Q3 2025 Holdings
Filed 2025-11-14 | 28 holdings | $1.2B | 13F-HR | View on SEC ↗ · Holdings Table ↗
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| Issuer | Class | CUSIP | Value ↓ | Shares | % Portfolio |
|---|---|---|---|---|---|
| Seabridge Gold Inc(SA) | COM | 811916105 | $167.8M | 6,946,666 | 13.7% |
| Range RES Corp(RRC) | COM | 75281A109 | $166.4M | 4,420,608 | 13.6% |
| Novagold RES Inc(NG) | COM NEW | 66987E206 | $115.6M | 13,137,577 | 9.4% |
| Barrick MNG Corp(B) | COM SHS | 06849F108 | $100.2M | 3,057,390 | 8.2% |
| KT Corp(KT) | SPONSORED ADR | 48268K101 | $88.8M | 4,555,448 | 7.2% |
| Centene Corp del(CNC) | COM | 15135B101 | $80.5M | 2,256,881 | 6.6% |
| Expand Energy Corporation(EXE) | COM | 165167735 | $78.4M | 738,047 | 6.4% |
| Nutrien LTD(NTR) | COM | 67077M108 | $74.4M | 1,266,600 | 6.1% |
| Schlumberger LTD(SLB) | COM STK | 806857108 | $65.6M | 1,909,788 | 5.3% |
| Franklin Resources Inc(BEN) | COM | 354613101 | $63.3M | 2,735,624 | 5.2% |
| Sociedad Quimica Y Minera de(SQM) | SPON ADR SER B | 833635105 | $34.9M | 812,944 | 2.8% |
| Cresud S A C I F Y A(CD8) | SPONSORED ADR | 226406106 | $34.3M | 3,727,790 | 2.8% |
| Northern Dynasty Minerals LT(NAK) | COM NEW | 66510M204 | $26.0M | 21,661,178 | 2.1% |
| International Tower Hill MIN(THM) | COM | 46050R102 | $23.7M | 14,448,418 | 1.9% |
| Royal Gold Inc(RGLD) | COM | 780287108 | $23.3M | 116,065 | 1.9% |
| Sandstorm Gold LTD(AYS1) | COM NEW | 80013R206 | $19.9M | 1,586,602 | 1.6% |
| AIR Lease Corp(AL) | CL A | 00912X302 | $18.1M | 285,013 | 1.5% |
| Ivanhoe Electric Inc(IE) | COM | 46578C108 | $16.8M | 1,335,985 | 1.4% |
| Borr Drilling LTD(BORR) | SHS | G1466R173 | $13.4M | 4,983,672 | 1.1% |
| Vista Gold Corp(VGZ) | COM NEW | 927926303 | $6.7M | 3,129,347 | 0.5% |
| Newmont Corp(NEM) | COM | 651639106 | $4.1M | 48,516 | 0.3% |
| Korea Elec PWR Corp(KEP) | SPONSORED ADR | 500631106 | $3.5M | 268,151 | 0.3% |
| Ishares Silver TR(SLV)Call | ISHARES | 46428Q109 | $1.3M | 141,400 | 0.1% |
| Paychex Inc(PAYX)Put | COM | 704326107 | $113.1K | 5,600 | 0.0% |
| Apple Inc(AAPL)Put | COM | 037833100 | $112.5K | 5,000 | 0.0% |
| Autozone Inc(AZO)Put | COM | 053332102 | $76.0K | 400 | 0.0% |
| Amgen Inc(AMGN)Put | COM | 031162100 | $21.4K | 3,100 | 0.0% |
| Abbvie Inc(ABBV)Put | COM | 00287Y109 | $4.2K | 4,200 | 0.0% |