupo Aeropo(G7A) | SPON ADR | 400501102 | $4.0M | 41,326 | 0.4% |
| Vizsla Silver Co(VZLA) | COM NEW | 92859G608 | $4.0M | 1,050,000 | 0.4% |
| Makemytrip LTD(MMYT) | SHS | V5633W109 | $3.9M | 82,701 | 0.4% |