Q4 2025 Holdings
Filed 2026-02-17 | 161 holdings | $904.2M | 13F-HR | View on SEC ↗ · Holdings Table ↗
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| Issuer | Class | CUSIP | Value ↓ | Shares | % Portfolio |
|---|---|---|---|---|---|
| Expand Energy Corp(EXE) | COM | 165167735 | $88.3M | 800,000 | 9.8% |
| Antero Resources Corp(AR) | COM | 03674X106 | $86.2M | 2,500,000 | 9.5% |
| Cenovus Energy Inc(CVE) | COM | 15135U109 | $76.1M | 4,500,000 | 8.4% |
| EQT Corp(EQT) | COM | 26884L109 | $64.8M | 1,208,717 | 7.2% |
| Viper Energy Inc Class A(VNOM) | COM | 64361Q101 | $46.4M | 1,200,000 | 5.1% |
| Gulfport Energy Corp(GPOR) | COM | 402635502 | $41.6M | 200,000 | 4.6% |
| Spdr S&P 500(SPY) | COM | 78462F103 | $33.3M | 48,800 | 3.7% |
| Spdr S&P 500Put | PUT | 78462F953 | $31.0M | 45,500 | 3.4% |
| Ishares 20 YR TR BD ETFPut | PUT | 464287952 | $25.7M | 295,000 | 2.8% |
| Cameco Corp(CCJ) | COM | 13321L108 | $21.9M | 239,783 | 2.4% |
| Vizsla Silver Corp(VZLA) | COM | 92859G608 | $18.7M | 3,410,000 | 2.1% |
| Hycroft Mining Holding Class A(HYMC) | COM | 44862P208 | $18.0M | 757,100 | 2.0% |
| Shopify Subordinate Voting Inc CLA(SHOP) | COM | 82509L107 | $17.5M | 108,591 | 1.9% |
| Kinross Gold Corp(KGC) | COM | 496902404 | $17.3M | 614,920 | 1.9% |
| Canadian National Railway(CNI) | COM | 136375102 | $16.5M | 121,522 | 1.8% |
| Enbridge Inc(ENB) | COM | 29250N105 | $15.4M | 322,950 | 1.7% |
| Wheaton Precious Metals Corp(WPM) | COM | 962879102 | $14.7M | 124,948 | 1.6% |
| Agnico Eagle Mines LTD(AEM) | COM | 008474108 | $11.8M | 69,770 | 1.3% |
| Alamos Gold Inc Class A(AGI) | COM | 011532108 | $11.8M | 305,000 | 1.3% |
| Coeur Mining Inc(CDE) | COM | 192108504 | $11.7M | 654,243 | 1.3% |
| Royal Bank of Canada(RY) | COM | 780087102 | $9.7M | 56,706 | 1.1% |
| Toronto Dominion(TD) | COM | 891160509 | $9.6M | 102,340 | 1.1% |
| Barrick Mining Corp(B) | COM | 06849F108 | $9.6M | 220,835 | 1.1% |
| Suncor Energy Inc(SU) | COM | 867224107 | $8.9M | 200,098 | 1.0% |
| BCE Inc(BCE) | COM | 05534B760 | $8.2M | 345,023 | 0.9% |
| Canadian Natural Resources LTD(CNQ) | COM | 136385101 | $7.7M | 228,553 | 0.9% |
| Iamgold Corp(IAG) | COM | 450913108 | $6.9M | 418,900 | 0.8% |
| Hecla Mining(HL) | COM | 422704106 | $6.9M | 358,600 | 0.8% |
| South BOW Corp(SOBO) | COM | 83671M105 | $6.9M | 250,000 | 0.8% |
| Collective Mining LTD(CNL) | COM | 19425C100 | $6.9M | 470,000 | 0.8% |
| PAN American Silver Corp(PAAS) | COM | 697900108 | $6.0M | 115,621 | 0.7% |
| Nvidia Corp(NVDA) | COM | 67066G104 | $5.3M | 28,192 | 0.6% |
| Hycroft Mining Holding Class APut | PUT | 44862P958 | $5.0M | 210,000 | 0.6% |
| TC Energy Corp(TRP) | COM | 87807B107 | $5.0M | 90,005 | 0.5% |
| Permian Resources Corp Class A(PR) | COM | 71424F105 | $4.9M | 350,000 | 0.5% |
| Chord Energy Corp(CHRD) | COM | 674215207 | $4.6M | 50,000 | 0.5% |
| Endeavour Silver Corp(EXK) | COM | 29258Y103 | $4.1M | 434,783 | 0.5% |
| Ishares Silver Trust(SLV) | COM | 46428Q109 | $3.9M | 60,299 | 0.4% |
| Manulife Financial Corp(MFC) | COM | 56501R106 | $3.8M | 103,597 | 0.4% |
| Alphabet Inc Class C(GOOG) | COM | 02079K107 | $3.6M | 11,462 | 0.4% |
| Nexgen Energy LTD(NXE) | COM | 65340P106 | $3.5M | 380,000 | 0.4% |
| Buenaventura ADR(BVN) | COM | 204448104 | $3.5M | 125,466 | 0.4% |
| Canadian Imperial Bank of Commerce(CM) | COM | 136069101 | $3.4M | 37,017 | 0.4% |
| Microsoft Corp(MSFT) | COM | 594918104 | $3.1M | 6,365 | 0.3% |
| Fortis Inc(FTS) | COM | 349553107 | $3.1M | 59,008 | 0.3% |
| Patterson UTI Energy Inc(PTEN) | COM | 703481101 | $3.1M | 500,000 | 0.3% |
| Diamondback Energy Inc(FANG) | COM | 25278X109 | $3.0M | 20,000 | 0.3% |
| Orla Mining LTD(ORLA) | COM | 68634K106 | $3.0M | 222,500 | 0.3% |
| Brookfield Infrastructure Partners(BIP) | COM | G16252101 | $3.0M | 85,637 | 0.3% |
| Fidelity Wise Origin Bitcoin ETF(FBTC) | COM | 315948109 | $2.3M | 30,800 | 0.3% |